It seems that price will breakout of this wedge soon. My bias is to the upside, based mainly on the dynamic rising support line that has been respected recently. GBP does seem weaker as well.
Please share any comments/opinions.
Hello Ichimoku Traders
Please help to confirm my understanding of the Ichimoku system using the attached daily EA chart. Here is my interpretation:
The present trend is bullish due to the following reasons:
1) Price is above the cloud.
2) Tenkan Sen (red) is above the Kijun Sen (blue).
3) Both these lines are pointing up.
4) Chinkou Span (violet) is above the price.
5) Chinkou Span is also above the cloud and pointing up.
I missed the pin bar on Thu and so am not in a trade. However I am considering a short for the following reasons:
1) The overall trend is bearish.
2) The level 1.51600 is significant and acting as resistance.
3) H4 chart looks bullish but a convincing break of 1.50500 will align the daily and H4 to bearish.
So a pending sell order at that area may be an option. R/R looks extremely favorable. I would love to hear your thoughts.…Continue
As usual I have been looking the charts this weekend and for a change started to look at the weekly time frame. I found several that look rather appealing. See below USDJPY. The uptrend is obvious even without looking at a chart, but the pin bar surely is an invitation to go long. If we had looked at this last week, the invitation to go short was equally clear and the price did fall by about 235 pips.
But I have never traded off a weekly chart before, just have this feeling that the…Continue
Please have a look at this blown up chart. My focus is on the large blue candle marked with a yellow arrow. As you can see price action in the subsequent 14 candles has been contained between its high and low (indicated by yellow horizontal lines). Or to put it in another way, the bulls have not let go of their control.
I am therefore bullish on this pair and do not see any resistance before the 0.8800 area.
I look forward to your thoughts.…Continue
Pin bar on H4 chart. Phsychological level of 1.82 is just above the pinbar and has rejected price several times. Overall the pair is in a downtrend.
I am looking for a better entry than 1.81787 (Fri close) to get a better R/R. Will watch price action for the first couple of hours before making a decision.…Continue
Added by Oasis on April 5, 2013 at 5:15pm — No Comments
I would like us all to recognize the work Haitham does at forexstreet.net from another perspective. His knowledge and skills as an analyst and trader are unquestioned, well known to everyone here and have been appreciated on numerous occasions. It is Haitham's human qualities that I would like to highlight in this post.
Over the past few months my attention has been drawn to his posts and the comments/questions that they generate. Sometimes the questions asked are from…Continue
The events in Cyprus today are unprecedented. I am sure you all have read about this so needless to repeat here. The point I want to make is that no one can predict what comes next. It is now almost 11pm EST and Eurozone will awaken in about 4-6 hours. The questions in my mind are the follows:
1) Will Cyprus back peddle a bit at least in favor of the common man, i.e., for bank deposits less than 100k?
2) How will the citizens of other EZ countries react? Will they fear similar…Continue
Added by Oasis on March 18, 2013 at 2:58am — No Comments
Please see EURJPY 4 hour chart attached. I have never seen before a trendline changing from resistance to support. If this continues to hold then we also have transitioned from a (mini) down to an uptrend.Continue
Hello Talisman/Market Analyst
Here is what I see. Will not be the first time that people read charts differently.…Continue
Added by Oasis on February 27, 2013 at 3:29am — No Comments
Why is there an obsession with E/U? One analyst after the other keeps blogging their analysis and charts. Others will post their buy/sell recommendations. Discussions of these blogs sometimes run into several pages. The pair continues to be kind of unpredictable (at least to me) and I cannot help wonder why is everyone chasing this one. Granted that this pair is the most traded, but so what?
The JPY crosses have been so much easier to trade in the recent past. Not too many…Continue
Who told you that this was going to be easy? If it was, everyone would be doing just this - feet up on the table, relaxing and counting the pips come rolling in. This takes a lot of hard work, countless hours of screen time. Learning and constantly changing to the changes that occur in the market. Read every post that you can, go to your charts and see what other traders are seeing that perhaps you missed. I am not saying that you take those trades, but observe what was expected to happen…Continue
Anyone who is not sure about S/R, I recommend watching this video:
Added by Oasis on January 25, 2013 at 3:00am — No Comments