Welcome to the traders who are joining this forum every day. First of all I am not an admin or holding any other responsibility here. Just know me as an old member who has been here for a while. I have learnt a lot and tried to give something back as well. I care about the continued success of forexstreet.net and that is why I am taking a few minutes to write my personal thoughts here.
The membership here I think runs into tens of thousands, perhaps the largest of such forums.…Continue
This is risky and goes contrary to popular opinion that is screaming 'go long'. I like this short based purely on price action and will take a small position if I get an opportunity at current or higher levels.
Caution is advised.…Continue
Added by Oasis on December 14, 2014 at 9:03pm — No Comments
I already took a small position and here is what I am seeing. Taking a monthly view, I see that a 38.20% retracement in the down move already completed.
The weekly view seems to confirm this with what looks like a lower top already established in the down move.…Continue
NZDCAD and GBPCAD have been lagging their USD counterparts last week. Usually they do tend to move in a similar direction and so I am expecting some CAD strength next week. See H12 chart for NZDCAD below. My choice of taking a short is NZDCAD simply because I believe there is lot of room for NZDUSD to fall.…Continue
In my opinion this is a pair where the fundamentals and price action are in sync. Neither side wants a rise in price.
The monthly view below shows us how high the price has been of recent and desire of RBNZ to bring it down is known to everyone.
Taking a look at the daily chart, we see that…Continue
Added by Oasis on November 22, 2014 at 3:02pm — No Comments
Take a look at the daily chart
Now see the zoomed in H4…Continue
Just thinking aloud, not recommending any trade. Let us take a look at NZDUSD on the daily. The downtrend that started in July halted in the end of Sep and then began a period of consolidation that has a mix of red and white days. The bulls made some ground but the bias has shifted to the down side again. The counter - trend line (blue) has been broken rather convincingly last Fri and I am thinking that a big move down is not far away.…Continue
Added by Oasis on November 1, 2014 at 7:00pm — No Comments
The 6 hour chart is quite clearly showing what I am thinking. First target is not shown but will be just above 1.41177. I invite your comments.…Continue
Earlier today I commented that taking quick profits is a wise strategy these days. Time and again we have been seeing the market make a logical move but then quickly reverse. However when I look at EURGBP chart (see H12 chart below) the 20EMA has held price really well. A retracement also seems to have been completed today (Fri 18 July).…Continue
Some of the Yen crosses are showing bullish signs. I like CADJPY the most for a few reasons:
1) Price has moved above 200sma.
2) Recent high at 94.700 has been broken.
3) Price has tested that level over the last few days and it has held as support.
4) Bullish pin bars have formed at that level during the last two days.
See daily chart below.…Continue
I have never traded DJ30 but the daily chart below is really clean and crisp. Price action is so measured with minimal shadows. It does point to a move higher.
Perhaps someone who trades this can give an opinion?…Continue
Added by Oasis on June 14, 2014 at 1:32am — No Comments
For the 12th time this year, UJ is back to 101.30-101.50 zone. Each of the previous visits have resulted in a bounce up, although they have been declining in magnitude recently. The 200MA is a level that most traders consider a buy/sell line and price is still above it.
I was not able to…Continue
This is not a very popular pair but see daily chart below. The 20ema has been a pretty good guide of the trend and it appears to me that the down trend may be over. I am looking for a pull back to/close to the 20ema and an appropriate signal to go long.…Continue
I recently had the opportunity to watch one of Nick B's free webinars. For those who have not heard of him, he is a price action trader with clean charts and only s/r zones that he plots on his charts.
His trading method is looking for price reversals at s/r zones using H4 and higher time frames only. Sorry this is not a promo for Nick but I wanted especially newer traders to have a bit of background about what I wanted to really say in this blog.
The one thing…Continue
I just finished looking at some daily charts and this is what I see:
AUDCAD - tried to penetrate MR1 at 1.0058 and did, but got rejected. The last attempt to break that level was in Oct 2013 and did not succeed either. Is this pair headed down?
AUDCHF - This pair is already in a downtrend and I am attaching this chart. Note the symmetry in price action between 17 Dec and 07 Mar (today). …Continue
There was an opportunity to go long in this pair on 27/28 Jan. But even though price went this low for the first time since Dec 2005, I was still not sure. The price action signal was also there, yet there was hesitation in my mind. See daily chart below.
Price did go up about 300 pips, but…Continue
I have never seen a chart like this one. Shown below is a monthly view. The 20 EMA you see is useless. I put on the Ichimoku even though it is perhaps the most lagging of them all. For the first time I saw price below the cloud on all time frames, even the 1 minute. I am sure any oscillator will only show oversold status.
I am a price action trader and cannot at this moment see a trade. While the 4 hour view shows a double bottom, a continuation down cannot be ruled out or rather is…Continue
As you can see from the attached 4 hour GBPAUD chart, the 20EMA did a fairly good job of holding up price since 05 November. Dips below the 20EMA were not deep and did not last long either, indicating that the bears had no strength.
This seems to be changing now as evidenced by the pin bar of…Continue
Having missed some of the recent run on USDJPY, my thought was damn, another opportunity lost!! But they say that the market usually gives you a second chance to hop onboard. This is what I think I am seeing in the chart below.
How much lower will price get to, I have no idea - perhaps to my horizontal green line. But my thought is to watch the 1 hour chart and take my cue from there since I do believe that the bull run is far from over.…Continue
You all have seen price action on CHFJPY just now - price shot up to beyond its highs and then bounced off the monthly resistance level. When you see this happen at significant levels you must be alert. It is possible that smart money actually wants to bring the price down and is influencing and manipulating it to go high instead.
Why do they do this? Quite simply if they want to sell they need to have buyers to sell it to. So pushing price up does 2 things - Firstly…Continue
Added by Oasis on November 19, 2013 at 4:22pm — No Comments