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
I wonder if anyone else has noticed but this is a fact. It used to be customary for trade related blogs to be based on some analysis showing why a trader thought price would move in a particular direction. We used to see charts and explanations and this generated a lot of debate and exchange between members was healthy and sometimes even became heated. But the result was good quality content.
It is therefore unfortunate that sub standard content is now being encouraged. I see…Continue
Perhaps some of you liked my demo trade of USDNOK last week. Here is an identical setup on USDSEK. I think the message here is quite clear:
- Serious price rejection at 6.6520 over last 2/3 days.
- Bounce off the monthly R2
see chart attached.
I have no idea of spreads on this…Continue
Before everyone gets too impressed let me tell you that this is a DEMO trade. However the lesson to be learnt is valid. I was watching this USDNOK pair for a few days wondering if it was a good pair to trade. I noticed the bullish move on Tues and wondered if price would get to the high of 05 July. If it did I decided to short it hoping for repeat of 08 July bearish move. This did not happen and the pair started falling. I waited until market close yesterday before going short. I now had 3…Continue
Scanning the weekly and daily charts of the week gone by, somehow drew my attention on the CAD. From a news perspective there is no CAD related announcement before Thu., so that is good.
AUDCAD - See weekly chart below. 1.00150 seems like an important level that could not be breached again and a strong pin bar suggests that the bears are once again in control.…Continue
If we look at price action last week, CHF weakness is quite obvious. Only the EUR failed to make any gains against it. Will this continue this week? Who knows but this made me take a look at CHF crosses for opportunities. CADCHF looks great and USDCHF as well. But would it not be better to pick a pair that has not gained a lot of ground already? Even though AUD was not the strongest currency last week, AUDCHF looks a good possibility to me.…Continue
As you can see from the daily chart below, we are currently in a retrace of the overall uptrend. Price is approaching the 23.6% level and I expect it to reverse or perhaps stall and reverse here. The zone marked in blue will be explained in the 4 hour chart.
Now let us look at the 4 hour chart.…Continue
This weekend I have watched Sam Seiden's webinar about trading with the smart money. Little knowledge can be quite dangerous so I hope that I have got this right.
As per chart attached,the area between 0.8500 and 0.85600 is a supply zone. Price was in this area in April-May 2013 and dropped quite significantly. I will be looking at lower timeframes for entry signal within the marked zone.…Continue
My interest this week is going short on this pair. It has risen to levels last seen in Feb 2010 and recent price action indicates (to me) that this run may be over for now.
Starting with the weekly chart, price action over the last 3 weeks is interesting. Week 3 was a nice and convincing bullish action. Week 2 brought a significant move up but forced down by massive selling. Week 1 (just concluded) saw another move up that has largely been negated by the bears.
RSI users can…Continue
As you can see from the attached 4 hour chart, price has been rejected off a major s/r level.
The daily chart below also shows a H&S pattern being formed.…Continue
I cannot see any reason why a short is not a good idea. See hourly chart attached below. Price below daily pivot 50SMA and 21EMA. It also continues to make lower highs.
A look at the daily chart shows H&S pattern completed. What remains is the break of trendline at the bottom. That event if…Continue
Added by Oasis on October 10, 2013 at 4:17pm — No Comments
I will be looking for signs that a short on this pair is a valid trade next week. Price is currently below the 50 sma and that is usually a good sign for bearish action. It has also been rejected at the upper dynamic trendline several times. I do however would like to see price go below the 21 ema and the daily pivot. The 80.000 area is a good target.
Assuming that there is no gap, the current level is a good price to enter as the stop will be just above the trendline, providing a…Continue
A CNBC business news piece says -
NEW YORK, Sept 27 (Reuters) - The dollar fell across the board on Friday, hitting a 7-1/2-month low against the safe-haven Swiss franc, as wrangling over the U.S. budget and a lack of clarity over when the Federal Reserve will scale back stimulus curbed demand for the greenback.
The dollar also fell against the yen after Japanese Finance Minister Taro Aso said he was not thinking of lowering the effective corporate tax rate now.…Continue
The attached chart shows a pretty tight range for the past 5 days. Looking at the recent CHF strength it looks likely a break out to the downside will occur. I suggest watching price action closely.…Continue
1) I look at this weekly chart and realize that the pair has been in a downtrend for a year. I draw a fib from the high to low and see that a retracement occurred to 38.2% and the downtrend has resumed again.
2) Next I look at the daily chart. I can see more clearly that the retracement was…Continue
Last week I posted a chart on Daologic's Live Calls blog showing why a GBPCHF short was a good trade. A few hours later the same trade idea appeared as a blog by Henry Nnalue. I was irked but kept quiet about it.
Now I see the same thing happening with my NZDCHF blog that I posted sometime on Saturday.
I therefore request Henry to post trades that have not already been posted by others.
It is said that an oscillator gives the best confirmation to price action when the market is ranging. As the chart below shows this pair has indeed been ranging since early June. If one had been trading this pair just on the basis of overbought and oversold readings, the results would have been pretty decent. However I like to use any indicator as a confirmation to price action and not as a reason to take a trade. This possible trade is now in that situation. Price has been rejected at a…Continue
This is too funny - read this online:
EUR/USD dives as soon as it gets to the penalty area (1.3325). …and lays on the ground writing until it gets some support at 1.3255.