Check out the EUR/AUD Daily. We have a rough double bottom indicating that sellers may have finished their onslaught…for now. The 4-hour chart shows buyers powering up. This is as good as any a point to test the waters with a small probing trade. If we see a break above 1.5740 bid I’ll fee a [...]
I got out of my NZD/JPY long at 88.70 upon seeing a breakdown this morning in the price action via the 4-hour charts. Though it could possibly go back up I’d rather take the money and run at this point. Unfortunately, it wasn’t necessarily the best close since I was thinking about closing it out [...]
How much further can NZD/JPY and other Yen crosses continue going up from this point? Following up on my previous post, I’m roughly 130 PIPs in the money on my long position and holding. The Daily and 4-hour charts are looking strong and so far the momentum is on my side (not to mention the [...]
If you’re not afraid of the carry unwinding near-term here is an idea with NZD/JPY… Carry trades unwinding will probably be a drawn out process punctuated by brief violent sell-offs as it develops. Now if you feel that the carry is still acting as support and yielding good opportunity now might be a time to [...]
Looks like my timing with EUR/AUD was still a bit early relative to the continued lukewarm selling that ensued since I posted on this idea. This was a possibility I accounted for, which is why I only went in with a probing trade as discussed in my previous post. As of right now, I still [...]
Could there be slowing in the selling momentum for EUR/AUD? Check out the Daily chart and look at the support the pair ran into. The area roughly between 1.5750 and 1.5650 is a cluster of congestion and naturally acting as support. The price action ran into it and bounced upwards (at the time of this [...]
As of this morning I don’t like what I’m seeing on the charts for the short idea. Although nothing definitive has come up saying that the downside potential is gone, it’s showing a momentary sign of weakness…for me that’s enough since I wasn’t looking to hold the position for more than 2-days. What I was [...]
Following up on my previous post, I think it would be a decent time to throw in a probing trade into USDCAD at this point (at the time of this posting). A probing trade is a very small position that by itself is relatively inconsequential if it wins or losses. But the great thing about [...]
Sorry, for my unscheduled hiatus from the usual posting…fear not, trading has been tremendous the past few weeks so life is good. I hope you’ve all fared just as well if not better. With that said, let’s talk shop… Now if you believe the USD/CAD free fall from parity the past month is bound to continue [...]
There are more charting packages being peddled than one can shake a stick at. Though there are many choices not all are created equal and what will work for you depends on what you need. Personally, my needs are quite modest…give me candlestick charts in an easy to use customizable layout interface and I’m good [...]