For those of you who got short GBP/JPY yesterday, make sure you have those stops in place. The overnight flurry of buying took back most of the lost ground from yesterday’s selling. We’re now at a crossroad…either sellers step in to defend the 231.10 area (minor resistance where price started to breakdown yesterday) or they back [...]
Following through on my previous post. The GBP/JPY bounce now seems to be weakening and the sellers are trying to come in and see what kind of damage they can cause to the downside. The Daily chart still indicates downside momentum and the 4-hr chart is now showing buyers failing for the first time to come [...]
Shorting into the JPY crosses after the tremendous free-fall they’ve had the past couple of weeks is definitely a high-risk idea and not for the timid. But since we like eating risk for breakfast let’s consider this idea… Following up on my previous post, I find it more comforting to wait for a bounce after [...]
Rob had a great question regarding my previous post. What happens if it doesn’t bounce and just keeps falling…now trading roughly 700 PIPs lower than where it was trading when I posted yesterday, what indeed? My answer to your question, do nothing.On any given day, week, month or year the odds of the kind of gigantic [...]
So the bears finally won out and crushed this pair mercilessly yesterday and into this morning. The same action played out across most of the other JPY pairs. I noted in my previous post that waiting for the market to choose a direction before doing anything with this pair was the way to go. Now that [...]
For short to intermediate term traders the big question is, is it time to buy/sell GBPJPY? No one seems to have a confident opinion at this point.This uncertainty is playing out on the daily chart as we speak. As expected, the chart doesn’t seem to indicate one way or another which way traders are leaning. [...]
EURUSD is stalling near it’s Daily highs and I have this rule of thumb…if I’m solidly in the money and weakness develops at resistance on the Daily then I get out. This is exactly what happened today so I hit the bid and called it a day for my EURUSD trade. There is definitely potential [...]
I love it when a plan comes together. EURUSD launched itself over 100 PIPs today as buyers came back in with a vengeance. At day’s end though they gave back a little bit of ground but nothing unusual considering it’s a Friday with traders possibly unwinding some of their exposure ahead of the weekend. I [...]
Buyers were unwilling to commit after the brief pop in price yesterday morning which went away just as quickly.The good news is that there wasn’t a decisive move in either direction with the Daily chart holding at support. The wild card out there is the NFP release due out tomorrow morning. It’s very possible the [...]
Buyers weren’t interested in coming in yesterday with a failure to break above the 1.3726 area (per my previous post). Despite this, selling action yesterday was well contained with this morning’s action looking like support is holding, for now. The long idea is still valid with a break above the 1.3726 area since that’s where [...]