DollarBuddha

DollarBuddha

...Hello TV Traders... I too, was somewhat puzzled by the large NEGATIVE reaction to this morning's BOE's rate hike... At minimum, I expected a quiet "non-reaction" since the hike itself has been telegraphed by the BOE for weeks... The best explanation I found came from Kathleen Brooks (as published on FXStreet.com): - www.fxstreet.com Her assessment was...

DollarBuddha Updated 

---- ANALYSIS ---- ... After breaking above Daily S/R line (1.3050) on Jul-14, price retraced to roughly 1.3000 ... Since then, Price has tested S/R line repeatedly and formed five (4h) doji candles within the last 24 hours ... Expectation is for possible Bullish breakout above 1.3050 in the 50-80p range ---- ACTION(S) ---- ... Waiting for confirmation of...

DollarBuddha

Just wanted to document how tracking the news should be an important part of EVERY trader's practice... Take for example, an hourly chart of this week's GBPUSD... In particular, notice how this week's MOST significant price action corresponds with two major speeches by UK officials. In the first instance, BoE governor Mark Carney delivered a "dovish" speech...

DollarBuddha Updated 

---- ANALYSIS ---- ... Possible SHORT in formation as profit-taking rally run out of steam from low of 1.2650 to Daily S/R @ ~1.2750 ... (NOTE: GBP price action currently driven more by UK news than by fundamentals) ... Small "evening star" doji candle (7am-8am EST) completed. (denotes uncertainty/reversal) ... Cannot really see any contra-indications at this...

DollarBuddha

---- SUMMARY ---- This freeze-frame of the USDJPY 15m chart at the end of weekly trading is a near perfect example of a classic Price Action setup in progress... This setup, according to Bob Volman, is called the "FIRST BREAK". --- BACKGROUND ---- If you don't know... Bob Volman is a longtime Price Action trader and the author of two Excellent (yet very hard to...

DollarBuddha Updated 

---- ANALYSIS ---- ... Price tried twice (unsuccessfully) to rise out of 100 pip channel ... Price also crossed 2h (yellow) trendline and is bouncing between various 2hr-EMAs ... 2hr-EMA(24) in light-blue is currently providing support AND also aligns with "chunk" of support candles from late May. ... small doji has formed (possible BUILDUP) ---- ACTIONS...

DollarBuddha Updated 

---- ANALYSIS ---- ... Similar to EURUSD (but in opposite direction), price made dramatic move during last Friday's US-NFP announcement. ... (See related idea for additional US-NFP details) ... As of MON morning (EST), price is hovering at 110.50 (also a key Wkly S/R level) ... Price also moving Down from top of descending Wkly P-Channel (see snapshot for...

DollarBuddha

---- ANALYSIS ---- ... Friday's US NFP announcement created a 60-pip "pop" in price action ... As of SUN, price is now (slightly) above upper limit of 2h P-Channel ... Price also seems to have support at 1.1265 level ... AND, Price stayed ABOVE channel to close out the week (poss. BUILDUP) ... Despite BULLISH sentiment, still a chance of price retracing back...

DollarBuddha

ANALYSIS: ... Yesterday's exit from Desc Triangle saw quick breakout from 1.1200 level to ~1.1250... ... (+35p LONG trade successful) ... Then, price met ceiling resistance (1.1250) and retraced (~25p) ... Current PA now hovering at 1.2250 going into NYC mid-session. ACTION(S): ... Will continue to wait for clearer PA direction @ 1.1250 or...