Simple trade setting up after a week's advance. Entry under the weekly low and at 95.051. Shout out to jangseohee and justatrader, who are already on this trade. Good luck to us all!
We have a nice short opportunity in these charts. It's more evident in the case of USDJPY which offers a clear target and invalidation level. In the case of the Nikkei, it's at the level of a long term resistance, and showing a painful advance, not something I'd consider bullish in my view, and to make things worse, the highest low has been taken out by a down...
Correction started, as expected. We now have a bearish target in sight: 19184 by April 27th. This level and date will be a potential retracement area, or reversal, depending on how price action evolves. Considering the scale of the uptrend, I don't think this correction will end there, but we'll see. Better expand as we move forward. I am short GBPJPY, and...
There's a monthly time at mode expiration in this instrument coming next month. It's possible to see a reaction as carry trades get unwound, but it's not clear at what price yet. The extreme target is not reached, but the time at mode one has been exceeded, and heading for 2x the projected range soon. I think the dollar rally is about to hit its expiration date,...
If price closes without retesting the mode, we might see a steep decline ensue. Entry is at market (below the previous daily low), and the stop loss at the mode. Good luck! Ivan.
Earlier in the week I shared with you my idea for a potential bullish Cypher pattern here on the USDJPY and as you can see price action has yet to reach the “D” completion point. In Tuesday’s Live Trading Room session we were able to capture some profit on a long entry as the market retested the Cypher “B” leg and now price action looks to be retesting that zone...
I’ll tell you what trader’s, there’s nothing more exciting than a pain free trade and nothing more nerve racking then needing to put entries right back on but in the opposite direction. That’s the situation that we have here on the USDJPY 1 Hour timeframe. Yesterday we had a bearish Cypher pattern roll over to smash targets (hopefully TGT 2 gets clipped) and now...
Watch this current zone. An over-and-under pattern and fib 261.8 lurks below and the Weekly pivot is the magnet above. Either way PA choose it sets a the path for the Yen crosses this week.
Sterling has been on a monster tear after mixed employment data out of the United Kingdom. Averages earnings beat expectations of 2.6 percent, printing a 2.9 percent. However, the U.K. did see a rise in unemployment even as the unemployment rate fell a tenth-percent. Traders are looking to front from any potential talk out of the Bank of England (BoE) that...
Pretty self explanatory on the chart. My Daily and Weekly bias has now turned Bearish. Currently sitting at a Fib retracement point near resistance and IF we get the right price action i will be looking for shorts to make new swing low. Target 1 = 133.50 Target 2 = 130.50 Target 3 = 128.10 Please remember this setup is only in play if we get the correct price...
We look at the Weekly chart of the Euro and last weeks trading suggests more downside. Understand that the selling that happened last week and the fact that we are back inside the wedge suggest more selling is coming. We will look for bounces to resistance and look for TRIGGERS. If they take another stab at a breakout watch the high of last week. If we reach...
EJ may have just put in a 3rd touch on the weekly decending trend line. The month of June EJ retraced to the 61.8% fib, will it hold? Last week produced a hammer bar and this week may end as a bearish engulfing with a possible CTL break. Could we see the lows of 126.000 and further down to 119.540?
The proof is in the pudding, well it is in the globalized failing of quantitative easing. Abeconomics is no different. Japan Prime Minister Shinzo Abe will continue to feel pressure as his "three arrows" economic policy fails to push consistent economic expansion. Japan's economy shrank 1.6 percent on an annualized basis with falling exports and contracting...
Not too much on my radar today, which is perfect since I prefer not to be actively trading on Monday’s. With that being said, something that I have my orders locked and loaded on for later on is this potential bearish bat pattern on the USDJPY completing at 125.09 right around a 4hr supply zone. This one may also be worth watching as it approached 125 even as we...
Over the last 4 months USDJPY has not been able to penetrate (close above) the 124.00 Resistance level. Its is also extremely overbought. Long term TA is more important than you think! Please leave a like if you found this interesting!
The dollar-yen has been rather range bound, floating between 123 and 125. The U.S. dollar is likely to remain firm heading into September, as many market participants believe the Federal Reserve will finally raise the Fed funds rate for the first time since 2006. Many traders are looking at the fact that funds rate future traders are pricing in a 54 percent...
Since $USDJPY broke out of a daily Triangle above the 120 resistance zone (now support), it rallied 600 pips, decline back to broken structure and bounced back from it, proving that what was resistance is now support. On its second upward wave, $USDJPY formed a bearish Cypher pattern that its PRZ caused a 150 pips decline. The price found support on the 50 SMA...
I’m looking at a rising wedge type of pattern forming here on the USDJPY that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move. I’ll be looking for short opportunities on this pair in the Live Trading...