KennTrade

03:20

KennTrade Updated 

Hello. Waiting for EUR/USD to bounce and retest the neckline before I enter short. This one seems like it may stall at 1.1150, so I'm keeping an eye on it. I'll set an alert for 1.1197, so I'm aware of price pushing back up. My stop would be at 1.1160 ( approximately 65 pip stop). I would risk 1% of my equity, which would be $200. The measured move takes us...

KennTrade Updated 

Aussie Dollar is approaching a long term support level on the monthly chart. Drawing a line off of a key reversal low that started at the August 2002 monthly low (0.52790) and a connecting line touching the January 2016 low of, 0.68274...the month of September 2018 could become a pivotal inflection point, for this pair. The 0.71819 level would be the third...

KennTrade

Hello Traders. While conducting my end of week Cross Currency Analysis, I came across another Inverse H & S pattern on the CAD JPY Weekly chart. If this one breaks to the upside (Neckline at 89.00), a measured move would take us up to approximately 103.00. This chart doesn't have an unfilled Weekly Gap until 96.18 - 700 pips away from 89.00. While I'm waiting...

KennTrade

Prior to the 4th of July holiday, I published a trade idea from this weekly chart - (See chart inset for notes) and inadvertently published it under EURJPY. I didn't change my Tradingview chart to NZDJPY and it happened to be on EURJPY. I then managed to write like the idea was for EURJPY, even though all of the prices were for NZDJPY...needless to say I ended...

KennTrade

Hello Traders! I will be off the next couple of weeks for vacation and 4th of July celebrations. I haven't posted anything in a little while, but I wanted to make you all aware of a weekly time frame chart on the EURJPY. Yes, the EUR JPY has been on a tear the last few weeks, as all EUR pairs have been jacked up by TALK from Draghi. Talking points from central...

KennTrade

The Federal Reserve raised interest rates yesterday. A headline from Yahoo said that the U.S. Dollar "SHRUGGED" at that news. Well, looking at this chart , it's clear that the USD/JPY pair is consolidating at present levels. The thick red line emphasizes the GAP that occurred back in April and that attempts to breach that support level have been met with recent...

KennTrade Updated 

I've posted this 4 hour chart to show upcoming resistance to the CAD/JPY pair. Resistance reaches up to 83.70 on a weekly level and this pair has essentially been trading in range for the past 7 weeks. On a 4 hour chart, it looks like a zig-zag has formed into resistance - from a low of 80.86 to the high of 83.11. The four hour chart is closing bearish as I'm...

KennTrade

This chart shows the Monthly and Weekly charts superimposed upon each other, so that I can make the case for a EUR/CAD short, contingent upon price action triggers. Let's take a look at the Monthly chart, shall we? On the far left hand side of the chart, from 2008-2010, there is a Head and Shoulders pattern that pushes price down to an August 1st - 2012...

KennTrade Updated 

GBPNZD is breaking a 4 hour Head & Shoulders pattern. Measured move of the head to neckline reaches a target of 1.8330. Recommend you short strength in this pair.

KennTrade

I'm still in this trade, up nearly 400 pips. I have posted an updated weekly chart. The weekly gap from June 2016 is acting as resistance to further upside. The spinning top from the previous week reached a high of 1.78517 before it receded back within the confines of the June 2016 weekly gap. If this trade starts moving south, I'll be looking to add to my...

KennTrade Updated 

The market was closed in the US on Sunday, when the initial risk off rally was taking place in Europe. While reviewing charts, I was looking to see what currency was weakest against a European currency and could possibly have legs for a sustained move. I settled on thew GBP/CAD due to the large move the prior week. From this chart, you can see that GBP/CAD is...

KennTrade

A daily zig-zag is possibly nearing completion on the EUR/USD daily chart. The March 3rd low to the March 10th high is 200 pips. Projecting off of the March 9th low of 1.05251 we get 1.0727... From current price action, the 1.0750 level is acting as a short term resistance level. The first reaction to the Fed raising interest rates was risk on but eventually,...

KennTrade

AUDJPY may be forming an ending pattern on the daily chart. A five wave pattern is visible, possibly topping out at 88.175 15 Feb 2017, when the wave 3 price high of 87.53 was reached on 15 Dec, 2016. If this is the case, then price shouldn't close above 88.175, however, price break this level but recede back to the confines of the diagonal. If this scenario is...