PIAFirst

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Online Joined firstfortrading
Markets Allocation
65 % forex 35 % other
Top Mentioned Symbols
EURUSD 10% | 2 AUDUSD 5% | 1 GBPCAD 5% | 1 XAUUSD 5% | 1
PIAFirst PIAFirst GBPCAD, 240, Short ,
57 0 3
GBPCAD, 240 Short
Correlation highlights limited GBPCAD upside

Looking away from the majors today and to a solid set-up in GBPCAD. This cross not only offers a sound technical outlook in its ‘own rights’ but also lines up with the correlated view (GBPUSD bearish USDCAD bullish – GBPCAD BEARISH) Monthly: The long-term bias remains bullish. With the 50% pullback level at 1.8088 (from 2.0970-1.5205) lining up with the Ichimoku ...

PIAFirst PIAFirst EURUSD, W, Short ,
86 1 2
EURUSD, W Short
Bearish EURUSD but only on rallies

USD INDEX- The index has stalled at the 161.8% extension level of 90.25 (from 88.26-89.49). Although the med-term bias remains bullish for the US dollar, some currency majors are highlighting scope for a deeper correction. Bespoke support is seen at 89.94. If we see a break of this area then further support is seen at 89.61, a possible right shoulder of a bullish ...

PIAFirst PIAFirst USDCAD, 60, Short ,
20 0 0
USDCAD, 60 Short
USDCAD - scope for a downside correction

USD INDEX- We expressed some caution yesterday with the USD index close to the 161.8% extension level of 90.25 (from 88.26-89.49). As long as we fail to breach and hold below the trend line support at 89.65, the medium-term bias remains bullish. However, we have to be prepared for the possibility of substantial USD correction lower today. With Canadian ...

PIAFirst PIAFirst NZDUSD, 240, Short ,
39 0 1
NZDUSD, 240 Short
NZDUSD - 4th wave correction to sell into

USD INDEX- The USD has scope for consolidation and possibly a mild correction to the downside as we hit the 161.8% extension level of 90.24 (from 88.25-89.48). With this in mind, we only look to buy USD dips this morning The selloff looks underway for NZDUSD but we have the reverse view and look to sell into rallies Monthly: Trading in a congestion zone. This ...

PIAFirst PIAFirst DXY, 30, Long ,
21 0 0
DXY, 30 Long
USD INDEX - Bullish reverse Head and Shoulders

USD INDEX – Looks to be forming an intraday bullish reverse Head and Shoulders formation. Key support is 88.89 (61.8% pullback) and 89.50 (neckline break)

PIAFirst PIAFirst EURJPY, 120, Short ,
40 0 1
EURJPY, 120 Short
EURJPY - Ending wedge offers a downside bias

Technical I am not a great fan of trading non-farm payrolls. I sometimes find you have the correct view, only to be ‘spiked out ‘of your trades on the initial move. This results in me having a far more flexible stop policy, something that goes my system (normally stop above or below trigger candles). I also ‘think’ that we will see a move lower in JPY crosses. ...

PIAFirst PIAFirst EURCHF, D, Short ,
31 0 1
EURCHF, D Short
Selling into rallies in EURCHF with a possible top in place

Monthly: Hard to take too much away from the longer timeframe as most brokers have different low trades from the January 2015 spike. What we can note is the fact we will post a bearish Outside Month. Weekly: Bearish divergence can be seen on the weekly chart. Chart makes a higher high while the oscillator (RSI) makes a lower high, often seen before the change ...

PIAFirst PIAFirst GBPCHF, 30, Short ,
21 0 0
GBPCHF, 30 Short
GBPCHF is showing signs of a temporary top

Monthly: The move from the year 2000 to the 2015 lows, could be seen as an Elliott Wave 5 wave bearish count (impulse). If this is the case, then we are in the corrective formation higher. The most important factor to take away from this timeframe is the fact the Ichimoku Cloud continues to stall (cap) buying. Weekly: Levels close to 1.3414 continues to find ...

PIAFirst PIAFirst AUDUSD, W, Short ,
16 0 0
AUDUSD, W Short
AUDUSD a monthly close below 0.8100 would confirm a top

Monthly: In a large expanding wedge formation that has eventual bias to break lower. Weekly: in a corrective channel formation. Rallies close to 0.8100 find sellers. Could also be seen as an Ending Wedge. Higher highs seen at 0.8205 Daily: Possible ‘double top’. The most important factor in this timeframe is bespoke resistance at 0.8100 Intraday (15-MINUTES) ...

PIAFirst PIAFirst GBPJPY, W, Short ,
102 1 3
GBPJPY, W Short
GBPJPY offers a good risk/reward short trade this week

Monthly: In a large descending triangle formation that offers a downward bias. Since posting a Hammer base in October 2016 trading has been mixed and volatile, common in corrective sequences. Ichimoku Cloud offers resistance at 156.36 Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge. On a break of 143.80 the measured move target is ...

PIAFirst PIAFirst USDCHF, D, Long ,
58 0 2
USDCHF, D Long
USDCHF forms a bullish Gartley

Critical time for Congress and the US dollar. News overnight is that the US House has voted to pass a stopgap funding bill that funds the government into mid-February. The bill now goes to the upper house for a vote USD Index Weekly: Wednesdays bullish outside day is still holding but the long-term trend of lower lows from Q3 2015 to Q2 2016 is being pressured ...

PIAFirst PIAFirst USDJPY, D, Long ,
39 0 0
USDJPY, D Long
Correction nearly complete for USDJPY

USD Index Weekly: The index has traded to the lowest level in 159 weeks. This has resulted in signals for sentiment being at oversold extremes. Levels below the trend of lower lows (from Q3 2015 and Q2 2016) are finding buyers. A break back above 91.00 would reignite USD bulls. One currency pair that would take advantage of this reverse in trend is USDJPY. ...

PIAFirst PIAFirst DJI, D, Short ,
74 0 2
DJI, D Short
Dow double top formation targets 19436

A very basic and straightforward trade idea show the double top formation triggered by the Dow breaking 19718 yesterday. We would look to set shorts at current levels (19732) with a stop at 20000 and a target of 19436

PIAFirst PIAFirst XAUUSD, D, Short ,
57 0 3
XAUUSD, D Short
Gold

The corrective rally from early December has stalled at the 38.2% Fibonacci retracement level of the previous downmove (1375-1123). The previous congestion area and daily Ichimoku cloud added weight to fading this move and with the weekly candle forming a shooting star, our idea looks to set shorts at good risk/reward levels. We look to target an initial move to $1175

PIAFirst PIAFirst XAUUSD, 60, Short ,
57 0 0
XAUUSD, 60 Short
Gold fails to kick on and slips towards support

Markets continue to gyrate between a risk-on/risk-off approach and with the added influence of its dollar denomination, XAUUSD is no exception. Our long-term outlook remains positive with the weekly chart highlighting the presence of a bullish flag formation, with an expectation of a break higher. This may take a while to play out and can accept a move to well ...

PIAFirst PIAFirst EURUSD, 240, Short ,
71 1 2
EURUSD, 240 Short
EURUSD - Long term bias is still bearish. Rallies to be sold

The U.S. Federal Reserve left interest rates unchanged on Wednesday but strongly signalled it could still tighten monetary policy by the end of this year as the labour market improved further (source Reuters). Yet again, this has left the market floundering with no real long-term direction for the USD. Technical, we look to be forming a short-term ascending ...

PIAFirst PIAFirst SPX, 120, Long ,
51 0 3
SPX, 120 Long
SPX reacts higher after fed and triggers double bottom formation

Bullish engulfing after market reacts positively to Fed minutes after leaving rates unchanged but pointing towards a hike in December. Double bottom formation triggered on a break of the 2163 neckline Buy a break of 2165 Measured move target 2210 161.8% fib extension at 2230 Stop at 2120

PIAFirst PIAFirst USOIL, D, Long ,
71 1 2
USOIL, D Long
USOIL heading higher after candle reversal

A bullish gartley-type formation has been posted on USOIL (although ideally the CD move would have been greater for an exact Gartley). However, this pattern has been accompanied by daily candlestick reversals (Bullish hammer, inverted hammer and Bullish outside bar). This ties in nicely with a MACD reversal expectation and the Commitment of Traders report showing ...

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