One of the students I coach got himself into some pretty decent trouble last night while trading GBPJPY, when we connected this morning for his lesson he told me that he pretty much blew up his whole account, so we decided to go over the trades he made. He was scalping last night and would up really churning up his account, and lost a pretty nice chunk of cash...
Ok, So I am sure everyone on here was witness to the action of USDJPY over the last 24 hours. It tested a support line a couple of times before it took north off 80 pips in a few minutes, only to come back down, break through the support line we were all watching, and collapse. The next support level which I would say is a medium-strong level is down at 110.00...
Wait for it to bounce off the upper trend line, look for a short entry once its breaks back below its 100MA
I seem to have been getting a lot of questions lately on my opinion of where gold is going. The technical's on gold are pretty straight forward, it is in a downward trend, just hit its upper trend line and is also coming up on a level of resistance with a recent bullish turn around. It has some fibo levels coming up as well. However, regardless of what the...
GBPCHF has been trading in this range for a while(since that dreadful day last year when the floor was pulled and all of its liquidity disappeared) and its coming up on its lower support for the channel, barring any factors to cause an overly dovish outlook I say it's a decent opportunity for a long off the bounce with a pretty clearly defined stop loss under the support.
USDCAD is fresh off of highs it has not seen in 13 years. If oil keeps on its nosedive you can expect the dollar to go with it. Oil aside, if the market experiences a sizeable correction this year (that seems to be inevitable) the dollar will crumble, with a longer term short set up like this already in place expect a rough few months for the dollar. Watch your...
Pretty self explanitory, GBYJPY is trading in a downward channel and has recently bounced off of 2 levels (1 in and one out of the channel) that have seemed strong and that have acted as support/resistance. If we break through the top here there is good room left in the current Fibo retracement for good gains long. If we break the bottom we have fresh lows to ride...
I posted earlier about the possibility for a nice short on the 4H chart, the daily chart tells a similar story, but it also indicates a potential opportunity for some 3 figure pip gains on the long side. If it can break through the upper trend line with momentum, there is still plenty of room to the upside. I have drawn a fib retracement off to the right so you...
With oil breaking into lows it has not seen since 2009 remember to be very careful about holding long term positions paired with USD. We could bounce hard or fall into fresh new lows, it is extremely volatile right now. Oil drives the US markets/currency all over the place, so be careful!
This seems to be a very popular chart recently, with a lot of people talking about how this is going to break with tons of downside potential. Even if it doesn't break and it rebounds, there is still about 100 pips on the way up back to that line of resistance.
USDCAD seems to be approaching its current trend line that has been acting as some resistance. There is also a prior resistance that has been tested multiple times in the past months, this prior resistance also lines up perfectly with a fib retracement (.764) Couple all of this with the general bearish trend of USDCAD1.16% since mid January and the 1.4000 level,...
NZDUSD is coming up on a support that was recently tested quite a few times on the 4H chart, it looks to be in the middle of a retracement but is not even at the .5 level yet so it potentially has a bunch of room, there is a prior resistance between .618 and .764 that should make for a decent short target. I would take 1/2 of my position off at .65550, and see...