The SNB is on record as saying that it will not allow the EURCHF exchange rate to fall below 1.20. Since this grand proclamation in 2011, the SNB has lived up to its word, defending the 1.20 level each time the EURCHF exchange rate goes there. We are currently very close to that level after a marked decline, and technically, we see signs of consolidation that...
I tried this trade a few days ago, but got stopped out. :( The pattern remains valid, in that we are at resistance in a downtrend with reversal candlestlcks appearing. The reward/risk setup on this one isn't as nice as it was on my last trade, but I think the opportunity is still worth trying here. Learn more about trading: www.informedtrades.com
Nothing warms my heart quite like a legitimate setup with a high reward/risk ratio -- and that's exactly what we're seeing on EURGBP. The pair ran fast into resistance, and one of the by-products of any big move is that there won't be many support/resistance levels when the market decides to reverse itself. As the primary trend on EURGBP is still bearish, the...
I saw a nice setup to go long GBPAUD as well, which I didn't take simply because I liked this setup a bit better. But confirmation on another pair strengthened my conviction in this trade. EURAUD has pulled back to support, and the candlesticks seem to be respecting this support level. I'm long at 4270 with my stop at 4192 and my target profit at 4518. Learn...
Normally I'm not interested in trading against the trend, but I think enough of an opportunity exists in going against the trend here -- and after much observation I think it may improve my trading -- I thought the setup on GBPNZD would be worth taking. We see price is in a bit of a downward channel, but has fallen to support where today's price action is stalling...
This setup appealed to me for a few reasons: 1. Price has pulled back to the 200 EMA 2. Price is clearly in an uptrend 3. The 200 EMA corresponds to a support level going back to June and August of this year, thus re-affirming its significance 4. Candlesticks are stalling a bit at this level For these reasons, I'm long at 1.1035, with my stop at 1.0947 and my...
Today's candle is not yet complete, but as of now, it appears there is a double doji shaping up on the daily candle. Moreover, this is occurring at support in an uptrend. As such, I put in an entry order to go long at 8530, with my stop at 8285 (just below the lows of the double doji) and my target profit at 8620. I'm risking 65 pips to gain 270, which gives me a...
The challenge might be getting filled on this one, and what I'm wondering is whether price will come back to fill the order -- or whether a more aggressive order entry be warranted. Of course, I prefer to let price come to me, and so I'm sticking with 7520 as my entry point, as it is a resistance level that is also close to a 61.8% Fibonacci retracement level from...
I'm not in this trade -- just long both metals in a long-term account -- but technically, I think we're seeing a topping of gold/silver, especially since silver appears to have found support. Learn more about trading: www.informedtrades.com
We can see a broadening top on the S&P 500, coming after a big rally. Is this our queue to short? I'm not in this trade, and still feel the bull market will last a bit longer, but I think the technical setup is very favorable. Learn more about trading: www.informedtrades.com
Today's bullish candle (still in formation at the time of this writing) follows yesterday's very bearish candle which culminated at a previously established support level. The 200 EMA is also here. As such, I think the market may be finding support here, and the bull trend may thus be ready to resume. I'm long at 8404, with my stop at 8374 and my target profit at...
AUD is showing a fair amount of weakness across the board (except against JPY, of course). We're at resistance, and are seeing some candlesticks with long wicks to the downside. We are above the moving averages and do have a pattern of higher lows in some respect on this pair, but the AUD weakness visible on other pairs led me to think this would be an appropriat...
GBPUSD is consolidating while in a channel, and is showing reversal candlesticks when testing resistance. Time to short? A technical analysis learning community: www.informedtrades.com
EURGBP has been in a nice and clear downtrend, though recently pulled back to around .8050 this month. Price is now just below the 50 SMA, a key Fib level, and resistance. Moreover, candlesticks are showing wicks there, suggesting bears will defend the 7905 price level. As such, I'm set to short at 7905, with y stop at 7950 and my target profit at the recent lows...
The moving averages have converged, we have a candlestick pattern that resembles an inside bar -- meaning that price is consolidating -- and price has pulled back to a support level. All of this offers a nice entry point, and the recent long wick serves as a potential bullish checkmate and thus a reference point for where the stop should be placed. I've placed my...
Many yen pairs formed long wicks last week, and they've followed through with sharp rallies. As such, I've been eyeing potential entry points on these pairs. USDJPY gave me a setup I'm most comfortable with, in that I'm long at 106.13 with my stop at 104.93 and my target profit is at 109.73. I'm risking 120 to gain 480, which gives me a reward/risk of exactly 4.0....
The New Zealand dollar has been showing signs of topping in the near-term against a number of pairs. The technical setup I like the most was on GBPNZD, though I missed that one; I didn't get the pullback I was looking for, so the order never got filled. AUDNZD, though, is also showing a very nice setup. The October 15 candle with the long wick could constitute a...
In addition to signs of NZD weakness on other pairs, we're seeing this very nice technical setup on GBPNZD: the pair is in an uptrend, but has pulled back to a support level that coincides with a 61.8% Fibonacci retracement level from the recent swing low to swing high. Today's strong bullish candle suggests bulls may be defending this level. As such, I'm set to...