forextraplaces

forextraplaces

Trading FX is a risk/reward exercise. And the greatest reward for the least risk is taking trades that relying on experience. I've traded Fx for over 20 years so I recognize chart patterns and price movements without really thinking about hem. If I was teaching how to trade FX I would be advising novice or inexpereinced tarderes NOT to take a trade like this but...

forextraplaces

Yesterday I SHORTED this pair from just below the WR1 pivot. There was French and German Flash Manufacturing & Service PMI this morning so I banked the profit and waited to see what the print was. All releases came out in green numbers and inevitably this gave a boost to the EUR. Key now was the realease of the same data out of the UK. This too came out in green...

forextraplaces Updated 

Since the middle of last week we have seen all GB P pairs selling off. GBP/JPY was a gift of a week last week for traders as price repeatedly hit areas of resistance only for GBP/JPY BEARS to push the price south. Every trading day last week the price of GBP/JPY hit the WR1 pivot and retreated and the WR1 and WS1 pivots are key to my trading as you can plot these...

forextraplaces Updated 

The area around the WR1 (192.52) pivot both last week and this week has been a bridge to far for GBP/JPY BULLS. I've shorted this pair 4x this week and we're back at the pivot once more. Yesterday saw a massive sell off in the early hours and this looked like it was the end for GBP/JPY BULLS but amazingly they've recovered all lost ground and the price is pushing...

forextraplaces Updated 

Pivots are the most significant indicator for how I trade. I cannot understand why EVERY trader, no matter what their approach is, wouldn't use weekly pivots. The beauty of pivots is that they are the ONLY indicator that is set at the start of the week so you know where the price is in relation to the pivot days before the price gets there. This week on GBP/JPY...

forextraplaces Updated 

I've twice banked pips shorting GBP/JPY from the WR1 pivot this week and as can be seen the price is back at this level. We have a nice tweezer double top on H1 for the previous 2 candles and as SELLERS are clearly prepared to move into this market from this level, it looka good SHORT opportunity. However. The Andean Oscillator is not yet clearly giving a SELL...

forextraplaces

The previous candle on H1 hit GBP/JPY WR1 Pivot and all the signs are that this pair will now reverse. The rationale for this assumption that GBP/JPY will reverse follows: a). The current H1 candle is BEARISH. b). On 15m time frame the RSI declining. c). The MACD on the same time frame is signalling SHORT. d). On the Andean Oscillator (15m) we can see that the...

forextraplaces Updated 

Since the open last night USD/JPY has pushed stronlgy higher, so much so that the price has already reached the WR1 weekly pivot. Its a never ending mystery to me why everyone doesn't use weekly pivots as they are lines of interest on the charts known at the start of the week and when price reaches weekly support (WS1) or weekly resistance (WR1) there's a high...

forextraplaces Updated 

Apround the 13th March the price of USD/CHF broke through the key 200 EMA on the H1 time frame. Around the 20th March, the price returned to the 200 and this acted as solid support. AT the end of last week, we saw the price return to the 200 and make several attempts to break through. Although these BEARISH breaks were successful they were met with determined...

forextraplaces

I'm SHORT USD/JPY for the following reasons: a). Price is back at a confirmed area of resistance last hit on 3rd April and 27th March b). The Andean Oscillator on 15m time frame has seen a rise of the red SELL line and is now reading .0082 having been at .0027 previous candle and .0010 candle before that having been reading zero for several bars. c). Andean...

forextraplaces Updated 

The price on USd/CHF hit the WR1 pivot 3 candles ago (H1 time frame) and since thenm we've seen 2 doji candles and the current candle which has 15m to complete looks liek it may well be another doji. Doji candles are NOT reversal candles as some think. They are indecision candles. Its clear that WR1 has seen some sustained BEARISH pressure and there is a battle...

forextraplaces

I'm SHORT GBP/NZD from 2.1149 for the following reasons: a). R.S.I. is now reading 68 and was over 70 for the last 4 candles (76 last candle). This would indicate that SELLERS are taking the price under overbought. b). The high (2.1173) sits a band of resistance between WR1 and WR2 weekly pivot. Last week this area (2.1042 to 2.1084) saw SELLERS enter the market...

forextraplaces

I'm SHORT cable from 1.2632 for the following reasons: a). On H1 price has been rejected by the 100 EMA b). THe 100 EMA coincides with the WPP mid pivot which has acted as stern resistance c). RSI has been decling for several hours d). MACD sees the fast MA crossed down over the slow e). Pivot Point SuperTrend is reading SELL on 15M f). Andean Oscillator sees the...

forextraplaces

The price of AUD/CAD is trading above the 200 EMA on H1 having been below for the last 9 or so hours. The 25 EMA is also crossing the 50 EMA north and both these signs suggest were are in or we are entering a BULLISH market on this pair. The price is also above the WPP mid pivot which will act as double support along with the 200. On the Pivot Point SuperTrend...

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EUR/CHF has found support from the 100 EMA on H1 (at the open last night) and is heading north. The 25 and 50 EMA'son H1 are together and below the price and this will give strength to EUR/CHF BULLS. The 15M Pivot Point Supertrend is BULLISH and the Andean Oscillator has seen the green BUY signal line cross the red SELL earlier this morning and the green BUY and...

forextraplaces Updated 

The shocking CAD CPI news released an hour ago (CPI missed by .3%) has seen a sustained period of CAD SELLING and now this BULLISH EUR/CAD strength is faltering as it is across all CAD pairs and we look to be entering a period of SELLING in order to unwind overbought RSI readings. On the H1 time frame we have a potential double top at WR1 though the second candle...

forextraplaces

Looking at the last 12 candles on H1 we can see a triple top at a line of resistance at .9228/30 and the last 3 candles all have long wicks forming another triple top and if the current candle continues south, this will be a quadruple top. Its clear that there is an almighty struggle for domination of this pair between the BULLS and the BEARS and with the fast MA...

forextraplaces

I've been anticipating GBP/JPY turning BEARISH for a few hours as we've seen the price push through the 200 EMA on H1 and the WP pivot and the signs are that GBP/JPY BEARS are jumping in. BEARISH signals include RSI which was 71 but is now 61 indicating a move south and MACD which is lagging behind (as usual) but signficantly not making any more headway north and...