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AUD/NZD is approaching a multi-decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the monthly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement. But since we hit the 1.0500 level market has started to bottom and move inside some trading boxes, on top of each other. However…
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NZD/CAD Range Trade Boxes
NZD/CAD has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can see how this price action looks like. Usually when we enter in the territory of a new range boxes the new boxes that will form in the right side of the chart will use the middle of the range box from the left as the top and as the bottom will use the middle of the box from beneath the price action where most likely there…
Quick Review GBP/JPY Trade
In today's blog post I would like to give a quick review of one of my latest trades which was short GBP/JPY(see Figure 1). The whole premise behind this trade was a broken support which was pointing to further downside movement. Not to mention that once cable has broke the key support level of 1.5000 which is a very big round number, would send a strong signal across the board that GBP is very weak. This was a very quick trade as weekend was approaching I was not having enough margin left to hol…
EUR/GBP Breakout Mode
EUR/GBP has started shifted to the downside once we broke the major support level of 0.7700(see Figure 1). This is a major support level since it was support level in 2008 and than in 2010, but once we managed to break and close below it the momentum started accelerating and this is a strong sign that for now we're going to move in the direction of line of least resistance. Next major level comes at 0.7100 which was a strong resistance level from 2003 to 2008 when we finally broke to the upside.…
GBP/CHF Double Bottom
After SNB decided to drop the 1.2000 EUR/CHF floor the price action on CHF crosses has been distorted however we can still find a way to guide us through the current mess by simple using support and resistance level and the box trading ranges (see Figure 1). GBP/CHF as being a cross pair has a lot of tendency to consolidate and we can find more often it's moving inside this range boxes.
Based on the Monthly chart we can spot a big double bottom that is ta…
Figure 1. GBP/CHF Weekly chart.
Based on the Monthly chart we can spot a big double bottom that is ta…
USD/JPY Trade Explanation
In this blog post I want to share the reason behind my short USD/JPY setup, on which I was stopped out at a small loss -7 pips, which in my book is still a BE trade. The reason why I was short was because we open the market with a gap below the 117.20 support level, and even though later we manage to come back above that support there was not much of a follow through.
The 117.20 support level have been tested for so many times that it was obvious that at one point w…
Figure 1. USD/JPY 1h Chart.
The 117.20 support level have been tested for so many times that it was obvious that at one point w…
AUD/CAD Retesting Big Resistance
AUD/CAD has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can tell that over the year this range boxes have narrowed and the market it's moving clearly between support and resistance.
Right now the market is at an very important inflection point which is the 0.9800 level, which is a pivot point. this level has provided in the past good opportunities and it has acted both as support…
Right now the market is at an very important inflection point which is the 0.9800 level, which is a pivot point. this level has provided in the past good opportunities and it has acted both as support…
NZD/CAD Downward Channel
NZD/CAD is turning from an bullish trend into a bearish trend after we succeed in breaking the upward channel (see Figure 1) Since mid-2013 we have moved in and consistent upward channel and at the same time bullish trend. But we have turned back after we broke away from this channel and current price structure of this down wave looks very stepper signaling the bears are in control and we should expect further downside movement.
From the weekly cha…
Figure 1. NZD/CAD Weekly Chart
From the weekly cha…
NZD/CHF Trading Box Effect
Nothing much has happened with NZD/CHF in last few years as we are moving in an never ending ranging zones. On the weekly chart (see Figure 1) you can notice this trading range boxes on top of each other which are characteristic in this range environment and which clears further current price structure. Usually the top/bottom of previous range box provides support or resistance for the next trading box as old resistance has become new support and vice versa. But there are times when price do…
NZD/CAD Reversal Pattern
NZD/CAD is turning from an bullish trend into a bearish trend after we succeed in breaking the upward channel (see Figure 1) Since mid-2013 we have moved in and consistent upward channel and at the same time bullish trend. But we have turned back after we broke away from this channel and current price structure of this down wave looks very stepper signaling the bears are in control and we should expect further downside movement.
From the w…
Figure 1. NZD/CAD Weekly Chart
From the w…