Brent Oil 4H chart - price is in the process of forming a Head & Shoulder pattern. This looks potentially BEARISH. My line in the sand is 51.298. On a close below this level I will look to go SHORT. Resistance is presently at 52.80. If price reaches this level it could also be a good place to enter SHORT. If price manages to break through resistance 52.80 level this will be potentially BULLISH. However I would want to see a break through previous HIGH 53.705 before considering entering LONG.
AUD/NZD is showing signs of topping out. I will consider going SHORT on a downward move from the green shaded area. I may also consider taking a small trade if price reaches to the upper end of the green area shown.
As always do your own research (DYOR).
Swing Momentum Strategy (SMS) is a simple but very effective strategy I have built for myself to ride swings and even trends. This strategy works on all time frames and I like to use it mainly on the 4H TF.
To trade this strategy LONG requires the following:
1. Price must be moving upwards and be above the 20ema ( Can be one or several bars).
2. Price must pullback towards the20ema without crossing.
3. To enter LONG we place our ORDER above the high of previous down bar as shown below
4. Place a STOP LOSS below the low of the break out bar
5. Target is discretionary but look for at an RR of 1.5 - 2 or greater.
The long term chart of EUR/GBP below, shows price is moving into a major resistance zone (0.8769 - 0.8815). This will be a good place to look for a price reversal. Note the fall last time reached this area (1,800 pips!).
The daily chart below shows an Head & Shoulders with the right shoulder still forming. Worth keeping a close eye on for a potential reversal.
Price has been ranging since May 2016.However note the higher lows in the chart below. This suggests bulls are become more interested in buying at higher prices. The next attack on resistance currently at 1.3252 could lead to a breakout. The potential upside is around 1,400 pips making this pair well keeping a close eye on!
GBP/JPY 1 hour chart - Interesting chart. Time to buy with target at resistance line shown 186.40 area?
AUD/USD DAILY: Is in a well defined downtrend. Last week price push higher. However nothing has changed. At close of last week a well defined bearish pin bar has formed. This to me indicates higher prices are been sold off by dominate sellers. Next week I will look to sell on any rallies into overhead resistance area (between red lines on chart).
AUD/USD WEEKLY: I have included the weekly chart to show how last weeks price rise looks against the main downtrend. It should be pretty obvious price has a long way to move higher to change the present trend. A goog place to look to g oshort would be at the upper channel around 0.7415 which is in confluence with the 20ema.
USD/CAD DAILY: The daily chart below the last two bars formed are well formed pin bars. To me this is a strong indication sellers are unable to hold onto any drop in price to 1.31 and below. The main trend is upward. I expect price to move higher to new highs in the coming week or so. My stance will be to continue to buy into any price dips.
USD/CAD WEEKLY: Last week formed a very impressive pin bar on the weekly chart as well! It really does not get much better then this. Price falls are been clearly rejected. I consider this to be an excellent opportunity to go LONG. For me I will wait use my main PA strategies to enter on dips to value.
USD/CAD 10MIN: I have included this short term chart to show what I mainly trade on a day to day basis.Not the clearly defined swings up and down. The bottom of the price valley is the bottom of the daily pin bar! Nice time to enter long I traded both on Friday and made good profits. Looking forward to next week!
Happy Trading Guys. Have a Relaxing weekend first!.
AUD/USD: Was asked over the weekend by some ozzies about my view on this pair. As we can see in the weekly chart shown price is in a strong downtrend with no end in sight. In my view has the potential to fall down further over the coming mounths possibly to 0.6400. My stance is to look to sell any rallies on daily / 4 hour time frames for now.
Last week saw plenty of price action in the forex markets and also the stock market due to concerns for China and the current low oil price. Personally I dont worry too much about the newd, instead I concentrate solely on the price action.
I have continued to day trade usd.cad making good profits on the 5 minute charts. My picks below are daily / weekly charts. I use to detemine the general likely direction for the following week. For astute traders they can also be used for determining entry positions. However as always DYOR first and make sure you have a well tested system before risking your money. THe present times are presenting good trading opprtunities but for newbies be careful, volatility swings both ways!
EUR/USD: In the weekly chart shown below we can see price attempted to break higher through the resistance zone shown but was pushed back by sellers. I would consider that selling any rallies is the best play for this pair. If price manages to close above 1.15 would negate this view. Lst weeks price is one of my favourites, it is essentially an extended pin bar. My name for it is "a plunger". Itit often leads to further price falls.
GBP/USD: I got this pair so wrong in my previous blog. However that is quite normal. No one can ever no for sure which way price will move. We just have to make the best of the clues we are given. Howeve price appears to be showing its cards! Just look at the massive beaish engulfing bar formed last week. It has amanaged to engulf six weeks of previous price action. This chart excites me! Next week I will be looking to SHORT either on any rallies on 4hour / 1 hour charts.
EUR/GBP: Any decent PA trader will know what this chart is indicating. Yes - look to SELL on any pullbacks into the tail. Will be watching this one very closely next week.
USD/CAD: Last but not least my baby chart! I have been trading this pair only for the past 6 weeks. It is very hardto show my trades as they happen very fast on the 5 minute charts sometimes on taking 1 minute!. Ilove day trading and am good at it! However the chart shown below shows a perfect pin bar has formed on the weekly chart. THis indicates weakness and price is likely to fall next week. However the pair is still in a strong unptrend so we can also expect buyers will attempt ro restore any price dips. This is what I love ie plently volatility to trade in both directions. I look forward to trading this pair again next week from both sides.
Well guys, thats it for now. Next week should bring many trading opportunities for traders who know what they are doing. If you are a so called "newbie" be careful, trade with caution. Remember trading is a process where money is transferred from incompetent traders to the traders who know what they are doing! Have a good week everyone. Happy Trading!
USD/CAD: I have only traded this pair for more than four weeks now. This has worked out very well with more than 85% of my trades winning. Also I know this pair so well now I find it very easy to make pips whenever I chose. This intense focus (as I call it) is a good way to trade. I would like to add a few more pairs this but so far nothing much interests me.
In the chart below we can see price has hit strong resistance at 1.3200 and has been stopped in its tracks. However buyers are still managing to keep the price elevated. I am currently trading both directions. Next week I continue to look for setups mainly on 1 hour and 5 minute time frames.
GBP/USD: Have shown weekly chart below. Price is currently in an uptrend channel. If price manages to break through resistance shown. We could be off to the races! Definitely one to watch.
Well thats it for this week. Of course there are many other potential trading opportunities right now for those who are willing to do some work to find them.
Always remember to also check the higher time frame when finding setups. This means if using say 5 minute TF, then also look at 30 minute TF, i hour TF, check also 4 hour TF , daily, check weekly etc. It is always best to trade in the same direction as the longer TF. This helps put the probability of winning more in your favour! Trading is all about probabilities. No one knows for sure where price will head next. If they did they would be billionaires very fast!
Also dont get sucked into bad setups by greed. A friend last week told me gold is heading higher. When I checked the chart she was right. However the main trend is still strongly a downtrend. I see the current gold price rise as a potential opportunity to wait for a SHORT opportunity.
For those who are not afraid to put their money at risk I wish you good trading in the coming week. Good Luck Everyone!
USD/CAD: Last week I only did two trades both on this pair. Both were SHORTS and and boosted my trading account by 6.3%. I could have made a lot more but am presently distracted by personal issues.
On the daily chart we can see the Friday bar has closed just below the high. Also this bar is quite large with a lower tail. THis tells me Buyers are in almost full control for now. I will continue to consider trades in both directions as opportunites dictate. How my main bias will be to BUY on any price dips. I consider there is a strong probabiliy this pair will push higher next week. I will most certainly placing LONG entries next week. At preent I have a few SHORTS still on just below the week close. I will close these hopefully on Monday and only require a small dip to get out in profit.
USD/CAD: This chart says it all. Just look at last weeks price bar. It is a massive BULLISH pin bar. Note the long tail showing BEARS failed to hold on to any price dipsThis and the whole form of the chart indicates to me that price is most likely going higher next week. Well not without me onboar! I will be looking to get some LONG trades on for next week.
Well folks that's it for tis week. I wish everyone who trades a successful week. Good Trading!
Last week I was away on holiday again! Went to Phu Quoc, Vietnam and had a fantastic time! Now I am back and ready to get right back into my trading to make some more dollars. I did trade last week but it was very hard. Where I was the internet was very poor again! Always try and find a place with good internet if you want to trade on the move!
I have been trading solely USD/CAD for a few weeks now mainly from the SHORT side. However this pair is still in a strong uptrend. My stance has changed to trading in both directions from 5 minute charts. Right now I have several SHORTS still in place. Next week will be interesting for this pair. Will we see another push higher or see some pullback. I am ready for both possibilities.See charts below:
As you can see Friday fromed a well defined pin bar. This to me suggests SELLERS are stepping in above 1.0350. However before you decide to put your Granny's savings on SHORTS, also check the weekly chart.
Below I have show the 2W chart so we can see the resistance level more clearly. Look how the last bar is very BULLISH with the close just below the high. This is strongly suggestive over the long term BULLS are in almost full control. My strategy will remain to SELL on highs and BUY on lows mainly on intra day basis. This trend is very extended now. I will continue to trade this pair while watching for further signs!
GBP/USD: Last week has formed an inside bar. My view is to SELL any rallies on lower time frames. If price breaks below last week's low this should signal possibility of a further fall. Good chart to watch!
AUD/USD: This pair is just about in freefall. Next week look to SHORT any rallies on lower time frames.
Well thats about it for this week. There are of course many other potential pairs. I have only shown the ones I am focused on. CHeck out the euro pairs! If you want my take on them let me know! I see I am getting many hits for my blog but everyone keeps quiet. Please let me know your views or ask a question. Maybe you just like to watch but don't trade. That's fine I don't care but would like to hear from you so I know who is reading my blog! As always remember before trading do your own research. I just provide ideas for educational purposes only. For those of you who are not afraid to risk your money I wish you a great week ahead. Good Luck Everyone. Till next week Happy Trading.
Last week went well for me again with all my trades making profits. This is the second straight weekly win for me. All my trades last week were only on one pair, USD/CAD. My strategy is not to make pips but instead to make money! By this I mean I look for very high probability trades to make me 3 + pips on large position size.
The coming week looks promising with many good potential setups. Below are some of the pairs I will be watching:
EUR/USD: Will be looking to go SHORT if price reaches reistance zone shown around 1.1450. The Greek economy break down is still with us so I expect the EUR will rmain weak for some weeks to come. I will use daily, 4h, 1h charts to time any SHORT entries.
USD/JPY: Expect price to move higher next week based on last week's strong up bar.
EUR/JPY: Expect price to push higher to resistance zone show. If this does happen then will reverse and look for possible SHORT entry around 140.00 area.
GBP/JPY: Last and definitely not least, this pair looks very promising for next week. Note the strong rejection of lows in the strong bullish pin bar formed last week. This strongly suggests price will push higher next week. Maybe we will see some retracement first. I will definitely be keeping a close eye on this chart and expect to trade it!!
Well that's it for this week. For those who are not afraid to put their money at risk I wish you all the best in the coming week. As always do your own research first. Remember there is only one person who cares about your financial success, YOU!
Good LUck everyone and have a Great Week!
Hi Guys! I have taken aa breather from trading over the past few weeks while I concentrate on other matters. Taking a rest from trding is recommended to reset your trading mindset. Have said that I had no choice anyway as the internet in Vietnam where I was , was just to slow and unreliable.
However I am back now and ready to rock and roll again! Looking at the weekly charts my main picks for next week are as follow.
GBP/USD: Has fallen over the past 2 weeks. I expect more downside still to come. Short any rallies for now.
GBY/JPY: Smae story as above. Look to SHORT next week on any rallies.
EUR/GBP: I am expecting this pair to rise next week. At the same time I will be looking for SHORT opportunities if price rises into rsistance (red lines shown)
AUD/USD: The ozzy took another thrashing last week and broke through major support. Next week could be interesting, however my bias is to continue to SHORT on any rallies.
Well that;s it for this week. I wish to all who are not afraid to put their money at risk the best of luck for next week. Please note that while I have shown the weekly charts here , I personally will be trading mainly intraday , on the 1 hour and 5 minute charts. This works best for me. Infact the last time I traded I had a 100% win for that week! Please remember this blog is for educational information only and is not intended as financial advise. Always do you own research or seek professional advise. Good luck everyone and have a great week!!
Next week I expect to see further rises in this pair. Look to buy on any dips. At the same time price is tapering off (away from upper trend line). At some point price will be fully exhausted and reverse. Good chart to watch! and buy those dips for now!
USD/CAD: This chart looks interesting. After a heavy sell off price has retraced for 2 days.. I would like to see a further attempt to push higher into the resistance zone (shown in red). If this happens I will look to go SHORT aiming initially for T1 then maybe T2 depending on conditions.My entry will be around ideally1.2352 or slightly higher. I will decide my stoploss once my trade is open. probably just above the sell zone say 1.245. DYOR!
Next week I am going to be busy doing other things and getting ready to go to Vietnam for 9 days R&R. FX trading is not my whole life! However having said that I will also be watching these pairs shown below. My bias is BEARISH for both and I will look for further clues when if price reaches resistance levels shown.On the other hand if price breaks through resistance then I am going to be looking to go LONG. I am playing with big bucks now and only want to take the best trades so I can wait for my setups before entering usually only on one pair at a time (full wad!). Have a Good Week Everyone. Happy Trading and Good Luck for those who are not afraid to put their money at risk!!
EUR/JPY: Last week my view was this pair was ready for a drop eith retrace or full reversal. I SHORTED this pair several times. Overall I made 130 pips on Wednesday but boy what a week it was. On Monday I initially made profits which then went under water when price reversed!
Price looks to be well supported below 139.0. My stance now is to look to SHORT above 141.0 if price reaches this level again. The fundamental outlook for Europe is not looking good. However this is not yet reflected in the currency. Next week I will be watching for further clues to future market direction. Remember DYOR before risking your money.
GBP/JPY: The daily chart below shows this pair to be in a nice uptrend. However like the EUR/JPY it is showing signs of been a bit tired now and ready to fall. Can't say for certain how far it will fall, maybe to support at189.72 or the T - line.
There is a good chance also price may rise a bit further first. I will watch this pair closely next week with a view to go SHORT.I can't say for sure what set up I will use right now. Let's see how events turn out. I do know I am going to make some pips on this!
Note the MACD divergence shown! Good indication price is losing steam. Good Luck! I will follow up with my results for this pair and EUR/JPY later. DYOR!
EUR/JPY: I traded this pair last week on a few occasions with my intraday system last week. On Friday I traded it using the daily chart with four trades inside one hour. All trades were successful. Infact all my trades last week were winners with no losers. However that's another story.
The chart below shows EUR/JPY. As you will see price has risen nicley of late. However now price is up against the Bollinger upper line and there is MACD Class A divergence hinting of a reversa as welll. Also the Friday bar is a pin bar which indicates sellers dominated the day. The signs are all stacked up on this pair warning of an impending fall!
For me I will be looking to place a SHORT on Monday! My target is 200 pips.
Remember always do your own research first before placing any trade. Good Luck Traders!! Have a Great Weekend.
Any one not making money in these markets should give up! Here are a few more nice trades taken today!
I am using my intraday open range system on the 1 hr and 5 min charts for these trades. My open range is set for Europe open (I am in Singapore!) The day is not over but I am! Happy trading!!
Last week saw some very nice moves with plenty of opportunities to make some good profits. Next week is also promisig to be another good week. Below are a few pairs I will be watching closely:
EUR/USD: This pair is still in downtrend mode. So my bias is still to look for short opportinities: The weekly chart shown below seems to suggest the potential for more downside to come perhaps to the 1.050 support zone. I suspec price will not reach down this far but will go by what the charts say as always.
However beware price is sitting on support right now so maybe price may also rebound upwards from here as well. Will be watching for more clues early next week! I am very confident my intraday systems will point the way in good time!