I remember this, there was strong harmonic resistance in that area and i actually sold on the blue doji 2 candels before. was getting worried actually as price was dilly dallying around the area for quite a while …but BAMB it eventually dropped quite hard. I did not realise it was such a high volume day though.
sold in the same place the same time today as again more harmonic resistance had manifested itself at that area, and again price dopped like a rock.
The Euro has broken through all meaningful levels of volume-based support versus the US Dollar, and risks remain for a return to multi-year lows near the $1.05 mark. Resistance now stands at former support near $1.08, but we would need to see a break above more substantive volume-based resistance levels starting at $1.10 to call for a larger EUR rebound.
EUR/USD Volume at Price Chart
Thank you, Jason!!!
Hi guys, I realized this is an old post but spot on. I am short EURJPY not getting the same blast as Euro Dollar but I expect the Yen to strengthen if the FED pull the trigger and the stock market weakens, I expect investors to flee to cash even from the Nikkei, what better place could there be to park than in the Yen.
Great chart Jason, makes perfect sense.
Have a great weekend guys.
The start of the new trading year was Kiwi-negative,
with the hourly chart showing a strong price-volume
correlation.
Happy New Year Pip. Well, I was on the GBPJPY train, didn’t trade over the holidays but I told my members that they should consider GBPJPY trade as the trade of the year. Like clockwork, that thing is on the floor. How is your trading going?
Edited due to ‘Solicitation’? What were you trying to get me to do, Emerald? Haha
I am great, thank you!
I am so glad that your T.Club is going well. . . You have come a long way!
I am still short the FTSE100, which has taken several hits since that fateful 24th August, but still refuses
to fully commit to a durable break below 6,000…
I am also still a Pound bull but only against Euro and Kiwi, so those two plus the FTSE100 are my
three trades from July/August, with a six-month minimum hold.
Trading is going okay… Here is my FXBook link (via Babypips thread):
http://forums.babypips.com/forextown/77580-my-fxbook.html
As you can see, most of 2015 was built carefully reconstructing my damaged account 
How are things with T.Club?
F
[QUOTE=“emeraldorc;740445”] Happy New Year Pip. Well, I was on the GBPJPY train, didn’t trade over the holidays but I told my members that they should consider GBPJPY trade as the trade of the year. Like clockwork, that thing is on the floor. How is your trading going?[/QUOTE]
I’m not sure what you mean by “on the floor” are you suggesting your members get long?
On the floor meant we were long Yen. We have been for most of the last quarter, the sensible way to go. Although I think the party may drawing to a close now.
Yea, TClub is my baby, like all babies, it had a tricky birth but it came out alive and kicking. Looking to do a lot in physical Gold through some partners. Gold has appreciated more than 700% from 2003, as it rallies back down, it is an amazing time to be in physical Gold. The good news is, everyone can play.
Well, would you look at the FTSE100 opening candle today??
It broke 6,000: we have US Oil to thank for this, as it has now dropped to…
…$33 a barrel !!
That thing goes to 20 for sure. Anyway, the equities are all under pressure.
They are… S&P cracked the 2,000 and held the move so far… Nikkei is down… DAX… etc.
Have you seen CAD/JPY?? I put a photo up on my CAD/JPY thread! Impressive…
Did you get some nice pips on that GBP/JPY short?
Is real estate about to burst another bubble?
Interesting thoughts on the film ‘Big Short’ here, while commenting on what caused the
sub-prime mortgages crisis in the US: Power Trading Radio Video Archives | Wednesday, January 6, 2016
If the quest for affordable housing was at the root of it, it could happen in the UK too, if
the government starts lowering the mortgage lending standards in a bid to house more people…
Certainly, the equities outlook is pretty bleak… they may blame it on China, US Oil, etc. but
what if mortgage lending were tied to financial securities that were sold to the banks by
private firms? If the house of cards (e.g. the S&P500) came tumbling down, would this not
evaporate housing equity profits and hit lenders and borrowers (i.e. banks and mortgage holders)
too?
What do you make of it all?
The story around Canada is two fold, on one hand low oil prices, on the other low demand for Crude overall. Then we have the GDP story…
The big short certainly opened eyes but I knew the story anyway, this was going since I was 22 years old, now I am well over 30 years old. So bubbles take time to develop. Yes, people are being sold these same ****ty mortgaged backed securities all over again, the sad news is that the governments are now openly guaranteeing these mortgages. Ever heard of Right Step? 95% Debt 5% collateral. All you need is an 18k job.
So in 10 years or so, it all starts over. Buy Gold!!!
Crazy stuff…
Topical article of the day, then, must be this, in response to your post:
Ireland cenbank chief says to review mortgage rules this summer - The Irish Times
Humans are suckers for making a mockery of past experience!
Hello traders!
Well, what is Cable doing?
Looking at volume (retail volume, that is), the last two days have seen a down move (off the 50-day moving average) on the back of an up-swing that lasted several days: given that volume has dropped off to almost nothing, the down-move will have very little strength, and the upcoming FOMC rate decision (tomorrow) will undoubtedly have a bearing on the volume of trading that will be around on Cable and other majors until that event.
Hey Pip, how are you? That question surely peaked my interest. Well, Cable is experiencing the shorts from retail at this point in time. I am of the opinion we get more upside. The volume yesterday was mainly smaller speculators. Even the big sell off at London AM at 1.4375 was timid at best with the bulk probably being longs liquidating from 1.4335. The rest was pretty much a run off. FOMC on the horizon, the 1.4100 buy side looks attractive. For now it is best to wait. Remember BoE is Thursday, so it will be fun to see how we play this one when the liquidity is back in. Already shorts are covering today as expected, into 1.4180’s, maybe we get to run it back down late in NY. Can’t say at this point, the Americans are unpredictable.
Hello Emerald,
I am fine…will become a dad in less than two months (arghhh)!! Excitement and mild panic mixed in one
Trading is slow…I have been long the Pound and short the FTSE100 since last summer as long-term positions: holding and watching three trades with yearly targets is a humbling exercise in patience and in self-belief.
How is the Trading Club and life in general?
Congrats! Mine is 3 and the other is 13. So I have seen it all. Go with the flow my friend…
Nice trade, well I suppose, it is getting to the losing steam stage, Oil was likely going to be the catalyst of Sterling but I think Oil will struggle pushing past 50. It has to be shorts covering after a stellar bear run from 106. Just look at the correlation to the FTSE, so could be those Oil stocks helping the rally as well.
We shall see.
Ah…a message of hope for a soon-to-be dad, then!
I agree, crude oil is leading the charge for equities and tge FTSE100 especially…
As you say, we shall see…
What do you think aboit this theory?
A monster head and shoulders pattern building - The Daily Reckoning - UK Edition
