Hey gs8888, if you want to overlay your Stochastics with RSI, place stochastics on the chart, then select rsi from the navigator window and drag and drop it over the stocastics, that should work ; )
Possible sell trade on the EURUSD, a large bearish engulfing candle formed and pushed price lower. The candle closed below the 1.31500, then found support at the 1.31000 area. I will be interested in seeing where price goes, will it reverse back to the 1.31500 area before its move lower?
Possible buy trade on the USDCHF, a large bullish engulfing candle formed which closed above the 0.91500 and the daily pivot point, before finding resistance at the 0.92000 level. This level is quite strong, a candle has not closed above this area since the FEB 15th 2012.
Im having a bit of trouble attaching my charts for you to see, I will try again later. Cheers.
Hello Obie, Thnq for your suggestion, it really helpmed me. Well, i have spotted this in EURJPY. Euro seems to be weak as of now. So, wt do u think abt this trade ?
You’re right, EUR/JPY bulls seemed to have stalled. The second to last candle is a High Wave candle which suggests exhaustion, however we need confirmation that the Bears are willing enough to take control. So let’s wait and see what the market’s gonna do until the market close.
I suggest you take a look at all JPY pairs on Weekly charts, and you’ll immediately gonna be in for a surprise. Especially GBP/JPY & NZD/JPY. Just take a look at them and see what you can spot, and try to understand just by the look of the last couple of candles what the market is hinting us. (I’ll include my analysis later).
I suggest you take a look at all JPY pairs on Weekly charts, and you’ll immediately gonna be in for a surprise. Especially GBP/JPY & NZD/JPY. Just take a look at them and see what you can spot, and try to understand just by the look of the last couple of candles what the market is hinting us. (I’ll include my analysis later).
NZD/JPY, those Long Shadows really might be hinting to us that the major Rally from the beginning of 2012 might come to an end. Let’s just focus and find a better entry on the short side over the coming sessions.
GBP/JPY seemed to have a completed a Double Bottom formation, it’s very hard to say that those two Hanging Men will have major implications, though, it is not far fetched to see a reversal to 125.00 - 126.00 area. But those Candlestick formations look very hot to me.
Bank of Japan Rate Decision due out today, along with some other high impact news in the US and EUR.
I will be interested in seeing what impact the BOJ rate decision will have on the YEN, with the struggle between the buyers and sellers, will one side prevail?
The EURUSD retraced to the 1.31500 area and looks to have stalled for now. Will it move lower? With the EUR showing strength today it will be a struggle.
The USDCHF pushed higher with a test of the 0.92000 area before retracing back above the 0.91500 area and the daily pivot point. The Swiss National Bank Rate (SNB) is due out on Thursday. It will be interesting to watch the impact it has on the CHF pairs.
Possible buy trade EURCAD, an inside bar with a bounce off the daily S2 area, the bar closed above the previous swing low, and broke the recent small down trend from the previous swing high. A point of concern is the 1.3050 round number, however with EUR showing strength today it may be able to push higher.
This is the update of the EURJPY trade i have posted yesterday. The candlestick pattern show point of reversal and also Stoch and Rsi directing towards downward levels. How do we actually know that this may not be the right signal to execute a trade ?
The EURUSD retraced to the 1.31500 area and looks to have stalled for now. Will it move lower? With the EUR showing strength today it will be a struggle.
EURUSD continued to test a little higher before the sellers stepped in and moved the price lower. It is now finding resistance on the 1.30500 area. Price has formed an Outside bar, not an ideal looking bar, but it maybe enough to continue to push price lower reaching the next round number of 1.30000.
The USDCHF pushed higher with a test of the 0.92000 area before retracing back above the 0.91500 area and the daily pivot point. The Swiss National Bank Rate (SNB) is due out on Thursday. It will be interesting to watch the impact it has on the CHF pairs.
USDCHF managed to break through the 0.92000 area and stall at the next area of concern, the 0.92500 round number. There has been several bounces off this area in the past, and price has not been above here since the 25th Jan 2012. Will the buyers step in and drive the price up?
Possible buy trade EURCAD, an inside bar with a bounce off the daily S2 area, the bar closed above the previous swing low, and broke the recent small down trend from the previous swing high. A point of concern is the 1.3050 round number, however with EUR showing strength today it may be able to push higher.
EURCADs inside bar was not enough to break the downtrend. Price found the 1.30500 area to be to strong and price could not close above the area. The pair has gone on to display an engulfing pattern, which closed below the daily pivot point, and the 1.29500 round number.
Some more high impact news releases due out today in US, EUR, and GB.
EURUSD continued to test a little higher before the sellers stepped in and moved the price lower. It is now finding resistance on the 1.30500 area. Price has formed an Outside bar, not an ideal looking bar, but it maybe enough to continue to push price lower reaching the next round number of 1.30000.
The pair is about 30pips off the 1.30000 round number, that outside bar certainly helped to keep the pair moving lower. The 4H time frame is displaying an inside bar which may cause the price to stall or move up toward the daily pivot point. Will the pair reach the 1.30000? what do you think GicaEric?
USDCHF managed to break through the 0.92000 area and stall at the next area of concern, the 0.92500 round number. There has been several bounces off this area in the past, and price has not been above here since the 25th Jan 2012. Will the buyers step in and drive the price up?
What a big move, the pair broke and closed above, not only the 0.92500 area but also the 0.93000 as well. Price not managed to close above here since January. How much higher can it go? Has the pair burnt its fuel trying to push above the previous area of resistance? We are also seeing some negative correlation between the EURUSD and USDCHF pairs, I think this is generally the case with these two pairs.
Waiting enough to find a nice Tweezers Top formation on the NZDJPY pair. I’ve decided to short this pair. Here is my chart and setup details:
I got stopped out on this pair yesterday off that engulfing pattern, there was a quick reversal, all over in a couple of hours. I thought I maybe able to catch a couple of sneaky pips.
I will be keeping on eye on it, hope it plays out.
About EUR/USD. It’s interesting to see that the 1.3000 area coincides with a possible Head & Shoulders formation. Normally though, H&S occurs after major uptrend moves, but as you can all see, the price has been rallying since mid January. I would definitely look at this one. I’d say a daily break below 1.3000, with a nice bearish candle, would suggest the the H&S is a real one. Let’s wait and see what’s about to happen.
Well, here’s a 4 hr chart of NZDUSD. I see aupward trend with LL followed by HL and on the trendline and also price seems to be rejecting 67.90 support level. What is your opinion on this ?
I think this is the NZDJPY chart. Anyways, truth to be told, I don’t really rely on this H4 timeframe. Since my analysis mostly are about Candlestick Patterns, I’ve seen that the H4 timeframe is a bit unreliable when it comes to this sort of analysis. I don’t know the reason, as I’ve said on the earlier post, reliability should be the same regardless of the timeframe, yet it isn’t.
Ignoring the timeframe, I’m seeing a Shooting Star (second to last candle) and if the last candle closes the way it is, it would become a Hanging Man. Two of these candles suggest that a reversal action might be ahead. Also they are near that 68.10 - 68.30 resistance area. I see you’ve entered a short trade, I hope it goes your way (I’m short as well, but with a slightly different setup). Let’s hope it goes our way.
About EUR/USD. It’s interesting to see that the 1.3000 area coincides with a possible Head & Shoulders formation. Normally though, H&S occurs after major uptrend moves, but as you can all see, the price has been rallying since mid January. I would definitely look at this one. I’d say a daily break below 1.3000, with a nice bearish candle, would suggest the the H&S is a real one. Let’s wait and see what’s about to happen.
The EURUSD has gone on to form an outside bar with a bounce just off the 1.30000 area. Retracing above the 1.30000 area within about 3 pips! Very close. I am hesitant to suggest the price will move lower before the weekend close. The outside bar is not a great looking setup however it may prevent the EURUSD from moving lower. What do you think?
The USDCHF has also formed an outside bar to the opposite side and prices may start to fall, again the round numbers on this pair may play a significant role in the prices progress to the lower side.
nice Tweezers Top formation on the NZDJPY pair. I’ve decided to short this pair
The pair has gone on to display an engulfing pattern that is finding resistance at the 68.500 area. Possible buy trade? If price can break above that 68.500 there isnt any resistance for a while and price may hunt the last swing high 68.87 area on Jan 8th 2011.
