Silver broke a strong R level. Price could be in for a big drop here:
However, on the weekly chart, if it can pull back up then we could see a nice recovery. But you can’t ignore that downtrend:
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Back in the saddle. I was on holidays for the last 3 weeks and am itchin’ to go!
USDJPY 1D - I’m noticing a number of JPY pairs overextended against the 200 MA:
Last time there was a 500+ pip gap there was a nice retracement, as seen on the above chart.
It’s worth paying attention to things like this because it usually means price is due for a pullback. I’ll be looking for short opportunities on the 4H chart, such as this:
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Great stuff mate, JPY pairs are highly overbought at the moment. I’m looking for the same setup on AUDJPY.
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There are so many ways to spot opportunities like this on the higher time frames, you just have to find them and write them down. I’ve been paying more attention to the 200 MA recently.
Of course, now that the word is out price will probably shoot up to the moon. But it’s gotta come back down sometime!
You might regret it! Just don’t be a cowboy like me, and stick to your plan, lol.
Where is the fun in that. 
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Buy yes I will be sticking to my trading style. But just will be taking peaks here and there and being sarcastic when I can.
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Anytime. I would expect nothing less from you, lol.
But seriously, I hope you can learn a few new things that can be helpful, that’s what this thread is all about.
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Back to this pair, looking at the monthly chart price has reached a strong R level:
Pending a reversal, let’s see if we can ride that back down to 105.00 (definitely some wishful thinking on my part here).
GBPCAD Daily - Here’s one to watch.:
Price is at a very strong Support level, and is also overextended from the 200 MA. There’s a very good chance we will see a long term move back up to meet that MA.
EURUSD Daily - There are signs of a continuation of this long-term downtrend with this pair. The 200 MA is now sloping down and price has dipped below and retested a SR zone:
Zoom out to the weekly and monthly charts, these zones all line up:
Trade safe!
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major bearish engulfing last week on the daily, that was nastyyy. good looks on the weekly and monthly
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Yes, a very strong candle, and right off that resistance too.
I opened up 2 positions earlier:
EURCAD 1D - I’m expecting a reversal here as price is overextended against the 200 MA. Price has also been consolidating around here for several days now. My SL was just below that consolidation, but I’ve moved it up to BE.:
USDJPY 1D - Same situation here. Price has not broken out of consolidation yet, but I hope to follow this pair down for several days:
You may have also noticed the overall correlation between these 2 pairs. This is a good example of why not to have too many trades open at once.
AUDUSD Daily - USD has been strong since the beginning of November. Is it ready for a pullback? Here’s a couple of scenarios to look for on this pair:
Happy trading!
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USDCHF Daily - A pullback on the USD could bring this pair down to the 0.95 area:
Which also lines up with my 4H chart:
Of course it won’t go straight down, it’ll look more like this:
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USDJPY Monthly - My long-term analysis shows price breaking above my R level, but still not enough to rule out a trend reversal:
Let’s see where the monthly bar closes.
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