Price broke down a pretty significant key daily support and has fired off a strong bearish bar on its second retest after having jumped above the level on market open on Monday and eventually closing the gap to close back below on bearish pressure today, coming close to passing of as a BEEB pattern but not quite.
Tradeable set up on my books so I have a pending short order lying in wait right below that bearish candle marked on the chart above. We’ll see how this turn out in due time.
No pending orders yet on these ones though as we are yet to see bearish PA to signal short bias, but still makes for a nice possible short set up. I’ll be keeping an eye on these ones.
I will also be minding how correlated these pairs are as a factor to trading them if we get valid entry signals on any of these in due course.
And that’s pretty much how interesting the daily charts has been for me on this end.
Hope you had way more interesting stuff to look at on your end.
Just low enough to trigger the short entry but no further, if you’re wondering if we expected that, well we did talk about the minor support on some of the NZD pairs on Monday right?
Here’s an updated chart of the NZDUSD daily chart from the last time
Turns out the minor resistance as seen still isn’t ready to give way yet, a daily close above or below this zone will definitely affect my bias on the NZD.
Right, and that’s pretty much how things are looking on the current open trade as of yet.
I’m pretty positive we’ll be seeing one or two more trades before the week runs out though, guess we’ll see.
Howzit going on my end this Thursday close? Well, slows the new usual lol…
Since it’s the holidays in the US today anyways I wasn’t expecting to see any reasonable moves. But we have a trade open, and here below is how that one is doing:
Resistance level holds as expected, although I’ll be taking that with a pinch of salt for the moment.until there’s a daily close below that bearish candle right there.
Maybe Friday is gonna be interesting, maybe not, but one way or the other, we’ll be there to find out.
Tomorrow it is then journal, see you on the other end.
Well, I guess NFP made things quite interesting today along with everything else. It was a good watch on the sidelines seeing the USDCAD move today lol.
Lucky for me I didn’t have to close any trades as I was only in on the NZDJPY, this means stats remain the same as shown below:
Are we about to witness a strong move lower come Monday? Guess we’ll find out in due time.
I’ve been deliberately light handed towards the end of the week due to the US holiday and NFP within the same period, so hopefully next week will be fruitful setup-wise haha
Monday will tell us a bit more about that journal so I’ll keep you posted.
As usual enjoy the weekend break guys. There’s more screen chart battle to come in just a few days time
The past three days after that big bearish candle has been pretty shallow, price has been unable to really push higher back above the resistance which is what we want at the moment. Its however not hurrying down south either which is what we’d like to see. There’s no way this continues till the end of the week though as something’s got to give. I’ll be here to observe and to report as always .
NO new set ups yet, hopefully this week will give us something nice.
I have a pending sell order on NZD/JPY also. However, though JPY continues almost as strong as it has been for months, NZD has rallied alongside its big brother AUD and I rank these two as only neutral right now. I expect both to resume weak performance but I accept its a second-rate choice for a trade.
More extreme JPY match-ups would be short GBP/JPY (I have a pending sell on this) and EUR/JPY (already short).
GBP/CAD and EUR/CAD might be even a little better.
NZDJPY staying true to recent form up here, swap is already adding up to 5% of risk amount lol, It’ll be nice to see a strong move anytime soon on this pair. As it stands though trade is still a litle in the red zone and we’re watching how this plays out still.
On the flip side, here’s a possible trade setting up on the USDJPY:
We’re at the limit of where I can short this. I have a sell order pending at today’s low. If price stays above today’s low then it will probably close above the 50EMA, which will then turn either flat or start to slope upwards, factors that would then exclude me from shorting this. I would consider going long but only after a minor pull-back.
If the sell order triggers and price stays below today’s high then I’ll be hoping for a decent return - across the main charts as a group USD remains weak and JPY very strong.
Talk about being the slowest of them all, four days now and price is still diddling around just below that resistance line. Swap fees are starting to really build up now though. Some nice movement on this pair is gonna make me feel pretty darn good!
Nice Bearish Engulfing Bar at the key resistance level right there, Big price level of 109.000. I took the liberty of slapping the 50EMA on the pair as well for a bit of visual representation of @tommor’s idea just up above and it’s looking like price is still staying on the right side of your limits, safe to assume you won’t be going long on this one today lol.
I have a sell stop order just below the daily close on this one and seeing how price reacts after this bearish momentum candle just at the right spot for a short (on my terms).
Same scenario here, price hits a minor support level and has since made a recoil back upwards, hopefully we’ll be seeing another charge downwards before the next close. I might have been able to secure some profits If I had been at the screen watching but that’s no excuse.
No new trades and that very likely means it;s a wrap for new trades this week then. will be here on the close for updates on how things pan out on the old players on the field .
How’d trading go for you guys on the other end? Better hopefully.
Turns out we’ll have to wait till next week if we’re gonna see any real action on this one. A convincing daily close above that resistance level however will see me exit this trade for a reduced loss.
Now that’s looking much better, price is now sitting comfortably on the minor resistance which I’m hoping gets run over come Monday lol. We’ll see how this one pans out next week. A run lower to last swing low on this one looks really appetizing though.
And that’s how trading wraps up on this end for me. Hopefully the week ended on the green for you too.
Monday it is again Journal, until then enjoy the weekend
Ugh, not good!, but at least things are looking clearer now on this one. I did mention a candle close above resistance here might see me exit and that is exactly what I’ll be doing (if it I don’t get stopped out first). It’s become much more likely that a bullish close above that minor consolidation might continue as it often happens.
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It’s not all bad news though as this one is still holding it’s own right on that minor resistance level, it’s unmarked on the chart here but you can just about make it out from the little H & S forming up out there. I’m still watching this level play itself out as well though.
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How’d it go for you guys today?
Hopefully we’ll be getting in a trade or two this week as well. I’m pip hungry
I have an open long position for NZDCAD. Haha. Just waiting to see how things play out. Good luck with your trades! I think you’re doing pretty good. Stay pip hungry.
I mentioned on the last posit in that I’d be getting out of this one if it happens to remain and close above the resistance line as marked. Well, it did stay above and with an inverted Head and Shoulder pattern formation looking complete on the daily chart now, there is very little conviction to stay in and risk a full position loss so I’m out.
Did I say we need a strong bearish close below that 108.00 psychological price level @ProfAAA? Ah, looks like we get to go through some more waiting, if you’re staying in on this one that is. I was worried that level might hold in the interim and it’s done just that. firing up a bullish daily candle back into my entry zone. Not cool .
Well, that’s how nasty Tuesday has been to me today. Hope twas much nicer to you guys
I’ll be here tomorrow, hopefully with a less ugly update.
(no I don’t have a trade on yet if that’s what you were thinking lol).
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Haha. Just waiting to see how things play out. 
Good luck with your trades! 
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