Still lookin prettyyyy pretty pretty pretty pretty good on that AUD/USD trade. Three bearish bars in a row is usually a sign that the price will continue to drop…one can only hope!
I see no more trade opportunities at this time. The other 6 pairs I’m watching seem to be neutral right now. I’ll check back tomorrow!
Spotted another good setup on the Dollar/Yen
Remember how I was waiting for the daily price to retrace a bit after breaking through the ~102.825 resistance. Well, it looks like that has happened and now it’s on its way back up! I put in an entry order just above a 4 hr resistance…I’ll post again if that order gets filled!
Oh yeah, baby!! Still looking fantastic! I’m going to move the stop loss to just below my entry to ensure a profit but hopefully the price will drop to below the TP this evening/tomorrow.
I decided to remove my entry order on the dollar/yen, it looks like that price is still headed down.
As of now, I still see no more potential entries. It looks like the pairs I’m watching are all in consolidation.
Cashed out of AU n AJ myself, using a trailing stop to bag some good pops. Waiting to see which direction they go after the NY open.
brutus - Nice! as long as you have at least a 1:2 R:R you’re good!
I cashes out on my AUD/USD trade this morning as well! Picked up 100.7 pips, just over 1:2 R:R…I’m psyched!
Just opened up a position on the euro/dollar as well!
Admittedly, it was pretty impulsive…but I have been watching this one for a while. I had noted that the price had recently broken through some long term resistance. I had been waiting for it to come back and test the resistance (now support line). I was gunna hop on it once I saw it going back up…which was a few minutes ago! Hopefully this pays off! There’s also a nice little pin bar from yesterday. I probably should have put an entry order in above the pin bar’s high, probably could have caught a few dozen more pips and risked a little less. Oh well, lesson learned!
I’m watching GBP/USD like a hawk…I saw the same pattern developing on it as well. The euro/dollar and pound/dollar have a habit of following each other too so I have a feeling I may see a similar set up soon!
The daily bars just closed and I’m long on the pound/dollar
Yesterday printed a beautiful pinbar right at a long-term resistance! I’m hoping the price will hop up to the next support, I’ve got my TP just below it. Man did that price shoot up as soon as the next daily bar started…that’s a good sign!
My Euro/Dollar trade is still in the green too. I probably should have waited an hour or so before entering it, would have got an extra 20 pips. I hope it won’t matter in the long run!
WOOO!! Woke up to a nice little surprise! I guess it’s not a surprise, it’s what I was expecting. But still…I’ve never won three trades in a row and now, it’s looking like that’s a probability!
I am LOVING price action + resistance lines! It feels great to finally be kicking some forex ass! Hopefully I can keep this gravy train rolling!
I just need to remember my principals. Patients, patients, patients. I need to lie and wait for the guaranteed trades. It’s better to make 3 trades per month and win them all than to make 50 and lose 75% of them.
DAMN…the euro dollar just plummeted and took out my stop. Luckily, I had moved it up past my entry so I didn’t lose. I actually gained +8 pips! It’s a little frustrating but at least I didn’t lose anything.
Ahh…same story with the pound/dollar
The important thing is that I’m in the green though. I wasn’t right…but I still made a little money!($0.89 but who’s counting) at least I didn’t lose!
First off, I took a short position after a pin bar printed on the kiwi/dollar at the end of the day.
My stop is above the 50% mark on the pin of the bar and my TP is just above the next support line (just over a 1:2 R:R). Hopefully it’ll hit the TP before turning on me like my euro/dollar and pound/dollar trades did earlier. I’m gunna feel dumb if those pairs end up skyrocketing after i got out! I’d prefer if the kiwi/dollar did it’s think by close tomorrow…I hate leaving money in over the weekend - you never know what’s happening and worse yet, on sunday you can see what’s happening but you can’t affect your trade because stupid FXCM doesn’t open till a few hours after the market opens in Sydney GAHHH!</rant>
I wanted to note that the euro/yen broke through resistance and is now testing it. I’d expect the price to jump up off of it. This could present a good trading opportunity coming off of this weekend.
The dollar/yen is also at some long-T support. I’d expect this price to turn up as well on Sunday or Monday. If not, the price should break through that support then return to test it, after which, I’ll go short.
Haven’t done any weekly analysis in quite some time so here it is…commin’ at ya!
EUR/USD
Looks like the price broke through some long-T resistance at ~1.37365 and is heading up to some new resistance at ~1.41744. In the past, the price has gone up to this support and bounced off, back toward the resistance. The weekly makes it look like the price is going up. Let’s get a closer look…
Needless to say, I’m pretty livid right now. I called this price action and had a long position but that bearish candle stopped me out! Now the price is headed back up after having tested the new support at 1.38372 Grrrr. I would say the price is most definitely on it’s way back up. We’ll see about opening up a position tomorrow…it looks like the stop would have to be like 70 pips minimum, and that’s not sounding too good to me! I wish I had some more capital, then I could afford a larger stop. Oh well, I’ll have to play very conservatively.
GBP/USD
Looking at the weekly, It looks like the price has been bouncing between some support at ~1.59080 and resistance at ~1.67483. Judging from the price action, it’s heading down. The price is just coming off the resistance, BUT it is above the 200 SMA and looks like it’s in an upward trend. That having been said, I would guess it’s headed down for at least a few hundred more pips. Let’s zoom in for a closer look.
Hmm…price is definitely showing some support at ~1.66028. I did take a long position earlier in the week, but got stopped out. It looks like the price could go either way at this point. The second to last bar shows that the price clearly tried to go up…but, the market wouldn’t have it. I would guess the price is gunna break that support low and then head down. Too close to call though…I’m not gunna be trading the cable for a bit…at least not till mid week.
AUD/USD
Price is headed up between some support at ~0.86718 and resistance at ~0.93952. There’s probably some more support in there somewhere but it’s not too clear, It will probably reveal itself on the daily charts. It looks like the price is going up. Looking at the last weekly candle, the price tried to go lower, but the market said ‘no, no…not today!’
Hmm…doesn’t get too much more clear on the daily chart. The daily price has been ranging between support at ~0.88998 and resistance at ~0.90902. Like the cable, it looks like the price had tested higher but was shut down. I’m going to wait until the price reaches a support or resistance line and shows a clear price action siggie before I open anything up.
EUR/JPY
Look at that! Just look at it…the price broke through some long-T resistance at ~138.788. It came back down to test it and now it’s on it’s way back up. Lets look at the daily chart though, there’s a tasty little signal that I think I’m gunna get in on!
Look at this!!! LOOK AT IT!! That’s a sexy little pin bar right there! The price broke through some daily resistance at ~104.958 Then came back to test it, printing that pinnie. I’m gunna enter this SOB and hope it goes up 100 pip or so! Love me some pin bars!
USD/JPY
Well, the price broke through some resistance at ~101.412 a while ago. I’ve been waiting for the price to return to test that level. It looks like it’s doing that now. Let’s look at the daily charts and see if we can see any good price action signals.
Hmm…no good price action signals. I’m thinking the price may hit that support and rebound in the next few days, but we’ll see. No entry for now.
USD/CAD
Looks like the price broke through some resistance at ~1.08857 and came back to test it. There’s really no convincing price action on this chart for me though. Let’s look at the daily chart.
Hmm, there’s a resistance level at ~1.11563. Still, there’s really no convincing price action on this chart…I’m not going to be entering for a bit!
NZD/USD
Finally, here’s my short on the kiwi/dollar. It’s not looking terrible…then again, it’s far from perfect. I entered because I saw that pin bar. It’s right at a daily and weekly resistance level too, so i felt it was justified. Unfortunately, the market’s going to open tomorrow a few hours before I can do anything about my trade. Hopefully it’ll go my way, otherwise it’ll be like watching a car accident…I will be able to watch it and think ‘oh no’ but I won’t be able to do anything about it.
Help please with carry trade. Would love for some one to tell me how to approach this bullish divergence I am seeing on the above stated charts. How, when to enter,exit, so on. If I’m wrong about being bullish please let me know. I am aware that there is some correlation with the yen and turmoil in Europe and nzd’s rate hike. Please any insight would be useful. Thank you and please excuse my errors in grammar.
Hi Bloombergz, I’m not too experienced with carry trading so I’m afraid I can’t really give you advice on it. As far as bullish goes, I would be bullish on EUR/USD and EUR/JPY at this point. Keep in mind, I only really watch 7 pairs so I’m only taking them into account…no other pairs.
Also, take whatever advice I give you with a grain of salt. I’m often wrong and no one can really predict the markets!
