There are many good playable trends out there, Here is EURAUD, once we got a clear break of the daily 200ma it has been mostly down hill , shorting on any blue candle has made for great entries,
Thank you Denis for you updates I have recently come away from most indicators they caused me more pain than pleasure but I can see that most experience traders on this forum have their favourites inc rsi soc macd and or some type of ma.
I am really trying to use a cleaner charts but I really do like to refer to where price is in regards to the 50 and 200.
Here is my weekly market video,
Hi daboss, I have found the 200 ma to be a powerful moving average, if you can catch a price action move crossing the 200 ma on the daily chart you could hold that trade for months and make thousands of pips. 50 day ma is popular but I have found it works better for stocks.
Keep your charts clean and trade with the trend and you will be fine
Happy trading
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New Zealand takes over #1 as all yen pairs rally higher, GBP was strongest today, does that mean this decline in Pound is over, time will tell
After a 350 pip move higher today, GBPJPY has found resistance at the 200 ma on the 1hr chart, very tempting to go short here with a tight stop
What I am trading
I used yesterdays pullback to go long AUDUSD, I had hoped for a pullback to major support at 0.7500 but be never got that far. A move up to 0.7800 looks very likely,
Those of you that have been saying the British Pound is dead, I hope you did not put to much money into that view, this move looks like more then just profit taking
another day of big gains for Yen pairs, and non bigger then GBP, If this keeps up we could see the entire move in the Pound following the Brexit vote retrace itâs self
US stocks indexes are now at all time highs, that is another factor in the decline in the Yen, and rally in the Aussie as the risk on trade is in full swing
NZD and AUD pulled back a little, but overall a slow day
What I am trading
AUDUSD continues this up, down, up, down⌠pattern, today is the up day so I added to my position,
The trend is up in this one so that is how I am playing it, but that all could change if the Fed starts hinting of a rate increase
I personally am seeing AUD weakening now. AUDUSD moving into a Supply zone as well as hitting the downward moving trendline on D1 TF. Hope it works out for you.
That would not surprise me, the pattern of up down up down, calls for a down day to finish the week. I am seeing a long term up move and will be playing it that way
AUD is #1 for first time since April 1st
I am watching the events in Nice, France , The Brexit vote is looking better for the UK everyday
Is it time to get long Yen
Yen has by far been the strongest currency in 2016, Yen has fallen to #5 on my Strong Weak rankings and as I have said many times, the time to get long Yen is when it is weak. The question then is which Yen pairs to short. I will be looking for hints in the charts that might answer that question. Todayâs weak action by New Zealand has me looking at NZDJPY as a short candidate
Is it time to get long Yen Part 2
Here is the 4hr chart of USDJPY, we can see the repeating pattern of price breaking above the 200 ma before heading to new lows. USD is the second weakest currency this year making it a prime short candidate against the Yen. One could go short right here or a more conservative entry might be to have a entry order set just below the 200 ma. That way if the pattern breaks and price keeps going up your position will not be filled
Here is my weekly market review video
A complete turnaround from what we saw Friday as yen pairs rally. Nothing has changed, yen is still strongest currency YTD, and shorting yen pairs will be the play once this countertrend rally ends
First test for EURGBP to continue to rally higher is getting past the 1hr 200ma,
We still have this back and forth action,
