Here is my Strong Weak rankings for Monday, on the day we saw a strong stock market early but then sold off into the close, Oil and metals were up, this was good for our commodity currencies and GBP finally had a good day. Being long commodities against the US dollar is still the play, I like shorting USDCAD after last weeks pull back
Big day for CAD as oil prices break overhead resistance, Look for USDCAD to move much lower, I am talking hundreds of pips. More on that later
Do you have strict rules with candlesticks when you use your strategy? 
Market is pulling in a bit here, USD was strong today on a day that saw big gains in stocks, normally we would see the dollar move lower as stocks rise but what is normal anymore
Use these pullbacks to setup new entries, If I see some good ones I will post them
I have rules, I would not call them strict as you need to be flexible in an ever changing market. what I look for is a pullback to support and a candlestick signaling the pullback is over, I like pin bars ( hammer) and engulfing candles. I will look for some good examples and post them here later
This pull back I called last week in the USDJPY is going as planed, price just crossed the 200 ma on the 1hr chart with no reaction, so a move up to 111.00 is possible, that would make a great place to short it. If we don’t pull back all the way to 111.00 then I would wait for price to fall back through the 200 ma on the 1 hr chart for my entry
things are bunching up at the top, watch out for the Aussie, after dropping all the way to #6 it has improved 5 days in a row and poised to take back the top spot
Oil prices have been on the rise since hitting bottom in mid February, This week we gap open above the important 40 week moving average, If prices finish the week above this MA it will be the first time since July 2014, We are still in a down trend and this could still go south on us, need to see price above 51.00 , that will give us a higher high and we can call the down trend over
USDCAD is a good way to play the rise of oil, this pair should continue down as oil moves higher, I have a target of 1.2000, at the rate USDCAD has been dropping we could hit my target before end of the month.
Here is my weekend market review video,
The market is open and usd cad gap up 100 pips ! Lol That was crazy
And its falling by 7-8 pip in spread
If I had a list of do’s and don’ts , at the top of the don’t list would be chasing opening gaps. I did not respond to that gap, I waited and when price started moving back down I added to my USDCAD short, if prices hold near current levels by end of the trading day this will be one of my better days of the year.
Well done Dennis
There are only 2 threads I’m actively following & participating in & yours is one of them. Both adopt & encourage very similar concepts.
Thank you for presenting a simple, yet very effective approach to the market, one which with the generous assistance & advice of posters on my other thread, I’m enjoying taking part in myself.
And to quote a contributor from that thread; [I]simplicity is the art of sophistication![/I]
Thanks Stakz.
It has been a fun journey and It’s only beginning,
what a rollercoaster ride today, big opening gap against most of the current trends only to see price reverse and make gains. If you followed my way of trading you would not had gotten stopped out and would have had some nice gains
as you can see by day’s end every currency gained on the yen, that was not the case when I went to bed
Big day for commodity currencies, Yen sells off and USD remains weak. For me long AUDUSD and short USDCAD is the play
Here I am looking at the USDCAD 1hr chart going back to beginning of February, what a beautiful and consistent down trend, shorting on pullbacks to the 200 ma have given a dozen+ entries. We are a bit extended here, and the pattern as been for price to pull back to the 200 ma after making a new low. I still have a target of 1.2000 so still 700+ pips to go. As long as there is no change in the oil market then we should get there, but if OPEC breaks ranks then this could end quickly.
USD has rallied a bit, and look at the Pound almost over taking the Yen, GBPJPY was top SW trade just 4 days ago,
Yen rallied today and with US stocks pulling back that has my AUDUSD and CADUSD trades also pulling back, nothing too alarming, just normal pullback setting us up for new entries
Here is update to the USDJPY short setup I have been watching, this is just screaming short me
what I am looking at is the 10 days it has taken to retrace the big down candle from April 7th, this is showing there are not a whole lot of big money players taking longs, it is just a mater of time before we see new lows in USDJPY
