The market is in perfect harmony, this is what a risk-off stock market selloff should look like in the currencies. Top Trade USDCAD even hit a new high before pulling back
Top SW trade from June 14th short EURNZD has been a total failure pulling back over 500 pips from the entry point, but look at that big pinbar reversal today, I would have liked it better had it turned red and finished at the low but this is still one to watch
In this year of choppy market action it has been tough to stay with any trade for more than a few weeks, but here is one that is bucking that trend. GBPUSD* entered on May 3rd last week hit a new pip high of +470 and looks ready to head lower, could this be our first 1000 pip trade of the year
Top Trade USDCAD, looking at it on the 1hr chart, see how price moves sideways until the 200ma catches up, then we get a big blue candle, and now the weak pullback, I would be very surprised if this does not hit a new high before this time tomorrow
Strong day for the CAD which did not work well for my USDCAD trade. Today’s action gave us a new top SW trade, but NZDUSD* is actually an old trade entered back on April 24 price hit the +200 pip mark then pulled back nearly to breakeven. but now is hitting new lows and has this long-term trade up +300
I think the double pin on the USDCAD daily was the warning sign.
No such indication on both NZDUSD and EURNZD.
Your strong weak calculations show the daily changes in strength/weakness very well and only take a few minutes to do as well!
Going through all your youtube videos at the moment. Thanks for persisting with your posts here.
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We ended the month and the halfway point of the year with a surge in the European block and the CAD, NZDCHF* becomes our newest Top Trade, Two previous TOP Trades NZDUSD hit +331 pips while USDCAD is seeing a deep two day pullback likely taking most of us out of that trade
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Yes, I believe in the fact that you always need to trust the trend and trade with the trend. Trend is your friend is a well said truth by a wise trader. As a newbie, it is a sin to trade against the trend as it can put you in a huge loss which would become difficult for you to recover. Thanks!
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Hi Dennis… nzd chf , little retracement to the round level 0.67… seems could be a short continuation , non long signal
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Shorting the NZD against any of my top 6 on a pullback is working out well and until something changes that is the play
The market pulled back a little bit today,
It looks like most of the world took the day off with the US on this 4th of July
yep… little boring
Very interesting. EURNZD has just become the Strong Weak trade, but it has been going down for the last three days.
Thanks ikdenk for your rankings, this holiday in the middle of the week has my schedule all messed up
Anyway here is my ranking for end of day yesterday, and Yes we now have long EURNZD as our top trade, short EURNZD was our top trade just 3 weeks ago and that was the worse trade of the year as it revered the very next day. We need to be cautious about jumping into trades when the trend is actually contracting. This is why I say my SW rankings can be used as a foundation for your trading plan, but should not be used as a stand-alone system
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EURUSD has caught my eye again, after a 1000 pip selloff it does look like it has found strong support at 1.1500 a move higher from here looks likely. First target is 1.2000 if price fails here then you will have the right shoulder of a H&S top that could send price below 1.1500 but if we get through 1.2000 then 1.2500 becomes our next target
D what up. I agree, but I would hazard that there will be some more consolidation and volatility in the shorter term. Good for those of us who eat small rodents.
The Ever Insatiable IRIPARA
karani _bob
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Consolidation and rotation are what this chart is telling me, We see the European sector gaining strength as the risk on trade is back in play which should take USD and JPY down to the 8th and 7th spot. Blindly taking a 1 and 8 trade here might not be advisible. When I place a strong week trade I like to see the two currencies going in opposite directions, we don’t have that with EURNZD,
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Dennis,
when you say moving in opposite directions, do you mean:
The euro is strengthening in % terms, but the nzd is weakening in % terms? Although both are in extreme positions overall.
Also of course the absolute diffrence between the euro and nzd is less than 2%.