Hi folks,
Just a quick post to show you USDCHF monthly chart which, as usual, is mirroring EURUSD.
As I pointed out in my last post, EURUSD has reached in my opinion a decision-taking level in the long term charts: it’s time for this pair to decide whether to continue plummeting or to gain some ground back, and that key level is 1.38. You can read all that in my previous post here on the blog.
Well, USDCHF is facing a similar dilemma, being 1.14 the make-it-or-break-it price level: if price pushing above that level, the trendline will be officially broken, some stoplosses will get triggered, stop-and-reverse traders will jump in, etc etc. In the other hand, if that level holds price below, USDCHF might once again begin to head down in the direction of the overall long-term trend.
We’ll see!
Hello traders!
Firstly I apologize for not having uploaded yesterday’s video any earlier but the trade was still open by the time I went to bed. Anyway, I woke up this morning to see it stopped out for -59 pips.
It was a short trade on EURAUD H4 setup and in fact I still think it looks good despite the sour loss. The EURAUD has been breaking through levels of support in the direction of the MAs for about two weeks already. Yesterday I saw an upward retracement trendline giving way to the downside and I hopped on board for a short entry. Truth is that it actually moved to my first target rather swiftly but I decided not to trail my stoploss to breakeven just because there was not enough breathing room to safely trail down my stoploss. You know, a trade needs a little bit of wiggling room and it’s usually not a good idea to set your stops too tight.
So, I left the trade open and exposed and eventually it turned out to be a bad idea: the trade retraced almost a hundred pips overnight and it slapped my original stoploss level for -59 pips. Oh well…
Now the key pivot to watch is the 1.6625 support levels. Should price dive through it I will resume searching for short entries on that currency pair once again.
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Hello everyone!
Well, my GBPAUD adventure came to an end unfortunately. Last Thursday I trailed my stoploss to breakeven prior the Bank of England’s interest rates announcement in order to protect myself from any possible surprise in the news outcome. Everything went as expected (0.25% cut) and the trade remained healthy through the weekend at +150 pips in my favor. Unfortunately, last night the market opened in bull-mode and raised up quickly to trigger my stoploss for a +0 pips.
Oh well…
Anyway, now that I am “divorced” from GBPAUD I guess it’s OK to “flirt” with GBPJPY, USDJPY and GBPCHF. All of them are looking good for short entries, specially the JPY crosses. I wanted to show you guys my setups so I have recorded the following video. Feel free to discuss these setups by leaving a comment on this post.
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Hello everyone,
Today the CAD was the currency to trade, no doubt about it. Indeed, the CAD was gaining ground against all the currencies and if you have a look at GBPCAD, EURCAD and USDCAD in the hourly time frame you will see all their respective Moving Averages pointing down and heavily downtrending.
Here goes a personal trick of mine:
When you see one particular currency steadily gaining or losing ground against different currencies at the same time, like if the market was synchronized, search for entries on that particular currency because it’s a high probability trade.
Well, eventually it was USDCAD the one to give me a short entry so I jumped onboard upon signal. As expected, all the CAD crosses dropped one after the other one and at the end of the day I was able to close out the trade for +63 pips. Here below you may watch the full video recorded live.
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Hello guys,
As you may have noticed, I have been away from my trading desk during the last few days - I rewarded myself with a long weekend off in London, taking pictures of St. Paul’s Cathedral, the Big Ben and Tower Bridge - while washing it all down with a pint and Guinness and a portion of fish and chips of course!
Having gone back to work though, today Tuesday I spotted a solid setup on EUR/AUD upon a bounce up off a strong level os support in the direction of the up-trend. Upon that bounce I hopped long and my first target was hit within half an hour for +42 pips, where I cashed out half of the position and moved stop to breakeven. From there price formed a triple top and retraced heavily for the rest of the morning, knocking my stop loss out for +0 pips on the second half of the trade and in fact it dropped like a stone for the rest of the day.
As it turned out, I placed my first target rather accurately at the very top of the swing. Nice uh?
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