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Marketbarometer

AUD Waiting for confirmation - Market Barometer UpdateHi guys, this is more of a lesson for those of you who use the Market Barometer. Here is a screen of what the chart looked like before I turned all of the other currencies off: This is a 4 hour view. Notice the 2 different trend lines. The AUD broke below the first, but has not punched through the second (long term trend line). Before opening a trade, wait for the currency to clear 'all' trend lines (support or resistance if long). Breaking below the short term trend 'will' create a move, but we are more interested in the larger moves (i.e. better risk/reward, etc...). This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
5
Nice Grouping - Market Barometer UpdateHi guys, This is a long term update (4 hour). Most of the currencies are inside the 60-40 range (blue box) or headed towards it. This is a sign of consolidation and is always followed by large moves or swings. Expect some nice moves during the next couple of trading sessions. One or more of the currencies will being to push outside the 60-40 range. This will signal the beginning for longer term moves. I'll try to remember to post an update when the currencies start moving. Sorry, sometimes I get fixed on trading and forget to post update :/ This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
GBP Larger Time Frame - Market Barometer UpdateHi guys, here is a look at the GBP on the 4 hour (macro) view. The GBP pushed through support and still has a lot of room to run (if it wants to). We have a consolidation pattern for the GBP on the normal (15 min) market barometer, but we could see a deeper consolidation before the next push down. If the 50 level fails on the 15 min, then we know that we are in for a larger consolidation, but the long term tells us that this currency is short after the break below support. After the consolidation period is complete, I would expect the GBP to continue lower for 2 to 3 trading sessions, then consolidate longer term. This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
GBP Shorter Time Frame - Market Barometer UpdateHi guys, this is my 'normal' view for the market barometer (15 min). All of the currencies are (or were) sitting between the 60-40 area. This is pretty normal for a Sunday open. The GBP is the first one outside the 60-40 range. Typically, the first currency outside the range will push a little, then consolidate quickly, then continue in the direction that it first started. I have no idea why, but this is the usual pattern. I will wait the for the GBP to pull back near 50, then look for a good place to buy the GBPUSD or GBPAUD. The GBPJPY is usually controlled by the JPY, so I leave that one alone when I'm trading the GBP. This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
JPY & AUD - Market Barometer UpdateHi guys, we got those big moves that we expected yesterday/today. Now things are being to over extend and we should be able to fade some of these moves. The JPY is extremely over sold and in need of a consolidation. I would expect one more push from the JPY before a turn, but a turn is coming. The AUD is very strong and if we get another push up, we should see a turn from the AUD as well. Keep an eye on JPY and AUD pairs for a consolidation during the next couple of trading sessions. I am currently short the AUDJPY @ 86.523. I may add to this position if it pushes up, but I'll keep a tight stop on the trade. This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
2
NZD & bundle - Market Barometer UpdateHi guys, the NZD is over extended and needs a consolidation before the next push. The more important part of this update is what I call the 'bundle formation'. I've mentioned this before; whenever most or all of the currency pairs are gathered/bundled in the 40-60 range, a big move is eminent. We should see some very strong moves during the next few trading sessions. This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
GBP & AUD - Market Barometer UpdateHi guys, this morning has been interesting with the BOE and Brexit papers. Keep in mind that this data is purely technical. Sometimes (like today perhaps) the market completely ignores technical data and the fundamentals run the show for a bit. That said; The GBP is extremely over sold. I could and might go lower, but should bounce sooner or later to correct a bit. The Brexit papers were kind of soft. This may add more weakness to the GBP before a correction. The AUD on the other hand should follow technical input and it is extremely over bought. The AUD is also on the 3rd wave up (notice how each wave gets lower). The AUD is due for a longer/larger correction and it should come soon.
by riffster21
AUD, JPY & USD - Market Barometer UpdateHi guys, here is a shot of the 4 hour. This is 'macro' trends for each currency. In short, when the 4 hour over extends, the turns last longer, but take a little longer to turn (i.e. a little harder to time), but the data is still important to have. We can draw trend lines just like a price chart to tell us if we are at the end of a trend or if a new push is forming. The JPY just broke above it's trend line. We should see strength from the JPY over the next few trading sessions. The price charts for the JPY pair seem to confirm this. The AUD is trending bullish, but getting close to a top. Technically, the AUD is not over extended yet, but it will be if we get another strong bullish push. Keep that in mind if you are long any of the AUD pairs. The USD is very bearish (no surprise). The double bottom with a trend line means that the USD should gain strength over the next few sessions. I'll update if the USD breaks below the trend line.
by riffster21
JPY, EUR, GBP & USD - Market Barometer UpdateHi guys, after last night's massive EUR and GBP sell off, both currencies are consolidated and ready for another push down. We should see more EUR and GBP weakness during the Euro and US sessions. The USD is also losing ground. This should send the EURUSD and GBPUSD sideways/choppy. Stay away from those pairs until the USD moves away from the EUR and GBP in trend bias. The JPY is headed for another push towards strength. If you are short any of the JPY pairs, hold for the next push then consider taking profits. The JPY pairs will bounce after the next push (remember what happened with the EUR last night). The AUD, NZD, CHF and CAD are all in the 40-60 range. Any of these currencies could have a big move, but we do not have a clear direction yet.
by riffster21
Market Barometer UpdateHi guys, as I've mentioned before, I post these chart shots for a few other traders. All currencies are inside the 40-60 band. This doesn't happen very often on the 4 hour. When it does, it means that big (very large) moves are building. We should see some significant moves form over the next couple of days. Should be fun for trading. The 40-60 range = consolidated and ready to make a move. It does not tell us the 'direction' of the move. We need other indicators for that.
by riffster21
4
JPY - Trend UpdateHi guys, as mentioned before, I post these chart shots for a few traders that use this indicator. I use the market barometer to see if/when trends are reversing. I draw a trend line on the chart (just like a price chart). I'll place the line across the bottoms or tops. If the currency line (in this case the yellow JPY line) crosses back over my trend line, I know that the trend is reversing. Simple and very effective. If it crossed over your trend line, open a fade or reversal trade. If it doesn't cross back over, you can jump back in the trend to catch a few more pips.
by riffster21
NZDJPY - Double Top & Selling the bounceHi guys, the NZD is extremely over extended at the moment (see the linked post). All NZD pairs should correct soon. I like the NZDJPY. The pair is forming a double top (at least I think so). I know the NZD won't go much higher from here, so the NZDJPY should find resistance soon. I am short @ 82.84. My stop and target are marked on the chart. NOTE: this trade could take a few hours to turn, but prices 'shouldn't' go much higher. That why I entered at the double top price.
Short
by riffster21