EURCAD has been in a clear downtrend, but has pulled back over the past week or so. We're starting to see signs of CAD strength return across the board, though, and EURCAD has a setup I thought was particularly favorable. I'm short at 4273, with my stop at 4333, and my target profit at 4003. This gives me a reward/risk greater than 4:1, which always piques my...
Yesterday I had my eye on EURGBP, as it appeared like an inverted hammer was forming at a key resistance and Fibonacci level. However, I thought I would wait to see if the pattern completed. Today, I can see that yesterday's candle did complete as an inverted hammer -- and that today's candle is likely to do the same, all at the same resistance level. This price...
GBPJPY pulls back to the 50 SMA, and the 61.8% Fibonacci retracement level from the recent swing low to swing high. And it's forming what looks like a doji candlestick pattern. I'm also seeing some signs of GBP strength, namely against EUR and AUD, so I figure there are enough signs in place to take a shot on this one. I'm set to go long at 173.73, with my stop at...
I don't always enter at the 50 SMA, but when I do, it's usually because the trend is clear, candlesticks are suggesting a reversal, and the market has completed a 50% pullback. And that is precisely what we're seeing on GBPCAD at the moment. 8200 should be a bearish checkmate as well; if price closes above that level, I might close out early. Otherwise, I've got...
A few very favorable signs here for bears: price is pulling back to a resistance level, where it is forming a reversal candlestick pattern; this is also where the 200 EMA is, and where a 61.8% Fibonacci retracement level finds itself if one uses the most recent swing high and low points on the daily chart. That's my cue to enter! My entry order is at 4530, with my...
Is this an accumulation pattern forming at support? www.informedtrades.com
The candle hasn't quite closed yet, but I like the price action we're seeing thus far -- especially since we're at a support level. I have a long NZDJPY position that is currently in the money, and as we've discussed repeatedly, I think the yen is due for a large devaluation in the years to come. Is this the time? Maybe or maybe not, but I certainly think the...
AUDCHF is forming a bullish engulfing candlestick pattern right at support. We also have the 200 EMA there. Price is still clearly in an uptrend, as illustrated by the pattern of higher lows and the general slope of the daily chart since the start of 2014. As such, I'm set to go long at support at 8382, with my stop 75 pips away at 8307. My target profit is 8730,...
I've got an order to go long AUDNZD, and I see another opportunity to speculate on a bullish AUD against EUR (which is also showing some weakness). Here we see a downward sloping 50 SMA and 200 EMA, with the 50 below the 200, thus confirming a strong downtrend. Price has pulled back to resistance at 4373, but dropped quickly after doing so; I'm looking for another...
AUDNZD started this week off with a novice gap -- meaning price gapped in the direction of the prevailing trend -- which is often a sign of an imminent reversal. Adding to this is that price has hit a support level, and today's candle is a strong bullish one; it may end up resutling in a bullish engulfing pattern if it can rally a bit more. One factor I'd normally...
On GBPCAD, we're seeing: 1. A sharp rally that has now run into resistance, with today's candle being the first tentatively bearish candle since September 5 2. A 50% pullback from the swing high on August 5 to the Swing low on September 7 3. Price is just above the 50 SMA, and is well below the 200 EMA 4. Signs of GBP weakness and CAD strength are visible on...
What I'd really like to see out of this is a bit more candlestick confirmation, but I think there are enough signs in place to warrant pulling the trigger and placing an order. Price has pulled back to a 50% Fibonacci retracement level, and is above the 50 SMA and 200 EMA. While the candlestick confirmation could be stronger, we do still have long wicks on today...
I'm seeing signs suggesting that the Canadian dollar, which has been strengthening over the past few weeks, is now getting ready to reverse and decline in value. For many CAD pairs like AUDCAD, GBPCAD, or USDCAD, this means a long opportunity is information. In the case of this particular chart, we are seeing hammers forming off a support level, at a 50%...
I really like this USDSGD setup; we see a clear downtrend, price has pulled back to a resistance level within this downtrend, which happens to coincide with the key 200 EMA. Moreover, we are seeing a reversal candlestick at this level as well. The biggest question, in my opinion, is the extent to which we will have an additional pullback -- or if we are headed...
CADCHF exhibits a scenario with a few signs I really like: 1. First are the moving averages. The 50 SMA and 200 EMA are very close to each other, and price is just a shade below both. Moreover, price clearly is responding to this level as a resistance level. 2. At the same time, or rather related to the fact that price is below the moving averages, is that I...
A great setup here on EURAUD that should delight many swing traders. Here's what we see: 1. Price is in a clear downtrend, below 50 SMA which in turn is below the 200 EMA 2. Price makes a 61.8% pullback from recent swing high to swing low 3. This 61.8% level intersects with the 50 SMA 4. Candlesticks show signs of exhaustion All these factors, in addition to the...
Fine wine, a beautiful view of the ocean, sunny skies.......all of them are beautiful, but not quite as beautiful as a hammer off support. The only way this could be better is if price was above the 50 SMA, but at this point, the trend looks strong enough and the hammer is favorably positioned. I'm long at support at 86.30, where the hammer bounced off, with my...
It is definitely the pattern I find hardest to resist: when we see a long wick forming off support or resistance, I'm take an extra close look. And in the case of USDSGD, this long wick off resistance is coinciding with the 200 EMA, while we have pattern of lower highs in the background. All of this suggests the market may be ready to head back down. I'm short at...