glennhowell

glennhowell Updated 

On Wednesday last week, we saw price rocket up and take out the $60 level, followed by two days of consolidation around those highs. This would suggest continued bullishness in the short-term. However, the bulls aren't building on momentum here and perhaps their new monthly highs are tenuous at best. I'd like to see bullish price action pushing off the $60 level...

glennhowell

While price remains below 1.4760, we remain bearish on this pair. Yesterday we saw a classic retest and rejection off that level, suggesting further downside. Sell: Below yesterday's low, at around 1.4695. Stops above the swing high (1.4780) and a take profit down at 1.4500 for about 2R.

glennhowell

Look at how aggressively price took out the swing highs I have marked by points 1 and 2 in the chart. Early on last week, this chart would have looked very bearish - the gap open and two days of selling would have tickled the swing traders pink. However, by COB Wednesday, those same traders would have been worried. Price wicked lower, suggesting a fall was to...

glennhowell

I highlighted GBPNZD awhile ago and my outlook hasn't changed at all. Goes to show how important patience is in trading - price broke the level that I want to short from 9 days ago. Patience - a bearish rejection off the 1.9020/1.9050 zone sets us us up for a potentially very profitable, medium to long term short.

glennhowell

Friday's NFP data provided some much needed fuel to an anemic, lacklustre market. We saw the EURUSD drop about 75 pips and close below the important 1.1250 level. Coming from the recent 1.1400 highs and closing below 1.1250 suggests more downside to this trade. My trade comes with a retest of 1.1250 from below. I'd like to see price work its way up to that...

glennhowell

Choppy, tough market this, especially of late. MyFXBook shows that retail is positions 79% long. A certain bias, but a tiny data set. So, a good time to buy USD or might we see a better rate? The weekly chart I have here shows what I think is an important zone for the pair - 13.70. We've seen many reversals, pauses and retests of that level - price hardly ever...

glennhowell Updated 

Bounce, pause or more downside? Yesterday's candle saw price reject dynamic support - but will it hold? Given that the prevailing trend is still down, I'm still interesting in shorts over longs. How to play the short? If we get a daily close below the wick /low of yesterday's candle, we've got an excellent sign that the bears remain in control. Alternatively,...

glennhowell

OK, maybe I'm getting a bit ahead of myself. However, let us consider the R108 level where price finds itself. Price bounced off R108 in early 2016, late 2016 and mid-2017. A year later, the bulls couldn't hold the level and down she tumbled. Finally, more than 12 months later, we're back up against R108, now testing it from below. And we don't know yet...

glennhowell

WTI's decline from late April might not be over. Last week we saw an impressive rally in oil, but price is right up in the teeth of an important zone - the $58.00 level. I'm not one for a blind short here - I'd like to jump in with buyers or sellers that have already shown their hand. So I have to wait a little. What I would like to see is quite simple - a big...

glennhowell Updated 

I think the CADJPY played its hand last week, by appearing to break higher only to fail dismally back inside the wedge it's been forming. Yesterday's break lower suggests more downside is on the cards. Ideally, I'd like a retest of the lower trendline. Perhaps up near 84.20 or so, and hint of bearishness to latch onto. If the bears really are in control, we...

glennhowell Updated 

The bulls can't catch a break on GBPJPY and price is right up against 144.00 once again. The aggressive trader is selling already, but I suspect there might be a last ditch effort by the bulls to drive price higher. As such, I'd like to see a daily close below 144.00 - that sells up sell opportunities for me down to 141.00

glennhowell Updated 

Last week's bearish candle that printed on WTI has caught my eye. Firstly, the move higher early on in the week would have caught a lot of bullish trend traders off-guard. If you switch to the daily timeframe, the picture is even bleaker for the bulls - that pin-bar on weekly looks like a good old fashioned blow off top on the daily. So where to from here? For...

glennhowell Updated 

Major support on the pair has failed and price is trading convincingly lower. This sets up more downside opportunity. I'd like to see a retrace back to the 143.80 / 144.00 area, followed by bearish price action suggesting that support has become resistance. Should price reject that zone, the way to 141.00 opens up nicely.

glennhowell Updated 

The chart says it all here. Price has broken through the channel, closed above the channel and remains trading high. However, a look to the left shows that the last time the bears were in control, we saw price stab down to the 0.6400 zone before the bulls really took over again. So the question is, have the bulls flushed out all the sellers and can price...

glennhowell Updated 

As equities continue to look week, GOLD is looking super bullish (we'll talk about that next week), so naturally we take a peek at the Swissy to see if there is any opportunity there. And it look massive! The recent breakout / fakeout / blow-top top is worrying for the bulls (and why we always wait for the bounce!) If GOLD rallies, we expect CHF to do the same...

glennhowell Updated 

The Yen seems to be making its purpose very clear at the moment: We are still in a risk off environment. Friday's move took the pair down nearly 150 pips, clearly taking out a host of lows (and stop orders. Ouch). Interestingly, we see that the retail crowd is still long USDJPY to the tune of 80% (i.e., of most retail trade data available, and of those trading...

glennhowell

Last nights FOMC release treated the yellow metal kindly. But what next? As long as price remains above the $1350 level, its bullish to me. However, a simple buy here doesn't cut it. I'd like to see a retest. A specific retest. I'd like to see price drift down to $1350 or thereabouts over the next few weeks and bounce off that level. That sets me up for a...

glennhowell Updated 

GOLD's breakout of the triangle it formed was quite something. First, what appeared to be a fakeout to the upside, catching the bulls a bit early. Then collapsing back into the triangle. Price threatened a downside break, and then picked itself up, broke up again (and retested) and then promptly took out the $1325 target I had drawn in. Friday's candle looks a...