glennhowell

glennhowell

Tongaat Hulett's board has requested that the share be suspended on the JSE and LSE (secondary listing) amid an investigation. This decisions comes after a delay in publication of the company's financial results. Financial results for March 2018 "cannot be relied upon" and will be restated. The board said that since there is insufficient information in the...

glennhowell

Thursday and Friday saw a big push in the shared currency, breaking convincingly through the 1.1250 ceiling and holding steady currently just below the 1.1300 mark. I'd like to latch onto some of this bullishness up to the 1.1400 mark, but only on a retouch of 1.1250. Trade idea: Let's wait for a retrace back to 1.1250 followed by a bullish bounce, possibly on...

glennhowell

Price has made its way down from the monthly highs near 11300 and is a trading just above the lows we saw in mid-April. Given the strong downtrend that this share finds itself in, we have no reason to look for longs as yet - only a close above 11300 would interest this trader in a counter-trend buy. I'd like to see a close below 8860 - this would open the way up...

glennhowell

After two inside days, price finally managed to break the recent lows, and close lower than consolidation. The EURJPY is looking very bearish indeed. Aggressive traders should look to short right about now. More conservative traders might look for some sort of consolidation on a lower timeframe, or potentially, to maximise Reward to Risk (R), set a sell a little...

glennhowell

I'm not really into chart patterns like the head and shoulders, but looking at the USDZAR, its hard to find a bullish case for the Rand. Fact it, it looks weak. If we break down the inverse head and shoulders structures I've drawn in this chart - we see a small IHS on the daily and a much larger, multi-year pattern that is still to complete. But what is an IHS...

glennhowell

EURNZD reached a critical level a few days ago, and granted, the bulls have held their ground. We're talking about the 1.7100 zone, an area which sparked an impressive sell off earlier this year. Are we going to break through or fail? We could blindy short up here, but at the very least, the bulls have another charge to go. I would like to see the bears join...

glennhowell

On May 9 I highlighted the wedge GOLD found itself in. On May 14, price had broken the wedge and looked to break to the upside. However, my caveat was that to confirm the breakout, we needed to see price stick around at the new highs it had more, or retest the trendline from above. And this is why we wait for confirmation! The breakout, and failure with price...

glennhowell Updated 

Gold has been choppy of late. Taking a step back, we might see a clue as to why - price is nearing a decision point - escaping the multi-month wedge it finds itself in. I make no predictions as to what direction we'll see it break. Let's wait for the break and then load up with price.

glennhowell

Price has given up some of its gains in early trade this week, but the overall structure still remains very interesting to me and possibly very bullish with lots of pips on the table! Nothing much to discuss here: I'd like to see a close above the capping trendline to confirm my long bias, and then looking for bullish bounces to load up on. This Kiwi charts...

glennhowell

We commented last week that the half-hearted pin-bar rejecting the underside of the trendline I've drawn in (red arrow) wasn't enough to hang your hat on for a sell. Sure enough, price blasted right passed that level and looks like it might be kicking off a new uptrend. For me, I have to sit on my hands. If price manages a close above 1.3200 (back above the...

glennhowell Updated 

Although currently trading above 83.00, the bulls don't look convincing. I suspect we'll see a spike higher, perhaps taking out the highs from last week (at around 83.35) before price will test the lower trendline of the channel, and ultimately, break to the downside.

glennhowell Updated 

On April 24th, we saw the shared currency drop below the 1.1200 level and stay down below this key support. The two red circles I've drawn in show the recent bounces off this level and no doubt many bulls had their hoped pegged on another bounce. With price looking weak, we should be looking to sell. I'd like to sell off bearish price action somewhere around...

glennhowell

Would like a retrace back to resistance, which should confirm as support.

glennhowell

A couple of weeks ago, I posted a long setup on the EURUSD to the top of the channel it's been stuck in. That worked out quite nicely. Last week Monday, I considered either a breakout above the channel, or a move back down to the lower trendline - and suggested that a buy might be in order down there. Well, here we are a week later and price reached 1.1200, has...

glennhowell

We saw price blast through the 1.3200 level on the 26th of February (last week Tuesday) and retest that level from above on Friday, dipping as low as 1.3160 before the buyers stepped in again. Now Friday's candle is hardly "bullish" by any measure, but 1.3200 held on the close. I strongly suspect 1.3200 will be tested again early this week, and should price...

glennhowell Updated 

The bulls and bears have been fighting it over 1.1350 throughout most of last week. Price pushes up higher, only to be driven down to its close, three days (and counting) in a row. Now while the bulls don't seem to be able to drive price higher, the bears haven't managed to gain any ground at all, despite all their intraday efforts. I think the larger structure...

glennhowell

I love the structure of the daily EURNZD chart for a short. The longer term downtrend remains in play, which is my primary consideration for picking any direction. Then, the more immediate structure has caught my eye. We see a local high established (1), and price dips lower, creating a new local low (2). Then, making as if the bulls were firmly in control,...

glennhowell

Since late 2018, GOLD has rallied. The market structure is clear - rally, consolidate, rally, consolidate. And for this trader, the uptrend looks well intact. The $1300 level that held recent consolidate isn't just relevant today, or over the last few weeks. Study price between January and June 2018 and you'll quickly see just how important the $1300 level...