michael6malone

michael6malone Updated  Sep 26, 2016

2016Sep25 I am shorting to 86.28 with a stop at 86.89. I believe the pair will come down after last week's climb. My stop is 10 pips above the most recent swing high and my target falls just above the support that started forming on 2016Sep20. I believe it is likely for the pair to reach the 61.80% level, but I will remain conservative. Besides, the pair will...

michael6malone Updated  Sep 26, 2016

2016Sep25 I am shorting to 1.1197 with a stop at 1.1250. I believe the pair will continue to come down after last week's climb. My stop is 10 pips above the most recent swing high 0and my target reaches the 38.20% fib retracment level. The pair has already retraced to the 38.20% fib level. Marked with the blue arrow head. The RSI is high.

michael6malone Updated  Sep 26, 2016

2016Sep25 I am shorting to 100.55 with a stop at 101.34. The pair has double-topped so it will likely come down to the 61.80% fib retracement level. This level sits just above a support level that began 2016Aug23, 17:00 est. and lasted for about 56hrs. I anticipate a strong retracement once that level has been reached. My stop is 10 pips above the double-top...

michael6malone Updated  Sep 26, 2016

2016Sep25 I am going long to 45.65 with a stop at 44.44. After oil's drop last week the Saudis are now talking of doing something to bring the price up. Whether or not you believe them the news will likely send the price of oil up. My stop is 10 pips below the recent swing low and my target reaches the 61.80% fib retracement level. The RSI is low.

michael6malone Updated  Sep 23, 2016

2016Sep23 I am shorting to 86.33 with a stop at 86.81. The stop is 10 pips above the previous candle's high. My target falls on the 38.20% fib retracment level. The RSI is in an overbought state. The pair has been stepping higher for some time. Each retracement has reached to at least the 38.20% fib level.

michael6malone Updated  Sep 23, 2016

2016Sep23 I am shorting to 1.1185 with a stop at 1.1238. My stop is 10 pips above the most recent swing high and my target falls on the 61.80% fib retracement level that is located just above the support range that started forming on 2016Sep19, 14:00 est. I do not believe there is any reason for the pair to move higher. Further retracement after the most...

michael6malone Updated  Sep 23, 2016

2016Sep22 I am shorting to 76.86 with a stop at 77.49. This is a double-top. Most double-tops on the Yen pairs make their way to the 61.80% fib level. In this case I will likely push it to the 76.73% level for it sits just above a support range.

michael6malone Updated  Sep 23, 2016

2016Sep22 I have placed an order to go short from the 38.20% fib retracement level at 1.1220. My target is set to 1.1166 and my stop 1.1256. My target brings me down to the lows reached on 2016Sep09 and 2016Sep13. I believe the pair has more downside momentum, but wants to retrace first.

michael6malone Updated  Sep 23, 2016

2016Sep22 I am going long to 101.25 with a stop at 100.45. The pair has just retraced to the 38.20% fib level and will likely come very close to the 61.80% fib level (to the left) on their climb up.

michael6malone Updated  Sep 22, 2016

2016Sep21 I am going long to 100.82 with a stop at 99.99. The target falls on the 38.20% fib retracement level. The RSI is low.

michael6malone Updated  Sep 22, 2016

2016Sep21 I am going short to 1.1171 with a stop at 1.1211. The target falls on the 38.20% fib retracement level. The pair has formed a double-top (at least very very close). The RSI is high.

michael6malone Updated  Sep 21, 2016

2016Sep21 I am going long to 45.77 with a stop at 44.32. The EIA and API numbers are usually close when the API reports a much larger than expected drawdown or build. This is really a rather high risk trade for the API and EIA have differed considerably in the past. I chose my target based on the resistance levels set on 2016Sep08, 2016Aug30. My stop is based...

michael6malone Updated  Sep 21, 2016

2016Sep21 I am going long to 101.41 with a stop at 100.50. Pairs generally retrace to the 38.20 fib level after a strong move. Having said that, I will be careful to move my stop up for the US rate decision could send the pair down again. The RSI is low.

michael6malone Updated  Sep 20, 2016

2016Sep20 I am going short to 41.41 with a stop at 45.41. The price has retraced to the 38.20% fib level. The distance from the bottom of the current retracement (42.77) to the top of the most recent retracement (46.49) is 3.72. Assuming the distance to the bottom of the next retracement from the top of current retracement (44.36) is also about 3.72 we come up...

michael6malone Updated  Sep 20, 2016

2016Sep19 I am going long to 102.01 with a stop at 101.64. The price has reached the 38.20% fib level on the retracement. Prior to the retracement the pair made it to 101.85 which is approx 27 pips from the bottom. I am expecting the pair to continue for at least another 27 pips from the bottom of the retracement (as defined by the 38.20% fib level). This...

michael6malone Updated  Sep 19, 2016

2016Sep19 I am going short to 40.42 with a stop at 44.22. The price has retraced to the 38.20% fib level. The distance from the bottom of the current retracement (42.72) to the top of the most recent retracement (46.49) is 3.77. Assuming the distance to the bottom of the next retracement from the top of current retracement (44.12) is also about 3.77 we come up...

michael6malone Updated  Sep 19, 2016

2016Sep18 I am going long to 44.13 with a stop at 42.72 The target falls on the 38.20% fib level on the retracement. I believe the price will continue down, but is currently retracing on one of it's steps down.

michael6malone Updated  Sep 19, 2016

2016Sep15 I am shorting the pair to 76.23 with a stop at 76.99. The target falls on the 78.60% fib level on the retracement. The pair formed a double top. The price has been trending lower. The RSI is not in an oversold position.