Sunday, August 19, 2012

Still holding $nzdusd long positions.

I am still holding my 2 long entries on the nzd/usd. I'm looking at the 38 fib level from July 24th swing up as intermediate support. As you can see, this level is very active with choosing a direction when price action tests or even comes close to this level and seems to have held for about 18 open market hours. You can also notice some confluence around the current 38 fib area with this rising trendwall I have drawn from the end of June.I am looking for 90 pips which would create a 2:1 RR and on my second entry I am looking for 80pips which would        create a 4:1 RR.

Sunday, July 22, 2012

Wednesday, July 18, 2012

Pulled long Trigger on $gbpjpy

I entered my long position at 123.36 on the one hour stochastics cross as well as the supporting price action of candles beginning to show wicks testing areas below the hourly 200 MA. On the 4 hour I am right above the 4hr 50 MA. If you also take a look at the 4hr chart, you can see a possible inverse head and shoulders pattern with the neckline at the 123.80 area (4hr 100 MA). I am hoping that my entry is positioned for the pre-meditated rally to test/break that neckline.Nonetheless, I am aiming for 124.25 for a 3:1 RR. On the daily chart we can have a stochastic cross along which signals some buying potential. Along with that buying potential, the market produced a hammer candle with its wick testing below the 123.00 area of support. 

Saturday, June 23, 2012

Trading Plan: Week of 6/24

EURUSD- Once the market opens back up on Sunday, I will first move my stop on my short position to the high of this candle (arrow) locking in 70 pips. Slow Stochastics are hinting at a cross and as price stalls at the 4hr 100 ma, we might be due for a bounce. This is also suggesting if we don't open with a gap that will stop me out. I'll look to reenter in the .2600-2650 region. My ultimate short term target is .2450

Friday, May 18, 2012

Trading Plan for Week of 5/20/12 EURUSD and EURJPY


We ending the week with some short covering right at the weekly trendwall dating back to the low of June 2010. The market produced a "not very sexy" hammer which could suggest some further much needed correction is in order. Since we did not close inside of that trendwall, I may look to short on Sunday's open if price action suggests. Nonetheless I am thinking that price will rise to the .2880-.3000 area which I would like the opportunity to short again. Target area will be defined depending on what entry I chose to exercise.


The hammer on the daily chart looks a lot more appealing than the eurusd chart. With that daily candlestick along with an oversold RSI reading suggests a possible run up to the 102.20 area at which point I will look to short if the signal presents itself. If i do short at that area, I will look to ride back down to the 100.20 area for about 215 pips. On the 1 hr chart, we can see this small head and shoulders pattern with the neckline looking like it has been breached and broken. That pattern can suggest some more bullish momo.