Tuesday, June 23, 2015

Dollar Way Overbought


The dollar is way overbought so I'm looking for a pair to surge against the dollar for a short term trade. GBPUSD looks way oversold and set to rally any minute now.  I like starting to get long here with stops at 1.5690 and looking for a move to test the 1.5800 level within the next 24 hours. 

Wednesday, June 17, 2015

EURUSD Breaking Out of Triangle

The EURUSD is breaking out of a triangle to the upside.  Pretty simple longer term trade setup here: long with a stop just below the Fed news spike at 1.1210 and looking to take profits at the 1.1465 area.

Tuesday, June 16, 2015

Holding Off on Dollar Longs

The dollar has not rallied like I expected. Despite .9190 USDCHF holding, the dollar cannot find its legs and sustain a move higher. We are going into a Fed meeting tomorrow so things will get whacky, and according FXCM's Speculative Sentiment Index, retail traders are heavily long the dollar right now.  So I do not like being long the dollar right now. But once the Fed is out of the way I will be looking to get long the dollar through AUDUSD GBPUSD shorts and/or USDCHF longs when the setups are right. 

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Friday, June 12, 2015

Getting Long the Dollar


Last trade resulted in an 81 pip loss so I look to come back with a nice trade now.  The dollar is looking very oversold in the short term, and my wave count on the USDCHF has a large impulsive rally for a wave 1, and then a very deep a)) b)) c)) decline.  USDCHF should rally AT A MINIMUM her to the 0.9300 area, but according to this wave count, and 2 year support holding well, getting long against 0.9190 for long term or short term setup seems like a good choice here.


PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Friday, June 5, 2015

EURAUD Set to Fall Hard Soon


I've seen enough on this pair to conclude that it will sell off soon. It is severely overbought short term. As long as 1.4681 holds, then prices are poised to shoot lower very soon. My initial target is at 1.4400, which is over 200 pips away. But risking 70 pips to make 200 in a high probability trade is always desirable.

Plus, the backdrop of EURUSD weakness that seems to be taking hold again, I like getting short the EURAUD as the technical setup and risk/reward is quite favorable out of all the euro pairs.

Thursday, June 4, 2015

USDJPY Trade Good for a Quick 25 Pips


Just a quick follow-up on the USDJPY trade I mentioned this morning.  Where it goes from here, I'm not sure, but the rally off the low looks corrective.  But I just liked the high probability trade I saw.


PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

USDJPY to Pull Back Here


I've seen enough to call a top in the USDJPY for a short term trade. We had a nice bullish 4th wave triangle followed by a 5th wave thrust which is so far confirmed by divergence with the RSI. Look for the USDJPY to return to at least the apex of the triangle soon in the 124.30 - 124.40 area at least. There's still a lot of room to the downside after that if you trail your stop.