After watching a recent "step ladder" effect play out on CAD:JPY, I've noticed a similar set up in EUR:NZD that may end with the same fate.
Here's the old CAD:JPY chart showing how the step ladder effect played out:
Just a quick chart for the Day Traders amongst you to keep an eye on.
I currently have a day trade long position open in DOW and this chart shows both my initial upside target but more importantly a level that may warrant looking for short entries if resistance is comfirmed.
Not shown on the chart is the Fibonacci levels, so to confirm, this
My last trade on this pair was a short entry in a very high probability set-up that did begin to play out quite well but unfortunately price reversed with some gusto so I abandoned the trade.
Despite the recent strength I still have no interest in the
Following on from the more comprehensive AUD:JPY analysis detailed here, I just wanted to point out this triangle resistance that will probably initiate a pull back to retest the 61.8% Fibonacci level which currently meets with the falling Daily 200 MA. This encourages a short term selling opportunity (for approx 120 pips) after which we can undertake
This Week played out completely opposite to last Week in the sense that the few day trades I took gave excellent returns whilst the Swing Trades underperformed.
We saw a fair level of volatility across various Markets which is great for day trading but I'd have to say of all the potential swing trade set-ups I'd been watching, those I took were generally
Just taken a DOW long based on the hourly channel detailed in the chart below. A 3rd touch of a channel like this one over a short period of time (7 trading days) actually fails more often than not, hence not entering right on the channel itself but waiting for confirmation of support. Also worth noting the channel coincides with
Entered 2 new swing positions today, a EUR:GBP short and a EUR:USD short which I'll discuss here.
Just to get things straight, this position is risky, has low probability of being an instant winner, and goes against short term retail sentiment which is incredibly bullish right now.
However if the main trend is still to remain
The rally in Cable over the last couple of Weeks has shown considerable strength and though I have mixed opinions from a fundamental perspective, it is more than possible we'll see trade-able pull back from current levels.
Judging how deep that pull back will be is a little more tricky, so here are a few charts to help you find your own conclusion: