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9-18-19 EURUSD Day Trade Just after the FOMC rate decision Another Forex Snack. Here we are just before the FOMC rate decision and the EURUSD is positioned at the middle of a recent range. A repeatable event in moving towards middle ground just in front major news releases anyway. My reddish box is the battle ground between Buyers and sellers. A break in either direction for me would point towards a longer term move. Having said that there is major support closer to current price lower then on the higher side of things. I think the market is positioned more towards the short side, so a up side move could surprise the markets and bring in some short covering. Let’s Allow the FOMC news to show the markets direction and then I will at least react to that move. In trading you either make dust or you will eat dust. As usual, if you trade this idea, the risk of loss is all yours. All the best in your trading.
by PipsTradingClub
Looking for that bullseye GBPUSD areaHere is another Forex Trading Snack. Hey a few days ago I posted in TradeView chat that I thought GBP would be heading into another short lived down move and then have another move to set new highs of this recent longer swing move up off the bottom. I was met with some comments to the effect that implied there might be a lack of experience, because the commentary stated “ the GBPUSD is in a longer term down trend so this idea was of a higher risk.... “ It is true that counter trend moves are more risky, but as all traders we use personal experiences and analysis in finding lower risk and higher probability setups to trade. So for me it’s not a matter of great importance to be right Vs. other traders opinions. It’s just my analysis, my trade idea, me risking my own money—and so I have no other agenda other then always looking to improve myself and my trading. And I hope that this is what I bring to the table to those traders who are reading my thoughts here. I really don’t want to argue with anybody here. But even a broken clock is right twice per day! What my trading experiences have shown me is counter trend trades do have a higher risk element in trading them. However I have also noticed that Elliott Wave 5 wave patterns are very telling with a high probability that not only that a move is ending, but pointing to a new high in price to then trade. GBPUSD popped off the bottom with positive Brexit developments, causing a short squeeze of sorts. Nothing about the move has a EW 5 wave look except right where we currently are on a 1H chart. Not only is there a noticeable momentum slow down in 4H charts, but price action is the most telling, and least lagging of momentum indicators. Within this slow down area and where I posted thus view along with a lower green box as my targeted buy zone for a play on the 5 wave higher. The wave I believe we are currently in now. So what is the trade if you missed the lower green box buy signal? The upper green targeted box now might offer a good position to get short again ( a short trade is in line with the longer term down trend. ) This little 5 wave up is counter trend so no one gets confused. EW 5 waves usually set new highs and signal a reversal, which usually will be marked with a 3 wave move down, or a move counter to the original 5 wave movements. (5 waves work in both directions ) once a new high is set this EW 5 wave is considered compleat but how high a move over the 3rd wave high is open for discussion. I d seen a pip or two as being the new high and then price reversed, as well as I’ve seen a move to the 123-161 fib extensions. I’ve marked the green upper targeted area as my place to watch and be looking for a key reversal candle on the 4H charts. Because I caught the short term bottom 4th wave I will be setting up my 5th wave short orders using profits from the pop up in price. If you need more info on EW 5 waves as I see them. Then PM me. Always glad to talk trading. In full disclosure, I am not a Elliott Wave technical analysis, just a self taught trader ( as we all are ) who has developed being able to see 5 waves more easily in charts, as well as trading them as a higher probability trade setup within my trading toolbox. As always, if you trade any ideas the risk is all yours of any risk of loss. In trading you either make dust or you eat dust! All the best to everyone.
Long
by PipsTradingClub
AUDNZD catching a double bottom playAUDNZD Currency pair is more of a trade based on the AUD out preforming the NZD. With the NZD central bank one of the most dovish of the globs central banks—it is no secret then that traders view it as the most weak of all the currencies. So a buy or sell here is the belief that AUD will simply out preform / be the stronger or even less weak should the market go down then the NZD. On the weekly chart we have another pattern in play. There is a potential of a weekly double bottom so long as this weeks closing price holds above 1.0700–30 my blue horizontal line. On the daily we can say with a close on Monday above the blue line the we could also say there is a daily double bottom in play. In either case the projected move should price action hold, is simply an equal upward move from the bottom to the neck line ( the blue line ) or about 400-500 pips or around the 1.1000–1.1100. top red trend line. My strategy would be trying to buy off any retest of that neck line. Setting stops below according to your own risk tolerances and or game plan for stops. Profits would be targeted at completion of the pattern move over time. Because of the size of what could be a prenatal move and how early I’m posting about it, it’s one to watch indeed. My daily chart below If you trade any ideas, the risk of loss is all yours. Keep a look out for my updates. In life and in trading you either make dust or you eat dust. All the best in your trading.
Long
by PipsTradingClub
USDJPY looking to the next weeks open.Here is another Forex Trading snack. I know it’s Friday and late in the trade day by Friday’s standards, but it’s never to late to strategize and plan for a new weeks open trade. USDJPY has run up and started to show signs of slowing a bit. This could just be a rest before another push higher. Evidence that it might go higher early next week... Friday’s trade hasn’t seen traders taking profits ahead of the weekend. Not much of a pull back in price. ( but we could still see some as we head into Friday’s close in NY ) Price is still above the 21, and 50 moving averages on the 4H We are still above a Downward sloping channel trend line, and so holding the breakout of the channel, but more importantly still holding above the key 107 area that held price under it for quite sometime. And so I’d think any retraces would be bought. I’d be a buyer at or around 107.50-107.80 My stop just under according to risk tolerances. My targets 108.50-109.50 If you chose to trade this idea, you assume all risk of loss., In trading you either make dust or you eat dust! All the best
Long
by PipsTradingClub