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Navigating The Market : Simplified #EURJPY Sept 2nd, 2019The EURJPY had been in a bearish trend. The Yen had been bid due to safe-haven flows thanks to Trump and China trade war. I also believe what is happening in Hong Kong does play it's part as well. Retail sentiment generally bearish on the Yen. The first thing happened after the Sydney open was price managed to break below and closed under last Friday's low (coincided with last week's low as well), followed by a bullish version of a dark cloud cover candlestick pattern (I genuinely forgot what its actually called!). There are plenty of sell stops recorded around the prices between 115.850 to 116.350. I looked at the order books, great % amount of opened buy positions there at 116.650 (the close price of that bullish candle), which I suspect 116.350 price is the averaged stop-loss price (Stoploss is a sell stop for a buy position, vice versa) Sell orders above market price right now, which logically would be the place for everyone to put their sell stops as well as bearish continuation trade. That's too obvious for me and I bet the institutionals would take advantage of that and take the other side of the trade. Look, it could happen (price reverses at 117.00-117.150, but trading is a numbers game, my personal record of statistics suggest it has higher probability that the price would just break that sell stops above market price) My game plan is to scalp a long trade if price taps into the sell stop around 116.350 to 115.580. If price continues to go up (without going down further at 116-115.xx) and respects the sell stop at 117.150-117.00, I will re-adjust my plan as that would be the classic continuation pattern for the underlying bearish trend. I do however anticipating the sell stops at 117.xx to be consumed and the price goes higher towards previous Friday's high. I will look to short if/when that happens. A further move higher right now ((without going down further at 116-115.xx) would be too bad because I want to Long EURJPY short term (because, as I've mentioned above, I am bullish Yen - in other words, bearish EURJPY) but i'm more comfortable if it taps into the liquidity pool.
by sufiansaid
Navigating the Market : Simplified #USD #CHFFriday low was broken coincided with an equal low few days before (check your own charts), if i was on my trading desk when that happen (price tapping in the green zone I marked) and my personal trading system triggers a Long signal, i would've been in.. well, it fits my criteria to enter a trade.(again, you would argue hindsight analysis.. but AGAIN, you mark these kind of levels in any pair, you would see it happen very often.. not always.. but very often.. and that is enough for me to be able to simply navigate the market without guessing work (which is bad in trading) That little retracement during NY session started with bearish engulfing candle. Reversal traders would have latched onto that with a short trade believing its time to enter a trade into the continuation bearish move started on the previous Friday. Personally I would ignore that bearish engulfing candle because I couldn't see any stacks of retail buy orders (and by right, we would be already in a Long trade anyway) What is interesting however, that little retracement was tested again the next day and formed the Tuesday Low (which for me is a significant price information). If theres equal lows on these day's low, then I qualify it as a valid potential liquidity pool. Everthing else after that is self explanatory (and i'm generally a lazy person.. writing this takes a lot of effort for me) /** This is not an entry & exit based trading strategy
by sufiansaid
Go Short as NZDUSD Pullback Reaches Supply Zone - Good risk-off opportunity as NZDUSD pullback after larger-than-expected rate cut by RBNZ - Kiwi to be pressured by trade war - In contrast to the RBNZ, the Fed was not as dovish as expected This week we saw the RBNZ delivering a 0.5% rate cut, 0.25% more than what the market had estimated, and said that rates might go into negative territory. The kiwi plunged across the board but still managed to rebound slightly despite such surprise. But with such a shock and dovish message, I think it is hard for this pullback to sustain. Furthermore, trade tensions are apparently worsening since last week. This will add more downside pressure to risk-on currencies (AUD & NZD). On the other hand, the Fed delivered a mixed message last week which was not as dovish as anticipated. Until further news is released regarding the Fed's stance on rates, NZDUSD should continue its march downwards to around 0.6380-90.
Short
by PipHike
forexTrdr USDCHF - RE SHORT ON RISK OFF AGAINMorning traders, Similar to our Euro versus Japanese Yen trade we are looking to get short US dollar against Swiss Franc on expectation of a risk off tone into next week from a combination of price action on equity indexes as well as what we have highlighted here on our trading view chart work. A combination of price action and trendlines is coming together to point towards a turn lower on USD versus Swiss Franc. Another clean and simple trade Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
Short
by forexTrdr
GBP/JPY - Neutral (Risk Off) Downward wedge 4 HR ChartWaiting on Japanese session reaction to GBP pullback. (PatiencePays) If there is a breakout off the downward wedge (Long position) Take profit 1: 140.000 (Resistance & just below 50% Fibonacci Retracement) Take Profit 2: 142.650 (fibonacci Retracement 61%) Fundamentals affecting decision: Long Position positive news on trade war negotiations and continuation in reversal of the DOW/S&P 500. Short position wedge continuation (Risk Off) Safe Haven Currency considering the uncertainty in the market.
by darrenkav25
COTD - 9th April GoldAfter a softer day for the U.S. Dollar yesterday we saw risk-off assets catch a bid, one of those being gold. Since February highs at 1346.74, we have seen the safe haven asset sell off and make lower highs, which have formed the declining trendline (seen by the black dashed line). However, in recent days with the U.S. Dollar softening, Gold has found some support on the $1280 handle and trade higher. Looking at the hourly chart at the moment it looks like we are finding some support on the daily pivot level at $1297.61, and we have just pushed through the shorter-term resistance of the previous high that coincides with the daily R1 pivot level at £1303.66 as the U.S. Dollar continues to soften into the afternoon. Something to be wary of is that of the potential head & shoulders formation that can be seen on the 4-hour or Daily chart for Gold. If we see Gold soften & the U.S. Dollar strengthens alongside the pair failing to push higher through the declining trendline and make a new high, then we could see it break the neckline of the head & shoulders as well as the 1280 support and trade lower. For the time being this remains purely on the watchlist as we wait for something to catalyse a move out of the safe-haven asset and give us a direction, but we remain primed with both bullish & bearish setups. FOREXCOM:XAUUSD FX_IDC:XAUUSD OANDA:XAUUSD
OANDA:XAUUSD
by Alex_GoMarkets
Bears holding the highs in USDJPYThe most recent break below 110.5 indicates that this sell-off towards the end of the Fiscal year is looking impulsive in nature. This is a result of combination of flows from Yen repatriation for the FY end and risk-off via Central Bank uncertainty, Brexit and Meuller (now cleared). Any pullbacks towards 110.2 and 110.5 should be considered corrective and countertrend offering great opportunities on the sell-side. The targets below for shorts come into play at 109.3. I am actively adding exposure on all pullbacks as mentioned. Best of luck for those joining.
Short
by ridethepig
Short USD/JPY via risk=> Here we are isolating the Yen once more and expecting a worsening outlook of US assets to continue which will raise the prospect of asset repatriation out of the US. Whilst risk may be rebounding temporarily as the FED attempts a dovish shift, and US-China trade tensions are likely to continue de-escalating, USDJPY will still like remain on offer amid broader USD weakness. Here we also expect the rebound in risk sentiment to be temporary rather than fixed, meaning JPY will see some inflows. If Japanese banks tighten conditions further we will have a greater incentive for real money to reduce their exposure in the US. The only risk here is if risk on sentiment stays supported and the US macro outlook improves. For those interested in more details on the "flash crash" please see our previous USDJPY weekly chart! Good luck and all the best for those invested in the US.
Short
by ridethepig
4
CHFJPY Confined in A Weekly wedge. Awaits breakout Momentum!The blue lines represents the support and resistance levels drawn from the monthly charts. If the price breakouts of the triangle in either direction the support or resistance levels next to them needs to be broken decisively in order for the technical aspects to be in our favour of the trade. shall there be any updates i will post them in a new thread. this just represents my outlook and analysis on this pair. if the technical aspects of this trade meets, i will post the entry and exit details in a new thread. cheers
by FX618Analysis
Bears (almost) ready to attack again... getting ready to swingAfter the flash crash we have continued to trade within a wide range. An important and very significant point is the recent euro strength after a dovish ECB is corrective following the completion of a large bearish triangle pattern. Support can be found at 124 and then 123.40. Below here would imply another top is in and add weight to the view that risk is entering back into the room. We are eyeballing a move eventually towards 122.75 which is the 38.2% retracement (not marked on the chart) of this most recent correction. To the upside, for those who believe in the immediate Euro bull story (not our view) we can see resistance at 124.6 and 125.10. Both of which are necessary to be taken in order to suggest a continuation pattern and imply a deeper recovery. Summarising, the range 125.10 - 123.40 is crystal clear and we see an opportunity in selling this correction as we believe there is still further downside to come in Europe before bulls come in towards the end of 2019. Best of luck to all those in positions here.
Short
by ridethepig
1
EUR/JPY Possible Sell Setup To start the new year off the Eur/Jpy cross confidently broke through well defined horizontal support and an ascending trendline. The pair then moved down to a low of 123.529 the day before the Yen flash crash. After the flash crash the pair put in a timid rebound that has stalled just below previous support turned resistance and consolidated into a tight range between the 50% fib retracement of the June 2016 low to January 2018 high, and the 38.2% retracement of the December 2014 high to June 2016 low. I stated in a previous idea that should the Eur/Jpy pair break through the support mentioned at the start of this post my bias would shift short, and nothing has changed. A break above this range will not prompt a trade as technically the trend appears confidently lower and fundamentally the recent data and sentiment out of Europe has been disappointing. In addition to this a risk off mood seems to be creeping back into the market as trade war concerns continue and global growth slows. With all this in mind there seems to be a definite lop sided risk to the down side in this cross with a defined technical pattern that we can use to take advantage of it with. The attached image shows potential stops and take profits, ideally a break lower occurs, followed by a rebound that enables us to enter our short positions. *This is not a recommendation to buy or sell, it is for educational purposes only*
Short
by MarkE
GOLD Facing Descending Trendline resistance. Likely to Break ItOh the crucial 1370 level that is preventing the yellow metal from going any further up. already tested more than 8 times in the monthly this barrier remains a concrete resistance for the yellow metal rally. Now looking at this, GOLD is most likely set to accelerate towards that crucial resistance again, but will it break it this time and rally northwards? it remains to be seen but at the moment we have a strong feeling that the 1370 level will be tested again in the near coming weeks and so why not take the advantage of this available chance first Have a look at the main chart that displays the weekly charts for the yellow metal. The price seems to be stuck in a triangle AGAIN and its facing the descending trendline resistance that needs to be broken so the price can go towards the 1370 level. Fundamentally this has high chance of happening as the pressure on USD mounts and SAFE HAVEN assets such as gold itself are being sought out heavily during this period. Technically however its best to wait until the price convincingly breaks the trendline and slightly retrace it before we opt to go LONG on this pair The above chart snapshot represent the yellow metal daily chart. as it can be seen there is a broadening top forming on daily charts and the price is already at the top ascending trendline suggesting that its ready to pull slightly down before making its move up again. taking all this into consideration we will patiently wait for the technical analysis to be in our favour before executing this trade. shall there be any trade entries i will post in a new thread with all the details. This is just purely analysis for the purpose of future signal.
FX_IDC:XAUUSDLong
by FX618Analysis