FXDAH

FXDAH

This has been, without doubt, the favourite trade that I have taken this year. The large part of my analysis was done on the daily chart, where I've drawn my head and shoulders (bear) price pattern on and I noticed bearish sentiment entering the market at the 1.99-2.00 level. This was confirmed by using the MACD and RSI indicator tools - on the MACD the faster MA...

FXDAH

Really textbook move from the EURNZD pair here. The NZD has had a weak fortnight or so but this double top that formed on the H4 chart demonstrated that some NZD strength was imminent. Price made a double top that lined up perfectly and I placed my sell-stop just above the neckline so I could enjoy more of the move. Further confirmation that a downside move was...

FXDAH

Interesting pair in terms of development at the moment, as highlighted on the daily and weekly chart, price is currently at a key resistance zone formed in December '19 and re-tested over the last week or so. I have highlighted several instances on the timeframe over the last few years where this pair has reacted very aggressively to meeting the last significant...

FXDAH

I usually like to stay away from gold but I saw a very familiar pattern form here. Gold had been volatile but was still trading within quite a well-defined range from about 1675 - 1750 ever since April. We got a clear move to the bottom of this channel/Bollinger band late last week with a nice wick indicating hesitance to drop lower. This confirmed to me that a...

FXDAH

Currently sitting nicely in this trade at +150 pips and there were a few elements enticing me into taking this trade. Firstly, after the freefall drop in the pair over recent weeks, we saw 3 consecutive daily candles line up with not much movement, their long wicks to the downside indicated reticence to drop lower and perhaps a change in sentiment and a...

FXDAH

I entered this trade late today just at the close of trading hours here in the UK. What I like here is a) the seemingly clear double top pattern we have on the daily and b) the bull exhaustion wicks we see at the apex of each of these tops clearly hinting at pattern repeatability and an incoming further drop to the downside. Here I have a nice tight 65 pip stop...

FXDAH

My initial bias at the start of the trading week on this pair was bullish, I entered a long position on Monday to buy as I saw a triple bottom had formed and I was expecting price to push up - and we got this on Monday where I caught a 150+ pip move before closing out. The next day I saw what looked like a huge reversal bar forming and realised that the...

FXDAH

AUDCAD has been a very interesting pair recently, one I've followed closely but not really been able to catch much movement on. Finally on the daily chart now, we can see price has approached a support level that has been in place since September '19, with several rejections from this 0.915 level and I'm expecting another rejection here with the formation of a few...

FXDAH

This pair has been trading within a fairly well-defined channel for quite some time now and the latest daily candle looks as though price is reticent to go higher and we have a nice rejection from the channel top and 200EMA indicating we are well set to go short here. We are at the channel top so this allows me a nice tight 55 pip SL and a 150 pip TP such is the...

FXDAH

As can be seen from what I've drawn, we have a pretty textbook inverse head and shoulders pattern forming on the daily timeframe (I always trade the daily, its candles contain the most data and its patterns are the most robust) indicating that a reversal move to the upside is imminent. This move has sort of been foreshadowed by the last daily candle which has long...

FXDAH

First time applying this new trade which I've been studying and back-testing over the weekend using the Bollinger bands indicator (I usually hate indicators but this seems to hold up). Essentially with the NZD I am looking at a currency that has been oversold and even breached the lower band by quite a few pips. hence, I am trading the retracement back to the...

FXDAH

This pair has been trading in a fairly robust horizontal channel range since mid March and the market has obeyed this channel range nicely. NZD suffered heavy losses across the board on Friday represented by the HUGE bearish engulfing candle here which is preceded by several more bearish candles in the preceding days. I will not be entering this trade myself as...

FXDAH

Clearly over the last few weeks this has been a market with very low volatility and I think this is partly because we are trading at a very key level of support where the market is very reticent to dive lower than the level we're currently at. This is reinforced by the candle wick two days ago which was nicely rejected and price closed in and around this...

FXDAH

On the daily we can see that EURNZD is trading within a descending channel back down to pre-pandemic levels and the 200EMA. We have reached the apex of this channel which makes for a great trade set-up as it gives us a 3:1 risk reward which is something I will take every single day of the week. We have created a systematic sequence of lower lows and lower highs...

FXDAH

The support line drawn, and where the market lies now, has held firm and has seen a nice bit of suspension at several instances in the past so mainly trading on market memory here. This support held on March 27, earlier last year in October, and also at several other times like October 2017 so I am expecting the same again. Also recently we've seen a few bearish...

FXDAH

I am drawn to this trade purely by its risk:reward ratio. The pattern isn't absolutely textbook nor is it that strong, but it looks robust enough for us to see an upside reversal imminently. We saw a similar pattern in the New Year which I have highlighted in the chart where we got a 200 pip movement up and I am hoping for the same here. In essence, price has...

FXDAH

NZD had a strong end to the week but having said that it is still obeying structure and the daily wicks have been rejected really nicely within the ascending channel at key resistance levels where it seems we have formed 4 consecutive tops in and around this level, and by extension I am expecting a fifth to form with a small retracement down to the channel bottom...

FXDAH

Price has found decent support at this level numerous times and has obeyed it will, often catapulting it to the upside with minimal risk making for a very nice trade set-up here. I know the last daily close was strong bearish but nonetheless it obeyed the key support almost perfectly which is why I am happy to go long at market looking for an instant reversal to...