Big double top here. Look for the Dollar to rise along with US Equities, per the Nasdaq strength today....
If it's going to ascend, it should do so from this point. A long placed here with a stop at 12.5, exiting at the next cross down to the Kijun-sen from new ATH's would be a solid trade with only about $2,500 in risk.
Another possibility is a Head and Shoulders Pattern forms. If that happens one can enter at the lower line, called the neckline and place a protective stop at the upper line, the shoulder.
I bought at support and sold at resistance. Simple. The futures with 5x leverage gave me $3,500 overnight per contract. Trade small on short term timeframes and have a short exit strategy.
I don't trade against trend or make egotistical calls. I wait to see who dominates the market and go with the flow with smart risk managment
As long as the bulls rule, I'd go long at the arrow
Just crept above the channel as TV calculates it
The fractal, the mean reversion, and the trend channel all provide a perfect sweet spot for an excellent 7R setup to play out over 10 days. Enjoy.
Looks like the end of the channel trend, unless it closes with a wick today, but if this bar holds, Ichimoku kijen sen supports upside action, and if it breaks above the cloud, we should be looking at a multi-month buy.
If the green hammer holds, POP!
The recent highs have not breached the three-month high of 1.08289. So long as this level holds, we should see a decline coming right up... We are right up against it momentarily and so this is an opportunity to keep a very tight stop and lever up for major pull-back or to reverse and go long with a lot of clear sky.
There's no edge to UJ now. Bulls and bears evenly split. Wait and see...
GBPUSD touched a triple bottom support that began in October 2016. A bullish hammer candle set a nice stop area on the hourly and seems to confirm the range. The open interest on OANDA and the FX SI on DailyFX show a bearish indicator as this pair is 75% long. Also the highs within this range are slightly lower than the previous, so it seems smart money bets on a...