SteveTobin

SteveTobin

The Monetary Policy Committee voted to keep rates unchanged in the UK but the big news was that the vote changed from 7-2 to 6-3 with one extra member voting for a rate hike. Seasoned traders will know this means very little if anything at all, the value of the pound is unlikely to get a meaningful boost from this piece of news indeed it has all the symptoms of a...

08:30

SteveTobin

This is the second short video trying to explain how to count elliott wave. (perhaps I should say how i count EW) The videos are all using the S and P 500 as a base case identifying past opportunities and perhaps giving an understanding of when future opportunities might arise.

SteveTobin Updated 

The USD is trending higher against all pairs at the moment. I am already long the dollar v AUD (stop at entry) and v MXN (currently underwater). Opportunities to buy the dollar continue to present themselves and because the AUD trade is risk-free I am prepared to take one more but I will tread carefully I don't like trading highly correlated assets. This...

SteveTobin Updated 

The AUDUSD is shown here with a reasonable wave count that shows the likely target of a move lower, break of the black line marking the recent low confirms the bearish view suggesting that price can move to the area marked by the blue wave (C). What is interesting is that the GBPUSD is showing almost exactly the same wave pattern, this is quite rare as the...

SteveTobin Updated 

I am already short AUDUSD, I was assuming that the pullback marked a-b-c circled, would be the extent of the pullback and the pair would then move to a new low. However as is often the case the price action seems to be tracing out a larger pullback where the a-b-c was just the first leg of a larger move higher. This larger move labelled blue W-X-Y is forecast to...

SteveTobin Updated 

This indices is looking good for a long, it needs to break above 6150 (red line) to confirm the bullish trend. The ASX joins FTSE, NASDAQ and russel that are leading the way as the potential for a risk on move continues, short term the yen pairs are heading lower so this may take more than a few days to become a trade. I have given the pair a wave count but it is...

SteveTobin Updated 

Another opportunity to buy this emerging market pair, this morning the first attempt closed at break even (link below) as a larger pullback has developed. I have changed the count from an A-b-c pullback to W-X-Y a double three as elliot called it. I like this pullback more as it allows the price to retest the trendline that has guided this move higher, there are...

SteveTobin Updated 

NZDJPY has confirmed its bullish sequence with a new high, i am always looking to buy pullbacks against a trend and this pair has just pulled back a reasonable amount. I have entered the trade according to the prices on the chart risking 2% at 2.5:1. The yen pairs follow the indices quite closely and with Nasdaq making a new high today this trade has a reasonable...

SteveTobin Updated 

I have taken another USDMXN long, the pair is in a clear uptrend and has been for some time. I have been buying and trying to buy every pullback that takes a nice structure and allows stochastics to reset. It is a really simple strategy I use, find assets that are clearly trending and keep trading the direction of the trend. I try to buy every pullback using risk...

08:50

SteveTobin

I have decided to publish a series of videos trying to explain how to count waves and use them in trading. This is the first one the 5 wave impulse and leads to the conclusion that I cannot yet trade the S and P 500 but a trade is coming as we are expecting more upside. The FTSE has already made a new high meaning that wave 4 low is in place there, follow the...

SteveTobin Updated 

The search for tradable assets is the most important part of trading, I constantly look for trending assets and look to buy any pullback. The indices in general may have put in their low, (that is not clear everywhere only the RUSSEL, FTSE, ASX and Nasdaq have put in a new high following the pullback which began in January so a move lower in all of them cannot be...

SteveTobin Updated 

I have a really simple strategy that is based on what i trade not how i trade it. I look for assets that have a clear trend and then buy any pullbacks against that trend. This keeps me on the right side of the trade which is the most important thing in trading. I have tried every technical and the truth is they all work when you have chosen the right asset and...

SteveTobin Updated 

AUDNZD appears to be at the bottom of a triangle pattern that has defined the pair for more than a year. It touched the bottom of the boundary and has since put in a green candle, a second one today may confirm the bounce. I have entered long

SteveTobin

The pair has just bounced off the turning point I calculated using my wave theory.I have taken a really small position because the bigger trend is still down and this move could turn out to be asmall bounce higher before the tredn at higher degree resumes. always take bounces at my turning areas, must have faith in what you do allthough my faith is being sorely...

SteveTobin

The Euraud has broken a trendline that has been in play since July 2012. I waited until this morning to place the trade to get the Australian rate decision out of the way. As always I have placed two trades, the first with a target of 100 pips the second with an open target. The trades will close if the weekly chart closes above the pitchfork. Existing weekly...

SteveTobin

Muddy Waters yesterday announced a short position in St Jude Medical (STJ). The basis for the short is the apparent vulnerability of St Jude's pace makers to cyber attack. Muddy Waters say they have been able to replicate attacks shown to them by cyber security experts. The devices can be made to speed up or power down, the whole ecosystem developed by St Jude...

SteveTobin

I often trade these baskets of currencies, they seem to work well. This one is a mix of AUD and NZD against the JPY,USD and CHF. A classic risk barometer. The weight of each currency in the basket ensures that the dollar cost of 1 days movement (ATR as a proxy) is equal for each of the constituent currency pairs. These trades tend to be longer term lasting...

SteveTobin Updated 

I return to the trade of 3 weeks ago (profit of 126 pips made). The USDCAD has again broken through the symmetrical triangle and the fundamental data at the end of the week (good US poor CAD) give this trade a bright outlook. I will open to trades at market open first has a target of 126 pips (1 ATR) second will have an open target, stop loss will be set at 1:29....