SteveTobin

SteveTobin

I am already short here, when i took the trade I pointed out that a medium trendline was below and that it was the main concern regarding the trade. Price action has brought the pair to the trendline, a break here would give us potential for a significant downward move. I am currently short the NZD v GBP, AUD and JPY. They are all well in the money, the GBP...

SteveTobin

Took a short position at market open this morning. I had to make room for the trade by closing a AUDNZD long and a GBPNZD long (netting 1800 pips in total). This pair is only just making its break and I think it might move a long way. The market reported huge Yen shorts via the COT report, that often signifies a turning point and a general risk aversion move...

SteveTobin

I have been working on the possibility of going short here but the technicals are just not right yet. I wrote a short study which you are welcome to read, I do that for all trades I am thinking about it helps to concentrate the mind. drive.google.com I would love some feedback on the trade write up if you have chance to read it.

SteveTobin

I decided to book some profits as this trade passed 1000 pips, RSI oversold and MACD a slight bearish turn means a small adjustment is likely going forward. The remaining 1 and a half trades remain open target stil 2.4. I will add to the trade if a pullback occurs. Stop loss moved to zero. I also close half profit on AUDNZD for 500 pips

SteveTobin

A significant daily change breaking a small trend line presented a good opportunity to add to my existing GBPNZD long. The original position sits at +600 pips. The new postion was activated at 2.14 stop at a daily close below 2.10 target 2.28. NZD rate decision tomorrow, it is a close call if they will cut rates or not so expect more volatility from this crazy...

SteveTobin

Earlier in the week I published a Point and Figure chart showing the potential for increasing my existing long on AUDNZD. The criteria stated were met overnight and I opened a new long this morning. The chart shows both longs, the first is at +300 pips and the second has pretty good risk reward. The stop will be activated on a daily close below the resistance of...

SteveTobin

This mornings close completed a head and shoulders pattern and broke out of the Kumo cloud. Point and figure 1 box reversal showing catapult buy signal. RSI is trending up but not oversold and MACD has just had positive crossover. Fundamentals here look good, Euro data is very strong at the moment repeatedly beating forecast even inflation is on the up. CAD is...

SteveTobin

The AUDNZD long trade I published a few weeks ago has made good but slow progress. These highly correlated currencies have low volatility relative to each other. I still believe the pair has made a major change in trend and will be looking to increase the trade size should the pair complete the pattern forming on the point and figure 1 box reversal chart...

SteveTobin

This long trade is now two weeks old and is making excellent progress. Currently +400 pips with the possibility of increasing the trade looking quite likely on a close above 2.20 (still 500 pips away). I have not been able to move the stop loss yet which is one of the negatives of my long term strategy. I expect this trade to last several months or longer and...

SteveTobin

I opened a long trade when the market opened this morning. GBPNZD appears to have completed a longer term turning pattern, could be H&S or rounded bottom depending on your interpretation. Targets are measured from the Head of the pattern. As always with this pair volatility is huge meaning big stops! My investment horizon is always long term and I hope to be...

SteveTobin

USDCAD trade now 4 weeks old and is continuing to trend slowly lower. The pair tried to mount a recovery on Friday but ended up putting in a bearish shooting star candlestick at the previously identified trend line. The first target from the measure to of the head and shoulders has been met however I am continuing to hold short, a break of the right angle...

SteveTobin

The GBPNZD may be about to break out of a multiyear congestion pattern. If the pair can hold this value over the weekend I will consider a long position with an unfortunately wide stop. MACD, RSI and ROC are all trade positive as is the point and figure charts. The daily chart is very positive but is oversold

SteveTobin

This USDCAD short has made good progress over the last month, it has now formed a bearish right angle triangle after completing its head and shoulder pattern. Interestingly the bottom line of the RAT coincides with the measurement from the top of the H&S and a previously identified resistance zone (see attached image). A break lower here offers significant...

SteveTobin

The trade opened at 1.05 is now up close to 300 pips. The 3 box reversal point and figure chart is signaling a buy signal with a close above 1.08, the 1.08 coincides with a break of resistance on the standard candle chartset some time ago, I will be taking the trade should it materialise. Existing trade set up is linked. Please note 3 box reversal systems...

SteveTobin

I am just beginning a study into the USDMXN, I have stayed away from these more volatile pairs for a little while however the technicals are beginning to look quite good. The pair is approaching a break of trend-line on the daily chart having completed a bearish engulfing candlestick on the weekly. The MACD indicator has turned lower and is quite close to zero, it...

SteveTobin

I am a longer term forex trader trades typically last 4-12 months. I have taken a long here, I am very concerned about todays election but the weight of technical analysis convinced me to take the position. The point and figure 3 box reversal chart is my preferred measure and it signalled a buy trade at market open. This signal is confirmed by a cloud break and...

SteveTobin

New trade taken at market open. Pair closed at 1.05 this morning clearing resistance denied by the Kumo cloud. MACD signal line moved above zero a couple of days ago and RSI is in a strong uptrend. RSI is rather close to overbought and on standard measures is overbought however I use 74 not 70 as the figure, research suggests this is a better figure. Point and...

SteveTobin

The USDCAD trade is now 17 days old and is making slow progress. After riding out a bullish candlestick pattern last week I have been able to draw the first bearish trend line, this is always a good sign, it means a lower high is in place adding extra confirmation to the bearish scenario. I consider myself a forex value investor and trades typically last 6...