TheFudmeister

TheFudmeister

Efforts from the bear is now clear. After bulls pushed price beyond 166.00, bears pounded to close near session low. This does prove that we are in bear territory. Dailies are still showing higher high and higher low markings, indicating an intact uptrend. However, this is when I would favor a main bias of a short because price has been climbing higher highs...

TheFudmeister

We now see a stall in the climb in the dailies as yesterday's price action provided a lower high and lower low. However, because the price closed high than Friday's close, we cannot rule out strong bearish sentiment just yet. We expect price to go in a range for now. The play is to short near previous day's high and buy near previous day's low.

TheFudmeister

A solid rally back to 164.70 has been complete by the bulls. We now rests on the 61.8% retracement of the immediate bearish leg. Will the bears strike at this point? No bearish move will take this back to Friday's high of 165.50 and going farther will be very bullish.

TheFudmeister

Bears took over the remaining US Session last Friday to mark the close below 164.00 While daily trend seems progression with higher high higher low markings, price action last Friday tells us a different story. Considering we are in bearish territory with a bearish candle, my main bias is to go short near 164.50. However, I wouldn't leave out a quick bullish...

TheFudmeister

Bulls dominated bear territory as price hits above 165.00. In the dailies, the trend is evident with higher highs and higher lows. At this point, bulls who got left behind (including me), are scratching their heads on how to take the next trade. We need some correction to get in. So far, here are the closest significant levels, 164.50, 163.80 and 163.00. Even...

TheFudmeister

Bulls has managed to bring price to 164.00. Bears took over and has pushed it back down to 163.25. Using fibonacci retracement tools, I have marked key levels for bulls to take out and to support. The sell off of the bears from 164 to 163.25 has a 61.8% retracement value of 163.74. This is a level where the bulls should take out in order to push higher. So...

TheFudmeister

Bears tried to dominate during the Asian session but bulls have maintained their ground at 163.00. Dailies are clear of a bullish trend with all arrows pointing up - higher highs, higher lows. Main bias is to go long but with price having gone this far without a correction, who has the nerve to buy into it? We are in fact in bear's territory. My immediate...

TheFudmeister

Price has so far made consistent higher high and higher low pattern throughout today's session. It's like the bears just gave up and let the bulls plow through. While seems to be a positive development for traders on the long side, it should also serve as a warning. Never be complacent as tides can change when you least expect. Bears lurking around. More bank...

TheFudmeister

Bulls continue to dominate today's session. Price has been making series of higher highs and higher lows. It will continue to do so until bears make their presence felt at around 162.75 to 163.30, 164.15 and 166.00. Any compression at these levels may actually be an opportunity to short.

TheFudmeister

Bulls and bears played circus yesterday in a tug-of-war session betwee 161.85 and 160.75. It ended with bulls being able to let price close near high. Dailies is showing clear higher high and higher low patterns thereby providing bullish bias for today. The consolidation during the whole US session gave us bullish signals to buy into the breakout early this...

TheFudmeister

Correction was shallow. Price bounced off a little below 23.8% retracement. For several hours, it compressed to give way to clear signals of buy. From here, we can expect bulls to try to break yesterday's high of 161.85. If bulls are successful, we'll see 162.70 to 163.30 if not today, then tomorrow. From 163.30, we can expect the bears to come in.

TheFudmeister

Bulls overcame 161.40 for several hours during US Session and made price close near highs. They easily took out the day 2 high as well. We could be seeing a short-term turn to the upside. However, resistance remain at 163.30. This could probably the most that the bulls can carry through. Corrective price action has begun in today's Asian Session. Bullish...

TheFudmeister

Bulls have managed to take out Friday's high of 160.80. The next resistance to take out would be psychological 161.00 and 161.40. Taking out 161.40 would invalidate a possible bearish trend. We may see a short-term bullish trend upwards if 161.40 is taken out. Extreme resistance lies at 163.30.

TheFudmeister

Bulls protected extreme support at 158.25 last Friday. They came in strong to push back up to 160.00. In the dailies, we see the lower high, lower low formation so we continue to be bearish on GBPJPY. The only question now is at which retracement level will the bears come again? By plotting the fibonacci retracement of the whole bearish leg of Wednesday to...

TheFudmeister

Bears has suppressed any effort of the bulls to push price back up. That retracement to a shallow 38.2% yesterday was an indication of how strong the bears are. I tried to position ahead but lost toward the 4pm (GMT+8) close. I'm currently holding a single short position that I entered at breakout. Price will most likely hit extreme support at 159 to 158. ...

TheFudmeister

Bulls never came back even with central bankers adding more points to interest rate hikes. It is as if rate hiking has become a disappointment rather than a reason to greed. This morning, the Asian Session digested the negativity and pressed price down surpassing 160.00. This has somehow reinforced the bearishness in the dailies that signaled a lower high...

TheFudmeister

SNB Policy Statement is coming at 430pm (GMT+8). So far, what we have seen is a bounce off 61.8% retracement of the bullish leg from Monday. It is yet to be seen if the market will push price up.

TheFudmeister

FOMC Policy Rate didn't provide traction for the bulls to continue after price corrected. Bears took over to 61.8% retracement of the whole bullish leg from Monday. In the dailies, we see the continuation of the higher high and higher low pattern so this gives us an overall bullish bias. The only question for today is if the 2 policy statements today from SNB...