forextraplaces

forextraplaces

If the price of AUD/USD declines to .6545 then it will have completed a solid M-Top pattern. This will also be a double top at .6573 where WR1 Pivot sits. All the signs are looking like AUD/USD BULLS left this market when the price returned to WR1 and now we should see AUD/USD BEARS take control. Curerntly the price is trapped between the 25 EMA and the 50 EMA on...

forextraplaces

Just like EUR/USD we can see an M-Top candle pattern has formed just below key resistance of WR1 on EUR/JPY. The neckline at 162.11 has been broken so I'm in SHOT on this pair. The pair fell just short of reaching key WR1 Pivot which is a concern so my STOP on this trade is above this level just in case we see some late buying in an attempt to hit WR1. The double...

forextraplaces

In the last hour we've seen EUR/USD break the neckline of a standard M-Top candle formation. M-Tops and W-Bottoms are highlu reliable structures and although they can be used in isolation its always better to see if they form at areas or lines of resistance or support. In this case we have RSI decling as well as MACD and yesterday pricehit WR1 pivot elevel which...

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AUD/CAD is carving out a classic M-Top candle pattern at resisance so a break of the neckline at .8850 will be a confirmed SELL. M-Tops and W-Bottoms are proof that you don't need indicators to trade. Indicators obviously help and I use them - but you don't NEED them. You'll be a successful trader if you just traded M-Tops and W-Bottoms. These patterns are...

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There's an M-Top pattern at resistance on GBP/USD. This is a complicated trade as the price is above all the major EMA's (25,50,100,200) and therefore could easily use these levels to move higher. MACD, Rlative Strength and EMA's are all in red numbers suggesting BEARISH pressure but the price nedds to break through the 200 EMA before a position can be...

forextraplaces Updated 

USD/JPY has hit resistance at 150.38 and is retreating south. There's a clear M-Top candle pattern forming.This along with W-Bottom's are 2 of the most relaible candlestick patterns you should look for. If the price declines to 149.82 then this will be our entry SHORT. STOP is above the recent highs and take profit is the 200 EMA on H1 at 149.40 though as ever...

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GBP/AUD is potentially carving out a W-Bottom candle pattern from an area of support and this pattern will be confirmed if 1.9332 is reached. The pattern will be a VW formation if price continues north. We have news out of the U.S. at 13:30 GMT this being the PPI numbers and at 15:00 we have Prelim UoM Consumer Index. The later release doesn't generally move the...

forextraplaces Updated 

Earlier I posted a USD/CAD SHORT trade which was unforunately blocked because of a TV house violation I was unaware off bit one that I fully understand. I had an initial target for this trade at 1.3492 which we have reached. There's no sign that this pair have finished selling off following the major Retail Sales shock out of the US. Core Retail Sales were...

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GBP has been weak since late yesterday and has steadily sold off and this sell off has been accelerated by the CPI miss this morning at 07:00 where the expected CPI reading of 4.1% missed by .1%. GBP has sold off aggresively since and there no sign that this sell off has finished. I'm SHORT GBP/JPY where price is breaking down support at 188.94. There's quite a...

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EUR/JPY is in the process of possibly carving out an M-Top candlestick pattern at a level of historical resistance. The neckline comes in at 160.74 which will be our entry. We are looking for a 1:1 trade so our STOp is above the last high and our take profit comes in at 160.24 though this is below the 2090 EMA on H1 and its likely that if the trade does trigger...

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USD/CAD has broken through the neckline of a W pattern and has the look of heading higher. The price is now above all significant EMA's that are now grouped on the H1 time frame and its the same story on the H4 time frame. With no significant news until tomorrow's US CPI numbers at 13:30 GMT , there shouldn't anything that would encourage USD/CAD BEARS so the WR1...

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We have a W-bottom formation at support on AUD/NZD. Looking for a 1:1 trade with the STOP at 1.0583 and TARGET at 1.0653. Little bit late in the day for opening positions so this trade may be closed early if there's signs of price moving sideways.

forextraplaces Updated 

GBP/NZD has hit a line of recent resistance from last week and appears to be decling from this level. This level coincides with the Pivot Point Supertrend SELL signal. On the H2 time frame the RSI is well into over bought territory reading 76 and we're alos at the WM3 Pivot so all signs are that GBP/AUD BEARS will enter here and attempt to drive the price...

forextraplaces Updated 

We've seen the Swissy under pressure across all pairs since the start of the year. I'm out of position SHORT GBP/CHF but still believing we're going to see alarge move south on this and other CHF pairs. EUR/CHF is now signalling a SELL trade on Pivot Point SuperTrend and although the Andean Oscillator is still waiting to catvh up, its no longer BULLISH and I...

forextraplaces Updated 

EUR/NZD has support from the 200 day EMA which coincides with the WPP mid pivot. This should provide enough support for a move higher possibly targetting WR1 (Weekly Resistance) at 1.7611 over the next several hours. The STOP at 1.7497 is under these 2 significant support levels.

forextraplaces Updated 

.9260 has held up EUR/CHF BEARS and the BULLS have made several attempts to push higher but have gained no traction. There are signs that this latest push may have more success. The EMA's are tightening in an upward direction so I'm LONG from .9298 with a tight STOP. Initial target is WR1 weekly resistance at .9348. If we get there and the BULLS remain incharge...

forextraplaces Updated 

With the start of week looking GBP BULLISH, then we would expect EUR/GBP to come under pressure. The price of EUR/GBP has hit the 50 day EMA and all the EMA's are headed south so I expect EUR/GBP to follow. Tight STOP just above weekly mid pivot at .8628 area and the target is WS1 weekly support at .8566

forextraplaces Updated 

The new trading week has started with all GBP looking moderately BULLISH. GBP/CHF is just above the 200 day EMA and the weekly mid-pivot so this is a good place to place a STOP. The target is WR1 weekly resistance coming in at 1.0864