glennhowell

glennhowell Updated 

I'd like to short at 1.9020 or thereabouts. Preferably with a retest and rejection on the 4- or 8-hour charts. Price continues to look very weak on this cross pair. First target at 1.8670 and if she still looks bearish, a second position targeting 1.8200 is in order.

glennhowell

I've over-layed the SP500 with a weekly USDJPY chart. We can see two significant bounces off the 104.50 level in the recent past, and we might be looking at a third. Coincidentally, the SP has bounced more or less at the same time as UJ. Causation? Correlation? Maybe, but who cares. Of course, the two markets are considered related. When the world is scared and...

glennhowell Updated 

I've been short USDJPY for sometime now (first position is about 200 pips higher than where we are now). And Friday's price movements suggest I'm still on the right side. In fact, I can go a step further and look for new reasons to enter more short positions. Retail Joe is, according to MyFxBook, 93% long on UJ. So we want to be short. How to add a position in...

glennhowell Updated 

On Friday we saw price blast through the 1.1100 level, clearing out the highs it has established during the week and closing strong. Long from here? The 1.1100 level is key for me. Any close below this zone would be a bad sign for the bulls, suggesting continued downside. However, price is holding above 1.1100 at the time of writing. It hasn't bounced yet - no...

glennhowell Updated 

Technically, I like Capitec for a short to medium-term sell down to R1095 (currently trading around the R1284 mark). First step is to wait for the weekly close. If price closes below the upper trendline I've drawn in, that would suggest that the recent highs just aren't going to hold. I don't expect an aggressive fall, but I don't see serious buyers coming in...

glennhowell Updated 

I posted a GBPCAD chart not to long ago, and I believe we have a similar if not better opportunity forming on the NZDCAD. Of course, the best trade happened early yesterday on a break of the consolidation (nearly 100 pips higher than price is currently trading) But if you missed it, as did I, fear not for the bigger picture suggests a lot more downside to come....

glennhowell Updated 

Chart says it all here. Big push higher, followed by a flag-like consolidation running since April. I'm very interested in jumping in on a long, for an initial target of 200 pips. However, if price does break higher, there could be a lot more in this one.

glennhowell Updated 

Love this 4-hour EURGBP chart. We've seen price fall hard off the recent highs, and the bulls haven't seen much recovery, just pauses on the way down. The structure to this trader is down + no where + down + no where and right now we're in a no where phase. Guess whats likely to be next? We could short down to the 0.9040 level a a first target, possibly extend...

glennhowell Updated 

After consolidating for seven days just above the 1690 mark, price finally broke through yesterday, closing well below that level. I like EOH for a short down to 1430 and then 1025.

glennhowell Updated 

Tuesday saw a massive rally in SHP - 9%, it's biggest rally in 22 years. The cause: A warning that profits would fall by up to 20%, but on flip side, a strong increase in sales in the South African market. By Friday morning however, the buyers had given back a lot of their hard fought gains. Switching to a weekly chart (an early call yes, the week isn't over) we...

glennhowell

I've been shorting the Aussie and Aussie crosses quite successfully over the last few weeks, enjoying the strong downtend the pair finds itself in. Yesterday's massive intraday reversal has caught my attention. Is this the start of a major trend change or just a pause before the selling resumes? And does it really matter? What is interesting to note is how the...

glennhowell

After falling nearly 500 pips in late July, the GBPCAD is setting up for what looks like a lot more downside. The pair has been consolidating since the 30th of July and I'm eagerly awaiting a close below the lower supporting trendline, with a view to short.

glennhowell Updated 

I wouldn't characterize the price action we see inside the channel as typical of a channel. Normally, price is choppy, we see a lot of wicks and alternating colour candles. Instead here we see expansive moves - moves up, moves down running for several days at a time. In fact, the downward move from March to May looks far more like consolidation, yet clearly had a...

glennhowell Updated 

I wouldn't characterize the price action we see inside the channel as typical of a channel. Normally, price is choppy, we see a lot of wicks and alternating colour candles. Instead here we see expansive moves - moves up, moves down running for several days at a time. In fact, the downward move from March to May looks far more like consolidation, yet clearly had a...

glennhowell Updated 

SATRIX's property ETF is a perfect instrument for just that. Price has been trending down for a year and a half. The 1575 level which provided so much support on the way down was broken over a month ago and is now acting as resistance. See those big old wicks on the upside going back through 2019? Those a rallies that were kicked in the teeth, turning into big...

glennhowell Updated 

This is a bit of a counter trend play - the longer term structure certainly remains up. However, we've seen price drop off rapidly last week and I don't see any reason why serious buyers would step in before 34000, or thereabouts. As such, a counter-trend short down to 34000 has my interest. At/if we see 34000, all bets are off. A failure at that level brings...

glennhowell Updated 

In fact, I think its on its way to test the Brexit lows. Retail is positioned 87% long on GBPCHF. And of course, price has been in a relentless free-fall. I'll be looking to short on an intraday level down to the Brexit lows.

glennhowell

We saw the 1.1060 level tested towards the second half of June with price mounting a 100 pip rally in response. Less than a month later, price was back knocking on 1.1060's door. Finally, on Friday, the level failed. Now, if you like to follow price around like I do, you were shorting last week already. But if you haveb't been following the trend, you're in luck...