glennhowell

glennhowell

See the big 4-hour candle rejecting the trendline from below? I've marked it with an arrow. That would have attracted a number of sellers, and price even drifted a little lower before sharply reversing over today's Asian session. I think we're going to see a move that takes out the weeks' highs. A stop-hunt if you like. Price doesn't have to get all the way to...

glennhowell

Price traded as low as 1.1268 on the shared currency yesterday, and managed to close the day at 1.1276. a mark below the 1.1300 level. I'm very interested in catching a move from 1.1300 down to about 1.1200. To do this, I'd like to see a retrace back to the 1.1300 level today or tomorrow, followed by some weakness as the bears move in again to defend their...

glennhowell Updated 

While I've only marked up some of the more recent interactions price has had with the 84.30 zone, its a level has proved to be significant in the past. Of particular interest to me is how price has behaved around this level over the last 8 or 9 months. Notice how from mid-August 2018 through to early December 2018, price bounce off that level three times - a...

glennhowell

Following on from yesterday's theme of confluence on CADJPY, I thought to continue looking at other cross pairs for signs of confluence (i.e., multiple reasons to take a trade, all pointing to the same thing). This one is a little out of character for me - I'm interested in a long, but price has been mostly going down. My reasons are: I consider the range...

glennhowell

The Loonie Looked Likeable for a short Last week and what I see now suggests that the trade is on its way. We finally have price closing below the supporting trendline, and (this is important) making a lower-low structure. I have picked 1.3150 as my line in the sand. I would like to see price close below this level (meaning we most definitely no longer have...

glennhowell

I decided to stay away from EURUSD last week, and I’m happy with that call. I now count two fake-out moves, one on a close above 1.1430 and the other last week, when price closed below 1.1300. Ouch. Either you attempt the trade the shared pair inside this range, or wait for a breakout and retest, with an example shown above (if the breakout happens to be to the...

glennhowell

Now here is a Yen pair that’s showing its hand. A lovely breakout over early November, an extensive consolidation below support at 77.30 and finally a push higher last week. NZDJPY is a market I’m interested in, and I’m going to be looking for bullish price-action at the 77.30 area to go long, as simple as that.

glennhowell Updated 

I'm going to be looking for a short on USDJPY on a close below the channel in which price is currently consolidating. First target at 113.00, potential second target 25 pips lower at 112.75 Momentum is clearly with the sellers in in the short term following yesterday sell off and further weakness today.

glennhowell

I haven't found Cable particularly interesting to trade over recent weeks. Intraday whipsaw movements largely as a result of Brexit negotiations have kept me away. It's one of my favourite pairs though, so I decided to take a step back this morning and have a peek at the bigger picture. And I think that bigger picture resolves itself quite nicely on the weekly...

glennhowell

I’m interested in a short on the EURNZD, playing off the 1.6700 level. We saw 1.6700 provide significant support throughout much of 2017. And then in six weeks, price fell a whopping 1300 pips back down to this vital zone from the highs back in early October. Is price bouncing here, or is it consolidating before another push lower? I’m going to let the channel...

glennhowell

Price is in an uptrend, starting in late September. It’s hard to argue otherwise. The lows marked 1-4 trend higher, and the highs I’ve shaded in green also trend higher. And yet here I am, considering a sell. Forgive me; it’s a very early idea. Notice the lows on the way up. The first “touch”, marked “1” doesn’t even reach the trendline. The second one wicks down...