This is a trade I would have been in on Friday, were in not for my 'no trades over the weekend' rule. This is a position trade based on the bullish engulfing candle as seen within a daily demand zone. This supports the trade as a key confluence in line with my swing trading strategy.
Looking to play back up the first wick range. **NOTE *** I have taken this trade...
Daily demand zone around 175 held firm, with the stock currently in consolidation. Weekly timeframe has been creating higher lows. First target is 190 (1:1 Risk reward). Plan on taking 70% profits and letting the other 30% run.
UJ closed the week little changed, just pips from mondays open. This is no surprise after the previous weeks huge drop away from May's highs. Next week holds a lot of events that could cause a 'RISK OFF" sentiment, thus give the yen strength / USD weakness. The US faces some uncertainty with important data out on Tuesday, Wednesday, Thursday & Friday, Elections...
Next week holds a lot of events that could cause a 'RISK OFF" sentiment, thus give the yen strength / USD weakness. The US faces some uncertainty with important data out on Tuesday, Wednesday, Thursday & Friday, Elections in the UK continue to cause volatility due to polls tightening, Chinese PMI (which often causes market reactions) is released, and potential for...
Yen weakness over the last 2 weeks can be linked to low implied volatility (VIX), which is also reflected in other Yen cross pairs. US data continues to fall short of expectations, with the CPI and retail sales data disappointing on Friday, leading to the pullback seen off a daily resistance area.
Renewed North Korea missile tests over this weekend will likely...
UJ remains in a long term down trend on the daily. In addition, the 'Sell in MAY' hypothesis may be relevant for the pair giving more downside.
Looking at price action, we are sat around a key zone. If UJ breaks to the upside, I believe the highlighted black area will hold based on previous action and the fact it represents the 0.5 - 0.61 FIB level, thus push...
This trading week has been completely unconventional. Much easier than normal with mahoooosive downward bias being respected. Literally able to sell any form of rally and catch some easy PIPS.
What do I think next week? There is not much precedent to base this on due to price not being this low since November 2016. Currently sat in a BIG demand zone but will be...
1 hour failed to break over the zone, whilst 15 min closed with a pin bar. Price failed to break the zone on the last 3 occasions and according to normal market structure, it will fall back into the defined range. SL is above the high of the 15 min's wick and SL at 9 PIPS. 2 positions taken.
Long FTSE. In a zone buy upward pressure is apparent and it respected the 5 min trend line. Believe it could go up to 7380 but looking for 7360 as a TP level. SL below the trendline in case of a re-test. GBP looking weak on a daily outlook with 1 hour showing exhaustion
Again, looking at the characteristics of this weeks trading and looking to understand WHY things happened as they did.
FTSE100 is sat on a key level and therefore Monday's open will be crucial in determining the range for the remainder of the week!
Trying to understand WHAT happened in this weeks trading sessions and more importantly; WHY?!
I am now focussed on nailing this pair and will be posting ONLY USDJPY Forex analysis alongside FTSE100!
Study more than you trade!!
4 hour rejection off a supply zone, 1 hour POSSIBLE rejection of the zone, but an ascending triangle is formed on the 1 5min chart. It is worth noting that the US futures are DOWN though
This pattern of higher lows pushing against a resistance zone and therefore, in line with the usual structure; would indicate a continuation of a bull trend.
The size of the...
Symmetrical triangle on 5 mins pointing to break. 5 min candle closed above it so position taken. Although SL is below the base, could fail to break the small resistance level.
If it does break, look to upper resistance around 930
Over night sell order. There is a bear flag pattern on the 5 min. Used a sell order below previous low with a 10 pip SL and 20 PIP take profit. Hoping to hit it overnight!
Wicks forming that look to be a sign of a fall, but as no lower-lows have been made so far,
could just be a consolidation before a push higher again. Waiting for the 1 hour candle to
form and provide a direction.
Short USDJPY out of a supply zone. 1 hour candle closed with a huge upper wick, whilst 2 15 min bear candles look like downward movement. Nice tight SL above close of previous 15 min candle and aiming for 10 PIPS
