jrashaadtrades

jrashaadtrades

Monitoring AUDJPY potential short trade. A break and solid close below 91.958 would trigger an entry with an approximate target of 490 pips.

jrashaadtrades

Entry: 1.6420 Stop Loss: -550 trailing stop Target: 1.5870

jrashaadtrades

Classic Bearish H&S Pattern forming on USDCAD. Looking at for a correction down into the 61.8-78.6 area before rallying back above the recent 1.31 high. This may take several weeks to develop, but the Dollar looks to be making a recovery.

jrashaadtrades

Been away from the charts for a little over a week finishing up exams. Took a LONG position on USDJPY yesterday and am looking for ~275 pips. Currently up 130 pips. Countertrend trade, but the Dollar seems to be making a significant move today.

jrashaadtrades

After yesterday's post-FOMC Dollar slump, the GBPUSD could be setting up for this Bearish Cypher. It's a LOW PROBABILITY set-up, so I won't be placing any trades unless we see a definitive bearish candle within the next few days. Price action is now testing areas of supply, but retail sentiment is still short which indicates that price might continue to climb.

jrashaadtrades Updated 

Update from my SHORT AUDUSD call I wrote posted here , currently up +340 pips across the two lots as price is nearing the target area of the 3 Drives Pattern I drew in here . On March 14th I absolutely nailed the coming decline . Do yourself a favor and check out that post. Confluence : Relevant confluence around target area include the 78.6% retracement,...

jrashaadtrades

FOMC meeting later on today and market is in a holding pattern in anticipation of likely rate hikes. Price action has been very narrow and tight, typically indicative of a impending sharp move out of the range. Technicals support upside for the US Dollar, although seasonally the asset typically sells off March through June. Keep in mind that the trend is still...

jrashaadtrades

Considering this potential 3 Drives Pattern, the Canadian dollar, which has been falling since September mightbe poised for a recovery. I've closed out all my USDCAD LONGS in profit and will be monitoring price action for the Looney against the basket of other currencies for potential LONG setups.

jrashaadtrades

Three areas labeled in the chart could serve as support for the falling EURUSD. 1). Area around the center of the descending channel. 2). 50.0% Fibonacci Extension 3). 61.8% Fibonacci Extension and round 1.22 level. I'm still short 3 lots and up +200 pips across them in total. Will keep a close watch as this is a countertrend trade, although trade sentiment...

jrashaadtrades

Dealer intermediaries have been long the EURO since reaching a 3 year Bearish extreme @ -272,000 contracts. Currently price is in a range and the long term uptrend strength is showing considerable signs of weakness. Of course, the trend doesn't change until the trend changes, so taking speculative shorts in a prevailing uptrend is risky business. With that said, I...

jrashaadtrades

1 Lot Profit taken off of USDCAD LONG from March 12th @ 1.28385 and closed @ 1.30944 for a +255.9 pip gain. Not a bad haul. Still in with 1 LOT and monitoring price action, which has hit resistance at 1.31 mark corresponding with the 61.8% retracement off of the May 2017 high. Price did breach the most recent Weekly Supply area and I'll be watching how it performs...

jrashaadtrades Updated 

Just to update my targets for the earlier AUDUSD post from today, here . I'll be looking to take out at least one lot somewhere between 0.765 and 0.760 off of a nice little Three Drives Pattern. This is if price action breaks down below the recent Demand area (blue rectangle). Technical aspects of interest around that area include the 78.6% Fib retracement as...

jrashaadtrades Updated 

Aussie Bulls pushing price action up over the last week. AUDUSD bounced off of the 61.8% retracement from December low to January high. Currently hitting resistance at fib confluence and supply zone around 0.79. The wicks on yesterday and today's candles suggestive (ONLY suggestive) of rally exhaustion. Seems like there might be a lot of sell orders around the...

jrashaadtrades

After informing my readers (the list is short but hey, you gotta start somewhere, right?) to watch the wicks on the 03.13 and 03.14 price action , that it looked to me to be Bullish exhaustion and so I went in with two short lots, the first at 0.78603 and another at 0.78531. Currently sitting on +260 pips in open trade equity. I'll be back shortly to update my targets.

jrashaadtrades

Update on my USDCAD LONG trade, the latest trade placed on March 12th @ 1.28362, right before the trendline break which I had previously wrote about here . Price subsequently broke above that trendline and I placed an additional LONG order @ 1.29675. As of this writing I'm sitting on +190 pips, having already pocketed +350 across several lots from the beginning...

jrashaadtrades

I've been writing about the USDCHF since March 2nd , where I mentioned that the Swiss looked like it would start giving up ground to the US Dollar. My analysis was correct and I've been LONG the pair with at least one contract since February 26th at 0.93878. Currently sitting on +127 pips profit and nearing my Fibonacci Extension Target Zone (Green Rectangle)....

jrashaadtrades Updated 

Having pocketed +350 pips across several USDCAD lots, I'm waiting for a high-probability set-up to get back in long. For me, that would be a decisive break above current trendline, which was put in place last week as Dollar Bulls pulled profits out of the market. Currently, support is at the 1.28 mark as price action failed to break through the area of supply...

jrashaadtrades

Update from USDCAD LONG, which I wrote about here . I was anticipating a break above the trendline which took place on the 13th. Price action has pushed through the 50.0% retracement level from the May-September bearish swing. My target is @ 1.31290, which corresponds closely to the 61.8% Fib level, which is also the 1.618% extension off the January 31st low....