jrashaadtrades

jrashaadtrades

I said, here , to pay attention to those wicks, didn't I? Well, price action was unable to break up through the Fib Confluence zone and broke below the trendline. Price is now in discussion with 50.0% Fib Retracement level. I went short @ 0.78567, currently up +43.1 pips. A definitive break below the Demand Zone & the 61.8% level will solidify the trend change....

jrashaadtrades

Following the traditional technical analysis rules, the symmetrical triangle is a continuation pattern. Two are currently forming, one on the YEN futures daily and the other on the USDJPY. Triangles are patterns which form during rangebound markets as buyers and sellers compete over price value. Traditionally those who in prior control of market direction win out....

jrashaadtrades

As per my last update on the USDCHF pair, price has come down and currently bouncing off of the bottom of the channel. Overall the Dollar is relatively underperforming, which I have been discussing for the past few week s. My LONG is still on and my target area is still in the green fib extension area, unless price drops out of the channel like a rock and/or...

jrashaadtrades

Continued sluggish performance by the Dollar is keeping it within a 550 pt Range between roughly 88.00 and 91.00. As previously mentioned, current market condition is a strong downtrend weakening and consolidating inside that relatively narrow range. This mornings Retail Sales announcement came in lower than expected, probably contributing to the continued drop in...

jrashaadtrades

Last Thursday I wrote about the potential trend change for the YEN , which has been dominant since November. If you're interested, go back and take a look at that post. We all know that Technical Analysis is an art and that fundamental analysis, while a little more empirical, still requires interpretation. However, price action fell right into my lap and I got in...

jrashaadtrades

My USDCHF LONG from 02.26.18 is panning out well as I'm sitting on +90 pips at the time of this writing. Ended last week with a Spinning Top on Friday, March 9, after breaking through the previous supply zone. That zone is now being retested and if if holds will become demand. Price is currently stalling around the 0.947 mark, which was also the HIGH for...

jrashaadtrades

As I mentioned here , the USD is looking to rally after a long downtrend. Currently she is sitting in a range, but has put in a few signs of possible upcoming strength. MACD recently printed divergence and the RSI is sitting right above 50 as of this post. Last three days have culminated in a Bullish Morning Star pattern and price has bounced off of area of...

jrashaadtrades

As per my discussion here and here the EURUSD is still ranging with price oscillating around the 1.245-1.235 mark. Although I'm not a huge fan of candlestick patterns, previous three days put in a Bearish Evening Star after hitting up against trendline resistance, area of supply, and the 61.8% retracement level. I've been short since 02.16.18 with several lots...

jrashaadtrades

As I mentioned yesterday, I am keeping a close eye on growing signs of YEN weakness. As stated in that published idea , a break below the current uptrending channel is just one sign of possible trend change. Since this has been a strongly trending market, a trend change will likely look more like a range, the duration of which is still to be determined. I placed...

jrashaadtrades

As I mentioned yesterday, I am keeping a close eye on growing signs of YEN weakness. As stated in that published idea , a break below the current uptrending channel is just one sign of possible trend change. Since this has been a strongly trending market, a trend change will likely look more like a range, the duration of which is still to be determined. I placed...

jrashaadtrades Updated 

Strong YEN dominance since last November showing ever-so-slight signs of weakness. Both RSI and MACD painting divergence. Trend is still BULLISH, but I'll be watching for a break below the channel if current demand levels do not hold. Also worth noting are the candle wicks in the supply area around that 0.0095 area which indicate several failed attempts by market...

jrashaadtrades

As I mentioned in my posts on March 5th and March 7th, the EURUSD pair is ranging, but some heavy downside pressure is being put on the EURO across the board. I don't like my current trades even though they are in profit, because I'm in violation of my own trading rules. I don't typically like to trade off of hunches, but I do find some comfort in the fact that...

jrashaadtrades

Last Friday (Yellow Triangle on chart) I pointed out that I thought the Franc would yield up some turf to the Dollar, which seems to be the case this week. Right now the Dollar is testing recent supply area. I've drawn in a new support trendline, but the Swiss is a hard nut to crack. Price action will need to close above area of supply resistance. If that happens...

jrashaadtrades Updated 

I'm bullish the dollar against everything save the Franc and Yen, though I think the Franc will give up ground within the next couple of weeks IF what looks like a preliminary Dollar rally holds. For now, watching this tight range. If demand levels hold, I'll be looking for a long entry with an initial target in the area of the Fib extension (green rectangle).

jrashaadtrades

As per my earlier post a few days ago, the recent EURUSD decline has been rallying since finding support around the 1.215 mark. Price is currently testing the 61.8% level off of the 1.255 high. At this point only two events really matter, either the EUR takes out the 1.255 high, or the recent USD rally continues its (rather slow) progress, forcing the EURUSD below...

jrashaadtrades

I've already taken profits off this USDCAD LONG. I previously mentioned the fakey pin bar printed last week as early BULLS were taking early profits. I'm looking for another 175+ pip to next target.

jrashaadtrades Updated 

See text in image. Happy trading.

jrashaadtrades Updated 

Last week's tariff announcement put a damper on the most recent Dollar rally. Currently facing areas of significant resistance, beginning this weeks trading with a gap down. I'm tentatively Bullish, only because the fundamentals sort of support it, however, the technicals which matter are still strongly support a Bearish dollar. We will have to wait and see for...