selfrighteousgambler

selfrighteousgambler

I messed up the original post for this so I am trying again. The Canadian Dollar has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140. Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red...

selfrighteousgambler

The US Dollar has rallied strongly against the Sterling in March. There is a sense that the dollar is over-stretched and might see a correction. This is a longer-term trade and supposing this pair falls away in price from the current high, a possible area to buy is the demand zone @~0.66450. Any move from here may see a bullish extension to ~0.70000. Potential...

selfrighteousgambler

January and February saw the Canadian Dollar fall to below 0.52000 against the Great British Sterling. March has seen some revival as the pair is correcting itself - possibly to a 50% retracement of the down move. This move should be halted by the supply zone marked out by the red horizontal lines. We should see a bounce off this area. The March move is...

selfrighteousgambler

EURJPY has been fairly predictable thus far but its latest down move has thrown two possible moves into play. Refer to my EURJPY short @ ~134.500 to see what I mean. The down move isn't as strong as I'd like it to be. So I believe there could be a final reversal back up to ~134.900 which would complete a Gartley. Of course, it is a bit early to suggest that this...

selfrighteousgambler

FTSE100 is the index of the top 100 companies in the United Kingdom by market capitalisation. It is used to gauge the prosperity of UK businesses. It has been touted to get to the lofty heights of 7000+. And having broken the record high set in 1999, analysts are more certain. You'd never have guessed from last year's trading though. So, a H1 supply zone has...

selfrighteousgambler

FTSE100 is the index of the top 100 companies in the United Kingdom by market capitalisation. It is used to gauge the prosperity of UK businesses. It has been touted to get to the lofty heights of 7000+. And having broken the record high set in 1999, analysts are more certain. You'd never have guessed from last year's trading though. So, a H1 supply zone has...

selfrighteousgambler

GBPNZD has been working its way into a descending triangle for a while and should be coming to the end of it now. Descending triangles at the end of big extended rallies usually lead to a collapse in prices. We should a rally soon. Hopefully to the top of the triangle so we can get more pips as it breaks the overly tested area @ ~2.03400. The supply zone @...

selfrighteousgambler

I have been following GBPUSD since the last week in February (24/02/2015) and got in on a short (with a limit order filled on 26/02/2015) of the pair @ ~1.55500. I racked up 140 pips by the end of day but I locked in 110 pips and let the market kick me out. The market is moving back towards the bigger picture demand zone below @ ~1.52480 which should see a...

selfrighteousgambler

AUDJPY has been in a downtrend for months due to a weakening Oz economy (in recession). The Aussie has strengthened this year climbing to the 0.50 retracement of the last downswing. The current upswing has taken out intermediate supply on its way up and is now getting to the 0.618 level which coincides with an intermediate supply zone @ ~94.160. the rally into...

selfrighteousgambler

USDCAD has been consolidating in a descending triangle similar to the EURJPY one that was broken out of last week. The descending triangle suggests a break down of prices. There is an overlap of intermediate supply zones and the downward sloping trend line which suggests confluence and gives confidence in the play. Price should break out strongly out of the...

selfrighteousgambler

EURUSD has seen a significant drop after the rally that occurred during the Greek elections. This formed a bigger picture demand zone for the EURO. The intermediate supply zone highlighted has a lot of PA in the area, so it may only hold through one retracement back to the level. The next time price gets to the bigger picture demand zone, it will be the first...

selfrighteousgambler

After breaking out of the descending triangle as I pointed out in the last idea, prices should now climb back to the ~134.500 area to "test" the previous intermediate demand zone. Should the zone still be imbalanced another push to the downside is likely. This level coincides with the 0.50/0.618 of the previous down move and should head to ~132.500 if not...

selfrighteousgambler

Price has been moving lower recently, creating a descending triangle (bearish pattern). Intermediate supply zone @ ~135.210. Reaction from the area should hopefully bring about a drop in price. Distance of drop should be equal to width of triangle (all things being equal). Possible target, 134.000. The zone @ ~135.580 has been tested a few times and should be...

selfrighteousgambler

After gaining 100 pips in the last two days, I expect there'll be some form of pullback. There are two supply zones that are now acting as intermediate demand as price rallied away from these areas. The move away from ~0.50800 isn't particularly strong as it runs into a supply zone about 10 pips above. The ~0.50600 zone is more reliable (in my opinion) based on...

selfrighteousgambler

AUDUSD rallied away strongly from ~0.77400 on its way to the 0.79000 mark taking out intermediate supply. If supply has truly been wiped out and demand is significantly higher at ~-0.78300, price should rally from there. Using Fibonacci tools for targets, the 0.78300 area is also the .50 of the initial up move. This suggests an extension to the 1.618 is likely....

selfrighteousgambler

AUDGBP turned around dramatically at 0.50000 as there was obviously demand in that area. The question is, how strong is this zone? Is it strong enough to take another bout of supply? Will it rally again? The recent down trend has wiped out all intermediate demand and formed new supply areas to watch out for on the way up. If this works out, reward is anywhere...

selfrighteousgambler

Bigger picture supply zone formed around 6960. Intermediate zones have been formed within this zone. Zone is not fresh but is "in control". A rally back to 6940 might see a short with 3:1 R/R ratio depending on the arrival back to the zone.

selfrighteousgambler

Heavily traded area on AUDUSD around 0.78300. The fall from the zone (due to strength in the dollar) suggests some selling pressure that may not be exhausted. If there is no demand at 0.78300, a possible short could be in order. Profit margin is determined by demand zones formed on arrival.