If there was a place to attempt a short on the Euro it's coming up. If resistance is found from here up to 1.3950 then it's coming down. 15min chart confirms the setup with MA's crossed and Woodies CCI in negative territory.
Current zone is yesterday's support now turned resistance.
Ignored
Slight signs of resistance but nothing worth taking any positions yet. Still sidelined at the moment. Probably best to just be patient and play the break here.
Happy Father's Day to all of you which are Father's.
Thanks to any of you that have been following these trade signals too. I hope if you've been following them you have profited some or lots and not lost too much.
I'm sidelined tonight as we are waiting to trade any breaks on EUR/USD or USD/JPY on NY open.
James Chen's "Levels to Watch" is pretty much right on as to how I'm playing at the moment.
Nice channel with 335 degree angle's. We'll look to sell at resistance.
Ignored
Still waiting to see how things unfold. I may just wait for the 155 neckline to be broken to sell if resistance is not found on the top TL of the channel.
Still holding short usd/jpy from 95.75 and gbp/jpy from 154.85 ( just below broken neck line of H&S ). Probably hold them into tomorrow's NY session and possibly longer.
I see we had a hiccup last night and the Euro turned straight Bullish. Didn't get the chance to add to the shorts on usd/jpy or gbp/jpy but they are still bearish and pressing lows again. Maintaining course.
Let the gbp/jpy trade get away from me but still has a bearish chance. Daily shows otherwise as bulls fought a good fight today to reject 155. Good chance of seeing fresh highs past 162 now.
After 154.85 was broken and 154 touched I made a mistake by assuming the H&S pattern neckline was broken and didn't set a stop at a profitable level.
I generally don't use stops (only to lock profits & day trade S&R levels) and hedge when trades go against me. When trading with a current trend there is a good probability the trade will become positive again. The Hedges are 1.5 times the original position and aren't meant to be profitable unless market sentiment changes. This strategy is not meant for the weak at hearts but is effective and keeps realized P/L in an excellent position.
Lets see if we can continue to see the 50 day SMA cap the market as it has for the last 2 years. Stochastic oscillator is overbought on the weekly (20,5,5). DeMark is also signaling a possible turn.
Things are starting to look good for bears after today's NFP. Dow is looking bearish, euro, gbp/usd, and oil; from my technical perspective. We're still short yen crosses as resistance looks very clear with good risk:rewards for long term bears.
You can see that gbp/jpy has found resistance on the 52 SMA on the weekly chart with a head and shoulders pattern on the daily. The profit target is outside of the lower TL and would bring about a breakout scenario possibly creating the 5th wave with first target at 141.50 after 151. If 155 is supported again then we'll go into a holding pattern or retest 160-162 again. Lot's to think about going in to Summer. Public wants lower gas prices to travel and I think they'll get it THIS summer. I can just hear Mr. Burns' evil laugh in my head. Ya know.....Mr Burns, from The Simpsons.....Homer's boss that owns the power plant. Ok, I knew that you knew. Anyway, the next wave could happen sooner than we think.
Cheers
P.S. In the last couple of days I took some shorts but didn't post them so sorry to anyone that may be following this journal. I'll do my best to keep up but personal life and running a business takes precedent to posts. I posted a copy of last week's and this week's activity thus far.
Lets see if we can continue to see the 50 day SMA cap the market as it has for the last 2 years. Stochastic oscillator is overbought on the weekly (20,5,5). DeMark is also signaling a possible turn.
I just saw another thread that was giving signals on aud/jpy and wanted to give my opinion on it.
Price has retreated back to the lower TL and today's NFP bringing a slide in all yen pairs is giving bulls a heads up that they're exhausted.
Price has come all the way back up to the 50% retracement on the monthly chart in a nice fashion but economic woes still linger despite positive news on carry trades. This current level is critical to be held.
