No Brainer Trades

Ya I like a long on the USD/CAD at 1.1470. After it broke through this level it should come back down and touch S/R

Last week, we were discussing the best times to use double zeros.

I argued: Not when price is making recent new highs and new lows, but rather, when price has been 'sloshing around' the zeros for a while and is already in an underlying trend. Today, I caught a good example of this, and thought it was worth mentioning here.

EUR/USD found some uncharacteristic buying pressure early in the US session today and make a quick attempt for the zeros at 1.3900. They worked this time, and priced faded, as we've seen many times before in this kind of situation.

I'm not a fan of using double zeros when price is making new highs and new lows. Others might argue, but typically you'll see a stack of retail orders lined up around these areas (eg to sell in an uptrend) ready to get taken out and feasted upon by an eager crowd of overeager buyers.

Unless there is a strong reason around these areas (when price is making new highs and lows that haven't been seen in a long time) in the form of some fierce support and resistance or other major retracements, will I usually look to fade them.

Another great post, Sir Steve.

Indeed, some people call this a Double-Zero Fade. price gets rejected 1-5pips below the Double zero level. some times, price breaches the Double zero level by 1-20pips & makes a quick turnaround/drop below that level. most likely, retail sell orders & profit-takers combined.

At first, i thought the first chart IS the current eur$ chart with price around 1.41 - 1.42. lol..... after breaching the 1.41 level, price sloshed around, the market made the 1.4100 level as the higher support (with the red arrow), followed by a successful test (price made a higher low around 1.4120-ish) & never looked back (in that chart at least). great example chart.

Nice trade.

im short usd/cad 1.154 looking for 1.144 during tonights london. any thoughts on this one? ps s/l is at 1.1575

1.1655 level also looks interesting if we continue to see strength - I have a SBR zone + 38% fib of the move down from 9 March to 29 May

A good area to watch rooster.

My zone is 11650-11700.. Let's see how it gets there.

Ditto - I also entered at 154 - s/l 1581

Three touches on daily's in the past. What do you guys think about going short at 0.8658?

hi shek

I am also watching this - i have my touch point a little higher at 0.8666 (see chart)

Been waiting for this one...

Edit: Fading EURJPY also
Edit2: And GBPUSD

hi

I also was thinking of fading the euro but then i looked at the chf and that had broken support some time earlier and looked to be going down. ( the euro at that stage was near resistance)
I therefore did not take the trade because if the CHF continued down then there was a good possibility that the euro would break upwards.

Made 61 pips on GBPUSD short, 61 pips on EURJPY short, but -47 on the EURUSD short, so +75 pips. Pretty good

Good on you.

I took the short on the chf, long euro and GBP, still in the trade but cant see major upside left in the move and will close and go home

what time frames are you guys using?

What levels are we all watching tonight/tomorrow?

News tomorrow, understandable if people are sticking to the sidelines.

I have my eye on EUR/USD supports should we see a move down - 1.38 & 1.37. I cannot understand why we would see any further movement upwards but this may end up being the case

Anything else?

E/U. 1.4000-1.4014 was good resistance. I think it might be good support as well.

I agree, I also like how 1.4000 is about the 50% ret of last rally

1.4000 area turned out to hold nicely, but with this volatility and huge candles I didn't bet my money

Nice level guys. I tried to take it but was protected from hurting myself via our new hedge rules and my on-going EUR/USD short.

Yeah, just notice reaction to Obamanews. It hit 1.400 on the nose and went straight up./

I made some dough.
But do not like it today. a way too much news. too confusing and risky. probably will make a break till 2;15 EST.