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  • #581
  • Apr 15, 2018 3:18pm Apr 15, 2018 3:18pm
Are you tracking EURJPY this week? Consider this technical perspective.

Price action on the daily time frame is now around a resistance zone. Although a shooting-star like candlestick was printed last week Friday, the technicals are still disposed northward. We may see a pullback southward into the mean or the support trendline (blue) before price action continues northward. However, there are a few resistance areas which bulls will have to contend with: the horizontal resistance around the 134.250 area and the resistance trendline (magenta) seen on the weekly time frame.

On the H4 time frame, price action is operating in an ascending wedge (blue). Giving the context of the major trend (looking left), there is likely to be a bearish turnaround after the corrective phase. The last three sessions last Friday printed three bearish candlesticks; but the order flow context is largely under the bulls. Besides, a micro support trendline (chocolate) is still in play. Nevertheless, there are a few barriers for bulls to scale: wedge resistance trendline, horizontal resistance (minor resistance around 133.180; major resistance around 134.250) and resistance trendline (magenta). On the other hand, should the micro support trendline (chocolate) be broken down by bears, they will have to contend with the minor horizontal support (dark orange) around the 131.795 area before heading for the wedge support trendline. A breakdown of the support trendline on at least a four-hourly basis, with a retest and zone flip, is likely to give the impetus for a bearish continuation.


I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_D1_Top-Down_15th_Apr.,_2018.png Size: 53 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_H4_Top-Down_15th_Apr.,_2018.png Size: 65 KB
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  • #582
  • Apr 15, 2018 3:36pm Apr 15, 2018 3:36pm
Even though I am technically bearish on this pair, I will wait for market to show me its hands regarding its intent around the various barriers and turning zones identified above. I will look for a southward turnaround after the bulls have been frustrated in their attempts to scale the barriers. As long as price action is still operating in the ascending wedge on the H4 time frame (blue), I will step aside. I prefer taking a sell trade from the 61.8 Fib area (around the 134.250 area) or a significant break of the wedge support on at least a four-hourly closing basis.

KP

Quoting KeenPips
Are you tracking EURJPY this week? Consider this technical perspective. Price action on the daily time frame is now around a resistance zone. Although a shooting-star like candlestick was printed last week Friday, the technicals are still disposed northward. We may see a pullback southward into the mean or the support trendline (blue) before price action continues northward. However, there are a few resistance areas which bulls will have to contend with: the horizontal resistance around the 134.250 area and the resistance trendline (magenta) seen...
Do your homework, follow the footprints of smart money
  • #583
  • Apr 16, 2018 10:00am Apr 16, 2018 10:00am
If you are tracking AUDUSD, realize that market on the pair has been in consolidation within a descending channel for quite a while. Presently price action on the daily time frame is around the channel resistance where a pin bar formed last week Thursday. It is also in confluence with the daily pivot (0.77715). I expect bears to take price action southward and target the channel support.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_D1_Tech_Update_16th_Apr.,_2018.png Size: 53 KB
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  • #584
  • Apr 16, 2018 10:06am Apr 16, 2018 10:06am
You may also note that the zone is in confluence with a horizontal resistance zone on the daily time frame.

KP

Quoting KeenPips
If you are tracking AUDUSD, realize that market on the pair has been in consolidation within a descending channel for quite a while. Presently price action on the daily time frame is around the channel resistance where a pin bar formed last week Thursday. It is also in confluence with the daily pivot (0.77715). I expect bears to take price action southward and target the channel support. I may be wrong. Trade safe and prosper. KP {image}
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  • #585
  • Apr 17, 2018 1:55am Apr 17, 2018 1:55am
Price action on the AUDUSD is sideways around the channel resistance atm. A sell trade would be feasible on the pair if price action significantly breaks below the monthly pivot around 0.77459. Alternatively, should price action bounce off the channel resistance, the zone may be flipped - at least temporarily - and bulls may push price a bit further northward. Nevertheless, I am still technically bearish on this pair.

KP

Quoting KeenPips
If you are tracking AUDUSD, realize that market on the pair has been in consolidation within a descending channel for quite a while. Presently price action on the daily time frame is around the channel resistance where a pin bar formed last week Thursday. It is also in confluence with the daily pivot (0.77715). I expect bears to take price action southward and target the channel support. I may be wrong. Trade safe and prosper. KP {image}
Do your homework, follow the footprints of smart money
  • #586
  • Apr 18, 2018 8:20am Apr 18, 2018 8:20am
If you are interested in USDCAD, you may see the market continue on the the sell side as the technicals are primarily bearish. On the daily timeframe, price action has disposed southward after a 61.8 Fib retracement of the downward swing from the high of May 2017 to the low of September 2017. A wedge pattern is operative on the daily time frame (magenta) and the wedge support line is likely to be a target for bears. The horizontal support around 1.22610/1.20789 may be exposed if bears breach the wedge support.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_D1_Tech_Update_18th_Apr.,_2018.png Size: 54 KB
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  • #587
  • Apr 19, 2018 8:24pm Apr 19, 2018 8:24pm
Are you tracking the GBPAUD? The pair is presently disposed southward in a horizontal channel (magenta) on the H4 time frame. There was a 78.6 Fib retracement of the most recent downward swing in the channel and price action is now heading southward. A break of the channel support is likely to see bears target the monthly pivot around 1.81191. A structure-based approach to trading this pair is to wait for price action to pull back and retest the descending trendline (black); then look for a bearish turnaround, confirming a 1-2-3 setup for a sell trade. This is likely to give impetus for a bearish continuation.

Trade safe and prosper.

KP


Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_H4_2_Tech_Update_20th_Apr.,_2018.png Size: 45 KB
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  • #588
  • Edited 4:01pm Apr 22, 2018 3:46pm | Edited 4:01pm
If you are tracking GBPUSD this week, here's a top-down technical perspective you may consider.

On the daily time frame, a series of bearish candlesticks formed last week took price action southward within an ascending channel (magenta) where it has been operating since February 2018. Last week Friday, bears took price action further southward to breach the channel support. We may expect a retest of the channel support, or even a 50/61.8 Fib retracement, before impetus for a bearish continuation. Thereafter, we may see bears take price action toward the immediate horizontal support around the 1.38450/1.37640 area. An ascending trendline (black) seen on the weekly time frame may be a temporary barrier which bears would have to contend with.

On the H4 time frame, price action is heading southward from the ascending channel (magenta) seen on the daily time frame. It is respecting a resistance trendline (blue). As the weekly candlestick printed last week was a bearish engulfing candlestick, I expect a southward continuation, more likely after a 50/61.8 Fib retracement. Of course, any thing can happen and bears may have the edge to take price action further southward without much northward retracement. At any rate, I am bearish on this pair. I will wait for the market to show its hands and then look for a sell opportunity.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_D1_22nd_Apr.,_2018_Top_Down.png Size: 59 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H4_22nd_Apr.,_2018_Top_Down.png Size: 57 KB
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  • #589
  • Apr 23, 2018 10:04am Apr 23, 2018 10:04am
Here's a video that shows a simple approach to trading channels with greater success. Please note that I have no commercial interest in the presenter.

KP

Inserted Video
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  • #590
  • Apr 24, 2018 5:16pm Apr 24, 2018 5:16pm
Just sharing

Always remember: If you are in doubt, stay on the sidelines. If there is no clarity of price action and your charts look ambivalent or confusing, avoid entering the market.

KP
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  • #591
  • Apr 25, 2018 8:01am Apr 25, 2018 8:01am
Are you tracking the NZDUSD? The pair still has some way to go southward. The weekly and monthly tfs are technically synced for a bearish disposition. Price action on the weekly tf is operating in a wide horizontal channel (magenta coloured in attached D1 chart) and disposed southward, perhaps with bears being attracted to the channel support. A support trendline (black) has been breached by price action.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_D1_Tech_Update_25th_Apr.,_2018.png Size: 51 KB
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  • #592
  • Apr 26, 2018 3:57am Apr 26, 2018 3:57am
If you are tracking GBPJPY, what happens around the 154.930/156.850 zone should be of interest for a sell swing trade. The zone is bound by magenta coloured lines in the attached D1 chart.

Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_D1_Tech_Update_26th_Apr.,_2018.png Size: 53 KB
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  • #593
  • Edited 1:36pm Apr 26, 2018 1:15pm | Edited 1:36pm
The GBPJPY market is in a complex corrective phase of a downward impulsive trend. On the weekly time frame, price action is in an ascending channel (blue) representing a northward retracement, which peaked at the 78.6 Fib zone (magenta) of the most recent swing down. Price action is operating around the lower part of the channel midline. The H4 time frame shows a mix of corrective ascending channels within the main one (blue) seen on the weekly time frame; a wider one (red) and a minor one (black). The wave structure indicates the likelihood of further upward move before a southward turnaround.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_W1_Tech_Update_26th_Apr.,_2018.png Size: 57 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_H4_Tech_Update_26th_Apr.,_2018.png Size: 63 KB


Quoting KeenPips
If you are tracking GBPJPY, what happens around the 154.930/156.850 zone should be of interest for a sell swing trade. The zone is bound by magenta coloured lines in the attached D1 chart. Trade safe and prosper. KP {image}
Do your homework, follow the footprints of smart money
  • #594
  • Apr 27, 2018 6:00am Apr 27, 2018 6:00am
Unfortunately many traders are lack of third point - patience. The majority of traders, especially newcomers in chase of earning money quickly hurry to open the transaction. As the result they make the mistakes and lose the deposit
  • #595
  • Apr 27, 2018 6:11am Apr 27, 2018 6:11am
So true mate. It's a major reason why most of us fail in this business. A disciplined and patient trader, who takes time to develop sound trading skill and use a well-honed simple trading strategy or a few set of strategies, will do well in this business.

Trade safe and prosper.

KP

Quoting Flieldel
Unfortunately many traders are lack of third point - patience. The majority of traders, especially newcomers in chase of earning money quickly hurry to open the transaction. As the result they make the mistakes and lose the deposit
Do your homework, follow the footprints of smart money
  • #596
  • Apr 29, 2018 2:35pm Apr 29, 2018 2:35pm
I am bearish on GBPCAD. Here's why, from a technical perspective.

In March 2018, price action on GBPCAD printed a pin-bar like pattern with a bearish tinge. This month, price action made a 61.8 Fib retracement of the printed candlestick before turning southward.

On the H4 time frame, price action has breached an ascending trendline (red) which has been acting as support. It is now operating in a descending channel (green). The momentum has been largely bearish and price action is heading toward channel support. The technicals are in support of further bearish move. However, as price action is located around a minor horizontal support (magenta) we may expect some sideways operations or a brief northward pullback before a southward continuation.


I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD_H4_29th_Apr.,_2018_Top-Down.png Size: 62 KB
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  • #597
  • May 1, 2018 8:06am May 1, 2018 8:06am
If you are tracking GBPAUD, note that price action on the pair retraced to 38.2 Fib area of the candlestick printed last week and turned around. A breach of the low of the candlestick (magenta) is likely to trigger further southward drive. This is likely to expose the minor support around the 1.79880 area (purple).

I may be wrong. Trade safe and prosper.

KP


Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_H4_1st_May,_2018_Tech_Update.png Size: 48 KB
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  • #598
  • May 3, 2018 9:55am May 3, 2018 9:55am
If you are tracking the USDJPY, price action on USDJPY is technically operating in an ascending triangle (black) on the W1 time frame. It has broken the triangle support but an ascending trendline (red) is acting as support. A retest of the triangle support has taken place for a role flip. Technically, bears are likely to be targeting the support trendline (red).

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_W1_3rd_May,_2018_Tech_Update.png Size: 57 KB
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  • #599
  • May 3, 2018 11:47am May 3, 2018 11:47am
Do you really understand the post or the technical analysis I did?

KP

Quoting robert.miner
Absolutely yes..you have been trapped by the big forex player...my simple tips dont open a position when there is big impact news. Wait for 15 until 20 minute until the real trend was seen.
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  • #600
  • May 4, 2018 4:14am May 4, 2018 4:14am
Just sharing

One of the things which I do to keep me out of trouble in Forex trading is weekly screening and analysis of pairs on my watchlist leading to a selection of 2-3 pairs to track and possibly trade during the week. I don't normally trade a pair which I had not screened and planned for during the weekly analysis.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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