Trading For Those With a 9-5 Job

we have a double bottom in the usdsgd. Price seems to be trying to retest this bottom now. A trader friend brought it to my notice that this pair is at 20yrs low. We might on the verge of something big - a reversal or price will break the double bottom keep on going...

So much fundamental issues with the euro and this is affecting technical trading. But the us$ should come out tops in this battle of fundamentals

we are consilidating right now. This is coinciding with a retracement in the eurusd. After the consolidation/unwinding of the stochastics we would then be ready for a move upwards. Of course as we know in forex price can just do what it wants to do and run up.

Below is the correct weekly usddkk chart

this pair has formed a double bottom on the daily. we are still in a downtrend though but we might be at the beginning of a long term bottom

As said in earlier posts this pair is going way up after some consolidation.
This is what happened in the last trading session.

I would like to buy this pair when the stoch has unwound its overbought status on the daily chart and hold for a long time position trade

Decided to test my theory on the correction in the usddkk. Sold a small stake this morning before work

Graphic from live account included. The down move has been brutal. Yet I believe it is only a correction. This is the reason why one will not stay in this trade for long as the confirmed trend on the weekly and the monthly might re-assert itself anytime...

Trade closed automatically at limit order. Graphic below...

Nasty day for the us$ today...

Just sold @0.9994 30 pip stop

closed the trade @9969 +25pips

Summary of January trades taken so far

Sold eurgbp @0.8566 Closed @0.8554 (+12pips)
Sold audcad @1.0075 Closed @1.0040 (+35pips)
Sold eurgbp @0.8473 Closed @0.8453 (+20pips)
Sold usddkk @5.6700 closed @5.6177 (+523pips)
Sold audusd @0.9994 closed @0.9969 (+25pips)

Dont quite know how to account for the usddkk trade. Advice anyone? Because of its wide daily range it would always swamp the other trades.

Nice job Olu.

The pullback to the 50% was the dead giveaway.

You had the patience to wait and were rewarded.

She might tumble from here to test 5.200.



humble golfer

Thanks GolferFX for your contribution. 5.2000 will be a good place to watch for reversal paterns where one can load up for a possible move.

Thanks again for your help and your PM

A 4hr chart is uploaded for your considerastion

We have had a retracement off the bottom of the range @.8285 to a high of 0.8440. I first thought that I would be able to sell @8360 area but the strength of the travel past there...

9.8442 is the 38% retracement of the whole last downmove
Doji candlestick pattern right on the 38% retradement
stoch is overbought on the 4h and is turning down
price respects the 100sma on the 4hrly chart

Had a look at the $index and can see that we are at crossroads ans critical support. 78.80 must not give way on a closing basis or we will start a new era of us$ weakness. RSI is pointing down and we are below its 0 line as well.
There is RSI bearish divergence as well giving credance to a possible weakness in the us$

If this support breaks on a closing basis...

sold @8420 25pip stop initial 40pip target

Goodnight...

-25pips.

Will keep an eye on this one the euro is enjoying a resurgence right now...

Chart I was telling you about.

Keep it on your radar.

Find uploaded to daily and monthly charts of the gbpcad. The monthly shows an entrenched downtrend the daily chart shows an overbought situation which must be unwound before we csan get any upward progress. Agreed?

Golfer, your 123 annotation on the weekly gbpcad chart shows a possible buy around 1.6500. The last candlestick shows indicision. For me indecision plus oversold stoch (and turning) means the posibility of price retracement. And on the daily chart that could be 300pips of more. The pinbar's high is right at resistance.

I want to sell either a break of the low the pinbar or the 50% level on the pinbar.

sold at 1.3189 50pip stop target open but looking at 80pips first

as the us is out of the picture this day will be of low volumes...