Mike's EURUSD Trading Room

The USDCAD will be a great pair to watch today. The downside channel has been very much broken however take good notice of the area circled in blue. The price didn't make a whole lot of ground on the upside relative to its previous highs and showed some very unbalanced price action. Using pure channel-style technical analysis I'd have taken long positions from the 61.8 fib level, but the potential for downside movement looks pretty high based on that price action from yesterday. This'll be one to watch. Short trades from 1.40 are definitely on the cards however a clean break above that level could have the USDCAD soaring pretty high, especially if the retail sales number being released later on favours the USD.

Mike

Finally, the USDCHF looks very set for a technical long position from the daily chart. Last night would've once again proffered better entries but it still certainly looks like an upside move is imminent. Note that the retail sales data may allow an opportunity to enter at a great price here.

Mike

This one's interesting.

Follow-up to the USDCHF chart from the other day.

The price has reacted very nicely to the base of the red channel. It's now looking at a re-test of the green trendline. 4-hourly price action certainly looks to me like we'll see an at least small price reversal to the downside.

Mike

Bit of a mentally tiring trade on the GBPUSD at the moment... Decided to go for more than the usual 25 pip target given the price's position at the top of the current channel and the obvious supply and demand imbalance. I could've taken 35 pips of profit but I feel strongly that this trade has more room to the downside. The US Initial Jobs data has come out as bullish for the USD, suggesting to me that speculators should be looking to short the GBPUSD at this time. We'll see how things progress but it's been a fairly trying position so far...

Mike

Finally! My patience pays off... I could've held for longer but I'm tired and feeling very much ready to call it a night. +48.4 pips. Very content with my resolve to hold this one.

Mike

veerry nice trade indeed there mike....

thumbs up

Quick post on the GBPUSD. This is obviously likely to be the highest volatility pair today. My main guiding channel (green) has been properly broken to the downside now, but the price has fallen very far and we're being offered pretty great value for a buy. I'm particularly happy to take confirmation entries below 1.4150 (the previous swing low), down as far as 1.40792. Below this level I'd probably prefer to trade other pairs and be very cautious with the GBPUSD.

Mike

Planning a long trade on the EURUSD, based on the 61.8% fibonacci level in confluence with 1.105 and a flip zone created by a previous high.

Mike

I see a similar chance in eur usd.

I have ordered a long micro at 1.101 though. Its close to the middle of the long daily green candle (break out candle) from a few days ago.
I expect a strong support level there

I didn't end up taking the long on the EURUSD last night and instead opted to short the USDJPY (mostly to dodge the EUR and GBP given yesterday's drama). I'm seeing great value in the EURUSD now for long positions, particularly at the 50% fibonacci retracement level in confluence with the lower end of the prevailing channel. That price also happens to be near a round level at 1.0950.

Mike

As you know im am already in for a positiontrade at eurusd.

Entered yesterday at 1.100

bit short at the moment. But im confident that it will change during the week

Potential short trade opportunity on the USDJPY opening up. 15-minute price action looking to close as a reversal candle, right below the intersect between two channels and still below the 61.8 fibonacci level.

Mike

I still haven't entered long on the EURUSD, but the value is getting better and better. The price is edging closer to the magic 50% fibonacci level in confluence with the prevailing trend. I've been seeing better entries on other pairs, but as soon as I see a solid entry at a good level on the EUR I'll be pulling the trigger on a long position.

Mike

Clean break below the 50% fib level and channel. I'm switching to a cautious approach on the EURUSD from now on. I'll still take long trades if they fit enough criteria, but a downside continuation would appear to be on the books for the early part of this week.

Mike

I'm looking at an interesting short opportunity on the USDJPY, however I'm exercising caution as the price has broken back inside the bounds of the prevailing down-channel. 114.864 or thereabouts appears to be the optimal level to short when looking for a good price to find excess supply. The green channel on the chart should help guide entries as well. This will definitely be strictly a short-term trade for me, the USDJPY looks to have room as far as 116.0 or higher on the upside looking at the daily chart. In the event of an upside continuation I'll certainly be looking at the 114.864 level as a flip zone for a buy.

Mike

I'm short the GBPUSD based on 5-minute reversal price action near the round level of 1.4 in confluence with yesterday's trendline.

Mike

EDIT: out for roughly breakeven, pity it didn't go quite as far as my target.

Good trade on adidas cfds.


200 € plus.


Reduced my drawdown from 70% to 50%