AUD/USD (Continuation Long)

AUD/USD

Long Continuation

 

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 Hi Traders

AUD/USD is setting up to go long nicely, retraced upto 0.618 Fib level. It seems a high probable trade which scoring following 7 points.

1. Higher High & Higher Low
2. Above 50 & 200 EMAs
3. Horizontal Support              (1.03932 Level)
4. RSI Convergence
5. Bullish Price Action             (Inside bar)
6. No Resistance in the Way
7. FiB Retracement Level        (Support at 0.618 Retracement Level)

There is no hard level in the way apart from a soft level of 1.0493, which makes it 5:1 profit potential if it goes upto to that hard level.

NZD/CHF

Ascending Trianlge (Continuation Pattern - Long)

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Hi Traders

Today I noticed a trend continuation pattern Ascending Triangle on NZD/CHF daily time frame (Top Chart). I have drawn the expected price action move with blue arrows which normally takes place in Ascending Triangles. Once it breaks the level of 0.7870 & retests it, it will give us a nice oppertunity to go long; the next SR level would be 0.8025 which hasn't been broken since June 2008. The profit potential of trade will depend on the size of setup bar, which could easily be 2 : 1.

Bottom chart is weekly chart which is making an uptrend channel, the phase 2 has been over extended sideways thats why it was showing a long consolidation period in daily time frame

If the price action breaks & retests the SR level 0.8025 then it will be a strong bullish move. Alternatively if the this level rejects the price twice within a span of two weeks, it will form a nice divergence on RSI(6) which will be an opportunity of Trend Reversal.

This pair is on my radar now as the opportunity can rise in couple of weeks. Any suggestion is welcome, please do comment to give your opinion.

GBPAUD Continuation Short

Same story with GBPAUD as a continuation short.  Unfortunately at approx 140 pts risk those of us on half a percent cannot take this trade.

 

1. Lower lows and lower highs

2. Below 50 & 200 EMA

3. Strong Horizontal Resistance at 1.4635

4. RSI Convergence

5. Bearish Price Action (High Test Bar)

6. No level of support in the way

7. Fib Retracement Level 50%

 

I've taken USDJPY (long) and GBPAUD (short) on my retail account.

USDJPY & AUDJPY

Trend Continuation (Long)

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Hi Traders

 

As Tom suggested the Yen trade which turned up exactly in  the way he described but sadly all of us who are on half a percent risk per trade can't take the trade on any of the above two pair because setup bar size in USD/JPY is about 150 pips & in AUD/JPY is about 200 pips which means no trade for the prop traders who are still on half a percent risk trade but the traders who are at one percent risk per trade can take both trades.

 

USD/JPY

 

Scoring following 7 points, Highly probable

 

1. Higher High & Higher

2. Above 50 & 200 EMA

3. Strong Horizontal Support at 94.00

4. RSI Convergence

5. Bullish Price Action (Low Test Bar)

6. No level of Resistance in the way

7. Fib Retracement Level (between 0.382 & 0.5)

 

AUD/JPY

 

Scoring following 6 points, Highly probable

 



1. Higher High & Higher

2. Above 50 & 200 EMA

3. Strong Horizontal Support at 94.00

4. RSI Convergence

5. Bullish Price Action (Low Test Bar)

6. Fib Retracement Level 0.382



EUR/USD - Big Long move on Horizon

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Hi Every one

It seems that Euro's is like a sport car with breaks on but engine revs are increasing, as the SMART MONEY let off the breaks it will shoot up like lightening, until then it will consolidates (if not long).

RSI 6 is showing strong divergence not just on Euro (top chart) but on Dollar Index as well (bottom chart), MACD & Stochastic are diverging too. Although fundamental bias is bearish as NFP came with positive figures of 236,000 (jobs added) well above the forecast 160,000 which paused any potential trend reversal technicals are pointing. The only thing stopping me to go in this trade is that there is no FIB Extension, apart from that other three are present.

1. Strong Horizontal level (1.2970 & 1.3000 are making a buying zone)

2. Inside Bar (it look it will be an inside bar by 2200 GMT.

3. RSI Divergence

SAJ

EURUSD - Trend Reversal Long

Fellow traders,


Have a look at this:

I believe the trade ticks the boxes for a trend reversal long  (scorecard at the bottom of the post). The only reasons making me hesitant to take this trade are:

1. Non farm payroll this week
2. There is a much better trade around the 1.2878 level where there is a strong horizontal. This also matches up nicely with a FIB 2.0 ext compared to the most recent retracement. The problem is we can't trade on hindsight so there is no guarantee it will reach this level!

What do you think?

Date Discovered	04/03/2013
Pair	EURUSD
Pattern	Trend Reversal Long
Direction	Long
Order Price	1.3036
Stop Loss	1.2977
Risk	59
Target	1.3157
Risk:Reward	2.05
Trade size/pt	0.84
Order Placed
Trade Executed
Won/Lost
Screen shot taken	Yes

Strong level of Horizontal Support?	Yes	Category B - FIB 2.0 level is best but this is a good horizontal
RSI Divergence?	Yes
FIB extension level?	Yes	1.272
Bullish Price Action	Ye	Inside  bar and low test
Reward Risk > 2:1	Yes

Hi all,

Any news on trading yet?
I know February has been a bit barren but hoping for some more inroads in March.
Anyone got anything worth sharing?
Regards
Sue