Learn to Trend - page 8
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Cable and EUR
Hi,
Cable - Last week was an interesting week because while i though I was wrong, the trend actually reverted. For the first 3 days of last week, the trend for cable was in the downtrend. However, starting from Thursday onward the price actually recovered. One amazing thing to take note is that the NFP actually tried to pull down the price further but an hour later the price shoot back north. This strong reaction made me feel that the trend for cable is still on the uptrend. Refer to the weekly chart, we can see that the cable for this week left with a long tail. Due to this setup formation, I am a bit confuse now though I still see the price is moving uptrend. Based on the RSI, there is still room for cable to made uptrend direction.
EUR - The EUR on the other hand had shown some sign of retracement on the uptrend. The weekly chart shown a white down bar. Though the overall trend is still on the upside, I have a strong feeling that EUR is trying to retrace a bit before it will go up further. It is difficult to judge now, but if it continue to move upward then the price at 1.4545 shall be a strong resistance.
JPY - This pair is getting more interesting now after breaking out from the closing wedge and moving in the north direction. I see a good chance for this pair to go further. Loking at the weekly chart I see that 119.87 is a resistance to test. The RSI in the weekly and daily chart in a healthy range ufor uptrend.
AUD - If you notice AUD, this pair reached it 18 yrs high on the last friday move. It did not response till straight after the NFP but a bit later. I made a scalp on the trade
, it was a good one. 
Regards
How is tommorrow for GBP/US ?
Nic
Cable
How is tommorrow for GBP/US ? Nic
Hi,
Based on the hourly chart as shown, the price action from last Wednesday to Friday has a big up and down movement. The buyer and seller are fighting against each other violently! Though we have a final upside in the price movement, it is still difficult to judge the direction of the trend on daily basis. If you notice todays news, all are pertained to the GBP only and nothing from the US. In addition, today is Monday and after such a big move from last wednesday till Friday, I will not take any risk to enter the market for an intraday trade. Scalping maybe.
Another important point to add is that, the support at around 2.0269 becomes a strong support after the friday moves.
Look out for ADX and PP sign as mentioned earlier. The ADX is at the bottom and RSI is above 50. But the stochastic is right above and look like coming downtrend. So it is better to wait for the Stochastic for more criteria. It could be a choppy market today, who knows.
Good trading to you for the week!!!
News to Watch out!!!
Hi,
This week is a "heavy" week due to a lot of important data release,
Monday
GBP PPI Input m/m
GBP Industrial Production m/m
Comments: May move the price a bit only.
Tuesday
USD FOMC Meeting Minutes
Comments: Sit up straight for this news
Thursday and Friday
JPY Interest Rate Announcement
USD Trade Balance
USD PPI
USD Retail Sales
Regards
Cable and the market
Hi,
As mentioned earlier, the cable is indeed quite choppy to day, no clear direction. In fact, I didn't have a chance to trade at all because there is no criteria.
At least, I am able to identify choppy market, and no trade is better than lost trade.
I still happy about it though today is really a boring day for me.
Regards
Eur
Hi
Eur dollar look like it is undergoing a retracement now, I have drawn a fibo line on the daily chart to identify this. I am not suprise to see a 50 to 61.8% retracement. So for a short term, EUR will still be in the bearish mode.
As usual, JPY is still on the upside after the breakout!!!
Good trading today!!!
Woodies Pivots point
Hi All,
I have just post a new indicator that calculate woodies pivots point.
Please refer to post 66.
Thanks
Hi,
Last week was not an interestig week for Cable and EUR.
Cable: Based on the weekly chart the RSI is still within a tradeable range but so far the bullish direction of cable is in doubt now. The trend does not has any momentum to carry on in the north direction. It is really difficult to judge the direction now. In addition, I have also shown a 30 years seasonal chart for your reference, based on this chart the cable should be more prompt to downtrend during the Oct period, so trader must be very cautious to the market next week.
EUR : The direction of the EUR in the weekly chart is still in the upside but it ended up with a doji bar after a week of movement. More setup is needed to identify the trend. As mentioned earlier on, there could be a sign of retracement on the EUR, so this pair should be traded with cautious.
JPY: So far, after the breakout this pair is still on the north direction with some sign of slowly down. The RSI is still in the trading range.
AUD: Though the trend is still bullish, the weekly chart of Aussie has shown a slowing down of momentum with RSI just touches the 70 level.
Good trading to all!
The market this week
Hi,
JPY: As mentioned, the yen has some sign of slowly down in the market. This situation was further confirmed by the market last week. Whereby we see a 5 days consecrative low of Yen. If you refer to the weekly chart, the Yen fall after the fib reached fib 50%. The price fal through many important support and now landed around 114.50.
If you draw the fib. on the daily chart as shown, the next important support shall be 114.00 at the fib 68% level. The RSI shown below indicates that there is still possible room for the Yen to move down further.
GBP: The Cable still cannot clearly breaks through the choppy range as shown in the daily chart. Unless there is a daily bar stays above the upper range, the market will still be undecisive. Therefore, this pair would be an interesting pair to look at early next week!!!
EUR: The price action for this pair is interesting, the Price continue to made northward move but ended up with an evening star or tower top. Under this circumstances, the EUR might need to made a correction in the southward direction. The RSI for daily and weekly shows the EUR has been overbought. Thereofre, trader might requires more criteria for confirmation. Please refer to the daily chart for EUR below.
AUD: This pair has encounter a lot of resistance in the upward direction, one could identify it "tiredness" by the price bar when it get shorter and shorter. Last week was a complete fall on the price bar. This could be the beginning of price retracement.
The price action for last week shows that next few weeks could be a good time period for intra and short term trading.
.
EUR and CABLE
Hi All,
There is a big move on EUR and CABLE today, as mentioned earlier I saw a evening star on the daily chart and cable is still quite choppy.
By today price action, i can see that the price will be up and down for the next 3 days or so. So for intraday and short term trader take care. For scapler, there may be good chance for you.
Good Trading to ALL!!! As I said this week is interesting.