Danny's Trading Journal

 

Today's trading: around 7AM CST entered long off bullish EMA cross - RSI was unable to cross 50 - got a little chopped here costing me about 8 pips...entered long at 1.4623 off bullish divergence between RSI and price....EUR spiked up and we got bullish confirmation with EMA cross and RSI finally crossing its 50 center line....exited the long at the 50% level and then the 61.8% fib level. End result: +20 pips. Calling it a day.

 

Got short around 7AM CST off an inside bar breakout - never got the expected follow through and was forced out of this trade. Later got short off bearish EMA cross - this trade worked out and I took profits early. Finally, took a small position off the bullish EMA cross and was able to catch a couple of pips. Net result: +2 pips

 

I'm watching the ascending triangle form on the daily chart of EUR/USD - the pressure is bottling up - the Eurozone data coming out this week may be sufficient to trigger a breakout one way or the other -

 

Looks like we have an imminent death cross (50 period EMA crossing below the 200 period EMA) occuring on the hourly USD/CHF:

However, we are up against some pretty good support off the trendline shown on the daily at around 0.99955:

Looking for bearish follow through below the trend line on the daily.

 

Fib retracements can work particularly well in periods of increased volatility - such as we saw this morning with the Employment Report. The following is a classic example - GBP/USD retraces to 50% of the initial upmove after the numbers came out - entering long at the 50% level something of a 'gimme trade' IMO

 

Looking at the USD/JPY daily chart we can see a nice channel guiding price upwards:

Price currently trading around the pivot, contained within S1 and R1:

Ichimoku chart looks bullish -trading above the Kumo and following the bullish Tenkan/Kijun crossover:

Analysis by TradersLog.com

 

Nice setup. Thanks.

FerruFx

 

It's an attractive technical chart as I type this - GBP/USD pressed against resistance of the major down trendline and 200 SMA. On the daily chart the oscillators are bullish across the board and we are trading above the daily pivot of 1.9684. If the aforementioned downtrendline/SMA resistance can be violated I would expect the 50% retracement level of 1.9872 to come into play.

Analysis By TradersLog.com

 

Thanks DannyBly, I like your clean chart analysis.

FerruFx

 

Although momentum has slowed down on the daily chart, the 50 and 200 SMA's appear poised to cross over with further movement to the upside (golden cross). We have resistance to the upside at 108.58 and support rising underneath with the up trendline that forms the bottom of the channel as shown on the chart. Looking for bullish follow through if the recent resistance at 108.58 can be violated and the 50 and 200 SMA's cross.

Analysis By TradersLog.com

 

Regular divergence between price and a momentum oscillator such as RSI indicate a possible trend reversal.

The scenario of price making lower lows along with the oscillator is making higher lows is described as regular bullish divergence - suggesting a bullish trend reversal.

The daily charts of EUR/AUD and USD/MXN have recently exhibited regular bullish divergence:

and

Analysis By TradersLog.com