Alpha Markets - Simple Forex Trading - page 2
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I hope you're well and had a good weekend.
Looks like our friends in Asia have been busy buying the Yen overnight with all our JPY pairs through support.
This morning we are limited on our JPY pairs. We have a major cross south against the main trend on EURUSD & AUDUSD with a possible cross on cable in the pipeline. Both are on the watchlist for a possible short this morning.
Regards,
Hemal
Cable, EURUSD & AUDUSD remain below the 4hr 20.
We have no cross on cable and support in the region of 1.5860
On EURUSD, we have a 15 minute continuation cross and price has just popped through DP. I will be monitoring this for a short position with a view to test 1.3830.
AUDUSD is also a 15 minute cross with the major cross just above. I will be monitoring this for a short too.
EJ is trading above DP and boxed in between DP and the 4hr 20. Unless we get a 123 move through DP, nothing there at the moment.
GJ is trading at the 60 minute 20 and I'd like to see a 15 minute cross to get involved with a short. That requires a test of the 4hr 20 first.
Should we see a move through DP, I will be looking for a short position with a BSX/continuation cross just above.
Will be in touch with any developments.
I have been waiting for continuation crosses on the USD pairs and it looked like may have got it a little earlier hence the "heads up" email.
However, since then AUDUSDis back above the above the 60 minute 20 and testing the 4hr 20.
As a result, I have stepped back and will be waiting for a continuation cross or a major cross long.
Looks like it may be limited today but wil of course update you should anything change.
We are about to get a 15 minute cross on cable. Looking for a 5 minute entry for a short at 1.5795 with a stop at 1.5830. At the moment, 5 min charts are oversold.
Lets also keep an eye on gold for a 15 minute cross through DP for a short.
Sadlly I didn't manage to get an entry on cable this morning as we saw EURUSD breaking through the 60 minute 20 and although we do not look at correlation as the definative indicator, it was certainly conflicting with one another.
I will keep you posted as things develop.
We have 15 minute crosses on EU & EJ. I am loooking for a small pullback towards the 60 minute 20 for a long position.
Also keeping a close eye on Oil for a short position
I hope you're well and had a good day.
Further to my previous email, EURJPY has been invalidated as it's broken back above the 4hr 20 and EURUSD would appear to be a short whilst trading just ahead of a cluster of support in the region of 1.3870. One to keep an eye on for Sunday night / Monday morning.
It's certainly been another busy week for me. Personally I am 0.5% up so basically a breakeven week. Looking back at the charts, I think I was unlucky with cable and missed out on EURGBP, Gold and EURUSD which were all 5%+ trades at the very least.
I'm pleased that we identified the trades and the levels. Moving forward to next week I think it's of paramount importance that we're all very focussed in the London session.
I'm off for some family celebrations this weekend and look forward to speaking to you all bright and early on Monday morning.
I'd like to thank you all for your support over the past week and once again would like to welcome our new members to the team.
AUDJPY has been trading in a small range between 80.00 and 80.30 with little momentum to drive the pair higher. At the time of writing, there's 1% on the table with my stop at breakeven. Personally, I am inclined to hold the position.
Moving over to EURUSD & AUDUSD, where the pairs have failed to make a significant advance north. Given the distance from DP and the averages, I would expect to see a pullback at some point if not a consilidation at these levels. I will be maintaining my stance of "long on pullbacks" with 1.3950 and 9850 as significant support and my desired entry levels. We are some way away at the moment and should we see them pullback, I would expect AJ to stop at breakeven.
No change on the other Yen pairs.
With reference to Oil, I am still looking for a pullback towards 81.80 for a long entry.
Will keep you posted on any developments.
I am monitoring AUDUSD for a possible long should we see momentum above the 60 minute 20.
I am also monitoring EURJPY for a short with momentum through the 15 minute 20.
Will keep you posted.
We have UK HPI at 7am this morning.
On EURUSD, AUDUSD & AUDJPY I am looking for the next 15 continuation cross for a short.
I am looking at a possible long cable first thing with a stop below 1.5785.