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USDCAD broke even. EURUSD + GBPUSD + GLD bounced off major supports as expected Long USDJPY stopped out, Long USDJPY re-entered at 112.85 but cancelled Long GBPUSD not filled and cancelled Tomorrow NFP + earnings day so no trading ahead of the reports
The recent price action has been erratic and choppy. Since Friday EURUSD moved up and down between 1.1415 -1.1360. It looks like this consolidation will eventually resolve, most likely to the downside. I’m looking at a pending short at 1.3660 – just below the consolidation with the stop just above 1.1415 – the top of the consolidation and targets at the fresh lows. Let’s see how the price behaves tomorrow morning. I rarely place orders during Asian session.
I wasn’t able to catch yet another short trade on this move down. Three was an opportunity at 1.1400 with stop at 1.1430, it would be in money now. I need to come up with some alerting system to get me up from bed. It seems like best setups are just too early for me. I have moved the stop on my short to 1.1430, locking 70 pips for now. I don’t really recommend any more short positions as the price is near the support. It will likely consolidate and move sideways for a while. Its time to take pause for me. But if you are still aggressive, sell this one on rallies all day long!
My short is filled at 112.40, stop loss sits at 112.75, few pips above recent high, take profit at 111.60 for now. Decent, low risk trade. Fingers crossed it will stay down. I will be looking to add to short positions from here. As usual, the first signal will be a corrective rally with a touch of 8ema on 4hrs charts. Any rallies like that towards 112.60 will be sold. Stop losses should be placed at 112.75. If the price goes beyond it, bail!
Huge move in USDJPY today. The pair reversed sharply and dropped like a stone from 112.80 to 112.00. It recovered approx. half of the losses during the reminder of the session. USDJPY closed at 112.40. I would say this sharp reversal might give us a beginning of the anticipated decline suggested by Commitments of Traders analysis
EURUSD stayed the course and played out the same old fake out pattern once again. This morning the price rallied sharply to 1.1550, retraced back down and moved lower for the rest of the day. This is a classic bull trap where the institutions run up the price, take out all stops and fill opposite positions. We took a short at 1.1505. It is currently in money and the stop is moved to break even.
Long awaited top in USDJPY is now in place. The price bounced off 112.50and moved sharply lower. Given the COT figures, I expect this market to collapse in the coming weeks and months. I will be looking to build up a large short position over time. Sell rallies is a name of the game from now on.
My short position is now filled (0.7110) my stop loss is placed at few pips above the recent fake top at 0.7160, targeting the low at 0.7040. While moving down, I will be looking to add to the short position on rallies. Exact entries are not clear now, but they will come into play during the trading day. Watch out for corrective rallies to 8eema on 4 hrs charts
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