USDJPY Triangle Short Trade

USDJPY Daily

That's on daily charts after zooming out a bit. Upper trendline is in place since April while lower trendline since Oct. 

On daily charts, price does look a bit over brought. 200EMA & 100EMA is towards lower part of the triangle. 

USDCHF Head-and-Shoulder Pattern

USDCHF H1

Looks like price is consolidating after drop from 0.9500. Now the pattern is making out a head-and-shoulder pattern on hourly chart. 

Neckline should be a make or break for the break. A break below the neckline should call for more downside. 

AUDNZD Channel Trade

AUDNZD H1

Pair AUDNZD has been confined in descending channel since 13-Nov. 

Since then it has broken the channel upside once but only to come back inside the channel. 200EMA & 100EMA comes around middle of the channel. 

EURUSD Approaching Short Trade Entry

EURUSD H4

I am watching this setup from yesterday. Details [here].

Price has bounced after a brief dip and is approaching channel's upper trendline - my short trade entry point. 

NZDUSD Channel Trade

NZDUSD M30

Head-and-shoulder trade setup has just completed in NZDUSD pair that gave me 30pips. Details [here].

Now another channel trade setup is coming up. Channel's lower trendline is resistance-turned-support. 200EMA comes just the lower trendline. 

AUDCAD Short Trade Setup

AUDCAD H4

Price is backing off the upper trendline and is moving towards mid of the channel. Looks like upper trendline is proving tough to break. 


200EMA comes just near to lower trendline while 100EMA is just in middle of the triangle. 200EMA has been more significant than 100EMA for this pair. 

EURUSD Channel Trade Setup

EURUSD H4

Its a nice and clean setup. I like this setup. 

200EMA comes midway of the channel and 100EMA just near to it.  

I will consider any bounce towards the channel's upper trendline as a short trade opportunity.

I plan to go short on touch of channel's upper trendline. Stop will be at high of 17-Oct at 1,3125.

EURNZD Triangle Trade

EURNZD H4

Triangle breakout trade is coming up in EURNZD. The setup looks promising.

The lower trendline is in place since 7-Nov, while the upper trendline is in place since last day of Oct. Currently price is consolidating near the lower trendline. Price is also near to 200EMA & 100EMA. 

AUDJPY Wedge Short Trade

AUDJPY H4

Wedge short trade on AUDJPY Pair. I am tracking this wedge from past few sessions.

Looks like all the fuss about YEN weakening is steaming out and YEN is strengthening again.

GBPAUD Triangle Trade

A triangle breakout trade is coming up on GBPAUD.

On upper side we got the trendline which has restrained price since 21-Nov. While on the down trendline has supported price since 20-Nov.
 

EURUSD Daily Channel Trade

EURUSD Daily

A descending channel on daily charts. 100EMA & 200EMA comes mod-way.


200EMA has been broken few session back and should support on pullbacks. 

Option Expiry (27-Nov-12)

Option Expiry for today from Bloomberg for 15GMT CUT

• USD/JPY: 81.00
• EUR/USD: 1.3000
• AUD/USD: 1.0385, 1.0400 (L), 1.0450,

USDJPY Channel Short Trade

USDJPY H1

USDJPY is coming down in a descending channel. and a short trade is waiting on a bounce. 

I like this trade as it offer a nice RR. 

EURNZD Triangle Trade

EURNZD H1

A triangle trade is coming up in EURNZD pair on hourly charts.


On the lower side we got the trendline which has supported price since 20-Nov. On upper side we got trendline which has supported price since 22-Nov. 

NZDUSD Inverse Head-and-Shoulder

NZDUSD H1

A beautiful inverse head-and-shoulder pattern has emerged in Kiwi pair. 

Left shoulder is the lows of 9-Nov and right shoulder is the lows of 21-Nov. Head is lows of 16-Nov. Neckline comes at 0.8200. 

AUDJPY Long Trade Setup

AUDJPY H1

 A long trade setup is coming up in AUDJPY on a retracement. 

Its on the touch of a resistance-turned-support trendline. 200EMA is also following up fast and looks like it will meet trendline to provide more support on pullbacks. 

NZDJPY Channel Trade Setup

NZDJPY H1

Most of the XXXJPY pairs are in overbrought situation. 

NZDJPY pair is having a ascending channel setup on hourly charts. 

Happy Week (26-Nov-12)

Happy Week Fella

NZDUSD Triangle Breakout

NZDUSD H1

On hourly chart, NZDUSD is about to break a triangle. 200EMA & 100EMA are both in middle of the triangle. 

I will closely watching on which side it break to define next target. If it break upside, then highs of 19-Nov comes into picture. If it break lower, then lows of 21-Nov comes into focus.

EURUSD Trade

EURUSD H4

I ma watching this setup from past few session. I got stopped out on my short trade yesterday. Details [here]. 

Now both long and short trade are coming up on H4 charts. The previously defined channel might act as support on any dips. But I would prefer only short positions in EURUSD. I will also wait for news announcement on Greece on Monday before taking any trade on EURUSD.

GBPCAD Short Trade

GBPCAD H1

A short trade is coming up in GBPCAD on touch of resistance area. 

Price is about to touch a horizontal resistance area which has restrained price since 13-Nov. This horizontal area comes around 1.5925/30. 

XAGUSD(Silver) Short Trade

XAGUSD H1

Pair XAGUSD is making out a ascending channel on hourly charts. 

This channel is in place since 7-Nov. 200EMA comes towards lower trendlien of channel while 100EMA is aproxx in middle of the channel.

AUDJPY Short Trade

AUDJPY H4

I am watching this setup from past few sessions. Previously I went short at 84.64. Details [here].

I am still holding my that short position.

EURGBP Triangle Trade

EURGBP H4

I am watching a triangle breakout in EURGBP. 200EMA & 100EMA are in the middle of the triangle. 

This triangle is in place since 29-Oct. And since then price action is very rangy.

GBPUSD Channel Trade

GBPUSD Daily

I have resistance, support lines marked on the charts and the pair is respecting them. 

Price is coming down in a descending channel and is approaching a horizontal resistance area. This area is support-turned-resistance. Just above this area comes channel's upper trendline. 

Juncker On Greece

• More work needed on Greek Program
• Identified ‘credible’ ideas to bring down greek debt
• Greece has made ‘considerable efforts’ (oh really.??? )
• Euro zone ministers made progress on package of steps to cut Greek debt – will continue on Nov. 26
•  

EURUSD H4 Channel Trade

EURUSD H4

I got a new pattern in EURUSD. Being the most volatile, I dont trade this pair without any good setup. 

Currently  price is making up a channel on hourly and H4 charts. 200EMA(white line) comes just above the upper trendline and I expect this to provide good resistance. 

GOLD Wedge Trade

GOLD H4

Gold is making out a wedge on hourly charts. Price is constrained inside this wedge since the first Nov. 

200EMA has been good indicator if trend direction(white line). It has provided resistance on spikes and has turned resistance-turned-support if broken. Price has recently bounced after touching 200EMA. 

AUDJPY Short Trade

AUDJPY H4

I am watching this setup from yesterday. I went short at 84.64. Previous post [here]. 

Price is moving along the wedge and entering into overbrought area. I expect 85 figure to provide a good resistance.

Some BoJ Updates

• BoJ keeps credit loan program at 25 trillion yen.
• BoJ keeps asset purchase fund at 66 trillion yen.
• BoJ keeps rate unchanged at zero to 0.1%.
• Chinese Minister of Commerce Shen says China trade growth may be 7% to 9% this year.
• Japan Chief Cabinet Secretary Fujimura says govt to spend 1 trillion yen in second round of stimulus.

BoJ complete statement on Monetary Policy [here]

AUDUSD Channel Short Trade Setup

AUDUSD H1

Price is coming to the upper trendline of descending channel on hourly charts. This channel is in place since first week of Nov and since then price is constrained within the this channel.

I am expecting a move towards the upper trendline of the channel. That will be the right place to short the pair for a possible move towards horizontal resistance area or towards mid of the channel. 

EURJPY Wedge Short Trade

EURJPY H1

Another wedge setup in JPY pair. EURJPY is making out a wedge pattern on hourly chart. 

Current area comes around previous highs near to 104. Price looks over brought and looks like its tired at these areas. 

AUDJPY Wedge Short Trade

AUDJPY H1

A short trade pattern is coming up in AUDJPY on hourly. Its making out a wedge pattern and is touching the upper trendline of the wedge.

The upper trendline is in place since 25-Oct while the lower trendline is in place since 23-Oct. Since then price is constrained within this wedge.

Yen in first trend switch since 1985: Goldman’s O’Neill

Another article calling for a more YEN weakness.

This time its Goldman Sachs Asset Management chair Jim O’Neill, says Japanese currency will weaken more in coming time. 

O’Neill, who claims to be correctly calling the direction of the yen for nearly three decades, sees the prospect of a softening yen ranked among the bright spots when weighed against the outlook in Europe, and recent disappointing economic data in the U.S. and China.

European Equity Closed In Good Gains

European Equity Closed In Good Gains today: 

• UK FTSE +2.4%
• French CAC +3.0%
• German DAX +2.5%
• Italy MIB +3.1%
• Spain IBEX +1.7%

USDCAD Short Trade

USDCAD H1

USDCAD broke the channel and pattern looks bearish. 

Currently price is testing 200EMA and may bounce from here. 

Previously 200EMA has provided good support on pullbacks. 

GBPJPY Short Trade

GBPJPY H1

GBPJPY daily is currently at the declining trendline. Previously this trendline has puched back price below. I am expecting this trendline to hold. 

On daily timeframe, pair looks overbrought and a pullback till small channel can be on cards. 

AUDNZD Channel Trade

AUDNZD H1

A head-and-shoulder pattern that I was watching in this pair, didn't materialized. Details [here].

But price is following a descending channel. 

Recently, it bounced very hard from lower trendline. That area also comes at 200EMA. 

Happy Week Starting 19-Nov-12

Wishing you all a happy & a pipful trading week:
 

Best Metals Forecaster Smirk Sees China Recovering

China finally recovering....

Justin Smirk of Westpac Banking Corp. (WBC) in Sydney beat as many as 25 others in predicting metals for two consecutive quarters on a rolling two-year basis. Now, he expects copper, nickel and zinc to gain through June and forecasts a 22 percent rise in aluminum. 

As per Smirk, after slowing for consecutive eleven months, China's growth will finally accelerate. Smirk’s average margin of error in the most recent rolling eight-quarter period was 7.4 percent, Bloomberg Rankings data show. 

Aluminum will average $2,200 in the second quarter, copper $8,225, zinc $2,200 and nickel $18,875, according to the medians of as many as 21 analyst estimates compiled by Bloomberg.  

“Our view for commodities is very much driven by our view on growth and how the financial markets are working,” he said. 

Sources: Bloomberg.

Hostess Shutting, Liquidating & Laying 18,500 US Work Force

Hostess has already filed for Chapter 11 bankruptcy protection in January and since then trying to renegotiate its labor contracts in a bid to cut costs. But the talks fell apart, and last week one union went on strike.

This liquidation of Hostess marks an end of 82-year-old company and lay off a large majority of its 18,500 employees. Company has survived an earlier Chapter 11 filing in 2004.

COT Report Close of Tuesday(13-Nov-12)

Latest CFTC report as of 13-Nov-12, Tuesday, shows increase in EUR short and AUD long. 

Decrease in JPY short is main focus here.  

• EUR net short 84K vs 67K prior
• AUD net long 68K vs 60K prior
• JPY net short 30K vs 40K prior
• GBP net long 8K vs 19K prior
• CAD net long 66K vs 75K prior

Thank God Its Friday

Safe trading today. Happy & Safe weekend fellas.

AUDNZD Head-and-Shoulder Trade

AUDNZD H1

In this pair, I have traded the channel action and booked my short for +55pips. Details [here].

A perfect head-and-shoulder pattern with a sloppy neckline. 

EURNZD Short Trade

EURNZD H1

Although, I don't trade this pair much, but this steps offers good RR ratio. 

Price is just coming south after touching the channel's upper trendline .This channel is in place since 7-Nov.

NewZealand : Best Place In World To Do Business

According to Forbes, New Zealand is beat place to do business in world. It has topped the the list of best countries to do business mainly owning to it transparent and stable business climate which fosters entrepreneurship and leadership. 

New Zealand which came second in 2011, is the smallest economy among the top list countries in the list. I has GDP of $162 billion, it was ranked highly for personal freedom, investor protection, lack of red tape and lack of corruption. 

NZDJPY Triangle Trade Setup

NZDJPY H1

This setup is on my radar from previous session .Details [here].

Price is bouncing towards the upper trendline after touching lower trendline. 200EMA comes near to upper trendline. 200EMA has been resistance-turned-support in this pair and is a good measure of trend direction.

USDCAD H1 Channel

USDCAD H1

Rejected from the highs, pair is pulling back from channel's upper trendline. This channel is in place since 9-Nov. 

200EMA comes just below the lower trendline. 100EMA is above the trendline. 200EMA has been a good indication of trend direction in this pair.

EURAUD Channel Long Trade

EURAUD H4

My previous long trade is coming out very well and now have locked in few pips. Details [here].

I see that along with fibo level, price is making out a channel as well. Price remained at channel's lower trendline for few seesions and the bounced back sharply. 

NZDJPY Triangle Trade

NZDJPY H1

Pair is making out a triangle on hourly timeframe.

Near to upper trendline comes 200EMA which has been resistance-turned-support. A break above this 200EMA and upper trendline should send the pair higher.

AUDNZD Short Trade

AUDNZD H4

I am watching this setup from past few sessions. Details [here].

Price has bounced to the upper channel, and is backing off. On a daily timeframe price looks over brought.

GBPCAD Triangle Trade

GBPCAD H4

Pair GBPCAD is making out a triangle on hourly timeframe. 

A upside break brings focus to highs of 9-Nov around 1.60 figure. Price is currently testing 200EMA and looks like trying to establish a base there.100EMA comes just above the upper trendline.

AUDCAD Wedge Trade

AUDCAD H1

This is in continuation to my previous post [here]. 

Price is bouncing from the lower trendline of the wedge. Since the wedge is not much wide, so I will not trade pullback from trendline. I would prefer to trade breakouts. 

AUDNZD Short Trade

AUDNZD M30

This is in continuation to the setup posted earlier. Details [here]. A short trade on break of lower trendline 

Price has came to lower trendline and looks like it want to jump. Price has came below 100EMA and 200EMA is just below the trendline. 

GBPJPY Channel Trade

GBPJPY Daily

I am watching this channel from past few sessions, and have traded it for some time. Now a long trade setup is coming up. 

Currently price is at 200EMA and is fast approaching lower trendline of channel.

Greece Needing $41 Billion Extra

A Bloomberg headline. Greece might require as much as 32.6 billion euro in extra financing through 2016.  This will put more pressure on German led group creditors. 


Greece’s debt to GDP ratio will peak at 190.1 percent by 2014.

AUDNZD Channel Trade

AUDNZD H4

AUDNZD is making out a channel on H4 charts. 

Currently price is backing off after touching the channel's upper trendline. 

USDCAD Head-and-Shoulder Trade

USDCAD H1

USDCAD pair is making out a head-and-shoulder pattern on hourly timeframe. 

Neckline is resistance-turned-support. And a break below it should accelerate down move. 

AUDCAD Wedge Trade

AUDCAD H1

Pair AUDCAD is making a sharp upside triangle wedge on H1 chart. Normally this wedge denotes a over brought situation.


Some time back I have observed same type of sharp upside wedge in NZDUSD and pair plunged right after breaking the down trendline.

AUDUSD Channel Short Trade

AUDUSD H1

I posted the possible setup on Friday. Details [here]. And now the setup is materializing.

Price has bounced to the channel's upper trendline early Asia trading due to news event early morning.