The Japan 225 Nikkei Index is setting itself up for a nice and juicy drop to 15165 level. It is currently trading at 15563 and rising. Traders would know that the Nikkei and Yen are inversely correlated. So when the Nikkei falls, the Yen rises and vice versa. This drop in Nikkei adds validation to GBPJPY short positions (short term trade) and also a potential drop in CADJPY. All in all, beware of shorting the Yen.
As with Renko its hard to say when, but I reckon that the change of mood in the markets is around the corner. If not next week, then possibly by mid-August.
For the Nikkei, expect the first target to the downside at 15415 and 15165 levels and then a bit lower.
Wednesday, 30 July 2014
EURCAD Renko Analysis - Long term short position
Pending Sell order at 1.448, targeting 1.1.373 with stops at 1.473.
Risk: 250 pips
Profits: 750 pips
Trade could possibly play out until end of the year
Risk: 250 pips
Profits: 750 pips
Trade could possibly play out until end of the year
Friday, 25 July 2014
EURUSD - Potential Short Position
EURUSD, Renko charts show a possible downtrend in play, with the likelihood of a retracement, giving traders the chance to sell the rallies. There seems to be a good price level of 1.3526 and 1.3576 to short from, targeting 1.3376 with stops for both orders coming in at 1.3676.
The chart below shows the trade set up for EURUSD Renko charts.
The same chart when viewed with the regular candlesticks is shown below.
Notice how price is trading below the 200EMA. Stochastics are in oversold levels, pointing to a possible correction to the upside. The trend line has been broken and there was a clear re-test of the broken trend line as well, confirming the bias to the downside.
The chart below shows the trade set up for EURUSD Renko charts.
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| EURUSD - Renko Charts Analysis, 25/07 |
The same chart when viewed with the regular candlesticks is shown below.
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| EURUSD - Daily Charts, Candlesticks |
Thursday, 24 July 2014
German DAX - Long Position
Buy from 9674, with stops at 9634, targeting 9854
Risk: 40
Profit: 180
4.5 RR
Risk: 40
Profit: 180
4.5 RR
GBPJPY - Short Term high probability trade
Short GBPJPY at market, targeting 172.288. Add a new long position at the target, to exit at 174.788. This is in addition to my previous GBPJPY trade posted here.
In other news, NZDUSD moved like a stallion as expected. 0.858 isn't too far away. There was also a good shorting opportunity on NZDJPY, targeting 86.9. But it would be a bit too late to sell now, unless there is a significant pullback.
Sorry no charts on these posts.
In other news, NZDUSD moved like a stallion as expected. 0.858 isn't too far away. There was also a good shorting opportunity on NZDJPY, targeting 86.9. But it would be a bit too late to sell now, unless there is a significant pullback.
Sorry no charts on these posts.
Wednesday, 23 July 2014
NZDUSD Before RBNZ news
Massive divergence.... Targeting 858 and 849....
Its 22:30 where i am, so posting this from my ipad. Will update with charts tomorrow.
GBPJPY Long. Trade of the month
I'd put this GBPJPY trade into my 'trade of the month' category. With price breaking out of an ascending triangle and currently retracing the breakout level of 172.788, the upside target is 180.788.
The stops for this long position comes in at 170.288. Mind you, this trade will take months to be cleared, so unless you have patience, do not even think about this trade. Its one of those 'set it and forget it' trade ideas.
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| GBPJPY - Renko Trade Idea |
Update on trades in June
EURCAD: Original post here recommending short positions at 1.4964 and 1.50405 targeting 1.45809.
Conclusion: Price reached the target in a continued down trend. (383.1 Pips + Positive Overnight swaps)
USDJPY: Original post here, recommending a short position based on a Head&Shoulders pattern.
Conclusion: First short level was not reached at 103.050. Second short trade is in play from 101.745, targeting 100.005.
AUDJPY: Retracement failed. But we'll keep the idea open for a while.
CADJPY: This trade idea was originally posted in May with an entry price of 93.808 and the target revised to 95.6 in the follow up idea in June.
Conclusion: Price hit the target as expected. (1.792 Pips + Positive Overnight swaps)
GBPAUD: This trade has been in play since May. A short position was recommended at 1.82005, targeting a revised target of 1.7642. Price is currently at 1.80379 and move position to break even, making this risk free + positive overnight swaps being collected.
Conclusion: Trade is in play with stops at Break even. Profit potential 558.5 pips
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| EURCAD - Trade Result |
Conclusion: Price reached the target in a continued down trend. (383.1 Pips + Positive Overnight swaps)
USDJPY: Original post here, recommending a short position based on a Head&Shoulders pattern.
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| USDJPY - Trade Result (In Play) |
Conclusion: First short level was not reached at 103.050. Second short trade is in play from 101.745, targeting 100.005.
AUDJPY: Retracement failed. But we'll keep the idea open for a while.
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| AUDJPY - Trade Failed to trigger |
CADJPY: This trade idea was originally posted in May with an entry price of 93.808 and the target revised to 95.6 in the follow up idea in June.
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| CADJPY - Trade Result |
GBPAUD: This trade has been in play since May. A short position was recommended at 1.82005, targeting a revised target of 1.7642. Price is currently at 1.80379 and move position to break even, making this risk free + positive overnight swaps being collected.
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| GBPAUD - Trade in play |
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