New Website

Readers to make note that new updates will now be posted at renkotraders.com

It is a lot easier for me to update on the new website as well as build a complete resource to trading with Renko charts.

AUDUSD is going down

• Sell AUDUSD targeting 0.9115
• Sell the rallies with a pending sell order at 0.924
• Break even with some extra pips on price reaching 0.9115
• Final target of 0.904

EURUSD - Buy

Follow up to an old analysis here.

Buy EURUSD, targeting 1.3526 and sell from 1.3526

NZDUSD - Down to 0.8373

Short to 8373 and go long from 835.. Continuation of the trade posted few weeks ago here.

AUDJPY - Sell

Sell AUDJPY, targeting 93.85, with stops at 95.85. RR isn't that great, but this should be smooth sailing. Look for longs from 93.85 targeting 96.875

Updates on trades taken in July

GBPJPY Long: Trade in play.

GBPJPY Short: Trade in play. Price currently at 172.501, and looks all set to hit 172.288 target level, moving stops to BE. New long positions from here will add more strength to the previous long trade idea posted.

NZDUSD Short: Trade closed. Entry was at 0.8698 with a profit of 208 Pips and this was a few hours before the RBNZ interest rate hike release.

NZDUSD - Short Trade Result

There was also a short on NZDJPY targeting 86.9 selling at 88.4, this gave a very decent 1.5 Pips (or about 150 pips).

EURCAD Short: Trade waiting to be triggered.

EURUSD: Price has started its rally so waiting for the short orders to be triggered.

GBPAUD: Trade is continuing to play out. Will make a fresh update on this.

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Warning from Japan!! Nikkei and the Yen

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.