Morning update 23/06/2014

USD/JPY short entry last week has yet to yield any positive gains. Price action remaining neutral for the time being. Technicals are somewhat mixed, but still some marginal bearish pressure. Price did however close above 102 which has definitely lifted the pressure off the pair. Wait and see on the opening day of trade for the week.

USD/CHF put in a pin bar at key level. Moving averages only just starting to flatten out. MACD trending downwards. Limit entry placed.

Daily Wrap Up - 12/06/2012

So after a couple of days of chop, I exited both my trades without waiting for the stop loss. Price action setups stalled and then reversed completely to neutral positions. My perspective: do i risk the remaining capital for what was probably less than a 50/50 chance that the trades may get back into profit, or do I take the loss and wait for the next opportunity.

Decided to close out both trades. Definitely saved some pips on the NZD/USD setup, and currently have saved 30 odd pips so far on the GBP/USD setup.

Back to the waiting game...

Getting back into the trades

Had a pretty massive quarter so far; dizzying highs, then terrifying lows, but yet to see the creamy middles (Simpsons fan anyone?). Don't ever lose your heads in trading - either way. Whether winning or losing. Stay cool, stay calm, and you stay in the game. With those thoughts, on to my ideas tonight.

Week beginning 09/06/14 ... restarting the blog ... again ...

Year 2014

Wow, has it really been all most 6 months since my last post? It has been a while and a short break became a medium break, and then a long break. You know how it is.

In any case, I am back now in the new year (who knows for how long this time) and am looking forward to the trading action for the year.

Have had a very good come back week, pulling together some successful trades to get me back into the groove.

Without further ado, looking at EUR pair this week:

Pair	Level(s) to watch	Description
EUR/USD	1.34, 1.3580	Fakey pattern played out at the 20 MVA. Break of upward slope. Should see the pair target 1.34.
EUR/JPY	141, 142.8	Uptrend streak broken in the previous week. Consolidating last week to the lower side of the range. Looking for bearish continuation into the new week.

Watching for some reversal action this week ...

Hello traders and welcome to the weekly wrap up. Been a busy week. Tapering theme did not help the USD in the past week as weaker data undermined its strength. Looking in the week ahead, several reversal patterns taking shape at key resistance. Fingers crossed that I can capitalize on these this week. With that onto this week's forecast.

Pair	Level(s) to watch	Description
EUR/USD	1.32418, 1.34, 1.37098	Another weekly high set, but unable to close above 1.34. Pin bar fake out pattern. Watch for a short setup in the coming week (contrarian trade).
EUR/JPY	127.957, 129.493, 131.108, 132.738	Bullish week off 130 level. 131.108 is resistance turned support. Should be testing 132.738 this week.
EUR/GBP	0.84, 0.8468, 0.85898	Bullish momentum this week testing the 0.86 level, but unable to close above. Neutral at the moment on this pair. Watch for a break or rejection in the coming week from 0.85898 pivot.
EUR/AUD	1.44475, 1.45996, 1.47668, 1.49934	Inside bars on the daily chart. Slightly bearish on the H4 chart. Daily and weekly trends are still bullish.
EUR/CHF	1.22382, 1.22846, 1.24341	Bulls unable to take hold on this pair. Pair is neutral at the moment, but gut feel is to favour a retest of 1.2434.
EUR/CAD	1.36640, 1.38156, 1.39199, 1.41142	Bullish breakout of 1.38156. Next target target 1.41082. Watch for long entry signal.
AUD/USD	0.88468, 0.90406, 0.93043	No continuation on the break of 0.90406. Neutral on this pair at the moment. Watching for price action signal at 0.90406 pivot.
AUD/JPY	86.396, 89.68, 92.726	Bearish momentum stalled for the moment. Favour a break back above 89.68 if postitive risk appetitie takes hold this week.
NZD/USD	0.74656, 0.76868, 0.78576, 0.80979	NZD belted this week. Convincing close below 0.78576. Outlook is bearish all the way for this one in the upcoming week.
AUD/NZD	1.12639, 1.146	Positive break above 1.146. Watch for long entry opportunity.
AUD/CAD	0.93519, 0.95067, 0.96389	Pin bar off 0.93519. Watch for long entry opportunity this week.
USD/CHF	0.91745, 0.93887	Support at 0.91745 barely holding in the past week. May be an opportunity to play the reversal similar to EUR/USD pair.
USD/JPY	96.995, 98.231, 99.951, 101.522	Strong close above 98.231 and minor break of downward sloping resistance line. Favour continuation of bullish momentum in the coming week.
USD/CAD	1.03355, 1.04381, 1.05552	Bullish week which retested 1.05552. Pin bar reversal play maybe possible.
XAU/USD	1344.08, 1379.1, 1421.9, 1485.3	Bullish above 1344.08 key level. Looking for extension into 1421, then 1485. Watching for long entry opportunity this week.
SPX500	1598.4, 1647.9	Bearish momentum stalled. Neutral on the index at the moment.
GBP/USD	1.54194, 1.55737, 1.57365	Close for the week at key pivot without testing 1.57503. Watch for price action signal around this pivot level.
GBP/JPY	147.584, 151.468, 154.032	Price still in medium term consolidation. Testing the upper bound resistance. Pin bar fake out.
GBP/CAD	1.60415, 1.62029, 1.63891	Price broken above multi year highs. Testing 2011 levels.
GBP/AUD	1.63864, 1.68759, 1.7341	New high set in the past week, but did not close above key 1.7341 level. May see possible reversal this week.

As I mentioned previously, here are some of the short term reversal trades I'm looking at setting up this week:

Wow that was quick...

Just like that, almost three weeks have past since I posted. A weekend at the snow, a few days recovery, daddy duties, and work ... adds up doesn't it? Annnyyy whooooo, I am back and trying to make a living in the currency markets, which incidentally have been very unkind to me as of late. No matter, onwards to a mid week report:

Pair	Level(s) to watch	Description
EUR/USD	1.32418, 1.34, 1.37098	Bullish breakout to the upside. Watching for retracement entry.
EUR/JPY	127.957, 129.493, 131.108, 132.738	Consolidation phase at key levels. Some volatility.
EUR/GBP	0.84, 0.8468, 0.85898	Bearish below 0.85898. Watch for short opportunity.
EUR/AUD	1.38603, 1.44475, 1.49934	Bullish momentum continuing. Price is likely to retest 1.5 level. Bullish above 1.44475.
EUR/CHF	1.22845, 1.24341	Price consolidation above 1.22845. Neutral outlook at the moment.
EUR/CAD	1.36640, 1.38156, 1.39199	Bullish breakout price action. Next target target 1.41082.
AUD/USD	0.88468, 0.90406, 0.93043	Price consolidating above 0.90406. Break of this level will target low of 0.88468
AUD/JPY	86.396, 89.68	Consolidation below 89.68 level. Outlook continues to favour bears.
NZD/USD	0.76868, 0.78576, 0.80979	Sideways consolidation. Next support at 0.78576.
AUD/NZD	1.12639, 1.146	Sideways consolidation. Targeting resistance at 1.146
AUD/CAD	0.93519, 0.94869, 0.96389	Price consolidating at 0.93519 key level. May see short term bounce to 0.94869, then 0.96389.
USD/CHF	0.91745, 0.93887	Price curently at bottom of consolidation range. Break below 0.91745 signals extension to 0.9 level.
USD/JPY	96.995, 98.231	Price consolidating just above 97 level. Watch for short opportunity.
USD/CAD	1.03355, 1.04381	Price testing resistance. Needs to break above 1.04381 for continuation.
XAU/USD	1344.08, 1421.9, 1485.3	Bullish above 1344.08 key level. Looking for extension into 1421, then 1485.
SPX500	1598.4, 1647.9	Daily close below 50MVA. Index targeting 1598.4 area.
GBP/USD	1.55737, 1.57365	Targeting 1.57365 area. Look to play range between upper and lower bound.
GBP/JPY	147.584, 151.468, 153.659	Price still in medium term consolidation. Testing the upper bound resistance.
GBP/CAD	1.60415, 1.62029, 1.63891	Price broken above multi year highs. Testing 2011 levels.
GBP/AUD	1.63864, 1.68759, 1.7341	Testing multi year highs. Failure at resistance may present short opportunity.