Trade Ideas

Even though the USDCAD rose sharply on Friday because of some poor economic data from Canada, I’ve decided to close my trade. New developments over the weekend have made me change my outlook on the pair.

The 15-minute GBP/USD’s short-term intraday chart indicates that strong near-term resistance is waiting for any bulls thinking about rallying this pair higher through 1.5300 during the coming week.

Make that two weeks in a row that I didn’t get a signal! Price just steadily dropped, probably on all the bad news surrounding the euro zone. Still, I would have expected more of a nose dive considering that THREE euro zone members got downgraded. Maybe there just isn’t enough sellers left in the market?

The AUD/USD has reached an intraday double-top, with prices now exhausting between 0.9288 and 0.9292. This caps what has been a strong two-day rally in the AUD/USD, with the Australian Dollar strengthening against the U.S. Dollar.

Understanding when breakouts and continuations may occur is essential to trading a trending pattern. The market cycle as indicated by Initial Trend reading on the chart alert will indicate whether a continuation or breakout is more likely…

Risk aversion took quite a nice run yesterday, causing the Aussie to fall against the greenback. It turns out that the IMF thinks the Greece needs another €10 billion in bailout funds in order to pull itself out of debt!

Sadly, euro weakness stemming from Greece and Portugal debt concerns hit the news wires waaaay too soon, causing the EURGBP to fall much earlier than I initially expected. Since my trade idea is now invalidated, think it’s time to close any open orders that I have.

The pattern alert on the GBP/USD’s 15-minute chart offers an interesting analysis of current price action, beyond the breakdown of the Channel Down pattern…

And it finally comes to an end. The pair basically just bounced around in 120 pip range, stopping me out at breakeven.

The USD/CAD has broken the Channel Up pattern’s support on the short-term 15-minute intraday time frame. The short time frame indicates near-term weakness…

Good morning Forex friends! Looks like I caught a bit of luck last week as EURUSD crept within two pips of hitting a 1.32 bid before rallying furiously on Friday and bringing me to profitable territory!

The 240-minute NZD/USD broke higher through resistance at 0.7138 – the price at which a breakout buy was triggered on the Triangle pattern’s downtrend line…

I popped up my HLHB charts and I saw a lovely purple candle, indicating a downward crossover… but once again, I couldn’t enter! The 30 pip filter didn’t get hit and I failed to catch that 250 to 300 pip move.

Aww, what a bummer! My short EURUSD trade didn’t get triggered yesterday as the price pulled back until the 38.2% Fibonacci retracement level only.

The intraday EUR/USD has broken the 1.3300 level, making a new 11-month low at 1.3259. (The last time prices traded at these levels: May 1, 2009.) The downtrend has formed a Falling Wedge pattern, with prices continuing to press down and make not only lower lows…

The EUR/JPY has formed a Triangle pattern on the 60-minute chart, with prices squeezed into a narrow trading range between 125.55 and 125.05. The current market support above the 125.00 “big figure” level…

Zzzzz… Movement on the NZDUSD has been putting me to sleep as it’s been stuck in a tight range. I’ve decided to take a small hit and close early because I think my original trade idea may be invalidated.

It looks like a lot of traders picked up the pound when the UK’s annualized inflation rate beat forecast. This was taken by traders as a sign of future rate hikes, which pushed the pound higher.

Do’h. I guess I was a bit too late in playing the range. In hindsight, I should’ve realized that I was going for a fourth bounce…

Good afternoon friends! We saw quite a bit of volatility in Cable since I posted my trade idea as the pair jumped back and forth between 1.54 and 1.55 this week. With the weekend approaching fast, I have decided to close the trade to avoid weekend event risk.