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NZD/CAD has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can see how this price action looks like. Usually when we enter in the territory of a new range boxes the new boxes that will form in the right side of the chart will use the middle of the range box from the left as the top and as the bottom will use the middle of the box from beneath the price action where most likely there…
Daytrader21's Blog
GBP/CHF Double Bottom
After SNB decided to drop the 1.2000 EUR/CHF floor the price action on CHF crosses has been distorted however we can still find a way to guide us through the current mess by simple using support and resistance level and the box trading ranges (see Figure 1). GBP/CHF as being a cross pair has a lot of tendency to consolidate and we can find more often it's moving inside this range boxes.
Based on the Monthly chart we can spot a big double bottom that is ta…
Figure 1. GBP/CHF Weekly chart.
Based on the Monthly chart we can spot a big double bottom that is ta…
AUD/CAD Retesting Big Resistance
AUD/CAD has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can tell that over the year this range boxes have narrowed and the market it's moving clearly between support and resistance.
Right now the market is at an very important inflection point which is the 0.9800 level, which is a pivot point. this level has provided in the past good opportunities and it has acted both as support…
Right now the market is at an very important inflection point which is the 0.9800 level, which is a pivot point. this level has provided in the past good opportunities and it has acted both as support…
NZD/CAD Downward Channel
NZD/CAD is turning from an bullish trend into a bearish trend after we succeed in breaking the upward channel (see Figure 1) Since mid-2013 we have moved in and consistent upward channel and at the same time bullish trend. But we have turned back after we broke away from this channel and current price structure of this down wave looks very stepper signaling the bears are in control and we should expect further downside movement.
From the weekly cha…
Figure 1. NZD/CAD Weekly Chart
From the weekly cha…
NZD/CHF Trading Box Effect
Nothing much has happened with NZD/CHF in last few years as we are moving in an never ending ranging zones. On the weekly chart (see Figure 1) you can notice this trading range boxes on top of each other which are characteristic in this range environment and which clears further current price structure. Usually the top/bottom of previous range box provides support or resistance for the next trading box as old resistance has become new support and vice versa. But there are times when price do…
NZD/CAD Reversal Pattern
NZD/CAD is turning from an bullish trend into a bearish trend after we succeed in breaking the upward channel (see Figure 1) Since mid-2013 we have moved in and consistent upward channel and at the same time bullish trend. But we have turned back after we broke away from this channel and current price structure of this down wave looks very stepper signaling the bears are in control and we should expect further downside movement.
From the w…
Figure 1. NZD/CAD Weekly Chart
From the w…
NZD/JPY Sustained Bullish Trend
Since mid 2012 NZD/JPY has started to move in an healthy and sustained bullish trend(see Figure 1) which ultimately will have to retest the 2007 all time high. Usually this type of moves last anywhere between 3-5 years so that's the reason why we can expect current momentum and trend to continue as long as there is no major event to change the course of this trend. If we look on the weekly chart we can see that there is no resistance to stop the price from further advancing so it's wise to assum…
NZD/CHF Trading Box Effect
Nothing much has happened with NZD/CHF in last few years as we are moving in an never ending ranging zones. On the weekly chart (see Figure 1) you can notice this trading range boxes on top of each other which are characteristic in this range environment and which clears further current price structure. Usually the top/bottom of previous range box provides support or resistance for the next trading box as old resistance has become new support and vice versa. But there are times when price do…
The Irony of Trading
Here is my quick review of my first trade:
Currency Pair: USD/TRY
Side: Long
Amount: 5Mill
Time Frame: 1h
Open Price: 2.133467
Close Price: 2.12377
PnL: -97 pips loss
Open date: 04.08.2014 07:00:20
Close Date: 05.08.2014 08:23:20
Reasons Behind the trade: This was supposed to be a quick trade between some intraday support and resistance levels nothing complicated about it. After my order was triggered the market stop moving any further and we stayed in a tight range until next day(see Figure …
Currency Pair: USD/TRY
Side: Long
Amount: 5Mill
Time Frame: 1h
Open Price: 2.133467
Close Price: 2.12377
PnL: -97 pips loss
Open date: 04.08.2014 07:00:20
Close Date: 05.08.2014 08:23:20
Reasons Behind the trade: This was supposed to be a quick trade between some intraday support and resistance levels nothing complicated about it. After my order was triggered the market stop moving any further and we stayed in a tight range until next day(see Figure …
NZD/USD Looking Beyond the Carry Trade
For many of you who are constantly following my blog already know that I'm holding a long kiwi position and even despite recent sell of I still hold this position and you can find the full reasons behind this trade by reading my last article here: Carry Trade Returns Here is another blog post back from April: RBNZ The Most Hawkish CB
In this blog we're going to look beyond the carry trade and have a look at …
In this blog we're going to look beyond the carry trade and have a look at …