Ok I’m buying GBPJPY and continuing to sell rallies on AUDUSD as well.
Daily GBPJPY shows a turn down on the MACD, it’s quite fast but I think it’s only temporary and we will continue with upside, I have checked this with a currency strength chart (clicky) funnily enough, I did read on tradingview comments someone has posted “JPY is the strongest currency at the moment”. I really can’t see how that is? JPY have introduced huge QE measures. Anyway the currency strength meters give the true story. So I entered this morning on a signal from the MACD and off we go.
Accidentally I placed a sell on AUDJPY – these things happen. I meant to do AUDUSD. Need coffee.
I’m always saying trade the trend but this was mad. Proof actually that the market IS greatly influenced by news and this was fast. But my question is why did the USD go UP in value against the other currencies?
SELLING AUDUSD and USDJPY suddenly…
So what can we learn from this?
1. The markets do what they like, no amount of drawing lines with fibs fabs or fuddles will make the market obey your will!
2. The markets are very sensitive to news. It comes any time and out of the blue. Some people would have been stopped out, others, like me trading with a trend anyway made massive amounts of profit in under a second.
3. People who say don’t watch the charts. yes, I understand that, but if you don’t you might miss something like this. If you do walk away though it’s easier to stay in trades that bring more profits and hit their TP.
AUDUSD continues bearish target 1.013 . AUDJPY as well targets the magic 100.
Steering clear of EURUSD as both EUR and USD seem to be playing a game of bad data good speeches. So they are both as bad as each other. It seems both currencies emit bad data, whilst their speeches pretend everything is ok.
As far as I can see pretty much ALL the currencies are falling. It’s just finding the ones that are falling fastest.
The MACD on the 4 hour chart is near the bottom of the Bollinger bands in a bearish trend. The lines have crossed but are still bearish, on the daily chart bearish. However look on the Daily chart, the MACD at the base. There are signs of a small bullish move in the future but at present I think we will maintain a bearish trend.
I am looking for the hourly chart to be at the top of the Bollinger Bands, it’s in the wrong place for me to open a trade at the moment. Here’s the Hourly and 5 minute chart. I would like to see the MACD lines crossed and things in the right place for perhaps further bearish move after the next bullish move, but I may scalp the distance between the Bollinger bands on the 5 minute chart when it changes direction.
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Well I’ve been quietly buying the easy trade AUDJPY! 50 pip up move this morning already. Here’s the daily chart. Could we be back on the way up to 105.65? or higher? Taken small profit from EURUSD trade stepping aside for now until the madness is over.
Right. Ok. Yesterdays head and shoulders did appear but like a Roller Coaster. It went as fast as it came. Due to the volatility of the whole thing I’m moving to blue charts. (Because on the black EURUSD chart I have sadly all the bars disappeared, thanks TradingView). Anyway. Take a look at this. I have noticed that USD news seems to be getting worse and worse. EUR although bumbling along does seem to be getting better, so I’ve decided to put on a buy EURUSD today, sit back and watch the carnage. Now 1.37 does look very nice.
Incidentally I am trading off of daily charts now because of the volatility. Here’s today’s EURUSD. see that green upward signal. That’s a buy from DecisionBar. So I’m in long for now. I know folks, I normally never go LONG on anything.
Ok assuming we treat the big up and down as a huge false break from the trend I reckon today we could see further lows. If it is, as I think 4 hour bearish and that false break was just a big load of stuff I would imagine we go lower than the magic 1.3000 today. But we shall see, nothing is certain in Forex and it could just retrace back up, but I think that’s doubtful because of the EUR news overnight that is not priced in.
Greif I’m tired of “it’s going up, it’s going down” prophets of the forex. The forex is like the Bible, you can make it say pretty much anything you want. Here’s an example.
Last night Germany’s credit rating was dropped, yesterday the EUR dropped a long way against the dollar as someone spoke about QE, only spoke about it mind. The markets are jittery, then Cyprus announced that they were going to meet in their parliament to decide if they can take the bailout or not. So to me the EUR buying frenzy has to stop. Buying EUR at the moment is like buying coal and pretending it’s solid gold. But guess what. Apparently if you draw lines on charts it makes things happen. With religious fervour I see on Stock Twits “I pity the shorts”. Why? Yesterday I shorted EURUSD and made over 300 pips. Don’t pity me buddy this is not a competition.
Whilst there is technical analysis that is valid relying on that is, well, plain stupid in my opinion, for example, yesterday there was an Earthquake warning in Japan, if that had happened and caused major damage that would have damaged the JPY economy. No amount of drawing lines on charts will fix that.
All I’m saying is how about we don’t go round going “Stupid bears, or silly bulls”. There’s no need to be right about everything, the truth is, all forex traders misjudge the markets. That’s life.
Don’t post your SL TP etc no one is interested. You’ll probably change them when the trade goes against you anyway.
How about just constructive news and ideas? Hmm? Just for one day, go on.
Despite all the people going BUY BUY… I’m not convinced I think it’s settled into a sweet bearish channel at least for the next 12 hours.
That’s me signing off for the night. Happy trading people