[video] Trading Setups for Tuesday 10th December 2013

Hooray! I managed to convince my Mac to create videos again this morning. Here’s the latest, I’m still looking for yesterday’s USDJPY sell that didn’t materialise, it does require a trend change which can be hard for a pair but we have bounced from here before just recently so I’m looking for that, XAGUSD buy, just a small one, probably 35% profit. Trades on this image. Don’t forget all trade setups are identified using my SilverTrader MetaTrader 4 plugin.


So here’s the video.


Good news for the YEN could be the response I need to get into the large scale YEN trade!

Oh by the way Take Profit on the second leg of the YEN trade will be 102.055 based on fresh analysis by the SilverTrader software – the Support & Resistance charts are dynamic, calculated on a candle by candle basis.

Update 2

Silver BUY Trade complete.

(Anyone want to buy SilverTrader, $75?)

I’m interested now (while I wait for the USDJPY to change direction) in AUSNZD at present it is sitting in a perfect channel so I need a break out below or above the yellow lines.

When this goes folks it will be good move up to or down to the next white line (target). I’m not putting an order on it just waiting for something only because at the moment it is the most horizontal thing out there!

BUY AUZNZD on going for a big target at 1.10585, it’s breaking up, the first target is 1.10072, this is connected with the USDJPY break bearish. Could be a good day for big trades people. I’m looking to trail up a stop 16 pips on both.


AUZNZD I took profit at $4 us it’s not going anywhere

My USDJPY trade went down and then I moved the stop up behind the last barrier and it stopped out 27 PIPS *IN PROFIT*. now waiting for a new move from the hook.

Gold plummets this morning

Gold is sitting in a bearish trend and this morning plummeted in it’s usual fashion (Gold can move VERY fast and is for intermediate to advanced traders only!). There are a lot of buyers but they were completely thrashed by the sellers this morning breaking the support at 1315.75ish.

We are now in a hook and look to continue the bearish trend down *BUT* I can’t help being bothered trading the dollar positive against ANYTHING at the moment. Next stop the bottom at 1185? That’s a long long way but Gold can do this in a second!

So selling Gold at the moment against USD as mad as it might seem is a good plan, but as we get closer to the 17th October, I will be less and less dovish about trading the dollar against anything.

Incidentally I did notice as well there are a LOT of silver buyers out there. Silver is favourite against the dollar in a dollar crash but I think it may be too early to be trading the crash. (especially since it has not happened yet).

My robot seems to be having a lovely sleep today, I am going to put it onto more currencies after its very good performance with USDJPY.

EUR even lower?

Well what a day yesterday. All my EUR trades closed in profit last night which was very pleasing. At present I’m looking to sell EUR rallies. (for beginners that means because the trend is bearish I will sell when it goes up rather than trying to buy in at the base of a rally). This is the daily EUR chart at about 7:30 this morning, could we be heading all the way down to 1.2500?

I saw the prophets of the FOREX on trading view this morning talking about a run up to 1.3 then down but I can’t really see what would fuel that kind of move. USD data seems good at the moment and EUR data bad, why will that suddenly change?

Anyway have a good day everyone and if you have any questions or comments please don’t hesitate to post them.

Thing’s are going much better for USD…so it drops.

Well the FEDS announced easing of stimulus, there was good data from the US yesterday (and some bad!) but overall Ben said that they would start winding up stimulus. The Dollar is lifting itself. However this caused a drop in the FTSE and the USD.

My feelings are that this drop was temporary and will retrace back up to higher heights for the USD as it relies more on it’s own currency strength than the fake strength of stimulus.

Selling GBPUSD looking for a break below resistance at 1.54900 or thereabouts.

Non-Farm Payrolls

Well the old stop taker NFP is up today. Anything can happen.  I think this is the biggest event for beginners to lose money.

I’m staying out apart from AUDNZD sell till after 13:30 then we will see which way the wind blows. US data has been positive but NFP is a law unto itself.

USD strength…will it ever end?

Ok I snuck in a few scalps this morning buying dollars and made a sweet 30 pips profit already. One is still in play.

The dollar is diamond at the moment and it seems it can do no wrong!. So I would be VERY wary selling dollars at this time. At the moment I’m trading in 20 pip steps using MACD (see my article on trading with MACD).

Update ECB press conference.

Well it’s over. Seemed happy but EURUSD dropped 100 pips. However. Ofcourse this, after all is just a speech and most speeches the currency pair will return to near if not at the price they started at before the speech. Thus I’ve just put a buy on looking for the retracement and i’m selling USDJPY back down to the price.

Should be a profitable afternoon.

– Ok update, I wrote that earlier and put the buys and sells on. Like an idiot. Not waiting for the retrace signal on the MACD/Bollinger band setup. It’s cool They’ve continued down but USDJPY is on the way back, EURUSD has not started yet and I will probably put a cautionary sell on at the Stop loss point so if it does stop out I have another trade in place.

I don’t think it will though.

AUDUSD Bearish Trends….on just about everything.

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.