Hello Traders, Just a quick update on the trade idea I shared this morning: Short USD-JPY at 102.35 Stop Loss: 102.60 Target 1: 101.87 Target 2: 101.06 Looking at the price action since I posted the idea, I am not keen to keep this order. Price action has been consolidating in a narrow area just before […]
Month: May 2013
Hi Traders, Hope you have had a good break over the bank holiday weekend. Here is a trade idea I fancy if it materialises during the European and US sessions today. Take a look at attached USD-JPY chart. The pair has been having a strong rally over several months fuelled by BoJ interventions. However last […]
Hello Traders, Today’s trade idea is on USD-CAD. The pair has had an extended run for several days from a swing low of 1.0015 to 1.0252. I believe it has got to a point of potential reversion to the mean. Given overall strength of US dollar, it is a risky trade but I am basing my analysis […]
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Trading a triangle breakout
Hello Traders! A triangle break out is a high probability setup and can often be traded in either direction. A triangle is formed when there is a consolidation between buyers and sellers. The price range narrows progressively forming a nice symmetrical triangle indicating that there is near balance between buy and sell orders. It leads […]