FOREX.TODAY

Tag: Breakout Strategy

EURJPY Trade Setup (Dec 14)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-14_20-04-22-EJ1
I continue to be Bear with EURJPY pair. The biggest reason is Weekly & Daily Ichimoku chart.  (Please refer to my postings last week) Daily Stochastic suggests the price will go down further. Thus let's look for another sell zone. Looking at H4 chart below, you can see the price dropped again from Fib61.8%. One…
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EURJPY Trade Setup Cont (Dec 11)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-11_13-24-11-EJ1
I posted EURJPY Short trade setup couple of days ago. The basic idea was - Daily Ichimoku Cloud can be Resistance. It is sort of working.  But not enough.  :)   Even on the regular Daily chart, the price dropped from MR2, and Stochastic shows still a lot to drop. Hourly chart looks also interesting.…
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EURJPY Trade Setup Cont. (Dec 9)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-09_17-21-06-EJ
I posted EURJPY Short Trade setup yesterday, and it never triggered.  ;-) Well the basic environment stays the same on Ichimoku.  So I am still Bear and looking for Short Opportunity. As a trigger, (just like yesterday) I would recommend to play a breakout strategy of DPP (133.80). The target should be 129.42 (WM3 ->…
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GBPJPY Trade Setup (Dec 9)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-09_16-59-28-GJ3
I posted GBPJPY Trade Plan on Dec 7th, in which I talked about the possible Buy opportunity from the bottom of the range. Here we are today. The price already bounced from WM1, and Stochastic is looking up on H4. Interesting to see hourly Stochastic is also going up now. On Hourly, the price broke…
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EURJPY Trade Setup (Dec 8)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-08_15-29-45-EJ1
EURJPY has enjoyed the boost since NFP last week. It's interesting to see where the boost stopped. Below is the Daily Ichimoku chart.  This is the textbook chart that the Cloud can be resistance/support.  The candles are clearly blocked by the cloud. Below is the regular Daily chart.   The price has been rejected by…
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NZDJPY Trade Plan (Nov 16)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-11-16_14-58-50-NZDJPY1
Dear Carry Traders, NZDJPY started the week with the Gap down. On Daily chart, the price has been stuck ( and supported! ) at MPP/55EMA/Prev Support.  Stochastic is also below 25%.  Thus I am still hoping we can create another Long position here.   However, H4 chart (and even Hourly chart) doesn't look good.  …
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NZDJPY Trade Setup (Nov 3)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-11-03_14-15-05-NZDJPY
NZDJPY didn't drop, even though I see Bearish Divergence on Daily Stochastic.  So my concern was in vein. Thus, simply look for the next opportunity to buy this pair. BUY ZONE 1 (81.30): Current price level.  This is also WPP. BUY ZONE 2 (80.90 - 81.00): WM2 & Role Reversal Support BUY ZONE 3 (81.85…
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BOJ Monetary Policy Statement
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-30_15-22-39-UJ
URL:     The statement has been delivered already, which tells no additional QE. However, Kuroda will hold the press conference in 10 min.  (at 2:30AM EST) So the price may move drastically on either way. So far, the price stays within the range of 120.20 - 121.46. If we see the big movement, we…
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USDJPY Trade Setup (Oct 26)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-26_8-55-50-UJ3
Dear Traders, It is Monday, the beginning of the important week - FOMC, BOJ Meeting, etc. Let's get going! USDJPY was a rising start on Friday, and finally broke Daily Ichimoku Clouds, resulting "3 Yaku Koten" (Strongest Buy Sign) in Ichimoku. Now everyone sees the top of the cloud is 120.70, which will serve as…
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EURJPY Trade Setup (Oct 21)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-21_14-59-25-EJ2
EURJPY pair has jumped up yesterday. However, I see Bearish Divergence both on Hourly and M15 charts now. So I would like to look for Short opportunity for today.   So let's wait to see the break of Previous Low, and try to sell at retest (136.14). The stop can be 138.50, and the target…
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USDJPY Trade Plan (Oct 21)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-21_14-09-14-UJ3
Dear Traders, I have stayed away from USDJPY pair for a while, simply because of its low volatility. But yesterday, it showed some movements.  So I feel the market has started to shake, getting close to BOJ Monetary Policy meeting on Oct 30th. Let me start with Weekly Ichimoku. This pair has been well supported…
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GBPJPY Trade Setup (Oct 19)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-19_13-58-41-GJ2
Dear traders,   Here is another start of the week. Nikkei started Bearish, but with the help of China GDP, it went up a bit, resulting moving sideways so far. (1:10 AM EST.)   Shanghai index is also flat... Now, GBPJPY... Looking at H4 chart below, I would still like to sell this pair.  Currently…
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GBPJPY Trade Setup (Oct 14)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-14_14-54-50-GJ4
Dear Traders, Today Shanghai Index is flat, Nikkei is down.  Australia is down.  And USDJPY is down. (as of 2AM EST) Smells like another Risk off day?   My bias is short-term short, long-term long, and hoping I could start building up Long opportunity. However, I still think GBPJPY will go down today. Several reasons…
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USDJPY Trade Setup (Oct 8)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-08_13-48-30-UJ1
USDJPY failed to go above the cloud on Daily Ichimoku chart.  So I remain Neutral / Bearish with this pair. This Ichimoku tells us the upper space is blocked by the clouds, so buying this pair doesn't make sense.   So the strategy I would recommend is the range bound play with the inner range…
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BOJ Monetary Policy Meeting and USDJPY
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-06_13-36-49-UJ3
Bank of Japan is holding the Monetary Policy Meeting today and tomorrow. (There are 2 meetings scheduled in Oct.  1st one is Oct 6-7, and 2nd one is Oct 30th) The rumor says BOJ would simply confirm to continue with the current QE, but no additional QE necessary. But we never know.  So simply remember BOJ…
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GBPJPY Trade Plan (Oct 2)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-02_12-03-54-GJ0
GBPJPY has made a Higher Low on Daily chart. Some of you may just call this as, Double Bottom.  That's OK.  No difference. Since I am mid-term Bull with this pair, I am hoping to see up moves.     To confirm the up move is resumed, I would like to see the break of…
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USDJPY Trade Plan (Oct 1)
Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-01_15-07-04-UJ
Yesterday, I suggested Yen pairs are not preferable to trade. (You know what?   I traded USDJPY, and lost!  Here is the lesson.  Stick to your plan!!!!!!  Yes, I will.)   Now USDJPY pais is still in the range.  Actually there are 2 ranges exist as seen below.   a) Inner Range (119.20 - 120.30)…
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