Dear Traders, If you took this bullish trade then lets look at the charts now one day later. Whenever you trade a fib retracement then you just concentrate on the entry but do not wait for confirmation of price. If you are right then you enter on a good price but without confirmation of your…

Bank of Japan released "Statements on Monetary Policy" today, which introduced Negative Interest Rate.     The initial reaction was YEN Weakness - Spike on USDJPY and reached up to MPP. Currently the price came down to Fib38.2% + Role Reversal zone. As the buy zone, I would like to also suggest Fib78.6% +…

This is the identical setup as the one I posted on Jan 22nd. Simply the price didn't move, but the setup itself is still valid. Basically, this is a Long setup, after seeing "Double Bottom + Higher High".   So simply we should wait for the next Higher Low. However, if you are Bear, you…

YEN has been weak for the last couple of days, and thus AUDJPY has gone north, after making Double Bottom. In fact, this is one of the textbook reversal patterns - Double Bottom + Higher High.  (Bullish divergence is a plus!) When we see this patter, we should look for Higher Low, and buy! Here…

USDCAD has been trending higher on its long-term time frames, with the recent selloff offering an opportunity to catch the uptrend. On the 4-hour time frame, an ascending trend line can be drawn to connect the recent lows of price action. Using the Fib tool on the latest swing low and high on the 4-hour…

GBPJPY has been trending lower recently, moving below a descending trend line connecting the recent highs of price action. Price just broke below an area of interest at 166.50 then dipped to a low of 164.00 before pulling back. Using the Fib tool on the latest swing high and low shows that the 50% level…

GBPAUD had previously been consolidating inside a symmetrical triangle pattern on its 1-hour time frame before breaking lower. Price had dipped close to the 2.0400 major psychological support before showing signs of a retracement. Using the Fib tool on the latest swing high and low shows that the 50-61.8% levels line up with the broken…

Dear Carry Traders, I wish I could show you Long trade so that you can add one more Carry trade. But the trade setup I am posting today is Short trade.   Well, the market is Bearish.   What can we do?  :) Here is H4 chart.   The price is already coming up to…

I posted GBPJPY Long setup last Friday.   The basic idea was simply Double Bottom on Weekly.   But the price just broke the support and went down. I realized I tried to pick the dropping knife. Thus I should get back to the normal trading strategy ... the price is under 21EMA.  So sell!!…

I shorted GBPJPY from 21EMA on H4 yesterday. It was a good spot trade. If you are trend traders, you should continue to short from 21EMA (Daily, H4, H1 charts). However, let's zoom out, and see the bigger picture to see where we are. The above is the weekly chart.  Obviously something is going on…

Dear Carry Traders, AUDJPY may have found the bottom, based on the Daily chart.  The price bounced up from the Support  (83.00 ish). Daily Stochastic also crossed, so we can expect Stochastic to come up??   The price action on H4 is also encouraging. It was making Lower Lows and Lower Highs, until recently.  But…

I kept posting about GBPAUD Short trade for sometime.  But we didn't see a big change until today. Finally the price dropped dramatically, and I think there should be another opportunity to enter this short trade, if you didn't short it. The basic idea of this Short trade was..  On Daily chart, trying to short…

Here is one Swing Trade setup. On Daily chart, this pair is in the downtrend, by making series of Lower Highs and Lower Lows. Currently Stochastic is hitting almost 75% and the current price is at Role Reversal Resistance area. Thus I am looking to short this pair. On Hourly chart, this pair was very…

Dear Carry Traders, AUD was a dropping knife yesterday.  So I didn't even think about buying AUD. However, AUDJPY has dropped down to an interesting area.  Thus I thought it may be worth mentioning about my possible Long Trade. AUDJPY pair dropped 500 pips dramatically from the up channel, and currently the price is at…

So the price dropped nicely from 118.80 as expected. I said in my previous post that the target should be DS2.  But I simply meant double buttom.  So you could take profit now.  It totally makes sense. Now what? The price may bounce up and form Double Buttom, or the price may continue to drop…

Dear Traders, Happy New Year. I had a long Christmas-NewYear vacation. Now I am back in position, and monitor the market from Asia.   Yen has been super strong for a while, and I don't see any reason to change the bias. Perhaps we will need to see another Kuroda Bazooka, to alter the Yen…

Dear Traders, CADJPY has been in a nice downtrend. On H4, Stochastic has dropped from Overbought zone.  Also the current price seems to be at Role Reversal Resistance. Thus I am looking for the Short trade. However, on Hourly chart, Stochastic is already in Oversold zone. So how about waiting for the next down cycle…