Today happened to bring a lot of trades for me. Some of them were in crosses covered in this blog over last few days. While not strictly speaking the same trades, they were in the same direction, just the time frame was slower. In a post Breakout dilemma I covered a possible buy in CAD-JPY. Time frame used there was 4H but I was on a lookout for trades on 1H charts as well, to the upside. While this specific trade was not covered before, it will explain a little bit about an order placed yesterday in NZD-JPY.
On this time frame price made a new low for the move at “B” which designated minor high “A” to be a threshold for turning bullish for me. This came at point “C”. This set up was loose and wide for my taste, so I left it alone, but this is where my NZD-JPY trade was triggered (covered next). Pullback inside the set up pattern is normal, but this one was rather deep. Had the price dropped under “B” this would have changed my outlook to bearish on this time frame (4H would still be bullish for now). Price stalled just under 72 level. This created good buying opportunity with a small stop (under “B”) and decent target (“C”). Entry was at 71.98 and objective of 73.00, which turned out to be a good trade. My outlook remains bullish. For details of trade on 4H chart please see Breakout dilemma.
Yesterday I wrote about a buy in NZD-JPY. Here is what happened.
Order was filled at 46.08. Few hours later price made another high (barely) but this move established a minor low between them which I considered a good place for a firm stop. Shortly after that’s where I took a loss of 68 pips. At about the same time trade in CAD-JPY was entered, I also went here at 45.02 and 100 pips objective. This pair turns out to be difficult for me recently, but another buy order is entered at 46.21 with 150 pips target.
Post Silly or what? described intended trade in GBP-CHF using 4H chart, while being on a lookout for smaller trades on 1H chart.
Point “A” is next to a candle which happened yesterday about the time I was writing last post. It had absolutely bearish look and didn’t look as if anything exciting was going to happen on the bullish side. But I was tracking price with buy order which was filled at 1.6615. Price almost reached preceding major high (for this chart) and my objective of 200 pips was met. I must admit, that this turn of events was not expected after yesterday. Now must wait for trade on 4H chart. It is still valid.
I’m adding another Kiwi order in NZD-CAD.
Very simple trade, if it happens, buy at 0.6362 and objective 120 pips. One must watch Yen pairs for upside breakout, although it is a tough go. Swissy also looks very weak at the moment. Well, I hope tomorrow is just as busy for me.
Mike K.
Looks like you’ve been busy. If it is not too much to ask,could comment on EUR-GBP in your next post. I’d really appreciate it.
I will try, but it will depend on what happens in the pairs I’ve been featuring recently.
You seem to be focusing more and more on New Zealand dollar, adding NZD-CAD. Do you think bottom is forming for this currency?
Probably so, but every time Kiwi makes a small run it gets pulled back. Difficult trading, a lot of false moves. For now i’m going with what the price action dictates.
Mike, your order to buy gbp/chf again at 1.6960 is still far away. No plans to enter it sooner, maybe using hourly charts?
It would have to sell off enough maybe as nuch as 200 pips. I’ll be watching it, but for the moment it doesn’t look like any trades are in the works.
Pound is acting in a confusing way. It is hard to make any sense of it.
It should be clear by now…
Well, Mike, you’ve been gunning for yen and it finally happened. You must be one happy camper about now! Can’t wait for your next post.
Coming up.
[...] for this development for some time with orders waiting to buy Yen crosses. In the last post, A lot of trades, I covered a buy in NZD-JPY. I removed yesterday’s comments from the chart to make it more [...]