Monday, June 22, 2015
As of 06/22/2015 @ 22:20 EST:
USD/JPY is an uptrend over the past year and although we expect a period of consolidation this pair is one to watch. A breakout of this consolidation period, one way or the other will warrant action.
We will be taking a long position with a break of 124.170 or a short position with a break of 122.330. Either position will have a risk of approximately 180 Pips. Targets will be 150 - 200 Pips.
As of 06/22/2015 @ 21:54 EST:
The Australian Dollar may be readying to turn lower against its US counterpart after prices put in a bearish Three Inside Down candlestick pattern. A daily close below 23.6% Fibonacci expansion at 0.7715 exposes the 38.2% level at 0.7632. Alternatively, a reversal above the 14.6% Fib at 0.7766 clears the way for a test of the 0.7813-18 area.
We will be taking a short position with a break of 0.76900 or conversely taking a long position with a break of 0.77760. Both will have a stop of approximately 85 Pips.
As of 06/22/2015 @ 21:15 EST:
The British Pound advanced against the US Dollar as expected but a bearish Evening Star candlestick pattern hints a turn lower may now be ahead. Near-term support is at 1.5794, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.5647. Alternatively, a turn above the 61.8% Fib at 1.5941 clears the way for a test of the 76.4% expansion at 1.6124.
We will be taking a short position with a break below 1.57800 with a stop of 1.59400, conversely we will be taking a long position with a break of 1.59500 with a stop of 1.57830.
Thursday, June 18, 2015
As of 06/18/2015 @ 22:30 EST:
The Global Currency Scalper has identified that USD/CAD is forming nice Gartley pattern on the 4H chart.
This pair is setting up nicely for a Gartley pattern which may complete down at level D. Since level C was somewhat shallow we have increased the D level as sellers may have more control over buyers in the short-term. We will be buyers around 1.20400 with a stop-loss of 140-150 Pips. If level D holds true to form we could see a bounce of 200-300 Pips.
Monday, June 15, 2015
As of 06/15/2015 @ 21:53 EST:
The Global Currency Scalper has recognized GBP/USD is forming nice AB=CD pattern on the 4H chart.
This pair has exceeded its C target setting the stage for a move to point D which will at least 100% of the A-B move. The B-C move should never exceed 78.6% of A-B, with that said we will set a stop of 100 Pips which will be slightly more than the 78.6% threshold. It's very well possible point D stretches to 1.272%, 1.382%, 1.618%, or even 2.618% of the A-B move. We will trade it conservatively and exit near the 100% level of 1.51700.
Tuesday, June 2, 2015
As of 06/02/2015 @ 18:02 EST:
The Global Currency Scalper will be taking the following trade: Long EUR/GBP & Short EUR/JPY.
A nice correlation trade is setting up between EUR/GBP & EUR/JPY. The spread in the correlation is currently 400 Pips, over the past year the max spread has been approximately 500 Pips. This pair has a correlation of 70% over the past year and 88% over the past 6 months.
We will be taking 1/2 our intended position size, if the spread continues to widen we will slowly add to our position. There is a good chance we see that happen over the next few days as the Great Britain, Eurozone & Japan all have economic news scheduled this week. If our timing happens to be accurate and the spread begins to narrow before that data is released we will book our profit.
*Remember 1 Pip move EUR/GBP is equivalent to 1.5 Pips so you must reduce your size in EUR/GBP.