2009 May | Forex Swing Trading

USD/JPY Pin Bar and Other Updates

Sunday, May 31st, 2009

There's a pin bar forming on the USD/JPY daily chart tonight. The predominant trend is down, and a nice pin bar has formed at what I'm expecting to be the top of a retracement. Of course, as always, I could be wrong. Check out the chart…

Short Entry: 96.347
Initial Stoploss: 97.353

Also, a quick update on my other positions: I'm still short EUR/AUD from way back in the beginning of April. This is the second, risk-free half of my position. The pair's in a bit of consolidation right now, but the overall trend is still down, so I'm still bearish and hanging tight.

I closed out half of my USD/CAD short about a week ago at 1R profit, and then the pair spiked and took out my breakeven stoploss before resuming the downtrend. So a small profit there.

I closed half of my GBP/JPY long yesterday after my trade hit 1R, and I'm sitting on the other half of the position risk-free. This pair seems to have a lot of upside potential, so I'm going to keep my stoploss at a safe distance (just below the rising trendline).

Update 5/29/09 8:45 PM: USD/JPY moved nicely in my favor today, and I've moved my stoploss to breakeven. I think at some point during the day, it had reached my profit target of 1R, but I didn't get a chance to get out of half of my position. Hopefully Sunday night I'll get the chance to do so. Still holding on to my GBP/JPY and EU/AUD positions. Have a great weekend all!!

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USD/JPY Pin Bar and Other Updates

Friday, May 29th, 2009

There's a pin bar forming on the USD/JPY daily chart tonight. The predominant trend is down, and a nice pin bar has formed at what I'm expecting to be the top of a retracement. Of course, as always, I could be wrong. Check out the chart…

Short Entry: 96.347
Initial Stoploss: 97.353

Also, a quick update on my other positions: I'm still short EUR/AUD from way back in the beginning of April. This is the second, risk-free half of my position. The pair's in a bit of consolidation right now, but the overall trend is still down, so I'm still bearish and hanging tight.

I closed out half of my USD/CAD short about a week ago at 1R profit, and then the pair spiked and took out my breakeven stoploss before resuming the downtrend. So a small profit there.

I closed half of my GBP/JPY long yesterday after my trade hit 1R, and I'm sitting on the other half of the position risk-free. This pair seems to have a lot of upside potential, so I'm going to keep my stoploss at a safe distance (just below the rising trendline).

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USD/CAD Support Broken

Monday, May 25th, 2009

I entered a short position in USD/CAD tonight after the pair broke through an area of support around 1.1455 with a nice wide-range body candle. This plus the overall downtrend on the daily chart was enough for me to put some money on the line and see if it continues its move down.

Here's the daily chart…

Short Entry: 1.13686
Initial Stoploss: 1.15101

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USD/CAD Support Broken

Thursday, May 21st, 2009

I entered a short position in USD/CAD tonight after the pair broke through an area of support around 1.1455 with a nice wide-range body candle. This plus the overall downtrend on the daily chart was enough for me to put some money on the line and see if it continues its move down.

Here's the daily chart…

Short Entry: 1.13686
Initial Stoploss: 1.15101

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Trendline Bounce on GBP/JPY

Tuesday, May 19th, 2009

Today many of the pairs I follow saw a strong resumption of the major trend after experiencing a bit of a correction the past week or so. I'm looking at GBP/JPY in particular, which bounced nicely off of the rising trendline. The daily chart is shown below.

I'm going to jump into a long position in this pair and see if the prevailing trend continues to carry us up. There's a bit of overhead resistance where a double top has formed, so I'll be watching carefully around that price level to see how the pair reacts.

Long Entry: 147.505
Initial Stoploss: 142.75

On another note, I closed half of my EUR/AUD short earlier this month at 1R, but the second half is still open. Today's thrust downward is an encouraging sign that that pair's move down may not be over yet.

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Long EUR/JPY

Friday, May 1st, 2009

I'm still bearish on the JPY, based on the recent daily charts of the various JPY crosses. Tonight I've entered a long position in EUR/JPY. Recent price action on the daily chart shows the pair bouncing off of the rising trendline on the daily chart at a level that has served as an area of support and resistance in the past.

Take a look at the daily chart below. The red circles indicate some times in the past when this price level has been tested, both from above and from below. The past couple of days seem to indicate that this area will hold as support and the pair will continue higher.