Forex Swing Trading

Today EUR/JPY hit an area of resistance around 137.45, forming a double top on the daily chart.  We've been predominantly in an uptrend over the last several months, so long term, I'm still bullish.  However, with the formation of the double top, now may be a good time for the pair to take a breather and retrace back to the rising trendline.  Of course, it could go ahead and just break through the resistance, in which case I think we'd see a decent move up.     So, in anticipation of either move, I'm going to straddle today's price action with a buy above today's high and a sell below the low.  Here are my orders. Long Entry:  ...

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 ...

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 ...

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
Go to Source

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
Go to Source

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 ...

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.  So I'm long from ...

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.  So I'm long from ...

I'm seeing another possible long opportunity in GBP/JPY.  My last long was closed a couple of days ago as the pair dipped and took out my stoploss.  I was able to bank 566.8 pips on the first half of the position and 424.7 pips on the second half.  (By the way, I still have my EUR/AUD short open.  Unfortunately, it has not fared as well - I may be exiting that position soon.) Tonight, I see that the pair has pulled back to the rising trendline on the daily chart.  This could be a good low-risk opportunity if the trendline holds.  Here's the daily...    If we zoom into the 3 Hour chart, we ...

well today cost me 600.00 thus far. Here are positions going into tonight. I reduced my size as per loss rule. Go to Source