Archive for June, 2009

GBPJPY: Trading scenarios

Tuesday, June 30th, 2009

The GBPJPY is trading at an important long term resistance level around 159.45, in the short term charts it is trading in a tight range in between 159.79 and 158.23, so it first need to clear either support or resistance to start looking for trading opportunities, please take a look at the next chart:

GBPJPY

GBPJPY

My Trading Plan:

If the market breaks the 159.79 short term resistance line, I will be looking for long opportunities. All take profit orders will be placed around 161.70

If the market breaks the 158.23 short term support level, I will be looking for short trading opportunities. All take profit orders will be placed around 157.00

If the market keeps trading in the short term range I will do nothing.

Good luck

Raul Lopez

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EURJPY: Broke resistance, long trades in play

Monday, June 29th, 2009

Today almost all major pairs and crosses are trading in a small range, but not usual ranges, most of them trade in a erratic range, making it very difficult to trade. But the EURJPY, just broke that range for the upside. Please take a look at the next chart:

EURJPY

EURJPY

My Trading Plan:

As long as the EURJPY keeps trading above 134.82, I will be looking for long opportunities targeting the next long term resistance level around 137.90.

All short opportunities are out of play.

Good luck!

Raul Lopez

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USDCAD: Looking for long trades

Thursday, June 25th, 2009

The USDCAD recently broke a major resistance level located at 1.1457, it has no clear resistance level before 1.1817, so there is a long way to go. In the short term charts the USDCAD is also trading above all short term levels.

USDCAD

USDCAD

My Trading Plan:

Only long trades are in play, so as long as the market keeps trading above all short term important levels, I will be looking for long opportunities. All take profit orders will be set below the next resistance level around 1.1817

All short trading opportunities will be ignored.

Good luck!

Raul Lopez

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USDCHF broke resistance, will the EURUSD follow?

Wednesday, June 24th, 2009

Today, the USDCHF broke the range it traded in since the 27th of May, now it has no clear resistance level until 1.1232. Please take a look at the next chart:

USDCHF

USDCHF

But now the question is: Will the EURUSD follow?

EURUSD

EURUSD

I guess we’ll have to wait, although we have one thing for certain: Remember there is a negative correlation between these two pairs, when the EURUSD goes up, the USDCHF tends to go down. So, right now, if I was to go short in the EURUSD or long in the USDCHF, I’ll definitely choose long USDCHF.

Good luck!

Raul Lopez

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GBPJPY: A simple trading plan

Wednesday, June 24th, 2009

The cross GBPJPY is getting closer to a few trading setups, but first, the market needs to break important short term support or resistance levels. Please take a look at the chart below.

GBPJPY

GBPJPY

My Trading Plan:

If the market breaks the short term resistance level around 156.74 (green resistance line), I will start to look for long opportunities, and all take profit levels will be placed below the long term resistance around 159.45

If the market breaks the short term support level around 154.87 (green support line), I will start to look only for short trading opportunities (will validate the head & shoulders pattern), and all take profit orders will be placed around 150.00

Good luck

Raul Lopez

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USDCAD: Longs in Play

Monday, June 22nd, 2009

Earlier today, during the Asian and European sessions, the USDCAD broke a major resistance level around 1.1457, as long as the market continues to trade above this level, it should reach the next major resistance level around 1.1817. Right know we are trading at 1.1533 (close to 300 pips below the next resistance level):

USDCAD

USDCAD

My trading Plan:

As long as the USDCAD continues to trade above the main resistance level (1.1457), I will be looking for long opportunities targeting the next major resistance level around 1.1817.

All short trades are out of play.

Good luck!

Raul Lopez

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AUDUSD – Longs in Play

Friday, June 19th, 2009

For what’s left of the week, probably the best pair to trade right now would be the AUDUSD, it is trading in a range, trading above last session high, no clear resistance until .8200, in the previous days it was rejected from the main support zone…

AUDUSD

AUDUSD

My Trading Plan for the AUDUSD:

Look for long opportunities, all targets will be placed below the main resistance level around .8200

All short opportunities are out of play.

Good luck and have a good weekend

Raul Lopez

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EURUSD: Short or Long?

Wednesday, June 17th, 2009

The EURUSD could break the next short term support level and validate a Head and Shoulders formation, but there is another scenario, what if the market breaks the next short term resistance level? Well that should take it to previous highs. Take a look at the next chart:

EURUSD

EURUSD

So here is my trading plan:

If the market breaks above the short term resistance level around 1.3932, I will start looking for long opportunities, targeting the long term resistance level around 1.4329

If the market breaks below the short term support level around 1.3798, it will validate the Head and Shoulders pattern, and I will start looking for short opportunities, targeting the long term support level around 1.3433

Good luck!

Raul Lopez

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USDCAD, Close to net Long

Tuesday, June 16th, 2009

The USDCAD recently broke an important resistance level (blue line at 1.1298) and it appears to have more bullish momentum, but trading long is not yet recommended, I would wait for the market to break the nearest short term resistance level (green line at 1.1359).

USDCAD

USDCAD

My Trading Plan:

Wait for the market to break 1.1359 and start looking for long opportunities.

Good luck

Raul Lopez

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GBPUSD: Short trades in play

Monday, June 15th, 2009

The GBPUSD was rejected from the long term resistance zone around 1.6620, this makes me think the market will go short in search for the next support zone, located around 1.5914. Please take a look at the chat below:

GBPUSD Pound Dollar

GBPUSD Pound Dollar

My trading plan:

As long as the market continues to trade below 1.6327 I will look for short opportunities (already have one short). All take profit orders will be placed 40-50 pips above the main support zone.

Good luck with your trading!

Raul Lopez

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EURUSD: Long opportunities in Play

Tuesday, June 9th, 2009

In our previous contribution about the Euro we mentioned the EURUSD was going down, at least to the main support zone located around 1.3868. Now that the market reached that level, the market is telling us that it wants to go up again, please take a look at the next chart:

(Link to our previous post about the EURUSD)

EURUSD

EURUSD

Now that the EURUSD is trading just above all important levels, it should reach the next long term resistance level located at 1.4326.

So our Simple Trading Plan for the EURUSD is:

Just look for long opportunities in the short term charts (and ignore all short signals), as we said, all take profit orders will be placed just below the main resistance level located at 1.4326.

Good luck!

Raul Lopez

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EURJPY: Trading Idea

Thursday, June 4th, 2009

The EURJPY is trading at the previous high, a pretty strong resistance zone. Yesterday the market tried to break that resistance but failed to do so, but what is more interesting is the way it came back… Now, it is trading in a tight range (green lines) and I think it is getting ready to break… but which way?

EURJPY

EURJPY

Right now I’m waiting for the market to break either extreme of the range, but here is my plan:

If the market breaks 137.24 (green resistance line – short term resistance), I will look for long opportunities and it should take it to 139.85 (upper blue line – long term resistance zone).

If the market breaks 135.71 (green support line – short term support), I will look for short opportunities, this should take the market to 128.50.

Good luck!

Raul Lopez

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EURUSD: A Simple Trading Plan

Thursday, June 4th, 2009

The EURUSD bounced from a clear long term resistance level (1.4330), but now the questions is, is this the beginning of a THE retracement? We don’t know yet, what we do know is that based on the chart bellow, it should reach at least 1.3877…

EURUSD

EURUSD

Definitely long opportunities are out of play at least for the time being, so what would be the trading plan for the EURUSD?

I will wait for the market to break 1.4107 (green support line) to look for short opportunities, if the Euro breaks this level down it should take it to 1.3868.

Good luck

Raul Lopez

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USDCHF: A Simple Trading Plan

Tuesday, June 2nd, 2009

The Swiss Franc is trading at an important support zone (1.0701 – blue line). I like to see the market trading in a little range in the short term charts when it approaches to important long term support or resistance levels… please take a look at the next chart:

USDCHF

USDCHF

Blue line – Long term support zone
Green lines – Short term range

Here is my trading plan for the USDCHF:

If the market breaks the short term resistance up (1.0713) I will start to look for long trading opportunities.

If the market breaks the short term support down (1.0658) I will start to look for short trading opportunities.

I will do nothing if the market stays in the short term range.

Good luck.

Raul Lopez

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