Archive for the ‘Technical’ Category

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This is my plan for the EURUSD

Thursday, February 2nd, 2012

Have you been trading the EURUSD lately? I haven’t, but I think it’s about to give us good opportunities, at least on the short term charts. This is what I got on my hourly chart:

I’m still waiting for a confirmation of the support level, and if I get it, I’ll start looking for trade opportunities on both extremes of the range.

The other scenario is to wait for the EURUSD to break the top of the range. This will trigger a bullish market condition and I’ll be looking for long opportunities.

What do you think?

Good trading!

Raul Lopez
Forex Coaching

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Looking for longs on the NZDUSD

Wednesday, February 1st, 2012

How did you do with the GBPUSD yesterday? Did you have a chance to trade it?

The NZDUSD is another currency pairs I’m currently looking for long opportunities, yesterday it wasn’t that clear (at least to me), and was waiting for it to break the ST resistance level, which finally did:

Now its trading in a very clear bullish condition and what I like the most about the NZDUSD is that its next LT resistance level is at 0.8817, it is currently trading at 0.8348, so we got plenty of room to find our long position.

Would you be trading this one? Let me know.

Good trading!

Raul Lopez
Forex Coaching

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GBPUSD broke the short term range

Tuesday, January 31st, 2012

Yesterday I wrote about the GBPUSD, it was trading in a clear short term range. What I thought was interesting about the range is that it was formed near an important LT level. This means that once the market breaks the range, I’ll trigger a clear market condition, and this is what happened:

Yep, it broke the upper extreme of the range. This puts the GBPUSD in a VERY clear bullish market condition.

On easier words: I’ll be looking for long opportunities.

What do you think about the GBPUSD? Let me know.

Good trading!

Raul Lopez
Forex Course

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Like to trade ranges? Check the GBPUSD 30 min chart…

Monday, January 30th, 2012

Hope you all had a great weekend… ready to get some pips early this week? I am :)

Anyway, if you like to trade ranges, specially short term ranges, take a look at the GBPUSD, on the short term charts, it has well defined support and resistance levels:

What do you think? Would it be worthwhile to trade this short term range? I think it is… In fact, I’m actually looking to trade the short term range…

Please share your thoughts…

Good trading!

Raul Lopez
Forex Training

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Which currency pairs will you be following next week?

Friday, January 27th, 2012

These are a few of the currency pairs that I think will have clear swings:

NZDCAD – This one is a non brainer, it’s trending up. I’ll be looking for long opportunities. My next LT resistance level is at 0.8366.

EURAUD – As long as it trade below the ST resistance level of 1.2451 I’ll be looking for short opportunities.

GBPCAD – Same as the EURAUD, its trading in a very clear bearish condition, and as long as it trades below the ST resistance level of 1.5780 I’ll be monitoring it to see if I get my opportunity to short it.

GBPUSD – This week I looked for long opportunities here but now its in a different condition, it’s trading near an important LT level, and it won’t stay there for long, so I’ll be ready to look for trade opportunities in the direction of the eventual breakout.
I have other currency pairs that are about to be tradable, but I’ll rather wait for next week to get my confirmation.

What currency pairs will you be trading next week? Let us know.

Cheers!

Enjoy your weekend

Raul Lopez
Forex Coaching

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Have you been looking for short opportunities on the EURAUD?

Thursday, January 26th, 2012

I have, and honestly I still think there it will continue its way down. It’s been trading in a bearish condition and making historical lows for a while now. And you know what, if the market is going down, I’ll keep looking for short opportunities (I stopped trying to pick bottoms a long time ago):

So as long as the EURAUD keeps trading below 1.2451 I’ll be looking for short opportunities.

Do you agree with me?

Good Trading!

Raul Lopez
Forex Coaching

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Still considering shorting the GBPCAD

Wednesday, January 25th, 2012

Are you going to hold your trades during the US interest rate announcement? I’d close them and reopen them after the announcement…

Anyway, a few days back I wrote about the GBPCAD, it was trading in a clear bearish condition, and now it has confirmed the ST resistance level with some kind of downward pressure:

Are you still thinking about going short here? Please let me know.

Trade Safe!

Raul Lopez
Forex Training

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How do you like the GBPUSD for longs?

Tuesday, January 24th, 2012

I like the way the GBPUSD is trading on both, short and long term charts. It’s clear that the market is trading in a bullish condition on the long term charts, but also has a very well defined range on the short term charts:

I’d like to see how it reacts to the bottom of the range, and if it forms a significant pattern with upward pressure, I’ll be going long.

What do you think about the GBPUSD?

Trade Safe!

Raul Lopez
Forex Coaching

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Have you seen where the EURCHF is trading at?

Thursday, January 19th, 2012

Since the bank of Switzerland intervention blast year I haven’t placed a trade on the EURCHF. And I really missed it, it was a good cross, it had nice swings, and most of the time they were smooth.

Do you think it will good for trading some day? Or have you even placed a trade here since the intervention?

Take a look at it now:

It is getting closer to the 1.2000 level, remember the bank of Switzerland said it will not allow the EURCHF to trade bellow 1.2000? Do you think it will intervene again? I think so… So for now, I’m just going to forget about the EURCHF and focus on other crosses.

Trade Safe!

Raul Lopez
Forex Coaching

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Are you bearish on the GBPCAD? I am…

Wednesday, January 18th, 2012

There is still a long way to go before the GBPCAD reaches the next LT support level, it is currently trading at 1.5611 and the next LT support level is at 1.5427, more than 170 pips away. So we have plenty of room to get a good trade going.

This is the hourly chart:

As you can see it has a clear resistance level, which is exactly where I’m going to be looking for my short opportunity.

Do you agree with me?

Trade Safe!

Raul Lopez
Forex Coaching

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I like the GBPAUD for shorts

Tuesday, January 17th, 2012

Do you have the GBPAUD on your tradable currency pairs list? I do.

The GBPAUD traded for a few days in a short term range, what I liked about the range is that it was formed around a long term important level:

But earlier today, it broke through the bottom of the range and let me tell you, it is now trading at historical lows, so I’m just waiting for the GBPAUD to give me a signal to go short.

What do you think about this one? What spread do you have here?

Trade Safe!

Raul Lopez
Forex Coaching

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EURAUD still trading around historical lows

Monday, January 16th, 2012

Do you go with the flow? Or would you rather try to profit from an eventual pullback?

Sometimes it’s difficult to trade when a currency pair is trading at historical lows/highs, why? Because we all think that sooner or later the market will retrace back and it could have us stopped out if we go with the flow. What do you do under these circumstances?

This is the case of the EURAUD, it has been reaching historical lows for a month now (almost daily). Here is the weekly chart:

If you asked me the same question I asked you at the beginning of the post, I would go with the flow: keep looking for trade opportunities in the direction of the trend. Yes, the market will have a pullback, but we don’t know when, it could be tomorrow or it could be next month.

In the EURAUD case, I’ll keep looking for short opportunities without a doubt. Since we don’t have further support levels I’ll use a 3:1 risk reward ratio as my take profit order.

Trade safe and have a great week ahead!

Raul Lopez
Forex Training

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Like ranges? Look at the GBPCHF

Friday, January 13th, 2012

If you like range trading, you definitely need to take a look at the GBPCHF, it is trading in a very well defined 1H range:

It just got rejected from the bottom of the range, guess where it is heading? Yep, it is likely to continue its way up until it reaches the next short term resistance level (upper green level) at 1.4751.

Trade safe and have a great weekend!

Raul Lopez
Forex Course

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Are you watching the EURNZD?

Friday, December 16th, 2011

I am, and if you are, looks like it just broke through an important support level on the short term range. This triggered a bearish market condition and I will only look for short opportunities:

As long as the EURNZD trades below 1.7124 I’ll keep looking for short opportunities.

Trade Safe!

Raul Lopez
Forex Training

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Just opened a trade in the USDCHF

Wednesday, December 14th, 2011

Are you still bullish on the USDCHF? Because I am, I still think it is on its way up to hit the next LT resistance level which is at 0.9737, but only time will tell. Here is the chart:

I liked the way it was rejected from the ST support level (previous ST resistance level), plenty of upward pressure around that level, which is good if you are bullish on this pair.

Details:

Entry: 0.9491

SL: 0.9455

TP: 0.9705

What do you think? Was it a good idea?

Let me know.

Good luck!

Raul Lopez
Forex Training

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