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
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
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
Did you trade the USDCHF yesterday? Let me know if you did…
Another pair that I’m closely monitoring is the GBPCHF, as the USDCHF, it already broke through an important resistance level and it is likely to continue its way up, see it for yourself:
If it continues to trade above the pivot point, I’ll keep looking for long opportunities.
What do you think? Are you monitoring this one? Please comment if you are.
Trade Safe!
Raul Lopez
Forex Training
First of all, hope you all had a great weekend! Mine was a little unusual, I ran a marathon and as you may have guessed, my legs still hurt, but it doesn’t matter, being at the finish line makes it all worth it! You should try it!
Anyway, as I told you last Thursday, I wasn’t going to trade on Friday because of the European summit, and earlier today I saw there were no big changes… did you trade last Friday?
Today, one of the currency pairs that I like the most is the USDCHF, just broke through an important resistance LT level as well as another ST resistance level, so it has a good possibilities of continuing its way up. Here are the LT charts:
As long as the USDCHF keeps trading above 0.9325 I’ll be looking for long opportunities.
My next LT resistance level is at 0.9737
Trade Safe!
Raul Lopez
Forex Training
I still see good opportunities on the NZDUSD for long opportunities. On the long term charts it was rejected from an important LT support level, and take a look at the short term chart, we are just trading around an important support level:
We only need to be careful because later today the interest rate announcement from New Zealand is released. Other than that, I’m pretty comfortable looking for longs.
What do you see?
Trade Safe!
Raul Lopez
Forex Training
My trade on the GBPCHF didn’t work out yesterday, I still think it was a good opportunity, it was trading in a well defined short term range near an important ST resistance level, but the GBPCHF just didn’t want to follow through and I’ll have to reassess it’s analysis.
Anyway, I’m keeping an eye open on the GBPJPY, take a look at its short term charts:
What do you think about the support level? I really like it, I see good upward pressure around 121.40, which is where I usually get my signals.
Are you thinking about going long here? Let me know.
Cheers,
Raul Lopez
Forex Training
I think so, it’s clear that the EURUSD was rejected from an important support level on the long term charts, and on the short term charts it broke through an important resistance level which puts the EURUSD in a bullish market condition:
How far will it go? No one knows for sure, but at least it should reach its resistance level around 1.4050.
As long as the EURUSD trades above 1.3392, I’ll be looking for long opportunities.
Are you also looking for long opportunities?
Trade Safe!
Raul Lopez
Forex Course
Last week the GBPCHF broke through an important ST support level, triggering a bearish market condition. What I like about it now is that the ST resistance level is still holding, and I’d say its safe to look for short opportunities around that level:
I’ll wait for a retracement to the ST resistance level, if it does retrace and forms a significant pattern with downward pressure, I’ll be short!
Do you agree with me?
Trade Safe!
Raul Lopez
Forex Course
Are you currently trading the NZDJPY? Because I’m thinking about longing it. There are two things that I like about the NZDJPY:
Here is the 15M chart:
My trading plan:
Wait for a retracement to the short term support level (lower green level) and if it forms a significant pattern with upward pressure, I’ll be going long.
What do you think?
Trade Safe!
Raul Lopez
Forex Course
I’m definitely not comfortable trading the USDJPY, there is some kind of intervention going on, once it starts to go down, it moves back up, over and over… I wouldn’t risk my capital on this pair, but what about the other JPY crosses? How do you feel about them?
One of them that I’m currently monitoring is the CADJPY, if you look at the long term charts its clear that it is trading in a bearish market condition and likely to continue its way down. But what I like the most about it is that on the short term charts it’s been trading in between consistent support and resistance levels:
I’ll see if it retraces back to the short term resistance level and forms a significant pattern with downward pressure.
One thing to note though, I’ll think it twice if the USDJPY drops significantly, because the BOJ will intervene.
Trade Safe!
Raul Lopez
Forex Training
Last week I wrote about the GBPCHF, since the Bank of Switzerland intervention I haven’t traded this one, but right now, it is certainly shouting “short me” (at least that’s what I see, do you see something else?)
It traded for a while in a short term range around an important long term level, but earlier this morning it broke the lower extreme of the range. This triggered a bearish condition and it is more likely to reach the next LT level, which is at 1.3809:
My plan is:
Wait for the GBPCHF to retrace back to the ST resistance level (green level), if it forms a significant pattern with downward pressure I’ll go short.
Trade safe!
Raul Lopez
Forex Course
I really think so, after a few weeks of wild movements, it looks like finally the market is giving us clear moves, plenty of currency pairs are tradable and most of them are trading in between consistent support and resistance levels, which makes it easier to find low risk opportunities.
Do you see the same thing, or is it just me?
For instance, the AUDCAD traded in a short term range for a few weeks, but now it broke the bottom of the range giving us opportunities to look for short opportunities:
I favor two scenarios on the AUDCAD:
A. It could retrace back the ST resistance level, wait for the signal and go short
B. Break the bottom of the range, retrace back and wait for the signal to go short
Trade Safe!
Raul Lopez
Forex Training
It’s been a while since the last time I placed a trade in the GBPCHF, I didn’t like the way it traded after the Bank of Switzerland intervention, it looked as if it was nervous, hesitant, etc. But now it looks a little different, consistently trading in between clear LT support and resistance levels, on the short term charts it is trading in a clear short term range, etc.
Here is the ST chart:
So basically what I’m waiting for is for the GBPCHF to break the short term range:
So its not ready yet, but I’ll soon…
Have a great week ahead!
Trade Safe!
Raul Lopez
Forex Training
Last Monday I wrote about the EURGBP, it was trading near an important level on the long term charts, and as always, when I talk about LT levels, I’m actually talking about zones. The zone for the EURGBP was between 0.8560 and 0.8368. So in order to start looking for trade opportunities, the market needed to break either side of the range, and of course, I’ll only look for opportunities in the direction of the breakout.
Guess what? The EURGBP already broke through the lower extreme of the range:
So you know what the plan is here right?
I’ll only look for short opportunities. The next LT support level is at 0.8362
Trade Safe!
Raul Lopez
Forex Training