The EURJPY is trading in a short term range around a LT important level:
EURJPY
You know that when the market is trading at an important level, we need to wait before looking for trade opportunities (we are market followers,instead of magicians).
Once the EURJPY breaks the range on either side, I will look for trade opportunities in the direction of the breakout.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The CADJPY is trading in a very well defined short term range, very few times we see a range as perfect as this one, you think so?
CADJPY
As you already know, we must adapt our strategy to the market condition, and if the CADJPY is ranging, lets try to trade the range: look for long opportunities around the bottom of the range and short opportunities around the top of the range, that’s it.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
I guess there aren’t many traders whose main focus i son the GBPCHF, but hey, if it give us a good opportunity to trade it, why not take it? An opportunity is an opportunity regardless of the quote name (of course we are talking about the majors and most crosses, not exotic pairs).
Anyway, the GBPCHF is trading in a bullish market condition:
GBPCHF
So as long as the GBPCHF keeps trading above HOPS1 and HOPS2 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
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Trade Safe!
Raul Lopez
The EURUSD hasn’t been trading in a very well defined range, that is probably one of the reasons I haven’t been posting much about the EURUSD, but believe me, there are other currency pairs with clearer market conditions (until now). Here is the hourly chart:
EURUSD
The first thing you’ll notice about the EURUSD is that the short term range is not defined, the market doesn’t get rejected from consistently from the same level, sometimes it seems to get rejected at random levels, that’s not good for us, that way we don’t have “safe” places to take our trades.
Things might change though, with the breakout of the range, the EURUSD will trade again in a bullish market condition, and the next LT level is at 1.2999, so there is plenty of room before the market gets there.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Yesterday I wrote the trading plan of the AUDUSD, it was trading in a short term range and I was waiting for a breakout on either extreme. A couple of hours ago, the AUDUSD broke through the short term resistance level:
AUDUSD
As long as the AUDUSD keeps trading above 0.8777 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The AUDUSD is trading in a short term range around a LT resistance level (blue level):
AUDUSD
Here is my trading plan:
As long as the AUDUSD keeps trading in between both green levels, I will try to trade the ST range.
If the AUDUSD breaks the ST resistance level (upper green level), it will trigger a bullish market condition and only long opportunities will be in play.
If the AUDUSD breaks the ST support level (lower green level), it will trigger a bearish market condition and only short opportunities will be in play.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Last week the GBPUSD traded in a very well defined range, in between 1.5222 and 1.5085. Late Friday the GBPUSD gave us some clue that it was about to break the bottom extreme of the range but it was too late, but now it’s out of that range:
GBPUSD
As long as the GBPUSD keeps trading below 1.5085 I will be looking for short opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Most Yen crosses, including the CHFJPY still have good profit potential for long trades, most of them are in a bullish market condition:
CHFJPY
In the case of the CHFJPY, the market might retrace back to the ST support level (around HOPS1). I’m going to wait for it to retrace back to the ST support level, and look for upward pressure around it.
If it breaks down the HOPS1 level, I will stay on the sidelines.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The GBPUSD is trading in a very well defined ST range:
GBPUSD
In this case, both short and long opportunities are in play in the GBPUSD on either extreme, but once the market breaks the range, I will only look for opportunities in the direction of the breakout.
But as long as the GBPUSD keeps trading in the zone, just play the range.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
A few hours ago the AUDJPY broke through an important ST resistance level, triggering a bullish market condition:
AUDJPY
As long as the AUDJPY keeps trading above 75.00 I will be looking for long opportunities.
My next LT resistance level in the AUDJPY is 79.05
Trade Safe!
Raul Lopez
http://www.straightforex.com/
Even though the EURJPY is trading in a short term range, it is still in a bullish market condition:
EURJPY
A lot of traders make the mistake of trading both sides if this range, even when the EURJPY is ranging in the short term range, it already got rejected from an important LT support level, triggering a bullish market condition.
So even when it is ranging in the ST charts, I’m only looking for long opportunities in the EURJPY.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURUSD just broke through both: an important LT resistance level and an important ST resistance level, triggering a clear bullish market condition:
EURUSD
I will be looking for long opportunities in the EURUSD as long as it trades above 1.2602. All short opportunities will be ignored.
My next LT resistance level is at 1.2999
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The AUDUSD traded in a short term range around a long term support level in the last 30 hours. However, a couple of hours ago, the AUDUSD broke the ST resistance of the ST range:
AUDUSD
This leaves us with the possibility to look for long opportunities in the AUDUSD. As long as the Aussie/Dollar trades above 0.8494 I will be looking for long opportunities.
Trade Safe!
Raul Lopez
http://www.straightforex.com/
The EURUSD is trading near a long term resistance level. This resistance level is very important, you can see it is valid in the daily and in the weekly charts:
EURUSD
I’m going to wait for the EURUSD to break through the short term range before looking for any trade opportunity (will look for opportunities in the direction of the breakout).
Trade Safe!
Raul Lopez
http://www.straightforex.com/
