Posts Tagged ‘Forex Crosses’

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EURJPY: Bullish market condition, looking for long opportunities

Thursday, December 3rd, 2009

Yesterday we wrote about the weekly outlook of the EURJPY, on the weekly chart the market was bullish, today we can confirm what we wrote in the daily charts, it is also in a bullish market condition:

EURJPY

EURJPY

And as you already know, when the market is in a bullish market condition, its time to look for long trade opportunities.

My Trading Plan:

As long as the EURJPY keeps trading above 132.03 I will be looking for long trade opportunities. My next long term resistance is placed at 135.20.

All short opportunities will be ignored.

Trade Safe
Raul Lopez

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EURJPY: Long term Outlook

Wednesday, December 2nd, 2009

Sometimes it’s good to have a look at the weekly and monthly charts to have a better idea of where the market is heading. Take a look at the EURJPY weekly chart:

EURJPY

EURJPY

In this chart, it is clear that the market is ranging in between the main support & resistance area. But what is more important is “how” the market behaves when it gets close to the main support area, it gets rejected with strength. This gives us a good idea of where the EURJPY is heading, probably in the next weeks it will het the main resistance area, which is 600 pips from where the market is trading now.

Of course we’ll need to use the short term charts to pinpoint our entry (this way we´ll get a good risk reward ration).

Trade Safe!
Raul Lopez

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EURGBP: Bullish & looking for long opportunities

Monday, November 30th, 2009

The EURGBP is one of the Forex crosses that has been trading consistently between support and resistance levels. I like it when I see any pair behaving like this; it gives me confidence and feel more comfortable looking for trade opportunities.

Please take a look at the next chart:

EURGBP

EURGBP

Now that it is clear that the EURGBP broke the resistance level, I will be looking for long opportunities until it reaches the next LT resistance level.

My Trading Plan:

As long as the EURGBP trades above 0.9118 I will be looking for long trade opportunities. My next LT resistance level is at 0.9271

All short opportunities will be ignored.

Trade Safe!
Raul Lopez

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GBPJPY: Not a good one to trade

Tuesday, November 17th, 2009

It appears that the market is reacting now, most pairs are trading in a clear market condition (finally after two weeks of very few opportunities) and there are good opportunities in some pairs and crosses.

However, there is one cross that continues to trade in a undefined range (the most difficult market condition to trade since we have no clear support or resistance levels), and it is the GBPJPY.

I know many traders like the GBPJPY because it moves pretty fast and the average daily range is greater than most currency pairs, but these weeks have been difficult to find any opportunity in this one, just take a look at the next chart:

GBPJPY

GBPJPY

This one has no clear support or resistance levels, the GBPJPY stalled around 150ish, so the best thing to do here would be to wait for the market to break the range before looking for any trade.

My Trading Plan

Forget about GBPJPY

Trade Safe

Raúl López

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GBPJPY: Longs in play

Tuesday, October 27th, 2009

You must think I’m crazy because I’m looking for a trading opportunity in the GBPJPY after last Friday movements. But you know, it was different in the GBPJPY, movements were clearer and it retraced exactly at long term important levels, so it is probably a good idea to look for a trading opportunity here.

Anyway, the GBPJPY was rejected from an important long term support level and now it is trading in a bullish market condition.

GBPJPY

GBPJPY

My Trading Plan

As long as the Pound-Yen continues to trade above 150.20 I will be looking for long trading opportunities. All TP orders will be placed around the next resistance level at 153.13

All short opportunities will be ignored.

Trade Safe

Raul Lopez

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GBPCHF: Looking for long trading opportunities

Wednesday, October 21st, 2009

The GBPCHF traded in a range in the last 4 or 5 sessions, near a long term resistance level. This means that the GBPCHF was making up its mind on the direction it would take in the following days or so.

GBPCHF

GBPCHF

But recently the pound-swiss broke is long term resistance level and now it is trading in a bullish market condition, meaning we’ll only take long trade opportunities. Also, the next LT resistance level is at 1.7159, so we still have a long way to go before we hit the next resistance level.

My Trading Plan

As long as the market keeps trading above 1.6667 I will be looking for long trading opportunities. All TP orders will be placed below the next long term resistance level around 1.7159.

All short opportunities will be ignored.

Trade Safe!

Raul Lopez

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GBPJPY: Trading in a short term range

Tuesday, October 20th, 2009

Looks like the GBPJPY is trading in a short term range in between 147.41 and 149.04, it’s a fairly wide range, but we’ve got to remember that we are talking about the GBPJPY, probably the cross that moves the most.

GBPJPY

GBPJPY

What is more interesting is that the short term range is near a long term resistance level (blue line), so we need to wait for the market to break that range before we start to look for a trading opportunity.

Here is my Trading Plan:

If the market breaks the short term resistance level, that would put the GBPJPY in a bullish market condition, so I will look for long trading opportunities. All take profit orders will be placed below the next long term resistance level around 152.38.

If the market breaks the short term support level, it would be a bearish market condition, so I will look only for short trading opportunities. All take profit orders will be placed above the next long term support level around 143.62

Trade Safe!

Raul Lopez

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GBPCHF: Bearish market condition, short opps in play

Monday, October 12th, 2009

Even though today is a holiday in the US and Canada, and the volume is expected to drop down, we still have a few opportunities today, and one of them might be the GBPCHF. Just broke the long term support level and it will probably head down to the next LT support level:

GBPUSD

GBPUSD

It has clearly broken the long term support level at 1.6290

My Trading Plan:

As long as the GBPCHF continues to trade below 1.6238 I will be looking for short trading opportunities. All take profit orders will be placed above the next LT support level around 1.5906

Al long trading opportunities will be ignored.

Trade Safe!

Raul Lopez

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EURGBP: Bearish Market Condition, short opportunities in play

Wednesday, October 7th, 2009

The EURGBP is trading in a medium term range in between 0.9272 and 0.9079, around a 200 pip range. This is very nice range for this cross as it doesn’t move that much. Please take a look at the next chart:

EURGBP

EURGBP

Since the EURGBP was rejected from the long term resistance level, we should be looking for short trading opportunities.

My Trading Plan

As long as the market keeps trading below 0.9241, I will be looking for short trading opportunities. All take profit orders will be placed above the next long term support level around 0.9079

All short trading opportunities will be ignored.

Trade Safe!

Raul Lopez

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GBPJPY: Waiting for further confirmation

Monday, October 5th, 2009

In the last weeks the GBPJPY has been trading smoothly in between long term support and resistance levels, making it easy to find trades in between those levels. Right now, it is trading in a range in between 143.86 and 140.77, take a look at the next chart:

GBPJPY

GBPJPY

We need to wait for the short term confirmation before we start looking for a trading opportunity in the GBPJPY.

Here is my Trading Plan:

If the market breaks the 143.89 for the upside, that means that the GBPJPY broke that range for the upside and we should be looking for long trading opportunities. If this happens, I will be looking to take profits below the next long term resistance level at 148.75

If the GBPJPY breaks the 143.18 level for the downside, it means that it will continue to trade in the 4H range and only short opportunities will be in play. If this happens, I will be looking to take profits above the next long term support level at 140.77

If the market keeps trading in between 143.89 and 143.18 I will do nothing.

Trade Safe

Raul Lopez

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GBPJPY: Bullish market condition

Wednesday, September 23rd, 2009

Today is announced probably the most important news event in the forex market, the interest rate announcement from the FED. So we need to be careful, although no interest rate change is expected later today, traders and investors will focus in the tone of the speech: hawkish, etc. So we still could have some impact and wild swings.

Technically speaking, the GBPJPY is in a bullish market condition, it bounced off an important support level, please take a look at the next chart:

GBPJPY

GBPJPY

I know, a lot of us were expecting the market to brake the long term support level and validate the daily double top, but I guess the GBPJPY is not ready for that yet. Instead, it was rejected from that support level around 149.11, so, we need to look for long trading opportunities.

My Trading Plan:

As long as the market keeps trading above 149.37 I will be looking for long trading opportunities. All my TP orders will be set at 152.38. Remember: no trades before the interest rate announcement.

All short opportunities will be ignored.

Trade Safe!

Raul Lopez

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