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Re-Entering CADJPY -- Again

Posted Yesterday at 08:10 AM by Simit Patel (Diary of a Central Banker)
Tags cadjpy

Last time I tried going long CADJPY was about a week ago, and the trade was virtually identical to the trade I'm putting on now. I got stopped out at breakeven, though I think the pattern is still valid; I simply moved to breakeven a bit too early last time.

I'm set to go long here at 94.01, with my stop at 93.56 and my target profit at 96.11. I'm risking 55 pips to gain 210, which gives me a reward/risk just over 3.81.

...
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Old

Going Long NZD -- Again!

Posted Yesterday at 07:58 AM by Simit Patel (Diary of a Central Banker)
Tags eurnzd

NZD hasn't been kind to me over the past week; including the rate hike that sent NZD down, I've had three consecutive losses on the NZD that have taken off about 0.75% of my account balance. But I don't want to make the mistake of being caught up emotionally and irrationally by losses, so I'm going long NZD again. Technically, the trend is still bullish for NZD, and we've pulled back at least 50% from major swing points in the trend and are seeing candlesticks that show signs of reversal on the...
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Old

Double Doji at Support on NZDCHF

Posted 07-28-2014 at 07:54 AM by Simit Patel (Diary of a Central Banker)
Tags nzdchf

What's the only thing better than a doji? A DOUBLE DOJI! And that is exactly what we might be seeing today on NZDCHF. Traders may recall NZD plunged last week when the RBNZ raised rates on NZD. Now, after price plummeted to a major support level, we are seeing what looks like a double doji. I'll take this as a sign that the bears may be exhausted, and that the primary uptrend on the daily chart is ready to resume. I've entered at 7721, with my stop at 7691, and my target profit at 7871. This provides...
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Old

Entering GBPUSD With A Tight Stop

Posted 07-28-2014 at 07:42 AM by Simit Patel (Diary of a Central Banker)
Tags gbpusd

I've shared this 4 hour chart to illustrate greater insight on the entry and exit points, but the daily chart illustrate the bigger idea of buying at support/50 SMA in a pull back. GBP is showing signs of strength -- I'm already long GBPJPY and GBPAUD -- and so I think what we're seeing here are signs of accumulation. I think the lows of this past Friday, July 25, may constitute a bullish checkmate, and thus have a relatively tight stop of 40 pips. My target profit is 180 pips away, which gives...
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Old

GBPAUD Forming Long Wicks Off Support; Time to Go Long

Posted 07-24-2014 at 08:14 AM by Simit Patel (Diary of a Central Banker)
Tags gbpaud

GBPAUD is boasting the following:

1. Price has pulled back 61.8%, a key Fibonacci level, from its recent swing low to swing high
2. A pattern of higher lows is in place, and price just bounced off the upward trendline of this pattern
3. A doji candle is forming

Moreover, I'm seeing signs of AUD weakness across the board. I still have my long AUDJPY position on, though I'm expecting a bit of a retracement in that pair; if that occurs, this position should...
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