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GBPAUD Forming Long Wicks Off Support; Time to Go Long

Posted Today 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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Old

USDCAD Pulls Back to Trendline, Sets Up Short Opportunity

Posted Yesterday at 08:26 AM by Simit Patel (Diary of a Central Banker)
Tags usdcad

USDCAD has been in a downtrend since March 20th of this year; that is when the current trendline, visualized in this chart, commenced. Price has pulled back to this trendline, is just below the 50 SMA and the 200 EMA, and not too short of the 50% retracement line from the recent swing high to swing low. The candlesticks over the past few daily trading sessions also suggest that price is in an accumulation or distribution pattern, getting ready to breakout. In light of the trendline, I'm speculating...
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Old

Adding NZDJPY to My Short Yen Position

Posted 07-22-2014 at 08:44 AM by Simit Patel (Diary of a Central Banker)
Tags nzdjpy

The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY and CADJPY, and a pending order to go long GBPJPY. And now, I'm adding a long NZDJPY trade to this as well.

By now the setup is familiar: the pairs were all trending up, but have recently pulled back to the 50 SMA, which is near a horizontal support level, and where price is forming doji candlestick patterns...
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Old

Yen Weakness Appearing Everywhere; Now Going Long GBPJPY

Posted 07-21-2014 at 08:26 AM by Simit Patel (Diary of a Central Banker)
Tags gbpjpy

I'm already long CADJPY and AUDJPY, and now seems like a good time to go long GBPJPY. Price has pulled back to the 61.8% Fibonacci retracement from its recent swing low to swing high, and is also sitting just above its 50 SMA, which is coinciding with a horizontal support level. Friday's candle was also an inverted hammer at support, which I'm interpreting as a sign that bulls are stepping in.

As such, I'm long at 172.72 with my stop at 171.87. My target profit is just above the...
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Old

AUDNZD Offering Everything I Like to See

Posted 07-21-2014 at 08:21 AM by Simit Patel (Diary of a Central Banker)
Tags audnzd

This setup offers everything I like to see:

1. A clear trend -- price is below the 50 SMA and 200 EMA
2. Price is touching the 50 SMA, which is acting as resistance
3. Price has pulled back 50% from the recent swing low to swing high
4. A doji candlestick is in the works on today's candle

Four out of four, so I decided to short at 0812 with my stop at 0844. My target profit is at support at 0629. I'm risking 32 to gain 183, so the reward/risk on...
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