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GBPUSD Consolidating in Channel, Respecting Resistance

Posted 10-29-2014 at 08:12 AM by Simit Patel (Diary of a Central Banker)
Tags gbpusd

GBPUSD is consolidating while in a channel, and is showing reversal candlesticks when testing resistance. Time to short?

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EURGBP Finds Its Ceiling

Posted 10-27-2014 at 08:13 AM by Simit Patel (Diary of a Central Banker)

EURGBP has been in a nice and clear downtrend, though recently pulled back to around .8050 this month. Price is now just below the 50 SMA, a key Fib level, and resistance. Moreover, candlesticks are showing wicks there, suggesting bears will defend the 7905 price level. As such, I'm set to short at 7905, with y stop at 7950 and my target profit at the recent lows of 7765.

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GBPCAD Consolidating After Pullback, Moving Averages Converging at Support

Posted 10-24-2014 at 06:06 AM by Simit Patel (Diary of a Central Banker)
Tags gbpcad

The moving averages have converged, we have a candlestick pattern that resembles an inside bar -- meaning that price is consolidating -- and price has pulled back to a support level. All of this offers a nice entry point, and the recent long wick serves as a potential bullish checkmate and thus a reference point for where the stop should be placed. I've placed my stop just below the recent long wick, and am targeting the recent high.

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Long Wicks on the Yen

Posted 10-22-2014 at 05:46 AM by Simit Patel (Diary of a Central Banker)
Tags usdjpy

Many yen pairs formed long wicks last week, and they've followed through with sharp rallies. As such, I've been eyeing potential entry points on these pairs. USDJPY gave me a setup I'm most comfortable with, in that I'm long at 106.13 with my stop at 104.93 and my target profit is at 109.73. I'm risking 120 to gain 480, which gives me a reward/risk of exactly 4.0.

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Has the NZD Topped on the Daily Chart?

Posted 10-20-2014 at 07:43 AM by Simit Patel (Diary of a Central Banker)
Tags audnzd

The New Zealand dollar has been showing signs of topping in the near-term against a number of pairs. The technical setup I like the most was on GBPNZD, though I missed that one; I didn't get the pullback I was looking for, so the order never got filled. AUDNZD, though, is also showing a very nice setup. The October 15 candle with the long wick could constitute a bullish checkmate, and so my stop loss is just below that level. My target profit is at the recent highs near 1.1281. A 61.8%+ Fibonacci...
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