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USDSGD Falls Back to Support at Bottom of Channel

Posted 12-15-2014 at 08:57 AM by Simit Patel (Diary of a Central Banker)
Tags usdsgd

USDSGD falls to the bottom of a price channel, which is also a horizontal support level and the 50% Fibonacci retracement from the swing low to swing high. We are also seeing considerable USD strength across the board. As such, I'm long at 30936, with my stop at 30665 and my target profit at the recent swing high at 32390. This needs a pullback of about 40 pips at the time of this writing to get filled; 40 pips is quite a bit for the relatively tight trading USDSGD, so this order might not get filled....
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NZD Showing Reversal Candlesticks at Resistance, 50 SMA

Posted 12-12-2014 at 08:53 AM by Simit Patel (Diary of a Central Banker)

NZDUSD is in a clear downtrend, but has now snapped back to a resistance level that coincides with the 50 SMA. At the same time, we're seeing price action stall and reversal candlestick patterns form. I've got my stop just above the recent swing high, and my target profit is the support based on the weekly chart. This gives me a reward/risk of about 3.5.

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Pull Back on AUDJPY Gives Chance to Join Bearish Yen Trend

Posted 12-11-2014 at 10:20 AM by Simit Patel (Diary of a Central Banker)
Tags audjpy

I've been looking for a chance to jump in on the short yen trade, which has been one of the best trades in 2014 -- especially over the past two months. I finally got what could be the pullback I'm looking for, as AUDJPY appears to be bouncing off support at 98.50. As such, I'm long at 98.50, with my stop at 97.05 and my target profit at 105.14 -- a resistance level visible on the weekly chart. This is a relatively small position, as I'm leaving more capital ready in case USDJPY pulls back even more....
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Reversal Candlestick at Top of Channel on GBPNZD

Posted 12-09-2014 at 08:42 AM by Simit Patel (Diary of a Central Banker)

I split this into two orders, since in my experience reversal candlesticks like this one often don't provide the pullback one would hope for. So I'm short at 2.030905 and at 2.05041; my stop for both orders is at 2.05995, with my take profit at 1.96389. The rationale for the trade is simple; we're seeing a downward channel on GBPNZD, and now we have a reversal candlestick at the top of that channel that could portend a move down.

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Pattern of Higher Lows on NZDCHF Emerges While Price Pulls Back to Support

Posted 12-05-2014 at 09:27 AM by Simit Patel (Diary of a Central Banker)
Tags nzdchf

NZDCHF has pulled back to support, its current price is above its upwardly-sloped 50 SMA, there is a pattern of higher lows, and a hammer candlestick pattern appears to be in place. Moreover, we are seeing signs of strength on other NZD pairs, most notably NZDCAD. In light of these factors, I'm going long at 75514, with my stop at 75061 and my target profit at 7741. This gives me a reward/risk of about 4.19.

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