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Long Wicks on the Yen

Posted Today 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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GBPNZD Set Up Offering 6.9+ Reward/Risk

Posted 10-16-2014 at 08:11 AM by Simit Patel (Diary of a Central Banker)
Tags gbpnzd

In addition to signs of NZD weakness on other pairs, we're seeing this very nice technical setup on GBPNZD: the pair is in an uptrend, but has pulled back to a support level that coincides with a 61.8% Fibonacci retracement level from the recent swing low to swing high. Today's strong bullish candle suggests bulls may be defending this level. As such, I'm set to go long at 2.0032, with my stop at 1.0098 and my target profit at 2.1002 -- a very nice reward/risk of over 6.92.

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EURCAD Pulls Back to Resistance -- Time to Short?

Posted 10-14-2014 at 07:54 AM by Simit Patel (Diary of a Central Banker)
Tags eurcad

EURCAD has been in a clear downtrend, but has pulled back over the past week or so. We're starting to see signs of CAD strength return across the board, though, and EURCAD has a setup I thought was particularly favorable. I'm short at 4273, with my stop at 4333, and my target profit at 4003. This gives me a reward/risk greater than 4:1, which always piques my interest.

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Double Inverted Hammers At Resistance on EURGBP

Posted 10-09-2014 at 07:41 AM by Simit Patel (Diary of a Central Banker)
Tags eurgbp

Yesterday I had my eye on EURGBP, as it appeared like an inverted hammer was forming at a key resistance and Fibonacci level. However, I thought I would wait to see if the pattern completed. Today, I can see that yesterday's candle did complete as an inverted hammer -- and that today's candle is likely to do the same, all at the same resistance level. This price action, coupled with the GBP strength we're seeing elsewhere, gave me the go ahead to short EURGBP in expectation that the pullback is...
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