AUDUSD: Are The Bears Back?

Ausdusd is currently testing the right shoulder of the daily head and shoulders formation that became invalidated when the pair burst above that level (.9890) In spite of this support, the price action is extremely bearish. There was an initial bounce to .9994 on the 4-hour timeframe in reaction to the daily support. This was however, quickly sold off. The current price action, along with the set of double tops on the weekly Read more »

Identifying Buy And Sell Zones: Part 1

Regardless of your preferred trading strategy, it is essential that we as traders are able to identify buy zones and sell zones. I use trendlines and horizontal lines to do this. I will be doing a series of articles on this topic, and today’s will focus on range trading. During a ranging market it is appropriate to use horizontal lines to differentiate between the buy and sell zones, and so the trader is able to take advantage of trading opportunities. Read more »


My bias on the Gbpcad is to the upside, simply because of the signs on the signs that are indicating that the weekly range support might be holding. However, I will examine the lay out my trading plan for both bullish and bearish trading opportunities, should they play out. First, in reference to the weekly chart, the close presents a doji with an extremely long wick to the downside. This closed just above the support of the range, indicating Read more »

Eurusd Is Cheap…Anyone Wants To Buy??

I am a technical trader, as I believe the fundamentals eventually play themselves out in the market. However, even I cannot ignore the slew of bad news coming out of the Eurozone, and it’s glaringly obvious on the charts that they are not being ignored. The Eurusd plunged through a major weekly support line (See chart below) during the early London session, and as I am writing this article it seems that we might be in for even more downside action. Read more »

Watch The Risk!

The setting of profit targets is one of the most neglected elements of trading. Some will establish a target initially and then promptly forget about it when the market conditions change. For instance, during a slow period they will adhere to their targets, but then when the market seems to be offering a multitude of trading opportunities, emotions, particularly greed, tend to take over. This is one crucial aspect of trading psychology that needs to be acknowledged and developed as a habit from the outset. I regard it as a basic trading survival Read more »


A set of double tops can be seen on the daily chart of the Gbpchf currency pair. The double tops resulted from a test of the critical weekly resistance where there is a convergence of a down-sloping trendline as well as a shelf of previously broken support, marked by a horizontal line on the chart below. Read more »

More Trading Opportunities

The Audcad currency pair currently appears to be setting up a bearish reversal on the weekly timeframe after a 5-month rally. The daily chart below shows price testing the up-sloping trendline as it tries to break through. The next major support lies below at .9900, followed by .9800, which is the Read more »

Gbpcad Trading Opportunities

The Gbpcad bounced off of the 1.6000 level which was tested last week during the period of widespread gbp weakness. 1.6000 also happens to be the support of a horizontal type trading range on the 4-hr and daily timeframes. The top of the range can be seen at 1.6350s. This resistance was once again confirmed by 4-hour tweezer tops that were formed through last Read more »

Eurusd Technical Analysis

Eurusd bulls have been enjoying a bounce off of 1.3850 support, and there appears to be more upside potential towards 1.4000s before it encounters any major resistance. The weekly chart shows a profusion of wicks as attempts to drive the pair down have been successfully thwarted so far. However, the daily chart (posted below) suggests strong resistance at 1.4050. Read more »

Technical Outlook For Gbpcad

The Gbpcad is a pair that I have been following for quite a while. It has been stuck inside a 400-pip weekly range for quite some time. Support is currently seen holding at 1.6180, above some past resistance from the top of a previous 3-week trading range. Just ahead, at the 1.6350/1.6400 area where we are currently trading is a critical resistance that needs to be breached in order for the pair to move up and confirm the weekly bullish reversal. This resistance area is marked by a red horizontal line on the chart below. Here, there is a convergence of resistance from a shelf of past support, and the main down trendline. Read more »