Weekly Price Action & Ichimoku Outlook July 30th – Aug 3rd
EURUSD After forming a new yearly low last week, the pair produced its strongest 3 day climb (from top to bottom) for the entire 2012 year which is impressive considering the economic situation is far worse than it was in 2011. I suspect this was more of a short squeeze than anything, and am really just waiting for the shoe to drop (any) which means either Spain asking for another bailout and...
Read MoreIchimoku Number Theory – An Introduction
For all those traders interested or currently trading Ichimoku, you will not want to miss this article. Although I am heading out in a few hours with my girlfriend to Harbin Hot Springs, I wanted to write a brief introduction to Ichimoku Number Theory as there has been a lot of questions (and confusion) about ichimoku settings, time frames, etc. The basis of Ichimoku as known to most is the 5...
Read MoreIchimoku Trade Setups – AUDUSD Kijun Sen Support, More Upside? July 25th
AUDUSD After posting a strong 3 day pullback, the Aussie found strong support at the kijun sen support forming an outside bar in the process. This also coincided with a short term channel support which has now played out 3x on both ends. Although the Kijun is currently flat, it held price and combined with the tenkan climbing, I am expecting more upside. The chikou though rejected off the...
Read MorePrice Action Setups – Kiwi Inverted Pin Bar + Range Break – July 24th
NZDUSD After forming a virtual maribozu on Monday, the Kiwi formed an inverted pin bar which pulled handsomely back to the daily 20ema, rejected and closed just off the lows. The interesting thing about this is how it also broke the stalemate and the 1-mos range lows in the process. I think once the pair clears the 7800 area, that further losses are in store – likely down to 7650 which if...
Read MoreForex Price Action Setups – EURUSD Pin Bar Reversal? July 23rd
EURUSD After starting the week under pressure from the Spanish regions requesting aid, the Euro found short term support – perhaps from the short sales ban in Italy and Spain. Although this tool is meant to curb short speculation on those economies, I’d like to point out two facts about short sale bans; 1) when have they ever worked? 2) speculators will just move their short...
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