Forex Trade Signals and Setups Sept. 19th

Verified Profitable Trader

Back from Uruguay for our last trip before the move and we are seeing some interesting setups and some unique pairs to look at.  But first, a major.

GBPUSD – And the Trend Continues
While Greece has garnered all the attention for the Eurozone, the GBPUSD has quietly and consistently been trending downward for the last 900pips for the last month which is pretty impressive.  We blogged back on Sept. 7th about this downtrend and how to trade the pinbar-rejections off the 20ema and it has not disappointed forming a few more along the way while rejecting handsomely off the 20ema.  With that being said, the trade is still the same so continue to look for rejections off the 20ema or pinbar setups off the stated moving average.

USDSGD – Hit Target as Expected
As we wrote about last week on Sept. 12th, the USDSGD had broke the weekly 20ema and since then has posted a second weekly gain back to back with some impressive gains.  Since Sept. 8th, the pair has been bought up two out of every three 4hr candles demonstrating consistent and persistent buying.  After rejecting the first time off 1.2500 which was also the 38.2% fib of the 2011 yearly high (1.3045) to Aug. low (approx. 1.2000), the pair has since taken it out with vigor so watch for a classical breakout-retest trade off this level to possible reset longs for a move perhaps up to 1.2690 and 1.2775.

$DJIA Fails at Key Resistance Again
Honestly, there are moments where we are completely baffled by how artificially this market is being held up.  But this is why we trade the technicals as the fundamentals can sometimes lag, sometimes the market and perception of it can be manipulated by the highly controlled media in the US, and sometimes it can be artificially propped up by failing gov’t interventions but I digress.

The bottom line is the $DJIA has failed (save for one day), to close above the 11539 (prior yearly low, now resistance) again today with massive selling, albeit provided by the increasing fears about an upcoming Greek default (what we think is a almost a certainty at this point) as they had emergency meetings over the weekend to assure people with political rhetoric ‘nothing to see here, everything is fine’ and we are actually amazed anyone believes it at this point.  Oh wait, nobody is as money is fleeing the Greek Stock Exchanges and Banks faster than light while Greece keeps the entire eurozone hostage and stuck between a rock and a greek tragedy.

With that being said, look for technical models to sell at the 11539 and brief spike highs of 11712 for another move back down to 11000.  Honestly, we feel like the global indices are about to embark upon a major rout and Greece maybe the lucky folks that get to unhinge the the loose-caboose off the rails.

For those of you looking to trade advanced pinbar setups, or our Ichimoku TKx systems, make sure to check out our Advanced Price Action or Advanced Ichimoku Courses where we teach rule-based systems for trading pinbars and Ichimoku.

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.