NZDUSD

Chart courtesy of Advanced GET. Data provided by ESignal.

Since my last post when I mentioned a short possibility on the NZDUSD this pair has dropped just over 100 pips. If you shorted this then lock in some profits now. NFP is due out today so we will have massive volatility.

Good luck and have a good weekend.

NZDUSD

G'Morning,

Very brief post as it is late Wednesday night. Have a look at a potential short of the NZDUSD on the 60 minute chart. An hour or so ago it just produced a reversal candlestick. You will need to check this for yourself and determine if the downtrend is intact in the morning.

Happy trading.

EURSEK Reversal

Good morning all,

The EURSEK produced a daily Doji yesterday so we may bet a bounce up. Unless we break the high of the 11th this month then we are still in a downtrend. In a downtrend the strategy to be used is sell the rallies. The stochastic fast line 14.3.3 is also in the oversold region.
I partially scaled out last night after the potential reversal candlestick.

By the way Siegi, if you are reading this then EURZAR has a 786 and 886 cluster on the daily and a spinning top offering a potential reversal.

Don't forget NFP is due out this week.

Good luck.

EURSEK

I wont put a chart up for the EURSEK because if you are in the trade and shorting this since I mentioned it last week then you will know what the chart looks like and will be extremely happy with your profit so far. However, if you have not traded it then the last thing you want to see this morning is what you have missed out on.

Last week Monday I posted a potential short should be considered on the EURSEK. The following day it started to drop. By the end of last week it had fallen about 600 pips giving a potential of 6k or more. Yesterday alone it hade decreased 600 pips which gave excellent profits.

For those in the trade, you must scale out at the targets and move your stops to lock in further profits.

Good luck.

Further Downside Possible

Chart courtesy of Dynamic Trader. Data provided by Advanced GET (eSignal)

A look at this chart short term shows up a potential head and shoulders pattern forming. Now although it has not formed a great pattern if you zoomed out on the daily chart of the AUD you will see a triple top which I have mentioned earlier this month. You will also see that since mentioning it, the market attempted a rally to deal above the resistance and failed as can be so commonly predicted at 786.

Look for a potential break below the lows with good volatility, or a bearish pattern formation. Remember, yesterdays candle is showing a potential reversal so we need good volatility to trust any break.

I assume you have all pulled out or protected some profits on your big wins so far on the EURSEK last week. Use the scale out options I have shown you to keep in this as long as we can.

All the best for this trading week guys.