What's In Your Wallet?

The past few weeks have been great in the Forex Markets... If you're a good trader (lol). So recently We've seen movement across all regions especially the European markets and US. I want to take some time to look over a few pairs from a range of regions around the world to give my Forex Traders a birds eye view of where the money is and how to get to it.

USDJPY:
After weeks of beautiful buying right to our target of 110.000 this pair has now backed off in the most interesting way. No heavy selling but a steady grind lower; My idea is that this pair is falling to support at 107.000 before it takes off towards 115.000. Indicators are telling us that the price wants to take a turn for the worst but we must be patient and hold on to our long from 105.000 until we see that the bears truly want to destroy everything we've built.

 From this 240min chart above we can see that the pair has consolidated quite a bit but has moments of serious volatility which we can benefit from but must ultimately be cautious of. Buy more at 107.000 if it holds but be ready to close early if it doesn't. Try again at 105.000.

GBPUSD:

Has been a retail market murderer. The banks did a classic dramatic sell off and now all the small (dumb) money traders think its in a down trend...check your monthly charts. With that being said I'm heavily bullish. This pair has created a nice uptrend that started at the beginning of this month. it has made higher highs and higher lows. It reached a high of 1.62250 which alerted me to start paying attention. Fortunately there's been a pullback to its support at around 1.60400 which has held 3X's so far. On 10/11 the pair reached a low touching the weekly chart's 50% fib level and then turned around for a beautiful march into Sunday (10/12) Asian Session trading. Today it respected a bit of resistance at 1.61200 and also intra-day support at 1.60500 LMAO. See what I mean. Up and down, up and down is the story this pair is telling.

 We need to see 1.61500 taken so we can see 1.62000 taken so we can officially say this downtrend leg is over and we can continue with our monthly uptrend. Start looking to build your long positions. 

EURUSD:

This pair looks like it's finally coming out of its downtrend and ready to move on to bigger and better prices. From a daily chart perspective we can see that the pressure to the downside is still very relevant but I'm not fooled by the NY and European Traders' antics. They've reached their price target (Profit taking Fibonacci Level) and today the traders overtook 1.26650 resistance so I'm looking to build early long positions here. From 1.26650 with some caution for the downside play. 

EURGBP: 

This pair is looking similar to EURUSD. With a long standing downtrend in its way a lot of traders don't see any upswing in this pairs future. From my daily chart below I see something different; this pair is crossing over its into buy territory on the RSI indicator...and this indicator is lagging.

 Today the pair broke its resistance with a strong bullish candle. I see this pair moving higher shortly. My idea here is to buy from the resistance in hopes of it acting as support now for a stronger and bigger move higher. 

Last but not least,

GBPJPY:

Having a nice selling period as traders take profits and look for better prices to buy from. On a 240min chart we can see that this pair is ready for a stronger move lower which is where the GBP bears will get their chance to sell but they better do it quickly. This pair is approaching an important support line at 171.644 which is just above the gap-up from September. If this isn't held sellers have a second target at just below 171.000. All These prices are good places for buyers to consider their orders. I know these are contrary ideas but the markets are giving us signs of multiple opportunities and only 1 will be immediately correct... 

Pick-A-Side.