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. 

High-Pay Stocks For Busy People

Last week was a great week in the FOREX market, but I like to reach across all markets so this week I'm looking at a few stocks that show some good potential to move. To be honest I'm not really into day trading stocks because for some reason the stock market actually believes in fundamental analysis. Don't get me wrong, I'm not saying the analysis of opinions and events isn't worth a damn, I'm just saying I prefer to trade markets where their effects aren't so dramatic.
To start this thing off I want to bring attention to a previous employer of mine which took a 26 year vacation from the public trading floors only to return with a vengeance, Citizens Financial Group (CFG) went public last week and they did so in style!! Although there isn't much technical analysis to do on this instrument its charts still tell a good story and show signs of healthy growth in its future. Below is a 5min chart which shows us the Royal Bank Of Scotland (RBS) owned Retail bank took off from its Initial Public Offering (IPO) price ($21.50) and has't turned back since. I'm looking to get into this value priced stock before the price becomes too pricey!

Next up we have Alibaba (BABA) which has surprised US investors by taking a turn to the downside after a decent IPO. The Price has been suppressed and congested since its heavy decline the day after its IPO. But to be fair the stock is showing some interesting behavior on its 15min chart which has just now become useful because of the instruments infancy. From the chart we can see an obvious wedge which favors the upside, only because the recent lows have been getting higher and highs are testing intra-day resistance levels. A break above the upper boundaries sends us to test its opening price and in case of a break below lower boundaries we will see a test of the all-time low at $86.62.

Now I've talked about MCIG before when I wrote about which Weed Stocks were worth looking into. We see from the daily chart of this company's stock that it has suffered from some serious distribution which has taken its price below its long standing support of .2604. We now see the stock attempting to rebound but it looks like this is only a play towards the old support which will most likely be turned to resistance. I would buy this pair until a true floor has been designed on a daily chart. For now a sell from the aforementioned resistance will do.

Now not too long ago someone on StockTwits (@joekidd) called me out on my Citigroup (C) prediction. I saw a short opportunity and this guy didn't think it could be true but today I want everyone to observe a false breakout which is one of my favorite events to take place because I usually walk away with such easy money. This stock has done a typical run up out of its range only to collapse back down into it and then move towards its bottom end nearly touching my profit target at $51.10. If you want to play the game the right way, buy at the bottom of this range...trust the lord of trading. Don't be like the kid joe.

AMAG has completely disrespected my initial set-up so now I say, buy it. The 60min chart shows us that this stock clearly has some supporters and they wanted the price completely out of its range and today it gaped up over $3 higher than its close on Friday $23.08. Jump in at the previous high $24.87 which should turn to support.

So if you're looking for some stock you can earn from without having to babysit your account all day than I would consider all of these stocks. They aren't too expensive and the offer enough volatility to make money quickly but not too much volatility that its impossible to set and forget which is always the goal. 

I'm looking for stocks to trade this week

So this week I'm looking for US equity stocks to trade since I noticed the awesome run up in the US dollar last week. Just randomly I chose AMAG, a pharmaceutical company and C (citigrp). The Citi chart tells me there's a range and that the price wants to stay within it at least for the near term. Below is a 60min chart which shows a double top and mid-range support being approached. At around 51.91/90 if we don't see any support we can move in for a breakdown towards range low of 51.10 and if that is broken we have open season for picking the next support. 

My order is to sell short at 51.90 and let it decide if the range will hold or not. 

Moving on, AMAG looks like it could be ready for the long drop. In a 60 min chart we see a beautiful shooting start formed at the top of its uptrend followed be consecutive lower lows and lower highs. We have now reached critical levels. Below is a the chart aforementioned which clearly shows us we've reached a critical support level. Where it acted as resistance in the past the price has now moved back down to fill the gap which was created in early September or will this level hold and send the price higher to test the last recent high. From $22.79 if there are no buyers or orders to support we should see a good breakdown from this level. 

My idea is to look for a sell around the 22.99 and 23.27 resistance levels with 23.80 being my STOP-LOSS and $21.50 as my first target. The figure below is a 15min chart of AMAG which shows a description of what I intend to accomplish in this trade.