Monday, May 3, 2010

Overall this market is exciting to me, lots of great trading opportunities surrounding the chaos on global markets. Price Action observations for the upcoming week:

Aussie/Yen (long) -- RIPE for trade
The Daily trend looks decent (slope could be better). Next major resistance I see is around 90.26. A nice pinbar has formed on the weekly. Slight resistance showing on Daily near 87.34 and a pinbar appeared in the wrong direction at Friday's close.

Pound/Yen (long) -- RIPE for trade
The Daily trend looks decent (slope could be better). Next major resistance I see is around 150.66. A pinbar appeared in the wrong direction at Friday's close.

NewZealand/Dollar (long) -- RIPE for trade
The Daily trend looks great and is accelerating. Next major resistance I see is around 0.7522.

Euro/Swissy (short) -- RIPE for trade
The Daily trend is tight and building pressure. In my lookback study, I can see that this pattern has resulted in explosive moves in the past. Weekly trend looks great and is accelerating. There is a sexy pinbar formation on the Daily and I expect it will retrace soon. Additionally, this pair recently passed through a major support area and I see no further support in sight!

Dollar/Yen (long) -- ALMOST RIPE but we need to touch support around 93.70
If we touch support intraday this pair will be ripe to trade forming patterns. The Daily trend looks good and next area of resistance is around 100.37. A Daily pinbar formed Friday in the wrong direction.