EUR / JPY: Wednesday 18th December 2013. 07:49hrs

EUR / JPY:

The monthly chart shows a strong down trend with a pull back to 61.8% Fibonacci level at 142.00

Chart below:

 

 

All other time frames are showing a strong up trend.

 

Chart below:

 

 

There is a Head & Shoulders pattern on the 60 minute time frame.

 

Conclusion:

 

I will look for a new high above 143.00 with the immediate trend, a pull back and a long position.

 

Or

 

A break down through the neck line of the Head & Shoulders at 140.90 for short positions.

 

Chart below:

 

 

FOMC Economic predictions at 19:00hrs (UK time)

 

Best Regards

 

Mad Dog Trader.

 

 

 

 

EUR / USD: Monday 2nd December 2013. 10:17hrs

EUR / USD:

After retracing to the trend line resistance on the weekly time frame, EU has entered a Daily time frame down trend. Price has retraced over the past week to the 61.8% Fibonacci level.

Chart below:

 

As you can see price has been rejected from the 61.8% Fibonacci level.

 

This morning price has made a nice thrust move down through the averages and Pivot points and I am looking for a short position as detailed below.

 

Levels and Chart below:

 

Entry: 1.3575

 

Stop Loss: 1.3605

 

Target: 1.3425 (150 pips and a previous low. Also coincides with 2.618% Fibonacci extension).

 

 

I will update again should the position be opened.

 

 

GBP / USD: Tuesday 26th November 2013. 14:06hrs

GBP / USD:

Cable is in an up trend.

However price has been rejected from the resistance zone at 1.6250.

Price has moved away from the resistance at 1.6250 and has pulled back to to 50% Fibonacci level where it has been rejected again.

Chart below:

 

Following this mornings failed attempts at moving higher, price has broken down through the short term moving averages and has made a lower low on the 15 minute chart.

I am looking for a short position as detailed below.

Levels and Chart below:

Entry: 1.6160

Stop Loss: 1.6185

1st Target: 1.6105

2nd Target: 1.5900

 

I will update again should the position be opened.

 

Regards

 

Mad Dog Trader

 

 

EUR / USD: 19TH November 2013. 09:45hrs

EUR / USD:

EU is in a down trend.

Chart below:

 

On the Daily chart price has pulled back to the 61.8% Fibonacci level.

 

Chart below:

 

 

Price has now found resistance at 1.3540.

 

However for the time being price is supported by the trend line shown in the chart below.

 

Chart below:

 

 

Should price break through the trend line line I will be looking for a short entry on a pull back to this level.

 

I will update again with the entry levels, stop loss and targets when the price has shown its true direction.

 

Have a great day!!

 

Mad Dog.

 

 

 

GBP / USD: Monday 11th November 2013. 07:00hrs

GBP / USD:

Cable is currently retracing in an up trend.

There is a Double top formation on the daily chart at 1.6250.

Chart below:

 

 

Price has now pulled back to the 61.8% Fibonacci level and found resistance at this level of 1.6120.

 

 

Price has now broken down through the averages. This is my signal to enter a short position on a pull back as detailed below.

 

Levels and Chart below:

 

1st Entry: 1.6010

2nd Entry 1.6030

 

Averaged entry: 1.6020

 

Stop Loss: 1.6060 (40 Pips)

 

1st Target: 1.5860 (161.8% Fibonacci extension) 160 pips 4/1 Risk reward

2nd Target: 1.5700 (261.8 Fibonacci extension) 320 pips 8/1 Risk reward

 

 

 

As you can see from the chart below, the position was opened and the 1st target has been hit.

 

You have the option to hold the position to the second target or closed the whole position at the first target for a risk reward of 4/1.

 

Chart below:

 

 

This is a typical example of how I trade.

 

If you would like to know more then please email me at scott@maddogtrader.co.uk

 

 

 

 

 

 

 

AUD / USD UPDATE: Wednesday 6th November 2013. 06:23hrs

AUD / USD:

Price has retraced and collected the first order at 0.9510.

Price has then drifted until a small spike down hit the stop loss exactly at 0.9480.

Price has now made the move up and is trading at 0.9521.

I have been stopped out for -0.5% and yet I was correct with the direction and timing of the trade.

I will work on a better level for the stops.

Chart below:

 

 

AUD / JPY Update:

 

Price has now moved up and is trading at 93.95. My entry was at 93.40.

 

This one also hit the stop perfectly, although I was able to reduce the risk down to 0.16%

 

Chart below:

 

 

I will update again when the next strategy trade has been identified.

 

 

 

 

 

AUD / JPY UPDATE: Tuesday 5th November 2013. 15:59hrs

AUD / JPY:

AJ has messed around as have all the currencies.

Price has retraced back down to a low of 92.95 (the original stop loss)

It has then rallied back up and is currently at the entry level.

During this I have been stopped for a loss of -0.16% (15 pips)

If I had held the stop loss at the original level, I would have been stopped for -0.5%.

Chart below:

I will update again when the next strategy trade has been identified.