Market analysis, insights and trading ideas on various markets and products!

Spencer Li

Forex Trading | EUR/USD – Breakout to New Lows?

Breakout to New Lows

Breakout to new lows on the daily chart
Expecting more opportunities to the downside

Breakout to New Lows 2

Intraday wedge breakdown which coincided with news release…
Stars in Alignment: Price, Pattern, Time

Breakout to New Lows 3

An intraday double bottom near support after a long decline.
A pullback after the double bottom provided another long opportunity.
Let’s see if it can hit the top where the arrow is.

0 Comments/by
Spencer Li

Forex Trading | AUD/USD – Wedge Breakdown

Wedge Breakdown

Shorted on wedge breakdown, target at where the arrow is.
Level is 1.0360.

0 Comments/by
Spencer Li

Forex Trading | EUR/USD – Initiate Longs

Initiate Longs

Initiated longs in anticipation of inverted H&S breakout
Took partial profits near neckline, and added longs after breakout
Exited all positions on weakness

0 Comments/by
Spencer Li

Intraday Forex Trading | EUR/USD – Intraday Trading with Price Action

Intraday Trading with Price Action

Using 3 timeframes of 5-min, 1-hour and 1-min, this is a simple way to pinpoint entries and exits to scalp the EUR/USD, as well as take longer term intraday swing positions.

From the chart, it is obvious the price action is contained in a downwards sloping channel, which means that most opportunities will have a short bias, since the edge lies in that direction – the path of least resistance.

In total, there were at least 20 good entry opportunities which provided a scalp/swing ranging from 4 to 16 ticks (each tick is USD 12.50 per contract), for those who are thinking of trading intraday. I am waiting for it to pull back to the top of the channel for another opportunity to catch another major swing down.

0 Comments/by
Spencer Li

Forex Trading | EUR/USD – Another Breakdown?

Another Breakdown

After my previous post, the EUR/USD has continued downwards and hit my profit target, where I took profit on my accumulated shorts and watched to see if the next support would be broken.

Despite the bullish news in the evening today, which caused a major spike up on most equity and Euro-related forex futures, the EUR/USD gave up its gains and went back into negative territory.

Watching the price action throughout the day, I knew that while retail traders might be going long for a breakout play, professionals were already taking the chance to liquidate their longs and were initiating short positions.

I started scaling in shorts after the major spike, and managed to get in most of my positions near the day high. I used the 5-minute charts to scale out my positions and take profit as price started to break down.

Now, I am still net short, and I am waiting to see if price manages to convincingly break the support for another leg down.

Stayed tuned in the Synapse forum!

Cheers
Spencer

0 Comments/by