Da Signals

It takes a lot of fortitude to use them but I think the signals blog is proving itself useful.For example, right now we seem to have established a bottom in the recent AUDJPY downward movement.So, especially under such a condition, we get good results if we see a signal and then look for confirming behavior. Basically, the signals are great lead-ins to a period of analysis.No, they aren't all

Alert: AUDJPY Head And Shoulders?

I've spent most of today scalping the AUDJPY (on the long side).Jumping up to my 3hr and 4hr charts, as I have two platforms running, I see an upside down head and shoulders.You may want to take a look at this and see what you think.

AUDJPY: Short On Failure?

It might be time to think about shorting the AUDJPY.It's coming up to a recent high and might not have a lot of legs left.If we get a decent failure there could be a shorting opportunity for some part of this evening.See (on the 1 hour)?Let's keep an eye on this...... continuing ...Down on the 1 minute chart we seem to have some resistance to get through before we have the ability to drop:...

AUDJPY: Look Who's Consolidating

Well, I should be sleeping, but since I'm not I thought I'd take another look at the charts.Guess what -- it's the same chart but I see something new!Okay, sure, a bit more time has passed. However, with the added points I clearly see that we seem to be consolidating.There should be some money to be made while we bounce around... and then some money to be made when a direction is chosen.As ever,

AUDJPY: Decision Point

I'm looking at the 3HR chart at the moment. We seem to be looking at an impending strike on a recent support line.If this resistance holds we might have a technical setup that would allow for a nice gain.Take a look:See how there was something of a W shape starting in the middle of the 19th? See how the chart is currently on the second touch down of a second W? If we bounce off the support line

AUDJPY: Decision Point

After the downward move, see the last post, we are now poised to either bounce off the previous low or sink down.In other words, either result provides opportunity.Here's another snap of the 1MIN showing the AUDJPY bouncing just above the recent low of 68.06 (as shown by the yellow support lines drawn under the candlesticks).Take a look, make your call, set a good stop if you know how......

AUDJPY: Breaking Trend?

Though I'm a bit leery of Sunday price action it looks like a fairly long term support line is being broken.This could be interesting.... continuing ...Looking closer, this may not yet be a break, as there have been previous "breaks" which gives us a bit of leeway here. A redraw based on a previous "break" leaves a bit of breathing room still.... continuing ...Waking up at 5:30am I see that

AUDJPY: Collapsing Bollinger

The range of price movements has been shrinking.Or, as generally considered from a technical analysis point of view, the bollinger bands are collapsing.Your guess is as good as mine as to the direction it will go, but usually when the bollinger bands collapse the currency will have completed it's consolidation and start a reasonable move up or down.Given that it's a Friday I'd have to say be

AUDJPY: Some Upward Movement

Finally, after suggesting all day long that I'm looking for upward movement it's finally here.How long will it last? Who knows. Will it hit the top of my so-called consolidation zone? Don't know.Anyway, here's the latest from my chart...I'll be happiest if the pair zooms up like a rocket, but I'll lock in some profit if we get close to the resistance line.

AUDJPY: Slow Decline

I'm sitting here watching the slow, achingly slow, decline in the AUDJPY.Based on RSI and stochastic evidence, not shown on the image below, it's very possible that we'll get an upturn soon.Anyway, this image shows you that we are continuing to approach what I've called a containment field. It represents a possible consolidation zone while the market tries to figure out whether to ultimately

AUDJPY Revisiting Lows

We're down below 63.00 in the AUDJPY market (as I type -- it may bounce).This appears to be a test of the 5+ year low for this pair... google charts. Are we ready for a bounce and the much awaited eventual upward trend?Obviously, I have no idea. However, you can be sure I'm sitting here watching the price action as I type.Right now, we've bounced a bit and are setting up for a possible "tweezer

EURAUD Head And Shoulders?

Are you a Forex carry trader?Don't look now but the EURAUD has completed two out of three components of a head and shoulders pattern on the hourlies.You might want to be on the lookout for this over the next several hours. If it activates it could spell a nice downward move for this carry pair.

Potential AUD/JPY Double Top

It's hard to say whether it will complete or not, but the 1hr chart is showing the potential to make a nice visible double top by the end of today.As I'm sure my readers know... the AUD has had a nice run lately based on speculation that the RBA will be raising interest rates. However, the AUD/JPY pair has bounced back from attempts to get beyond 99.60 during this week.We should start to expect