Forex Reloaded

Meanwhile on the Forex front we may actually have ourselves a few setups worth our time:

Agent Smith certainly seems to agree and is ready to deliver some ass kicking Wachowski brothers style. Of course since he’s in essence an IA program he was smart enough to sign up for ZeroFX, giving him that extra edge 😉

By the way, Mr. Anderson – we have been monitoring your recent account activity and very much would like to have a conversation about your leverage ratio.

Alright, you guys know the drill – one is free for the leeches, the rest goes to the subs only. Let’s start off with the USD/CHF which is creeping toward two daily NLBLs at near the 0.93 mark. We also have the 25-day upper BB line there, so I expect some resistance. Thus the play here is to be short until a stop slightly above that BB is touched – then reverse positions. Both upside and downside targets are on the chart.
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USD/JPY – a setup not yet ready for the plucking but I thought I’d put it on the map. I’m waiting for a touch of 77.5 here expecting support below – we have a NLSL, a 25-day SMA, plus the 100-hour SMA. Of course if it breaches anyway it’ll drop into 77, maybe lower, so it’s fine to reverse positions. My preference would be a long trade however as the upside target appears to be a safer bet (except for that upper 100-day BB line, watch out for that – sorry I forgot to point it out on the chart).

Anyway, let this one come to you – don’t rush it. You want a clean entry, which gives you the luxury to reverse positions if necessary.

EUR/JPY – we got ourselves a beautiful Net-Lines box here, and you know what that means: Either take inverse trades when it touches (but not breaches) a net-line or wait for a breach either way. Again, suggested targets are on the chart.

The setup on the EUR/CHF is a bit different – as you can see the daily panel has been locked inside a sweet trading range for the past two months (i.e. since the BNS ‘reset’ the CHF – hehe). We just breached a NLBL which I don’t care about – what I want to see is a push into 1.246 and then take an inverse position, expecting a drop back down. However, what I really want to happen is to get stopped out so that I can take a long position with an upside target of roughly 1.29 – that would be the real money trade. Pun intended 😉