Posts Tagged ‘crosses’

Is there any room left to trade the JPY crosses? (and currencies I’m trading/watching).

Written by Raul Lopez on . Posted in Trades & Analysis

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Hey trader, hope everything is going well on your end!

Since my last trade in the GBPJPY, I’ve been getting a lot of emails of traders asking me if there is any room left to trade the GBPJPY…

Now, let me tell you something, its not that I traded the GBPJPY because I like it, I traded because there was enough room to take a trade (good amount of pips by the way)… But right now, I dont thing its the right time to trade it again…

Why?

Because its trading near an important level!

But you dont have to worry about it! We are not here to trade only the GBPJPY, the idea is to find the clearest currency pairs to trade right now, the ones that have clear swings, clear levels, etc… And if you look at other JPY crosses, that’s exactly what you are going to find!

Here are a few of them…

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GBPCHF: Hit TP and long term support level

Written by Raul Lopez on . Posted in Trades & Analysis

Last week, the GBPCHF was in a bearish market condition, we shorted the GBPCHF and it hit the TP order. But now what? It stopped at the long term support level. Please take a look at the next chart:

GBPCHF

GBPCHF

Now need to wait for the GBPCHF to either, break that LT support level or bounce back from it. In order to see what is more likely to happen, I recommend you to take a close look to the short term charts.

My Trading Plan:

Wait for the GBPCHF to give further confirmation about its market condition.

Good luck!

Raul Lopez

EURGBP: Long opportunities in play

Written by Raul Lopez on . Posted in Trades & Analysis

The EURGBP traded in a tight range in between 0.8817 and 0.8721 for almost three weeks, but now, it broke the long term resistance and it is trading in a strong bullish market condition. Please take a look at the next chart:

EURGBP

EURGBP

Its likely that the EURGBP will reach its next long term resistance level around 0.9019.

My Trading Plan:

I will look for long trading opportunities and will set all my TP orders below the next resistance around 0.9019.

Al short trading opportunities will be ignored.

Good luck!

Raul Lopez

GBPCHF: Double top, bearish market conditions, shorts in play

Written by Raul Lopez on . Posted in Trades & Analysis

The last two weeks the GBPCHF has been ranging in a very tight range, being very difficult to trade or find low risk trading opportunities. But today, the GBPCHF is pretty close from breaking a major long term support level plus it already validated the double top in the daily charts, this puts us in a unbeatable situation where we can look for short opportunities, please take a look at the next chart:

GBPCHF

GBPCHF

Remember the double top has already been validated, so, short trades are in play, the next long term support level is at 1.6703, close to 500 pips from where the market is trading now, not bad ha?

My Trading Plan:

If the market breaks the long term support level, I will be looking for short trading opportunities. All my TP levels will be set above the next long term support level around 1.6700

All long opportunities will be ignored.

Good luck!

Raul Lopez

EURGBP: Looking for short opportunities

Written by Raul Lopez on . Posted in Trades & Analysis

The EURGBP just entered into a bearish market condition. It traded for 3 days in a short term range in between 0.8823 and 0.8776 (because it was trading at an important long term resistance level – blue line). Please take a look at this chart:

EURGBP

EURGBP

So, we will have a bearish market condition as long as the market continues to trade below the short term range.

Here is my trading plan:

As long as the market continues to trade below 0.8776, I will look for short trading opportunities, targeting the next long term support level at 0.8649.

All long opportunities will be ignored.

Good luck

Raul Lopez

GBPCHF: Good trade setting up

Written by Raul Lopez on . Posted in Trades & Analysis

The GBPCHF is trading at a long term support level around 1.7220, when the market trades at an important long term S or R level, it usually trades in a small range until it breaks it and then reaches the next S or R level. Please take a look at the next chart.

GBPCHF

GBPCHF

The GBPCHF is trading in a short term range between: 1.7266 and 1.7189.

What is interesting about this charts, is that if the GBPCHF breaks the short term range for the downside, its next long term support level is at 1.6719, more than 500 pips… On the other side, if it breaks for the upside, its next long term resistance level is at 1.7492, around 250 pips above the current market action, so on both sides we have good possibilities.

Here is my trading plan:

If the market breaks the short term range for the upside (and continues to trade above 1.7266), I will look for long opportunities. The next LT resistance level is located at 1.7492.

If the market breaks the short term range for the downside (and continues to trade below 1.7186), I will look for short trading opportunities. The next LT support level is located at 1.6719.

Good luck

Raul Lopez

GBPCHF: Bearish market condition, short opportunities in play

Written by Raul Lopez on . Posted in Trades & Analysis

I’ve been waiting a few days for this market condition to happen, the GBPCHF finally broke the short term range for the downside, meaning that short opportunities are in play until the GBPCHF reaches the next long term support level. Please take a look at the next chart:

GBPCHF

GBPCHF

Now that the market broke the short term range, I will be looking for short opportunities.

My trading plan:

As long as the GBPCHF keeps trading below 1.7384 I will be looking for short trading opportunities. My TP level will be place just above the next long term support level around 1.7205

All long trading opportunities will be ignored.

Good luck

Raul Lopez

GBPCHF: Bearish market condition, short opportunities in play

Written by Raul Lopez on . Posted in Trades & Analysis

Since June, the GBPCHF is practically trading in between medium term ranges, once it breaks one range, it trades in another range, offering good trading opportunities. Please take a look at the next chart.

IMPORTANT: Be careful today with the Federal Funds Rate announcement.

My trading plan

As long as the GBPCHF trades below 1.7810, I’ll have a bearish bias and actually will be looking for short trading opportunities. The next long term support level s around 1.7481.

All long signals will be ignored.

Good luck!

Raul Lopez

StraightForex
Raul Lopez Forex

Trading should be simple

I like to trade using simple tools such as support and resistance levels, candlesticks, price action and others. If you like simplicity, you'll love my Forex Coaching. Read more about me.

If you have any question about anything, please feel free to contact me at: info@straightforex.com or call +1 518 300 3828

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