This pair got a boost last week but this morning Sterling was rejected at the 61.8% Fibonacci level on the move down from $1.4983 to $1.4090.  This pair may not test the trend lines drawn on the chart above before falling again but if it does there may be an opportunity to join short.

The pair has a couple noteworthy event risks on the calendar this week but the big one is probably going to be the GDP numbers Wednesday morning.

My personal preference would be a short somewhere near the round number and resistance level I’ve drawn at $1.50 following some icky fundamental data and a nifty bearish candle pattern.

Best of luck,

Ryan

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle.   Forex trading involves substantial risk of loss and is not suitable for all investors.

Following the EUR/USD break out on Monday I’m looking for an excuse to sell this pair along previous support levels. Nothing fancy here, just looking for a support / resistance opportunity on the 4 hour.

USD/JPY has broken out from what appears to me as an inverted head & shoulders on the daily chart.  From a technical stand point, I’d like to validate this neckline break and get long on a pull back day before continuing on the retrace path to $96.00 (38.2%). I think there may be support for the pair around $92.30ish.

I hope your having a great week!

Ryan

Thought I’d close out the week with a follow up on Wednesday’s GBP/USD post.  I pointed out GBP had moved through a potential support zone at $1.4460 and I was keen to find a short around that level on a test from below. The price action Thursday and Friday put the kabosh on that idea since the four hour chart rallied back through that level several times with no distinct candle patterns appearing. I think the support level is closer to $1.4380ish now.

The last two daily candles have set up a range around that pivot level which doesn’t give me any obvious setup as we go into the weekend.

Here’s the chart…

First Week on FX Street

I’ve quite enjoyed my first week on FX Street! I appreciate the kind welcome comments I’ve received and I’m looking forward to next week. This blog is focused on trading longer time frames so we won’t be tearing it up like the session traders do but we won’t be watching charts all day either. Should be fun.

Have a great weekend!

Ryan

Tonight I’m looking over the GBP/USD daily chart and it is hard to ignore the support pivot pierced today at $1.4460. Given the axiom broken support turns into resistance this pair may offer an opportunity to join a move lower.

Take a look at the four hour chart and you’ll see the support level GBP/USD broke today falls near the 61.8% Fibonacci level of today’s sell off.  I think the support turned resistance layer may be good enough but adding a little Fibonacci voodoo to the mix makes it interesting. I’ll be keeping an eye on that level for a possible short opportunity.

Assuming $1.4460 holds as resistance, this pair could continue to retrace the $1.35 - $1.4980 rally down to $1.4241 (50%) or $1.4067 (61.8%).

Best of luck,

Ryan

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle.   Forex trading involves substantial risk of loss and is not suitable for all investors.

Today we take a look at the AUD/USD daily chart and setup a couple of range trade opportunities to watch for over the next few days. The daily chart is trading within the boundaries of a well defined channel which gives us good support and resistance zones work with.

Given the economic and risk environment, my bias is to look for a selling opportunity near the top of the channel but we may get to play a long on the way back up.

The Fibonacci ratios shown on the chart were drawn on the monthly chart from the 4/1/2001 low of $0.4773 and the 7/1/2008 high of $0.9847.

Patience is of course a big part of trading longer time frames so we will continue to follow this range, waiting for the proper trigger.

Best of luck,

Ryan

Welcome to my blog! For my first post I thought I’d write a quick letter explaining why I wanted to write this blog in the first place. The FX Street community has been a great resource to me over the years and I hope to give a little back through this blog.

When I learned to trade, most of the content I found focused on trading during an active market session.  Unfortunately I lived in the Central Time Zone and although I tried, it wasn’t sustainable for me to trade London or New York while working my day job. Today I trade the New York session but I still enjoy trading longer time frames.

I wanted to write this blog because I suspect many of you are trying to trade around day jobs you can’t quit yet or don’t want to quit; perhaps you want to trade as a side business. There are many reasons people trade beyond trading for a living.

“The Day Job Trader” will look at longer time frame charts which allow you to trade around a busy schedule.

I’d like to thank Francesc for allowing me this platform and Noemí, Marina and John at FX Street for helping me set this up.

Now, let’s get to trading!

Ryan