GBP/USD – Geared Up and Ready to Launch Here?

Having tumbled since June this year, down to 1.4790 today, Cable looks set to bounce hard from here.

How much lower can it go?

I can’t remember which website I was reading a few days ago, but certain economists were predicting GBP/USD going all the way down to 1.2+. lol crazy, not going to happen.

In fact, this pair is likely to go up from here, and the risk-reward at this point is, in my view, fantastic.

USD/CAD – Looking for One More Pop

Another pair that’s gone sky high.

New lows for the Canadian dollar against the U.S dollar.

No doubt, it looks really toppy at this point (same goes for NZD/CAD), but it could go for 1-2 spikes higher. And if it does? Then I’ll get into the trade.

Otherwise? Will wait for a better opportunity.

Watch oil price.

Only time will tell where this baby moves from here.

Either way, just like crossing a road, safety comes first.

USD/NOK – For Goodness Sake, If You’re Not Shorting This

One of my favourite kinds of trades to get into, is that of “extreme conditions”.

What do I mean?

Take a look at USD/NOK on your charts.

Do I hear you say holy moley!

Now, what would you do if you had my kind of trading mindset? The answer is simple. You’d place a stop just above 8.90, sit on your hands, check back in few weeks or months time, and let it ride allllll the way down from here.

Bang. Profit. Chill.

Forex trading opportunities like this don’t come everyday.

This one, in particular, is possibly once in a lifetime.

USD/JPY – Triggered

OK, so a few days ago in the previous USD/JPY post , I mentioned…

“In fact, if you haven’t gotten in on the trade at this point, and you’re looking to go short, it might be wiser to wait for a pullback back into the 122 – 124 range.”

Well, that’s exactly what we got today as the price launched up to 123.57.

Did you get in? I hope you did, because it could be all downward spiral from here.

Exciting times ahead indeed.

AUD/NZD – Reversal North

I got to say, the signals are coming fast and furious.

Just spotted another good-looking trade opportunity, and my guess is this is especially going to take off when commodities and precious metals do.

Could it drop lower? Sure, maybe a little.

But for the mid to long term (perhaps even starting today), look to the North to see pigs fly.

Fed Rate Fireworks

One day more.

I can almost smell it. The marketers are getting jittery. Excitement, anticipation. Fear.

Will this be the new era of above-zero interest rates, and how will the global economy take it?

Well, everyone and their grandma are expecting a fed rate hike this December, but the only important thing to us forex traders is:

How’s the market going to react?

If you’ve already positioned yourself, you’ve calculated your risks and rewards, and it’s now just sit and watch for you, then you’ve absolutely nothing to worry about because whatever the outcome, you’re prepared.

And if you’ve chosen to sit on the sideline? Then hey, you know the saying – Sometimes it’s better to sit out than be in a trade.

My Ag/USD trade has started hovering off the ground, so it’s sit on my hands and basically watching it’s trajectory from here on.

As for my risk-on currencies, I expect a rise but perhaps nothing overly dramatic.

These are interesting, unprecedented times for forex traders. So whether you profit or lose from your trades this month (week), you’re almost certain to receive an invaluable experience from the market.

A period most people have never experienced before, much less trade through with the heart of a lion.

usd-jpy-triple-top

USD/JPY – Triple Top into Death Spiral?

If you’re looking to get short in USD/JPY, the signs are flashing brighter and brighter.

Because with a previous large double top, and right now with a retracement into a smaller triple top, this pair looks set for a major reversal back towards 100-110 over the mid to long term.

Could it rise in the short term?

Sure, anything’s possible.

In fact, if you haven’t gotten in on the trade at this point, and you’re looking to go short, it might be wiser to wait for a pullback back into the 122 – 124 range. Plus, this week is fed rate decision week, so expect some fireworks both ways.

You know what this means, don’t you? Yep, it means a lot of people will enjoy soaring profits this week, and probably even more will be losing their shirts (and pants).

I’ve already “set the stage” with my trades across many currencies including AUD, NZD, NOK, etc., and most of all, Silver.

So protect yourself, be on the right side of the trade, and December could present you with one heck of a X’mas present.