If you’re interested in learning more details about this trade and many of my others, check out this personal trading blog! The market gapped up into resistance to start the week on NZDJPY; moreover, I’ll call the gap a novice gap that gapped in the direction of the upwards short-term trend. Price is also below a downward sloping 50 simple moving average. These factors, as well as the bearishness we are seeing on NZD across the board, led me to put on a short NZDJPY. I’m set to enter at 87.32 with my stop at 87.92 and my target profit of 84.82. This means I’m risking 60 pips to gain 250, or a reward/risk of 4.17.

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If you’d like to learn more about this trade and many others, check out my personal trading blog! A nice setup on GBPCAD, in which price is stalling at resistance — i.e. the daily range is getting narrower, volatility is contracting — which is coinciding with a 50% Fibonacci retracement as well as the 50 simple moving average. With these signs in place, as well as signs of CAD strength across the board, I’m shorting GBPCAD at 8390. My stop is at 8495, with my target profit at 7990. This means I’m risking 105 to gain 400, which comes out to a reward/risk of about 3.81.

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If you’re interested in learning more about this order and many others, check out my personal trading blog. A doji is forming off horizontal support coinciding with the bottom trendline of an upwards channel on GBPAUD. We’re also at a 61.8% Fibonacci retracement from the recent swing high to swing low, and are just below the 50 SMA. All these factors suggest to me the prescence of a turning point. As such, I put in an order to go long at 7990 with my stop at 7920. My target profit is 1.83, giving me a reward/risk of 4.42.

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If you’d like to find out more about this order and many others, check out my personal trading blog. I’m seeing weakness on USD and strength on CAD on a number of currencies. Moreover, USDCAD pulled back to the 50 SMA, and is at a 50% retracement from a swing high to low. Price is clearly in a downtrend. With all these factors, I decided to short at 0935 with my stop at 0975. My target profit is 0703, so I’m looking to gain 232 pips while risking 40 — thus giving this trade a reward/risk of over 5.75.

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If you’re interested in learning more about this order and many others, check out my personal trading blog. GBPUSD has another hammer forming off support today, and so I’ve re-calibrated my unfilled order accordingly. Whereas I had initially planned to go long at 6703, I moved the entry order up 30 pips to 6733, and moved my stop up to 6673. My target profit remains at 6985. I’m risking 60 pips to gain 252, which gives me a reward/risk of 4.2.

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If you’re interested in finding out more information about this trade and many of my others, check out my personal trading blog. We’re seeing signs of GBP strength, and of JPY exhaustion, across the board on the daily chart. We’re also at key technical levels that I’ve tried before; it looks like GBPJPY, and many other yen pairs, are still in a range. I got stopped out at breakeven last time I tried this, but given the technicals, I think it’s worth trying again.

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If you’d like to learn more about this trade and many others, check out my personal trading blog! GBPUSD is in the midst of an uptrend, but has pulled back to a major trendline where it is forming a doji candlestick pattern. We also find a previously established horizontal support level and the 50 SMA in the close vicinity. As such, I think now is a good time to enter, as this might be a level bulls will step in to defend. I’ve set my entry to 6685 with my stop loss at 6625 and my target profit at 6985. I’m risking 60 pips to gain 300, so this setup offers q 5:1 reward/risk ratio.

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If you’re interested in learning more about this trade and many others, you can read more on my personal blog. EURNZD has pulled back to its 50 SMA, in the context of a downtrend. We also see some signs of reversal candlesticks forming; the May 21 candle in particular — an inverted hammer off resistance whose high has not been breached since — could be viewed as a bearish checkmate. As such, I’ve put an order to short at 5995, with my stop at 6040 and my target profit at 5750. I’m risking 45 pips to gain 245, so my reward/risk on this setup is approximately 5.44.  

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If you’d like to learn more about this trade and many others, check out my personal trading blog! Price is at the 200 EMA and the 50 SMA, a level that also happens to be a support level established previously — most recently in early April. At this confluence level, we are seeing rangebound price action developing. I’m viewing this as a sign that accumulation could now be occurring once again on AUDUSD. As such, I’ve put an order to go long at 9215, with my stop at 9160 and my target profit at 9428. I’m risking 55 pips to gain 213, which gives me a reward/risk ratio of about 3.87.

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Check out more information about about this trade and many others on my personal trading blog. Hammer off support is my all-time favorite technical pattern, and I see something like that emerging on NZDCHF. Ideally, the wick is fully below support; in this instance, the bottom of the wick is touching support, so it is not the best hammer off support pattern out there. However, I still find it to be adequate and worth the risk. My stop is 40 pips below my entry, which also puts it below the 50 SMA. My target is the recent all-time high at 7750, which gives me a reward/risk of greater than 3:1.  

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