Read more about this trade and many others on my personal trading blog. We’re seeing confluence of a 50% Fibonacci retracement level, a 50 simple moving average, and a support level on CADCHF. Three signs gives me the confidence I need to put on a trade, so I’m going long CADCHF. The chart below illustrates my entry, stop, and target profit. The dashed orange line represents at what level I will move my stop to breakeven. This image has been resized. Click this bar to view the full image. The original image is sized 1184×706.

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Learn about this trade and many others on my personal trading blog. Lots of price action confluence on EURCAD at the moment. We see price near the 50 simple moving average, forming a candlestick range, and pulling back to a 61.8% Fibonacci retracement level which happens to coincide with the upper trendline of a channel the pair recently broke out of. All of this strikes me as a good buy sign, and one that offers a favorable reward/risk as well. Here is the daily chart. And here is the 4 hour chart.

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Find out more about this order and my other trades on my own blog. Across the board we are seeing signs of CHF getting ready to rally. Part of me wants to close my long EURCHF trade out for a small profit as a result, but given my stop is at breakeven, I think I’ll hold on to that one. However, I have added 2 long CHF orders: one order to short CADCHF, and another to short USDCHF. The charts below illustrate the trade setups. On CADCHF, I’m entering at 8048, with my stop at 8114 and my take profit at 7804. This image has been resized. Click this bar to view the full image. The original image is sized 1184×706. On USDCHF, I’m entering at 8886, with my stop at 8950 and my target profit at 8697. This image has been resized. Click this bar to view the full image. The original image is sized 1184×705.

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You can read more about this trade and others on my personal trading blog. CAD has been in quite the downtrend, making it one of the best trades in the forex market for trend traders over the past few months. For those who missed out on that opportunity — a group that I’m in — now may be a time to buy the dip. The market has pulled back to its 50 SMA, which coincides with a 50% Fibonacci retracement level, and is showing signs of forming a support level. With that in mind, I entered a trade. The chart below illustrates. I may revise my target profit point based on Fibonacci extensions, but targeting 1.13 still gives me a reward/risk of 3:1, so it’s acceptable for now. This image has been resized. Click this bar to view the full image. The original image is sized 1184×705.

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Learn more about this trade on my personal trading blog. EUR and CHF tend to be very highly correlated — (although I do have a long EURCHF position on at the moment, so I’m expecting EUR to outpace CHF). As such, I’m seeing bullishness on both EUR and CHF — and thus put on two orders: one to go long EURNZD and another to go short USDCHF. Below is the EURNZD setup: EURNZD And here is the USDCHF setup: USDCHF

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Check out this trade on my personal trading blog. I’m seeing signs of yen weakness — i.e. yen pairs heading higher — on numerous currency pairs. I’m already long CADJPY, and added an order to go long GBPJPY as well. Below is the daily chart of GBPJPY. We see price has pulled back to a support level that intersects a 50% Fibonacci retracement level in an uptrend, and is now forming a trading range. Is this accumulation paving the way for a move higher? If we look at the weekly chart, we can see there is not much resistance until we get to 190. This gives us a potential reward/risk almost 20:1.

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Read more about this trade and many others on my personal trading blog. EURCHF has pulled back to support — a major support level established when the Swiss National Bank declared it would defend the 1.20 level on EURCHF back in 2011. This image has been resized. Click this bar to view the full image. The original image is sized 1184×705. The chart above illustrates the trade setup; it is basically risking 53 pips to gain 256 pips, resulting in a reward/risk of a bit under 5:1.

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Learn more about my trades, including this one, on my personal trading blog. Shorting JPY is one of my favorite long-term opportunities, and one I’m constantly on the lookout for. To that end, today I put an order to go long CADJPY. The chart below illustrates the entry and stop. I’m thinking weekly chart there, so my stop is 192 pips away from my entry. Naturally with such a far away stop, the position size is considerably smaller than it would be in instances where my stop is tighter. This image has been resized. Click this bar to view the full image. The original image is sized 1184×706. And here is the weekly chart, that shows the target profit relative to the entry. This image has been resized. Click this bar to view the full image. The original image is sized 1184×706.

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