WTFX|LIVE SIGNAL SERVICE

Entry @14:15 ET > We continue to hold a bearish view on the AUD/USD pair – see June market setup charts here.  Taking AUD/USD sell on TL break.  Stop above the recent high, and target at least to bottom of channel.  Charts below.

Update @23:20 ET > Resistance trendline on 15min chart below provides an indicator for a manual exit of this trade.

07.07 @09:30 ET > Moving stop to above resistance line at 0.8675 [corrected].  Chart to follow.

07.07 @12:16 ET > Updated chart below, stop is currently above red downtrend line which has provided resistance for the recent bearish movement.

07.07 @ 14:45 ET > Some members missed the corrected STOP movement, and subsequently got stopped out.  We have recommended a re-entry TL for re-entering the sell trade should they wish to do so.  Obviously if the stop gets hit before the break, do not take the re-entry sell trade.  Chart below.

Trade Status: Open | Buy CAD/JPY | Entry: 86.27 | SL: 85.50

Charts below, but trade setup will be discussed in next post (coming soon).

After the brief private-BETA-only period of the last three months, we’ve going to resume open trade analysis and live trades here on the WTFX|Live Signal Blog.

AUD/USD

Pending Trade | Entry: TBD | Stop: TBD | Exit: TBD | Profit: TBD

Monthly chart of AUD/USD (below) shows the long term uptrend of the pair.  Whether the 2008 drop was merely retracement or the beginning of a long-term downtrend is yet to be seen.  On the weekly chart, also below, we see the strong resistance area around .9400 (red price-line) and we see the current movement’s uptrend (green line).

Eventually, and most likely sooner rather than later, price will have to break one of these lines, and that is where we hope to find a tradable opportunity for the pair.  Decreasing the timeframe to the daily chart, we see the price range the pair has been stuck in for the last few months as it moves between our two trendlines (red lines).

Because of this channel, a downward break of our green uptrend line won’t be confirmation of long term bearish movement, as it could merely be a continuation of range.  We see this price uncertainty even on the hour chart (below) as price approaches the intersection of our trendlines.  We will wait to see if price makes a strong break before looking for a trade.

GBP/JPY

Pending Trade | Entry: TBD | Stop: TBD | Exit: TBD | Profit: TBD

As the weekly chart (below) shows, the GBP/JPY pair has been entrenched in a pretty solid downtrend for a while.  The recent retracement movement, as seen on daily, may provide an opportunity for a short.  However, we will wait to see whether price hits long term downtrend line (yellow trendline on weekly chart), or a solid bearish continuation movement before taking a trade.

Jan 07 @ 18:30 EST > EUR/CAD has been entrenched in a pretty solid downtrend, seen on the Daily and 1HR charts below.  However, recently price has touched a downtrend line (see daily), and we are looking to take a counter-trend trade on a bounce of this line.  We are using downtrend resistance trendlines on the 1HR as entry.  There are two entry’s for this trade, constituting 2 trades, shorter term and longer term.

Jan 08 @ 09:15 EST > Price broke and closed above the trendline, however, we were only able to enter trade at 148.50, trade now live, stop below recent low.

Jan 11 @ 9:35 EST > Price has now moved above our second entry point, and we are adding to this trade at 149.59.  Our first trade, right now, is at over 100 pips, and we are moving the stop on this trade to breakeven, and using the 15min uptrend line on this movement as an exit point, see graphs below.

Jan 12 @ 13:45 EST > Having two positions on this pair open allows us to take profit here and wait for a retracement on the pair before possibly taking another trade.

Jan 13 @ 00:54 EST > Re-entering shorter term trade at break of the countertrend resistance line.  Initial stop is below the lowest point in the counter-trend movement, plus a few pips to bring it below the 1.5023 pivot and 15min support trendline (graph below).

Jan 13 @ 11:01 EST > Third ST trade stopped out on a spike last night.  Price is looking a bit volatile to be taking another position on this pair for the moment, but we will leave the LT trade in for now.  Price has also formed a double top on the 1HR chart, and should price begin making lower lows, we will exit the LT trade as well.

Jan 13 @ 12:09 EST > Taking a 4th trade, much shorter term than previously, off a bounce of around the 1.4950 level, where price has previously reacted to.  Should this trade be stopped out, we will consider closing the long term trade on EURCAD as well.

Jan 13 @ 2:49 EST > Closed 4th trade at BE and taking profit on long term trade1 at 1.4960.

Jan 07 @ 17:30 EST > First chart below is USDJPY weekly, which shows a clear downtrend on the pair, recent movement, however, has moved the pair higher on dollar bullishness.  I’m looking to sell on a break of this counter-trend.  The daily chart shows the setup: a counter-trend bullish movement within a larger downtrend.  The hour charts show our entry-line, stop will be above most recent high before break.

Jan 11 @ 11:00 EST > Price has moved and closed below our entry line and position has been taken at 91.85, with a stop above the recent high; however, position will be re-evaluated should price cross back above our entry support TL.  Also of interest is the head and shoulders pattern that formed right before the drop, shown on 15min graph below.

Jan 13 @ 01:18 EST > Price has made a significant move downward, and we are going to take profit here and look for a possible re-entry in the future.

Jan 13 @ 11:33 EST > Price is making a solid counter-trend movement, with a nice support trendline for us to use as re-entry.  See chart below.

Jan 14 @ 10:56 EST > Price has moved below 2nd entry, however we missed this trade and can only wait for retracement.