1M Demand Zones Forming on USDJPY

1 minute demand zones forming on USDJPY just below, previous session high and then the previous weeks high.

USDJPYM1

USDJPY has moved a long way today, but seems to be already ‘balancing’ higher (accepting higher prices). The NASDAQ and SPX500 are also doing well. There is good correlation between the SPX and the USDJPY.

UPDATE: 16.34

0990USDJPYM1

Its possible it could pop the 161.8 extension of the previous trading days range. Current ADR (Average Daily Range) is 67%. So there is a little ‘room to roam.’

Return to Supply on EURUSD 5 Minute

Be tricky to have got into the first pullback due to Sunday market open.

000EURUSDM5

As for the second pullback we can see some absorption. If volume starts to build below, and we see a pullback or fresh demand, then it could go. Its not one automatically fade until we have followed the price action.

UPDATE:

It broke that supply (in fact an early supplier had been taken out and we can see the pullback).

00000EURUSDM5

AUDUSD Morning ‘Supply’ Trade

Supply came in on AUDUSD (circled area), got a nice pullback and squeeze to break the previous session low and go to our LT1 and LT2 targets (127.2 and 141.4 extensions of previous sessions high & low.
18 pips. Not brilliant, but good enough.

AUDUSDM5

The blue horizontal lines are major option levels on AUDUSD at 0.7750 (520 mln) and 0.7800 levels (418 mln)

How To Get It Wrong

EURGBP. Managed to go short when I should have been long. Went straight into a small demand zone (admittedly would need to go down to one minute chart in order to see it). Entered too late too, thats what happens to ‘Johnny Come Lately’s’ lol.

EURGBPxM1

The result a £106 loss as price move back and took out my stop which was above the #inverse range low line.

Bad idea, pound has been stronger than the Euro of late, and apparently the Bundesbank tend to buy EURGBP on the last day of the trading month.

As you can see however EURGBP eventually sold off. Also note how demand becomes supply.

1EURGBPxM1

EURAUD Levels 24 Feb

Just some levels I’ve been looking at on the EURAUD chart. Really have to go down to the small time frame charts to see them:

EURAUDxM5

One area has just been broken through though, as price broke through the previous session low, then went for my ‘trademark’ 127.2 and 141.4 extentions for targets 🙂

Not been looking at EURAUD for a while, though its one of the best movers and quite a transparent pair to trade, though the spread can be quite how with many brokers (IG etc)