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Thursday, May 28, 2015

EURCHF Buy Recommendation May 29th 2015

Currency Pair: EURCHF
Timeframe: Hourly Chart (H1)
Recommendation: Buy USDCHF @ 1.0320
Take Profit @ 1.0440
Stop Loss @ 1.0250

The EURCHF has drifted lower and recently grinding around its support level. I think we will see a move higher, partially due to fundamental data which will support a stronger Euro and partially do to some profit taking which will result in a short-covering rally.

We may test the bottom of its support level before a rally can unfold. Forex traders may want to wait for a breakout above its most recent intra-day high for a confirmation of a trend reversal, personally I went long already.


Tuesday, May 26, 2015

GBPJPY Sell Recommendation May 27th 2015

Currency Pair: GBPJPY
Timeframe: Hourly Chart (H4)
Recommendation: Sell GBPJPY @ 189.400
Take Profit @ 181.400
Stop Loss @ 192.000

The release of the minutes from the last Bank of Japan meeting did damage to the Japanese Yen despite a cautionary tone. This suggests to me that upward potential in this currency pair is very limited and that we could be on the verge of a price action reversal which is why I have taken a short position in the GBPJPY.

I think we could see some sideways trading inside of its resistance level, but that the risk is definitely to the downside. Should we breach 190.000 I will add to my short position. I think the sell-off will come on the back of weakness in the British Pound rather than strength in the Japanese Yen.


Monday, May 25, 2015

Trading Overview April 1st 2015 - April 30th 2015: 6,700 Pips Earned

I have completed my overview of forex trades which I recommended between April 1st and April 30th. I had a total of seven trading recommendations which I published 100% free of charge and I always update you all on every trade regardless if I earned money on it or if I lost money on it. In my previous trading update I showed you how I earned 7,385 pips so far in 2015 on 30 recommended trades.

In 2015  my aim is to deliver 20% more pips in 2015 then I have in 2014 where I delivered 13,810 pips from 109 trading recommendations. Feel free to subscribe to my blog and follow me at TheLastBear!

Here is my forex trading overview for trades between April 1st and April 30th 2015:
  1. April 10th 2015 - GBPUSD Long @ 1.4715, Exit @ 1.5415 on April 30th 2015; Profit of 700 pips
  2. April 14th 2015 - GBPCAD Long @ 1.8450, Exit @ 1.8600 on April 30th 2015; Profit of 150 pips
  3. April 16th 2015 - USDJPY Long @ 119.300, Exit @ 121.300 on May 21st 2015; Profit of 200 pips
  4. April 21st 2015 - AUDNZD Long @ 1.0050, Exit @ 1.0800 on May 13th 2015; Profit of 750 pips
  5. April 22nd 2015 - EURCAD Long @ 1.3160, Exit @ 1.3760 on May 18th 2015; Profit of 600 pips
  6. April 23rd 2015 - Gold Long @ 1,188.50, Exit @ 1,128.50 on May 18th 2015; Profit of 4,000 Pips
  7. April 30th 2015 - GBPCAD Sell @ 1.8580, Exit @ 1.8280 on May 5th 2015; Profit of 300 Pips
Total Profits: 6,700 pips, 7 Trades, 7 Profitable Trades, 0 Losses, 0 Open Trades

My total profits for 2015 total 14,085 pips on 37 recommended forex trades. I operate this forex portfolio over at PaxForex and their tight spreads and execution speed allow me to earn more each time I trade.


Thursday, May 21, 2015

Gold Buy Recommendation May 22nd 2015

Commodity: Gold
Timeframe: Hourly Chart (H1)
Recommendation: Buy Gold @ 1,207.50
Take Profit @ 1,230.00
Stop Loss @ 1,201.00

Given the economic reports set for release today and with the weekend ahead of us plus the two speeches by central bank officials on top of what the charts are showing us I went long Gold and plan on keeping it over the weekend as I think we will see a stronger price by the time markets close for the weekend.

Be advised that volatility may be elevated and that we may see a move to the downside and a test of support around the 1,203.65 before a breakout can lead to a short-covering rally and some good upside.


Tuesday, May 19, 2015

AUDJPY Buy Recommendation May 20th 2015

Currency Pair: AUDJPY
Timeframe: Hourly Chart (H1)
Recommendation: Buy AUDJPY @ 95.75
Take Profit @ 97.25
Stop Loss @ 95.00

The better than expected GDP report out of Japan failed to rally the Japanese Yen which is why I took a long position in the AUDJPY today. This currency pair is trading inside of its support level after a nice sell-off took it there. I was waiting for the GDP report to be released before placing my buy order.

I think we can see a rally of roughly 150 pips which will take us back to resistance from where I will take another look. Upward momentum may be strong enough for a breakout and continuation, but plenty will depend on fundamental factors.


Sunday, May 17, 2015

Silver Sell Recommendation May 18th 2015

Commodity: Silver
Timeframe: Hourly Chart (H1)
Recommendation: Sell Silver @ 17.70
Take Profit @ 16.30
Stop Loss @ 18.50

I have hedged my forex portfolio with a short position in Silver. I expect this commodity to fall victim to a profit taking sell-off after fundamental data caused a rally. The factors which impacted Silver in a bullish fashion are now losing its impact and I expected a price action reversal back down to support.

We may see a false breakout above its resistance level which could extend up to the 18.00 mark from where I may seek to add to my short positions as the upside potential is rather limited while the downside potential remains attractive.


Thursday, May 14, 2015

USDCHF Buy Recommendation May 15th 2015

Currency Pair: USDCHF
Timeframe: Hourly Chart (H1)
Recommendation: Buy USDCHF @ 0.9130
Take Profit @ 0.9350
Stop Loss @ 0.9000

I have taken long positions in the USDCHF this morning as I think we will see a US Dollar rallying into the weekend. One part of the rally will come from economic reports released during the US morning session while the other part will come from some profit taking before the weekend.

The US Dollar could be in for some choppy trading sessions, but I do think we will see an upward bias until the downtrend can continue. Currently plenty of currencies are facing headwinds and an increase in volatility should be accounted for.


Tuesday, May 12, 2015

EURNZD Sell Recommendation May 13th 2015

Currency Pair: EURNZD
Timeframe: Hourly Chart (H4)
Recommendation: Sell EURNZD @ 1.5230
Take Profit @ 1.4200
Stop Loss @ 1.5500

Yesterday I sold the AUDNZD and I added to my position after it rallied to 1.0840. I will short it again at 1.1000. Today I am taking a short position in the EURNZD as I think forex traders are best advised to lock in some of the profits after a rally which spanned roughly 1,500 pips.

Volatility could be at elevated levels as upward momentum is strong, but the recent failure to breakout above its resistance level has started to shift momentum and a breakdown below it should set this currency pair on course for a bigger reversal.


Monday, May 11, 2015

AUDNZD Sell Recommendation May 11th 2015

Currency Pair: AUDNZD
Timeframe: Hourly Chart (H4)
Recommendation: Sell AUDNZD @ 1.0700
Take Profit @ 1.0100
Stop Loss @ 1.1000

The rally in the AUDNZD was not only expected, but very profitable on top of that and anyone who followed my AUDNZD Buy Recommendation from April 21st 2015 made at least 250 pips unless you adjusted your stop loss orders accordingly. I closed this trade for a profit of 600 pips and think it is time to look the other way.

I think we can see a nice reversal in this currency pair and am at least targeting 200 pips before I will take another look. The downside potential is 600 pips if the rally will see a full reversal, but several factors would need to come together for that one.


Wednesday, May 6, 2015

EURUSD Sell Recommendation May 7th 2015

Currency Pair: EURUSD
Timeframe: Hourly Chart (H1)
Recommendation: Sell EURUSD @ 1.1340
Take Profit @ 1.1140
Stop Loss @ 1.1390

The rally in the EURUSD was very powerful and long-term I think it will continue, but I do expect some profit taking to occur which will drop this currency pair down to its support level. Forex traders may ope to lock in profits ahead of tomorrow's NFP report out of the US.

I am looking for roughly 200 pips, but the NFP report is a wildcard. Should I have more than 50 pips in floating profits prior to tomorrow's release I will exit this trade. Given the close proximity to an important release make this a higher risk trade.


Monday, May 4, 2015

CADJPY Sell Recommendation May 5th 2015

Currency Pair: CADJPY
Timeframe: Hourly Chart (H1)
Recommendation: Sell CADJPY @ 99.10
Take Profit @ 98.35
Stop Loss @ 99.50

I am shorting the CADJPY today and think we could see a bigger move to the downside. I have a take profit target of 98.35, but am very likely to extend this one down to maybe 95.10 as this trade unfolds. The descending resistance level which formed has given me the final bearish trading signal I needed for this currency pair.

Economic data out of Canada could move the CADJPY as international merchandise trade data for March will be released while Bank of Canada's Wilikins speech in Montreal could additionally add some volatility. Overall I really like this short trade around current levels.