Danny's Trading Journal - page 2
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Looking at the daily GBP/JPY we can see that we are trading close to support at the 38% fibonacci level and Senkou Span Line.
We are bullishly trading above the Kumo (cloud) and we received a normal strenth buy signal when the Tenkan-Sen crossed above the Kijun-Sen from below within the Kumo.
The signal would have been stronger if the crossover had taken place above the Kumo.
To the upside we have major resistance at the 50% retracement level, 216.63.
Analysis By TradersLog.com
Price having broken out from the trend channel as shown on the daily chart continues to make higher highs. Meanwhile RSI has been making lower highs, suggesting a possible trend reversal. Support should exist along the upper trend channel line (formerly resistance).
Analysis By TradersLog.com
GBP/USD has broken the major downtrendline and rallied to the 50% level of the recent downmove. RSI remains bullish. The next major 50% retracement level is at 202.61.
Analysis By TradersLog.com
Looking at the daily chart - having retraced upwards to 50% of the recent major downmove USD/CHF has been consolidating downward in a channel forming a bull flag. It retraced down to 50% of the recent upmove, while oversold stochastics begin to curve upwards.
Analysis By TradersLog.com
Looking at the daily NZD/USD we can see pressure building along the lower trend line of the symmetrical triangle -beneath we have support at the double bottom in the 0.7369 area - adding to the bear case we are trading below the 200 period SMA and selling momentum is strong as reflected in RSI.
Analysis By TradersLog.com
Looking at USD/CAD, we can see a major bullish SMA crossover on the daily (50 SMA crossing 200 SMA). Price is trading within a major symmetrical triangle, and the minor symmetrical triangle within it provides near resistance to the upside. Momentum reflected in RSI remains on the gate, modestly bullish (around 50 and flatish) Further selling and confirmation of a top in crude will put further pressure on the CAD and bolster the case for a major bullish trend change in USD/CAD.
Analysis By TradersLog.com