neelyfx

neelyfx

Last night I was looking at the GBPUSD following through to around 1.37-1.38. Then I saw something on the chart that caught my eye. I believe that currencies are always range trading if you take the time frame out long enough. I saw a top a few weeks ago at 1.36. Could the GBPUSD continue this as a temporary top on the market? RSI over 70 and the price is in the...

neelyfx

Last week's run up of the GBPJPY was impressive and a trade that I frankly missed. Looking at the Smart Money Concepts indicator, it looks like the pair's price will move into sell range while approaching my monthly resistance trend line around 199.25. RSI seems strong at around 70 but not too overbought and the decline in ATR was most likely due to Friday's...

neelyfx Updated 

THIS IS NOT A TRADE RECOMMENDATION, JUST AN IDEA. After last week's beat down of the GBPUSD, I think that a strong reversal may ensue from government intervention similar to the Plaza Accord deal that was struck in 1985. Daily close needs to be above $1.0855 is the next step to calling a bottom. Calling a bottom is mostly unprofitable and dangerous business....

neelyfx

The EUR/USD has been beat down of late but that is old news. I have been experimenting with the Ichimoku indicator and I have another trade setup developing this idea. With the Ichimoku strategy I am following, here are the criteria I am looking for: 1) Price closes above cloud 2) Conversion line (Tenkan-sen) above baseline (Kijun-sen) 3) Lagging span (Chikou...

neelyfx Updated 

I have always been curious of how to use Ichimoku and yesterday I watched a video on the indicator and how to trade with it. It has always looked like a jumbled up mess. I did not break down the components and analyze them just took the strategy and I will test it in my demo account before applying to my live account. With Ichomoku, a long trade set up is...

neelyfx

I think we have a descending triangle forming that will take the Euro closer to parity with the USD. The fundamentals also have limited gas supply going in tot he EU and that can't be good for economic growth. I also saw an article recently where five EU countries are asking to a delay to the EU's ban on petroleum-driven vehicles. I do not have any trades...

neelyfx Updated 

I'm new to publishing my technical analysis ideas but I'm pretty sure that is a descending triangle forming in the GBPJPY daily chart. Drawing Fibonacci retracement from the market high at 168.49 (April 20, 2022) to the market low of 155.70 (May 12, 2022) shows the market trading between Fibo levels. Entering the triangle pattern to the downside is what gives me...