ForexTV Market Vision w/ Tim Kelly

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May 15 - MarketVision's ProSticks Ichimoku Forex Trading Technical Report

EUR

Yesterday’s retracement from low didn’t offer any clear clue. Market is either building a bottom or grinding top seeking for direction. We are neutral and will sit aside till the week is close. 

 

GBP

Today’s movement will be very crucial. A down day will marked a clear top, otherwise, we can view it as congestion on high level preparing for  another leg up. Market is very difficult. Suggest to sit aside till the week is over.

 

AUD

Chart is flagging and should trade inside tight range 0.7450-0.7650 for a while. Suggest to sit aside.

 

JPY

Chart pattern was not good enough to classified as bottom. Closing back above 96.00 but still below kumo made us hesitate to call correction is over. We are in firm belief that the strength of JPY was nothing more than a correction. Will sit aside and wait for a good opportunity to be a dollar bull again.

 

GBPJPY

Market closed back barely above daily kumo didn’t erased previous bearish pattern. Suggest to sit aside as long as market trades inside kumo.

 

EURJPY

Closing back above 130 and trades inside thick daily kumo didn’t offer any clear direction. Chartwise, bears are on upper hand. 

 

GOLD

Market closed as a cross with modal point closed at 924-926 consecutively and below levelling kumo upper band at 933.00 didn’t offer good reason for us to join the bull crowd. Suggest to sit aside as long as market trades inside kumo.

May 14 - MarketVision's ProSticks Ichimoku Forex Trading Technical Report

EUR

The outside bearish close below previous modal point 1.3620 suggest huge overhead resistance. This morning , position is still profitable. Suggest to exit for profit and sit aside. 

 

GBP

Alternate up and down days showed short term toppish sentiment. We are enjoying over 500 pips profit. Suggest to exit for profit this morning.

 

AUD

Our bullish bias was jeopardized by yesterday’s pattern. Suggest to exit for profit or at least move stop up to 0.7490.

 

JPY

US dipped and closed below daily kumo with ease. We were long at 95.50 and suggest to exit for small loss this morning.

 

GBPJPY

Chart turned very bearish. Our long was stopped out. Suggest to sit aside.

 

EURJPY

Market dipped inside daily kumo again and traded back down below 130.00 erased all bullish sentiment. We are neutral and will remain so. 

 

GOLD

Market grinded steadily up inside daily kumo failed to offer a clear direction. Chartwise, bulls are on upper hand.

May 13 - MarketVision ProSticks Ichimoku Forex Trading Technical Report

EUR

Eur resumed strength after consolidation at the high as expected. Market closed consecutively above 1.3640 and shall test the most important resistance at 1.4000. Sit tight with long with 1.3420 as stop. 

 

GBP

Yesterday’s bullish engulfing pattern confirmed our bullish bias. Sit tight with long with stop at 1.4930.

 

AUD

Retracement was so short-lived and aud resumed bullish trend. Sit tight with long with 0.7390 as stop. We are in the middle of a big up trend. Keep stop at 0.7390. Don’t let random noise disturb our position.

 

JPY

Our US long position was stopped out at 97.10. We firmly believe that the strength of Jpy is merely a corrective action spilled over by US strength against other currencies at the onset of yesterday’s trading that led to the unwinding of the newly taken carry trade. We see this as nothing more than a corrective market circumstance. Immediate support for US shall be at kumo lower band 95.40. Aggressive trader can build long dollar position at 95.50 with a tight stop at 94.30.

 

GBPJPY

Chart pattern made us nervous. The sudden strengthening of JPY reversed strength of the cross made in yesterday’s morning session. Maintain strict stop at 146.00.

 

EURJPY

We hope readers have exited long on yesterday’s morning. Market dipped and close inside daily kumo again. Bears are on upper hand. Shall jump back on the bull’s wagon if we see the sign of JPY weakening. 

 

GOLD

Gold has formed a good modal platform support at 910-913. Kumo upper band is leveling at 933.00. Immediate trading range 910-933. If close above 933 consecutively, we shall be a bull again.

May 11 - MarketVision ProSticks Ichimoku Forex Trading Technical Report

EUR

Yesterday’s down day can be considered as a retracement only. Although nothing has changed our short term bullish bias, suggest to play cautious and move stop to 13420. 

 

GBP

Market traded neatly above 1.5000 didn’t change the bullish undertone. Sit tight with long with 1.4930 as stop.

 

AUD

Yesterday’s retracement was the first one in past eight days. Retracement is a must. Sit tight with long with 0.7390 as stop.

 

JPY

US dipped inside daily kumo, turned chart pattern bearish. Chart pattern made us uncomfortable on our long position. US had traded briefly above parity in early April and could not sustain upsurge, are we going to have a deeper retracement from high? Chart pattern made us worry. Maintain strict stop at 97.10.

 

GBPJPY

Yesterday’s bearish engulfing proved that our jumping back on the bull’s wagon was a mistake. We shall keep position for one more day and maintain strict stop at 146.00.

 

EURJPY

We were long at 132.70. Market dipped to kumo upper band and got support. Bearish engulfing made us uncomfortable on our long position. It is dealers’ choice to exit this morning for a tiny loss or maintain strict stop at 130.70. .

 

GOLD

Yesterday’s inside day congesting inside daily kumo gave no clear direction. Suggest to sit aside.

May 11 - MarketVision ProSticks Ichimoku Forex Trading Technical Report

Eur

We should have long Eur at 13490 after eur traded above 13430 for an hour as suggested. As pointed out on 05/04, after 13430, 13640 will be around the corner. Eur surged up and closed right at this level on Friday. Daily chart showed a double break out, firstly, the descending trend line, secondly, the parallel up channel. Immediate resistance can only be found on weekly chart at 14000, then weekly kumo upper band 14220. Daily and weekly chart pattern are in line, being bullish. Sit tight with long with 1.3280 as stop.

 

Gbp

Huge bullish reversal erased last Thursday’s bearishness. It is amazing when you compare the daily and weekly chart, they are almost identical. There is a good chance they Gbp is going to run up. Sit tight with long with 1.4930 as stop.

 

Aud

It was lucky we placed a stop buy order at 0.7630 after taking profit at 0.7580. Aud’s uptrend is intact. Immediate resistance weekly kumo upper band 0.7990. Closing above will target for 0.8720. Chart now offer us a much higher upside potential, sit tight with long with 0.7390 stop. On Sept. 2008,  aud traded below weekly kumo and flushed down 3000 pips in 6 weeks, to risk existing profit hoping that history to repeat on the other side is highly justified.

 

Jpy

Weekly had turned bullish again and is about to test weekly kumo upper band. Sit tight with long with 97.10 as stop.

 

Chf

Chf dipped and closed at the low right at kumo lower band 1.1010 support. We were short at very high level and position should insulate from whatever random noise. Sit tight , move stop to break even, hoping to ride a full US bear trend.

 

Cad

We were right that US is very very bearish and last week , we put parity as our first objective. Sit tight with short move stop down to break even. Our profit is very deep now and we are looking at huge downside potential. We should insulate ourself from any random noises.

 

Nzd

Chart pattern agreed with our view that retracement had ended and bulls are taking over control again. Last week’s low missed our entry suggestion by 41 ticks. If maket retrace to level below 0.5900, jump back on the bull’s wagon. If fill, stop at 0.5640.

 

Gbpjpy

We were too cautious to suggest readers to liquidate long for profit on Friday’s morning. Daily and weekly chart pattern both confirmed that our decision was wrong. Jump back on the bull’s wagon at or about 150 level. Stop at 146.00.

 

Eurjpy

Market low missed our entry level by less than 30 pips and market ran away up . Move entry level to 132.70, if fill, stop at 130.40.

 

Xau

Last Thursday’s bearish pattern got no follow through on Friday. Market showed no clear direction, suggest to sit aside.

May 8 - MarketVision ProSticks Ichimoku Forex Trading Technical Report

EUR

Market closed with big extreme tail at 1.3430 confirming our emphasis on this level. Market didn’t traded above this level for more than 30 minutues, so our buying order was not triggered. Eur held quite well with rate cut news. Our suggestion to go long if market trades above 1.3430 is still valid.  

 

GBP

Chart pattern turned short term bearish. Yesterday’s close with upper and lower extreme tail showed high uncertainty. Move stop profit up to yesterday’s low at 1.4930 to protect profit.

 

AUD

Aud upsurged to seven months’ high after the news that Australia has added 27,300 jobs last month in contrary to expected loss of 25,000 as market had projected. The retracement from high to the the low is less than 100 pips showed the strength of the strong undertone. The profit in hand in compared to our projected high is about 1:1. Traders should begin to look at protecting profit. No market will run up in a straight line. Prepare to take profit at 0.7580 or move stop profit to 0.7390. If 0.7580 is triggered, remember to place a stop buy at 0.7630 immediately. We really want to keep long Aud position for 2009.

 

JPY

Nothing has changed our bullish look on the US. Sit tight with long with 97.10 as stop.

 

GBPJPY

Alternate hammer and inverted hammer close made direction unclear. Suggest to exit for profit this morning and sit aside.

 

EURJPY

The bullish reversal closing above previous high gave bulls an upper hand again. Prepare to jump back on the bull’s wagon at 131.90. If fill, stop at 130.80.

 

GOLD

The hammer close offset previous day’s bullish reversal. Today’s pattern shall determine the immediate trend. We are bearish bias.

May 7 - MArketVision ProSticks Ichimoku Forex Trading Technical Report

EUR

Modal support and kumo upper band support are moving higher. If eur trades one hour above 13430, be long again. If fill, stop at 13280. With US weakening against almost every English speaking currencies, Eur may follow. But we have to play it cautiously.  

 

GBP

Gbp tested 15000 level again and rebounded to close at 15140 resuming bullish bias. I quickly went through historical chart this morning, the closest upside resistance comes in at 1.5300, than 1.5730. Sit tight with long with stop at 1.4780.

 

AUD

The profit on hand in comparison to potential upside projection is relatively small. Looking through historical chart, we can only find resistance at or about 80000. Sit tight with long with stop at 0.7270.

 

JPY

US got supported at kumo upper band. Sit tight with long with stop at 97.10.

 

GBPJPY

Market is at the verge of breaking to the upside again. Sit tight woth long with break even stop.

 

EURJPY

We were stopped out at break even. Suggest to sit aside for the moment.

 

GOLD

Market closed inside daily kumo again. Only day-trader can participate in alternate up and down market with no good reason for such volatility. Suggest to sit aside..

May 7 - MarketVision ProSticks Ichimoku Forex Trading Technical Report

EUR

Modal support and kumo upper band support are moving higher. If eur trades one hour above 13430, be long again. If fill, stop at 13280. With US weakening against almost every English speaking currencies, Eur may follow. But we have to play it cautiously.  

 

GBP

Gbp tested 15000 level again and rebounded to close at 15140 resuming bullish bias. I quickly went through historical chart this morning, the closest upside resistance comes in at 1.5300, than 1.5730. Sit tight with long with stop at 1.4780.

 

AUD

The profit on hand in comparison to potential upside projection is relatively small. Looking through historical chart, we can only find resistance at or about 80000. Sit tight with long with stop at 0.7270.

 

JPY

US got supported at kumo upper band. Sit tight with long with stop at 97.10.

 

GBPJPY

Market is at the verge of breaking to the upside again. Sit tight woth long with break even stop.

 

EURJPY

We were stopped out at break even. Suggest to sit aside for the moment.

 

GOLD

Market closed inside daily kumo again. Only day-trader can participate in alternate up and down market with no good reason for such volatility. Suggest to sit aside..

May 6 - MarketVision ProSticks Ichimoku Forex Trading Technical Report

EUR

Eur failed at 1.3430 again and our long was stopped out for very small loss. Taking out 1.3430, it will be a v-shape breaking up, on the contrary, closing below daily kumo 1.3080, chart will be totally bearish. It seems that there is no in between. Suggest to sit aside for clearer trend.  

 

GBP

Upward momentum is losing steam. Market closed with upper extreme tail at 1.5140 confirmed our view. Move stop profit up to 1.4780 to protect profit. Looking at the alternate ichimoku signals, we can realize how difficult the market is. I never pay attention to ichimoku signals as it based only on moving averages. When market twisted along moving average, the signals will be very confusing.

 

AUD

Aud has surged inside weekly kumo. Daily bullish undertone remained intact. After surging up for over 400 pips, it is time for retracement. Move stop profit up to 0.7270 (previous modal high and weekly ichimoku lower band) to protect profit. There is no such thing as “sure” these days. Profit is sure.

 

JPY

Chart didn’t give us more hint. Sit tight with long with 97.10 as stop.

 

GBPJPY

Chart pattern is in the cross-road. Move stop up to break even to minimize risk.

 

EURJPY

Maintain break even stop for long.

 

GOLD

We were too cautious to take profit yesterday’s morning. But our descision gave us a good night sleep. Xau surged up to 916 and failed to sustain gain. Chart pattern reversed previous bullishness. To miss a winning trade is far better than to accept a losing trade. Suggest to sit aside.