The two Yen signals recovered during the US session and both are now in positive territory; one up 70 pips and the other 80. This isn’t too bad given they were the first clear cut TC signals I’ve had in four weeks. The monthly charts of these U/J and E/J pairs are even more interesting though with both showing bullish-reversal ‘Hammer’ candles forming up. Keep an eye out to see how these candle close after today’s trade though.
USDX 4hr: note how I extended the fibs out to capture the previous swing high. The 61.8% fib for this move is near the monthly pivot and this region is giving some resistance for now. Watch for any make or break of this level as any move higher would support the two current TC signals. Respect of this resistance might undermine my TC signals though.
TC Signals: the U/J and E/J signals are still open and new signals formed on the GBP/JPY and Gold:
U/J 4hr: this has peaked at 80 pips so far and has stalled at the monthly pivot. I’m still on the lookout for a test of the 104.5 region as this is the 61.8% fib of the 4hr chart’s swing low move and a previous S/R zone. I am LONG here and this is where I have set my take profit. However, the monthly chart, with just one day left to go, shows a bullish-reversal ‘Hammer’ candle forming up off this key 100 region, the region I’m stalking for any reversal to develop my ‘Inverse H&S’ pattern. So, there could be more follow-through here but I’ll wait until after NFP for any further U/J trades.
E/J: this signal has given up to 70 pips but has stalled at the key 115 level so watch this for any make or break from here. The monthly chart shows how significant this 115 level has been throughout time AND, with only one more day of trade for the month, it also shows a bullish reversal ‘Hammer’ monthly candle forming!!
GBP/JPY 4hr: I noted this pair yesterday and said to watch the key 134 level. Well, this pair has moved above this level and triggered a new TC LONG signal as well. Also note how price would not have to lift too much higher to trigger a bullish-reversal monthly candle pattern here too! I can’t wait for Spring!!!
Gold: this gave a SHORT signal last week, that I ignored, but it has now given another 4hr chart SHORT TC signal AND has broken below a daily support trend line. I am still open-minded about a test of the 61.8% fib of the recent swing high move and this is down near the $1,260 area:
E/U 4hr: I’m still open to a 61.8% fib test here too:
A/U 4hr: and here too:
A/J 4hr: this didn’t give a clean TC signal to go with the triangle break BUT price is now above the 4hr Cloud: