Hi Team – anyone else notice the amount of pairs at monthly and/ or weekly profit taking zones? Some nice counter-trend setups one might want to keep an eye on. Keep in mind we have NFP tomorrow and with ISM Non-Manufacturing, ADP and Challenger coming in positive data says we are going to have a positive report though we want to pay careful attention to the average hourly earnings and any possible revision from last month’s number. If somehow the report is negative then we could be in for some interesting profit taking. If the market is expecting a positive result then maybe we see profit taking ahead of FOMC anyway, I leave that analysis up to you. These aren’t trade plans, just a heads up in case some traders weren’t aware. Remember if you are counter-trend trading make sure you have a trade plan and a confirmed setup indicating that profit is being taken before you enter your trade. Also remember to always buy at support and sell at resistance. Happy trading 🙂

Dxy Daily

Currently at the monthly bull target after having broken out of the previous range. Support eyed at MR1 and in the green zone. Stochastic very overbought. Note that there is confluence between MR2 and WM4 on H4

UST Daily

Price just below MM1 with MS2 marking the bottom of the range. Stochastic oversold. Note that there is confluence between MS2 and WM4 on H4. Remember the inverse correlation between the price of the 10Y and the USD and also remember how this impacts Yen strength and weakness.

USDJPY Daily

Price currently at the top of the range with 115 holding. MM4 at 115.50. WM4 is at 116.

GBPUSD Daily

Price currently just below MM1 with 1.21 at MS2. Note that there is confluence between MS2 and WM1 on H4.

AUDUSD Daily

Price currently at 0.75/ MM1. WM1 is 15 pips below market. Stochastic oversold. Take a close look at the other AUD pairs for similar opportunities.

NZDUSD Daily

Price well below the bearish target for the month. 0.69 marking WM1 on H4 with 0.6850 marking MS3/ WS2. Take a look at the other NZD pairs for similar opportunities.

WTI Crude Daily

Price coming off 49 just above MS3. Price is currently well below WS3.

USDCAD Daily

Price coming off of MR2 which coincides with WR1 on H4. Further resistance eyed at 1.3550 and 1.36. 1.3550 marks WM4 and 1.36 marks WR2.

USDNOK Daily

Price is currently above MR2 and above WR2 on H4. Stochastic overbought.

9 thoughts on “Currency pairs at profit taking zones 9 March ’17”

  1. Marc Frommhold says:

    great post Ryan! Really appreciate . Thanks !

    1. Ryan Gandalf van Jaarsveld says:

      My pleasure bud

  2. Giveness TSHIMOMO says:

    Good day, i’ve also noticed that most of the USD pairs are at the profit taking zone on the weekly and monthly pivots. Gold is another one thats reached the profit taking areas. How do you think NFP will affect Gold if it’s positive? and another question i have is do you think it’s wise for one to exit the trades they entered at the beginning of this month in order to avoid the risk of losing profits from NFP results and the fact that we are in the profit zones, even though trades are in profit, they are still far from TP’s i had planned for (took trades on daily but the weekly chart analysis was also in line with my plans for a semi long term trade). hope all that makes sense

    1. Ryan Gandalf van Jaarsveld says:

      I prefer the idea of letting my winners run until they have hit the profit target I have set. You can always place your stop loss in profit so that if the trade retraces before hitting the profit target you still lock in some pips. The problem with closing your trades out of fear is you are letting emotions drive your trading which is not a good idea. You have to think of your account long term and realize that it’s only through letting your winners run that you’ll get those nice wins. Yeah by doing this sometimes you will have trades closing at break even and sometimes even a trade that hits your stop loss where you lose a bit though your winners should pay for those and make you a profit. Having said all that, if you took a trade the start of the week and you are the profit zone then consider taking profit. If you took a trade at the start of the month and you are at the profit zone consider taking profit. If you took a trade and you are not at the profit zone then lock some profit in below the previous low or above the previous high and let the market do its thing. If you do this consistently with all your trades and you are always trading in the direction of the technical and fundamental trend you will end up having more winners than losers and your overall profitability will be higher.

      1. Giveness TSHIMOMO says:

        Thanks a lot Bro. I didn’t consider the NFP when i took my trades, which was a bad idea but your reply helped a lot.

  3. frank says:

    I also noticed that bud. Nice trade plan

  4. Malesela Nkwe says:

    Jooo, Ryan, this post re-enforced my doubts on the daily counter trend trading.. I have always been hesitant to look at the monthly profit taking zones as I focused more on Weekly and Daily profit taking zones.

    Thanks Again Coach… You are the best… Thanks to Wayne as well..

    Regards,
    Malesela.

  5. adamp says:

    Hi Ryan, thank you for your informative post. Could I ask what broker you’re using for the 10YR treasury?
    Kind regards,
    Adam

    1. Ryan Gandalf van Jaarsveld says:

      Hey Adam – apologies for the delayed response. I use OANDA for the 10Y

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