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Archive for the ‘Czech Koruna’ Category

copy-of-bouncesmaller.jpg We’ve talked about it – all hail the Koruna, right? Still doing its thing. On the left, below is the chart as I’ve had it drawn out for months now. I thought it might help some to see how I made a subtle change to my chart to account for some recent price action.

gbpczk1.jpg Sometimes when a pair is in a channel (parallel support and resistance) it will run another more subtle, parallel support/or resistance within it. As price bounces between the channel lines, it’ll pull back only about halfway and then go back again. You’ll see what I mean by this other chart on the left with the extra line added in the middle of the channel.

gbpczknew.jpg Anyway, it is what the pair is doing now, and the whole point is that if you missed an entry recently, like when it bounced down from resistance, this affords you another chance to sell into the bounce.

 

(Green ovals mark how the mid-line in the channel developed by rejecting the price. Notice it may now become resistance and we may be in a new, down-shifted channel)

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We’ve been talking about these so don’t forget about them, these are 3 great trending pairs that are entrenched in money-making mode (in the direction of the arrow on the chart, I made it clear if it wasn’t obvious), so simply look for signals to get in – don’t just get in any ol’ time – and enjoy!

eurusd.jpg EUR/USD: bullish – broke out of a flag type of pattern, I can see this getting up to 1.60. Doing as expected.

 

 

 

gbpczk.jpg GBP/CZK: bearish – it’s gone 2,000 pips down since we talked about its bearishness in December.

 

 

 

gbpjpy7.jpg GBP/JPY: bearish – we’ve been beating this horse lately. It broke down from a long term head and shoulders.

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koruna.jpg If you’re sick of the sloppy, end-of-the-year shuffling a lot of the pairs have done, look no further than the Czech Koruna for an awesome trend. The thing remains on fire! The Czechs are pretty progressive for the old Soviet bloc, and they have a sound economy which has been outpacing most others this year.

The strategy here is pretty simple: short the GBP/CZK, thereby buying the Koruna, at an appropriate buying signal, preferably while the CZK is not overbought according to an oscillator.

This is a good trend-following type of trade, rather than a pure “swing” trade you hop in and out of. The spread on crosses like this can be hefty, meaning once you get in you’ll want to stay in for a while.

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