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Simit Patel's  Instablog

Simit Patel
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I'm a precious metals and energy investor as well as a currency trader who combines analysis of geopolitics, monetary economics, energy technology, innovation cycles, Internet technology, and technical price patterns to develop trading and investing outlooks. I trade/invest in all timeframes --... More
My company:
InformedTrades
My blog:
Forex Trading Journal
My book:
Wealth Management in the New World
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  • EURCHF at Key Resistance -- Preparing For a Move Down?
    The chart below, courtesy of forex trader Ruben, shows a potential opportunity forming for currency traders watching the EURCHF exchange rate. Stock market traders can find proxies in the Euro CurrencyShares ETF (NYSEARCA:FXE) and the Swiss Franc CurrencyShares ETF (NYSEARCA:FXF).

    The chart illustrates how the market is testing resistance, and thus could be paving the way for a move downwards that is a resumption of the primary trend.



    In addition to these technical factors, weakness in the Eurozone is something that many have argued from a fundamental perspective. I recommend the commentary of Andrew Spanton and David Waring in this podcast on forex opportunities for some more insight into that matter.

    Click here to discuss this trade opportunity with Ruben.

    Disclosure: No position.
    Tags: FXE, FXF
    Aug 10 1:43 PM | Link | Comment!
  • GBPUSD Testing Support on Multiple Timeframes -- A Buying Opportunity?
    Forex trader Dave T alerts us to a short-term opportunity on GBP/USD (ETF traders can look at FXB as a proxy of sorts). The market shows a test of support on the 4 hour and daily chart -- see the chart below. 



    The US dollar has recently rallied -- those who are bearish on the dollar over the long haul may find this as an opportunity to essentially short it at a higher level.

    Discuss this opportunity with Dave T, the creator of the chart above who alerted me to this trade setup, over on his forex trading blog.
    Tags: FXB, pound, dollar
    Aug 10 10:47 AM | Link | Comment!
  • Time to Re-Enter a Long Australian Dollar Position

    I placed a small position going long AUDUSD; I got in at 8050, with a stop at 7940. Here's the rationale:

    1. Fundamentally, I like AUD relative to most major currencies over the next three years. I think demand for commodities will help the Australian economy, as well as the fact that the Australian economy was not hit nearly as hard as the rest of the world in the Crash of 2008.

    2. Technically, the moving averages have just turned bullish, after a period of convergence.

    This is the kind of setup I really like; I like to see convergence and then a move towards what I perceive to be the long-term trend.

    The chart below illustrates.

     

    Jun 29 5:47 PM | Link | 1 Comment
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