With banks closed on Monday in Tokyo and London you might have to wait for the New York session to get any meaningful reading…
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Mixed day
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mostly down day across most markets
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It has been slow going lately but all Yen pairs for the year are trending upwards with CADJPY leading the way
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USDCAD will retake the Top Trade spot when I do my rankings next hour, we have crossed the +100 pip mark, but look at this downtrend, there is no support until 1.000
with all the helicopter money being dropped on the US economy, being short the dollar is clearly the trade of the year,
Hyper-Inflation is hitting the US so I will be looking for ways to profit or at least protect my assets
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Aye aye Captain Dennis.
Its an upside down wedding cake.
Thx
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Thanks for the thread Dennis! After years of manually recording data alongside you I finally decided I should just make an indicator. After being able to look at it visually you can really see that the SW really works!
For sake of simplicity I am using the 34sma and close of the daily candle instead of the 200sma and close of the day’s last 4hr candle.
Up Arrows (white are > 0%, teal > 1.8%, green > 2%)
Down Arrows (white are < 0%, orange < -1.8%, red < -2%)
If anyone has a request for any pair in particular let me know!
Here is USDCAD:
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Markets are back on risk-on mode or are we in Hyper-Inflation mode. In any case, look for commodity currencies to continue to trend higher at the expense of JPY and USD
Looking at USDCAD long term weekly chart, there is some weak 3 and 5-year-old support at the current level but if we break 1.2000 then a 2000 pip fall to 1.0000 is in play. This is a strong-looking setup with that multi-year double top. I would be all in on this one but, the US Fed and BOC will likely take steps to upset our party. But what a trade is they fail!!!
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10 days ago I warned of a possible Head and Shoulder top in AUDUSD, but last weeks action may have taken that off the table, we are not out of the woods yet but a move higher here with what is happening with USDCAD looks pretty good. We have strong support at 0.7700 and again at 0.7600 , if we break both of them the H&S comes back into play
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i bet that AUDUSD will stay long since AUD is stronger on both COT and contrarian
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correction: AUD and USD flip this week on COT. USD is now stronger than the AUD.
GBP is leading on the day and Top Trade GBPJPY is breaking out, up over 1,000 pips from its late January entry point
You got to love Strong Weak trading
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Late day rally in the Yen, the AUD is getting hit the hardest, I will be watching for continuation, nothing to do now, we had a good run last week, we might be looking at a normal pullback
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The proposed doubling of the capital gains tax is sending FAANG and the whole growth sector off a cliff
In a nutshell, biden’s proposed capital gains tax increase will set innovation back 5 years and other countries ( like China) will fill in the gap.
While biden seeks to turn the US into something between Hunger Games and 1984, we can still make money, maybe not as much and it will not be as easy, but as long as we are patient and follow the trends we will overcome whatever idiotic thing Washington does
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more carnage in stocks, but the currencies just had a mild pullback with no change in the rankings
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A bit of recovery the 2nd half of the day at least.
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Denis I am not totally sure what you mean by “proposed capital gains tax increase will set innovation back 5 years” - do you imply that shareholder’s profits are what drives innovation in the first place?
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Ooh, what does it profit a man/woman to win the whole world, but lose his own soul?
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Innovation needs venture capital, if you tax that capital out of the market then Innovation will slow.
Shareholders profits are what drives investments into new innovation, without those investments innovation becomes cash-starved resulting in less innovation