Aussi takes over #1 as all Yen pairs posted gains today
What I am trading
I am still slugging it out with AUDUSD, Monday we continued the up/down pattern with a up candle, if that pattern continues, Tuesday will give us a down candle, I am playing for a break in that pattern and we get another up candle. Another thing about AUDUSD is the level of Support/resistance at every 100 pips, we saw 0.7600 work as support on Friday and Monday and I would expect 0.7700 to offer resistance which might be a good place to lock in some profits
This market is going no where fast, Yen was strongest on a day that saw very little movement
what I am trading
AUDUSD broke it’s up down up down pattern with an up day, we hit inter day high giving this trend a new higher high, I am still holding out for 0.7700 as a profit target
Nice trading strategy. I will be following as I like this concept. I might look at another short on the aussie if we get to .7700.
Thanks bob,
Price is now at 0.7720, I took profits in 2/3rds of my position and will let the rest run. Shorting an uptrend is not something I normally do, now that we cleared 0.7700 any pullback might find support there. for me I will wait for the next pullback and buy again with the right price action signal.
Another slow day, it’s August so expect much of the same the rest of the month, a lot of big time traders take this month off
What I am trading
AUDUSD update, Price hit my target at the 0.7700 level where I took profits in 2/3rds of my position, my plan was to let the remainder run and as I post this we just had a 60 pip spike in price. What I now would like to see is price move sideways and hold above 0.7700 and wait for moving averages to catch up to price, or a move down and reversal off the 1hr chart 200 ma would be a good rebuy signal
Good day for the CAD as oil prices had a big gain,
Note; I am looking at a possible big move in oil
What I am Trading
Last night I went short USDCAD to take advantage of what I see as a possible 30 dollar rise in oil prices, we have a well defined inverse head and shoulder pattern forming in oil prices, USDCAD was a good play late last year as oil prices moved higher,
Note, I am early to this trade and until oil closes above the neckline the H&S is not confirmed,
Trade setup; USDCAD close below 1.3000 was my trigger for first trade, 1.3000 should now serve as resistance and just above that is 200 ma on both 1hr and 4hr charts giving me three layers of resistance
for this trade to work I need that big rise in oil prices and the US fed to not hint about rate increase, that would be a killer
Final note; this is no day trade, if it plays out I would expect to be in this trade through the end of the year
Here is my weekly market review video, oil and CAD are looking good
Strong Weak rankings for Monday, not much change from Friday.
What I am trading
Update to my USDCAD short, we are just minutes from 6th down day in a roll, oil is the driving force for this trade as crude surges from its August 2nd low, a weak pullback would make for a great short entry and that is what I will be waiting for to add to my position
Another good day for Yen, weakness in US dollar,
What I am Trading
USDCAD update, 7th down day, not sure what the record is, I hope we break it. Regardless, any pullback to a area of resistance will have me adding to this trade
Wild day with some good reversals, I will post some charts later tonight
What I am trading
Update to USDCAD trade, deep pullback early then a reversal candle in the 2 pm hour gave us our 8th down day in a row, I did add to my position, but on the negative side, today was an inside candle, so this could go either way tomorrow, Oil the driving force of this trade is showing no indecision as it posted 5th up day and 9 in last 12
Sorry for late post, internet went down at home. Big news from yesterday’s action is the Pound is no longer weakest currency, my CAD trade had it’s 9th down day in a row but is pulling back in early Friday trading
Here is my weekly review of the markets, it is August, good time to go on vacation
Strong weak rankings for Monday, weakness in CAD as oil pulls back
