We are seeing some big moves as the summer dull drums are clearly over, CAD hangs on to #1 as GBP and NZD surge, Yen has made another coast to coast trip ( #1 to #8)
CADJPY is our newest Top SW Trade, as you can see from the chart this one had a run as top trade back June/July were it hit a high of 364 pips before retracing the entire move before hitting new highs, the question he is how long will the Yen remain weak
NZDCAD reversed hard today after hitting a new low and new high Pip total of +123 pips, it is now finding resistance at the 200 ma on the H1 chart, this has held any counter trend rallies in check. As far as should you hold or not, that should be in your trading plan before entering the trade, before entering a trade answer these three questions
Why do I think this is a good trade
at what price level or price action will prove me wrong about #1 and require an exit for a loss
at what price level or price action will prove me correct about #1 and require me to take profits
write these down and follow them, then your emotions will not get in the way of your trading. is it easy, no, but that is what separates the good from the bad traders
Mixed day with strong currencies GBP and CAD giving a little back will the rest of the market was up against the Yen. This was on a day that US stocks saw new all time highs
Year to date numbers show a slow moving market, Only pairs to have a double digit % move have been EURUSD and AUDUSD , as a long term trade I am long both of these
I’ve had this cold, so I was bored and sittin around reading BPs and I decided to try to understand Dennis’s stuff here, so I looked at the little spreadsheet thingy, and I said let me look at the biggest number here, aha, GBP/JPY, yes that’s it, no it’s not I don’t trade it, well lets look at a 15 min. Holy Moly, the vaunted never failing upward pennant. So let’s do this live.
whatever the majority is shorting that is what you want to go long in, just stay with the trend, and don’t get greedy, take profits along the way, stick with this plan and you can milk this market for steady cash