It’s Monday, we didn’t make the best decisions last night — went to bed after midnight — but it’s before 8:30 and I’m at the computer! That said, because of the decisions we made, I’m not at 100%. Still looking forward to a great trading day and week!
I’ve gotten mixed reports on equities over the last few hours. Last night, I read a report that said trading might halt again as futures dropped the allotted amount (again), but this morning I read one that said QE is lifting equities premarket. Looking at the futures right now, they’re up a little.
USD [N] – This looks like it’s beginning to base right now. Yesterday’s candle is down, but the entirety of it stayed within the previous candle — and today’s is staying within yesterdays. I see the thoughts behind shorting this today, but it’s not something I’m comfortable with; and since it’s not pushing higher, really, I don’t want to take this long right now. I’ll leave it alone for today
Today’s Pairs
EUR/GBP – Long
GBP/CHF – Short
CAD [N] – This had a few up-days last week, and today, it’s down. It made a lower high, but didn’t make a lower low, so it’s probably going to stay fairly strong this week, but it doesn’t look like a good buy today.
EUR [L/N] – This had been strong since the middle of February, but the last 2 trading days, this dropped fairly significantly. Today, it’s up a decent amount, and has pulled back a bit off the highs. If this can break out of today’s highs, it could create an opportunity to make a few pips. It didn’t quite make an actual higher high, though (it will if it pushes higher), so I’m a little cautious here. I’ll use my 5 pip buffer on any trade I take, and depending on the pattern, I should be comfortable with that
GBP [S/N] – After rallying a bit at the end of last week, this is pushing lower again today. That said, it’s pushed a lot lower already than the price it’s currently sitting at. I’ll glance at a GBP chart or 2 to see if there’s a clear opportunity to short this today, but I don’t want to chase
JPY [N] – This had a lot of strength, based a bit, pushed higher for one day, the pulled back over 2 days back into that base area (though price stayed between the middle and upper area of the base). Today it pushed up quite a bit earlier, but has since pulled back, and while it’s up, it’s a lot closer to it’s open than I’d like it to be. I’ll leave this alone for this morning and see how it shakes out later
AUD [N] – This has been very weak over the last couple of months, but over the last couple of days, it had a bit of a rally. It made a higher high (but a lower low) 2 days ago, yesterday it made a higher high and a higher low, but today it’s down a bit and sitting within yesterday’s candle. I don’t see an opportunity to take this in either direction, so I’m going to leave it alone
NZD [N] – This gapped down a little, but is up from it’s open. This has been weak over the last couple of months as well, and this isn’t showing signs of a trend-reversal, but it’s also not looking weak enough to short, so I’m going to leave this alone for this morning
CHF [L/N] – This looks a lot like EUR, but it appears to have pulled further back from the highs than EUR did today. I’d like to play a breakout, ideally, but it doesn’t seem that realistic that it’ll push that much higher. That said, on an individual chart, it might look a little different, and since it does appear to be continuing it’s trend back to the upside, I’ll glance at a CHF chart today. I won’t chase, though