Markets have just opened, and I’m just now getting started. It’s fine. This has happened before. I wish I could feel better about ….. Do better… whatever, that’s neither here nor there. Equities are pushing up right now, and they were up pre-market. I’m going to go ahead and assume a risk-on day today.
USD – S/N – This has been dropping since early this morning, but in the last hour has had a bit of a rally. Looking at the hourly chart, there’s maybe some room between the day’s lows and the next support level that might offer some pips, but it’d be tight. I’ll take a look at individual charts just to see, but I won’t chase
CAD – N – CAD makes me nervous when it does this. It had a hug spike up today and on the hourly chart, there’s a pretty clear extended candle. That said, the previous two candles are also up, but with large upper and lower shadows. I don’t want to miss this move to the upside, but I also don’t want to get stopped out due to a wild swing. I think I’ll hold off, but try to keep an eye on this to come back to it’s base and maybe I can test my new strategy here
EUR – N – This is sitting on a support level that was resistance back in July and hasn’t pushed through since. When listening to Maverick, they talk about how EUR can’t always do a ton to their currency since they have to get approval from multiple countries, so I’m going to wait until this rallies and try to catch this within it’s range — or until in meaningfully breaks this support level, but I don’t want to get faked out
GBP – N – This is still within it’s base and it still has a lot of candles with large shadows and small bodies. I’ll hold off here — too much whiplash
JPY – N – The two candles prior to today’s have huge upper and lower shadows and price closed literally right at the open. Price is down today (right now)but still sitting a bit above a solid support level/entry point. This has had a lot of indecision, so I’m going to hold off
Today’s Pairs
AUD/USD – Long
This is up a good amount today, but it doesn’t look extended. That said, it hasn’t gotten up to the major breakout area, so I either have to do a tiny risk and just play to that level, or wait until it reaches that level and then look for entry signals.
AUD/CHF – Long
This looks way extended and is now stalled at a resistance level. I might take a shot here if it bases for a while, but I’m in no rush
AUD – L/N – This is pushing up quite a bit today, but I’m not sure how much further it has to go. Looking at the hourly chart, this has been ranging for the last couple of days, and within today it’s pushed from the bottom of the range to the top. It looks pretty extended here. Maybe, if price can base here for a few hours, or do a nice pullback, I’ll look to get in, but I’m not going to chase. I’ll take a look at individual charts, but hold off until a tradable pattern forms
NZD – N – This has been in a wild range for the last few days and had a huge spike on Friday, that quickly returned back to that range. Today, price has pushed up pretty significantly, but has failed to get to the top of the range (prior to the spike). I don’t see much opportunity here, so I’ll hold off
CHF – S/N – This pushed down aggressively already today and took out some minor support levels. It’s now sitting on a level that was support recently and resistance just before that. On the hourly chart, this looks quite extended as well, so I think I’m going to hold off here, I don’t imagine it has much more momentum — that said, I’ll take a look in case it bases and then breaks that level (I’m waiting for AUD to do the same, so I’ll take a look here, too).