New trading year — hopefully I start out strong and start to really see some success in 2021. I’d like to have said something like “I know I’m going to bounce back in 2021”, but idk if I’m there anymore. Regardless, that’s not what this is here for, let’s get to work
Equities are up a bit on the day after a huge selloff yesterday. It’s stalled at some resistance here that was prior resistance and then became support for a few days. Things don’t seem to be moving a ton, so I’ll take the baskets at face value.
USD – N – This is down a bit on the day, but is in a pretty strong base and isn’t quite near the lows of that base. I’ll hold off here and revisit tomorrow
CAD – L/N – This is also in a low base and is sitting off of the lows — but actually, looking at a 4h chart, it looks like it might want to break a small base to the upside. This is interesting, so I’ll take a look at individual charts, but I won’t chase
EUR – S/N – This is down a bit on the day, and stalled at some support, but didn’t stall near the bottom of that support level. On the 4h chart, it does look like this is completing a bear rally and is pushing down — and I see another support level that could potentially be traded, but that level looks pretty close to the next one, so I’m not sure if the R:R will be there. Only way to know for sure is to look at individual charts, though, so I’ll take a look
GBP – N – This is down a bit on the day, it broke through some support with a drop earlier, but has rallied since. It looks like it might be pushing back down, but it’s too far away to tell right now (if I had been paying attention at 12/1am, I could’ve maybe tested the re-test strategy, but that’s neither here nor there). I’ll set an alert to let me know if it gets back to those lows, otherwise, I’ll hold off
Today’s Pairs
EUR/CAD – Short
This hasn’t moved much today, but looking at the hourly chart, it did break a fairly significant support level. It has rallied so far back to the base, so I’ll either run the numbers on a push back down, or maybe I’ll test my new strategy again in my practice account. I’ll determine after running numbers
EUR/AUD – Short
This is down on the day, and sitting right on top of some support, but I don’t see a realistic even 1:1 R:R, so I’ll hold off
JPY – N – This is down a bit on the day, but on the hourly chart, looks like it’s pulling back after a bull move. Regardless, that bull move didn’t get close to any resistance, and it’s pretty far away from any major support levels, so I’ll hold off here
AUD – L/N – This is up a good amount on the day, and while it’s not near the highs, looking at the hourly chart it does look like it could break some resistance here. I’ll take a look at individual charts to see if the opportunity is there
NZD – N – A similar story could be said about this as was said about AUD, the main difference being that the support/resistance levels are closer together here and a breakout could be stalled a lot more quickly it looks like. For that reason, I’ll hold off here for this morning
CHF – N – This was up strong yesterday, dropped last night through this morning and has been in a bit of a range since. At this juncture, I don’t love this to either direction, so I’ll hold off