Welcome to my stock and Forex trading and investing blog. Here, I discuss what I’m seeing in the markets and where I think the best place to put my money would be each day; along with my feelings and mindset, so I can track my performance. Here’s what I saw today.
So far, it’s not a bad morning for me. I’m a little sluggish for some reason, but I’m finishing up my protein shake, made coffee already, half-meditated and am ready to go. There’s no news announcements this morning, so I don’t have to think about that, just need to trade. And remember: Be patient, the patterns will develop and don’t trade anything that’s extended! Let’s dive in
USD – Long
This has largely been pushing up over the last couple of days, and while it peaked on Friday, it hasn’t made a strong push down from there. It’s largely been moving sideways. This morning, price mad a small pullback and made a new swing low, but has rallied off of that and is sitting at a pretty strong resistance area.
I thought, maybe, this was an even shorter-term downtrend, but looking at ta lower time-frame, it still looks sideways. Which is good, but on the downside, on that lower time-frame (15 min. chart) price looks extended today. I’ll take a look at this long today, and hopefully individual charts don’t look extended.
CAD – Long
This made a good push up this morning (and some last night) taking out a pretty strong resistance area. Right now, price is hovering around the next resistance area, threatening to make a new roughly 3-week high. I’ll look at this long, too, and hopefully capitalize on a breakout.
Today’s Pairs
GBP/USD – Short
GBP/CAD – Short
GBP/AUD – Short
GBP/NZD – Short
USD/JPY – Long
CAD/JPY – Long
AUD/JPY – Long
NZD/JPY – Long
EUR – Neutral
This is a little bit tough right now. Price is in the middle of a 2-day range right now, and is at a resistance area that’s held up at least 3 times this month. Price also had a huge drop last week Thursday, but by Friday afternoon, recovered everything it has lost. There are a good amount of wild swing in the recent history here, coupled with the fact that I don’t see a lot of room for this to run in either direction and I’ll hold off for today.
GBP – Short
On one hand, this looks similar to EUR, with the large drop last Thursday and subsequent rise on Friday — the difference here, though, is that since that peak on Friday, price has been steadily pushing down. This morning, price has pushed through a support level that was created when it peaked, and is sitting on a pretty strong key level that’s been both support and resistance all month. This certainly looks weak today, so I’ll look for short opportunities here.
JPY – Short
This is probably extended, but I can’t let this go with how weak it is right now. This has dropped hard all day, and is down nearly 1.5% on the day. It’s on a support level from a few weeks ago, and based on price action then, price could stall here for a bit (or even rally), but I’d like to see what this looks like on individual charts.
AUD – Long
This is a tough one this morning. Price dropped hard on Friday, but since opening yesterday afternoon, price has rallied, taking back at least 75% of what it lost on Friday. Right now, price is up against a strong key level, which could make for a good trading opportunity on an individual chart. This definitely could be extended, though, so I need to be cognizant of that, but otherwise, with the strong recent up-move, I think I should look at this to the upside today.
NZD – Long
This also had a sizable drop last Friday and subsequent rally; the difference here being that the rally took back more than the drop lost. Right now, price has moved sideways at a strong resistance area, and is hovering around the highs. This looks like it’s threatening to break out, and I could see a good amount of space above this level for this to run. I’ll definitely look at this on individual charts.
CHF – Neutral
This has largely been moving sideways for the last week-and-a-half, and it looks like the long rally it was on is over for now. At the end of last week, price peaked a bit and has pushed down from there, and this morning, price has pushed to the lows of this range and rallied off of them. Right now price is sitting at that resistance area, but it’s recent movement suggests a downtrend. Today, I don’t have much conviction on the direction of this, so I’ll wait until it starts trending in one direction or the other again before I decide to trade it.