Futures gapped up on the open, but have been dropping ever since. They did push lower than yesterday’s low, but not really convincingly so. The prop firm is looking for reversals today, I’ll keep that in the back of my mind and try to keep an eye on equities; but for now, I’m going to take the baskets at face value.
USD – L – This spiked up yesterday morning, but based for the rest of the day. This morning it’s spiked up again, and is up against some pretty strong resistance, and appears to be pulling back at the moment. I’ll keep an eye on this, but I’m not going to look at any individual charts quite yet
CAD – S/N – CAD is down again for the 2nd day in a row, and the 5th out of the last 7. This is sitting on some support right now, but that’s mostly been resistance in the past, and I see a decent base/bear rally on the hourly chart. There also appears to be room between here and the next support level, so I’ll definitely take a look at this to the short side
EUR – N – After spiking up last week, this has been down ever since. It’s pulled back fully within the range it’s been in for a while. Today, price has pushed down, but has taken back about half of what it dropped. I don’t like this right now so I’ll leave it alone. Maybe I’ll revisit in about 30 to see if the press conference does anything
GBP – N – This pulled back into it’s range as well, but more importantly, it’s been whipsawing like crazy over the last few days (and really, all month). There’s too many false breakouts/breakdowns here, so I’m going to hold off
JPY – L/N – I’m hesitant here because I don’t want to look at CAD/JPY short again and not do anything with it (or worse, this is the day I do pull the trigger, and it reverses). That said, this broke above yesterday’s highs and above some resistance. It’s currently stalled at another level of resistance. I’ll take a look at this to the long side, but I definitely won’t chase here. I might not even really look at CAD against it. We’ll see
Today’s Pairs
AUD/JPY – Short
This pushed down this morning and is currently in a bit of a base on the hourly chart. The next support level/my target are is pretty close, so I’m not sure if the R:R will be there. I’ll run the numbers because I like this otherwise
NZD/JPY – Short
This appears to be finishing a bear rally, but again, the next support level is pretty close to the entry point. I’ll have to run the numbers to see if there’s any opportunity there.
USD/CAD – Long
This is spiking as I type this and I don’t see any entry points. If this stalls out around this area, it might give me something tradable, as it’s close to a pretty strong resistance area, but for now, I’ll hold off.
AUD – S/N – After rallying for 4 days, this started to push down again. It had a huge drop yesterday, but failed to break some prior support. Today, it’s down again and closer to that support level. If today is risk off, this should drop, and there’s a good amount of room for it to run. I’ll take a look at this to the short side
NZD – S/N – This pushed down today, but failed to break yesterday’s lows, and since then it’s rallied up to it’s open. Looking at the hourly chart, it’s been in a base for the last 24 hours, but the argument could also be made that it’s pushing down. F it. If this is a risk off day, this should push down, too. I’ll take a look at individual charts, but I definitely won’t chase here
CHF – N – This spiked up strong yesterday, but failed to break resistance. If one were to have gotten in at the open and played counter-trend, that would’ve been a great trade, but that’s not something my rules even say I can do. Regardless. Today, price isn’t moving much. On the daily chart, it has pushed up but failed to break yesterday’s highs, and has since pulled back to the open. On the hourly chart there’s a bit of a base, but again, there’s too much resistance even above today’s highs for me. I’ll hold off here for now