Last day of the month. Lets see if there’s any money to be made — it’s a Friday, and I don’t think I want to hold over the weekend, so we’ll see. It also depends on the pair and what I’m looking at/for
Equity futures are down currently, almost 1%, they pushed up over 1% yesterday, but started to drop at the end of the day. But, Actually, looking at the daily chart, this gapped down but has been pushing up steadily.
Man, that’s one big thing that I need to figure out. Since we’re at the end of the month and I need to email my coach soon, I’ll put that in there — Often when equity futures drop, they end up rallying throughout the day and vice versa (sometimes not) how do we determine? (how does he determine?). Regardless, I’m going to take the baskets at face value, with a slight risk-on lean.
USD – S/N – This is down a good amount on the day, but stalled at some support and has rallied off of the lows. This may be forming a bear rally, and if this is in fact a risk-on day, this should push back down. I’ll take a look at this to the downside and see if it can break support
CAD – N – This rallied a good amount yesterday, and is down again today. That said, it’s pushed down a lot further and is now sitting close to it’s open. There now appears to be a lot of indecision here, so I think I’ll hold off
EUR – N – This has been pushing down for the last couple of weeks, and has now reached the bottom of the range/support level from the beginning of September. Since this morning, though, it’s rallied, so it still is having trouble pushing through that support area. I don’t think it’ll do it on a last-day-of-the-month Friday, so I’ll hold off. Maybe starting next week I’ll look to take this long off of the bottom of this range
GBP – L – This is up a little on the day, but has big upper and lower shadows as it has recently. I’m going to wait until this shakes itself out of this whipsaw action, I think, before I touch this. I’ll try to keep my eye on it, though, in case it starts to push up aggressively
JPY – S/N – This spiked up this morning, but has pushed down strong after that move. It almost looks parabolic, but maybe not. It’s stuck at a fairly minor support level, and this could have more weakness behind it especially if equities start to rally (markets have opened now, and they’re down at the moment). I’ll stick with my outlook unless something drastic changes, and I think I’ll take a look at this to the downside
Today’s Pairs
AUD/USD – Long
This spiked up, too, but failed to break out of the resistance area, and is pushing down a bit right now. IF this bases here, or pushes down just a little more, it could offer the trading opportunity I’m looking for. Both of these look good, it’s just a matter of if they make a tradable pattern and what the numbers look like, but I think I’m going to take a shot at one
AUD/JPY – Long
This is tough. It broke out of it’s range, but like it’s basket, it just had a big spike up. I don’t actually see a pattern to trade, other than the fact that it just broke out of resistance. Maybe I’ll wait for a mini pullback or something that gives me an entry signal, otherwise the target area looks great so this should offer some pips. We’ll see how/when/if I can get in
AUD – L/N – On the daily chart, this has pushed up pretty significantly. On the hourly chart, it’s made a big up-move, pushed through some resistance, and looks like it could remain strong. It doesn’t look extended to me, but the issue might be finding a target. I’ll definitely look at this to the upside, though
NZD – N – Know what? I’m not going to look at Kiwi today. This pushed up the same as AUD, but this spike looks a lot more extended than AUDs does. Also, this hasn’t quite gotten up to the level I’d like to see for a breakout, so I think I’ll hold off here
CHF – N – This is pushing down now, too, but is sitting on a pretty strong support level, and is also a bit far away from the lows where I’d like to enter a trade. I think I’ll hold of here, too and maybe revisit if I don’t like anything else I look at