Equities are pushing up again this morning and are sitting right near yesterday’s highs. There appears to be strength here, so I think I’ll lean slightly risk-on, but I’m mostly going to take the baskets at face value.
USD – S/N – This pushed down through some support earlier this morning, but has rallied back up to that support/resistance level. I’ll take a look at this to the short side on the re-test — especially because it may be a risk-on day
CAD – N – This is still in that base/range, but today it’s sitting in the middle of it, with nothing suggesting directionality to me. On the 4h chart it’s up a decent amount, but it’s down overall on the day. I don’t love where this is right now so I’ll hold off
EUR – L/N – This is a tough one this morning. It’s up on the day overall, but is pulling back right now. Looking at the 4h chart, it broke a small, 3-candle base early this morning and is potentially re-testing that area? It hasn’t quite gotten that low, but it’s close. I think I’ll take a look at this to the long side on that re-test, but I’ll try not to chase
GBP – S/N – This broke some support this morning, stalling at a weaker level of support from early December and then rallied. It’s still on the rally, but is stalled at the support level it broke this morning. Again, this looks like it’s just on a rally after a bear move, so I’ll take a look at this to the downside
JPY – S/N – This is down a ton today and is starting to base a bit, it appears. It’s down far enough that the bulk of the move may have already happened, and I know I’m going to have a hard time finding a target, but I’d be remiss if I didn’t take a look at this with how much it’s down — and as I typed that, it dropped another 6%. This feels missed, we’ll see when I get to the charts
AUD – L/N – This is up a good amount this morning and looking at the 4h chart, it’s in a bit of a holding pattern. If this can push up through the day’s highs, it could be a great long. I’ll take a look at individual charts
NZD – L/N – See above
CHF – N – This is down a decent amount on the day, but it’s in a pretty strong range on the daily chart and sitting on a fairly strong support level on the 4h. Even if this is able to push down through this level, I don’t see it going much further than that, so I’ll hold off here
Today’s Pairs
EUR/USD – Long – I actually don’t love this right now, it’s dropped pretty far off the highs. I think I’ll leave this one alone
AUD/USD – Long – This is a perfect re-test try. I think I’ll do a market order in my practice account because I missed the initial test, but I want to try it out and this looks great for that
NZD/USD – Long – Same as above, maybe I’ll take a position in both
EUR/GBP – Long – This looks decent on the 4h chart for a re-test strategy (I think I might run the numbers in one of these and try in my practice account), but on the daily chart there appears to be a lot of levels I could see this stalling at. I’ll leave this one alone, too
EUR/JPY – Long – This is up a ton right now, but it’s stalled at a high from a couple of weeks ago. Also, looking at the daily chart, this is right at the top of a range it’s been in all of December. I’ll leave this one alone
GBP/AUD – Short – This is a tough one. On one hand, it’s a very small base on the hourly chart and it stalled about 3 pips above the low from early December. That said, the next low after that one is over 200 pips below it. 200 pips in GBP isn’t crazy, either — it’s done that over the last 12 hours. I’m still a bit nervous, though. I’ll wait to see if it gives me a nice 6 – 7 candle base on the hourly chart then we’ll run some numbers
GBP/NZD – Short – Similar to the above. I’ll keep my eye on it for a tradable pattern
AUD/JPY – Long – Both of these look like they’re great bull pullbacks. Picking a target might be tough, but they’re pushing up. I’ll put my entries enough above resistance to make the trigger meaningful, too. We’ll see which has the best numbers, maybe I’ll take both
NZD/JPY – Long – Both of these look like they’re great bull pullbacks. Picking a target might be tough, but they’re pushing up. I’ll put my entries enough above resistance to make the trigger meaningful, too. We’ll see which has the best numbers, maybe I’ll take both