I still haven’t read through these stock day-trading articles … I need to get on that, I want to have multiple instruments at my disposal to trade, so I can find what looks best and be able to trade even if one market or one security isn’t moving the way I want to. Soon enough, though. Hopefully I finish those by the end of this week. I don’t think I want to read them today, I’m still struggling a little bit after this weekend, so maybe tomorrow.
I do, however, want to take a look at the markets today and see where I might want to put some money and make some money this week. For starters, equities are looking good out of the gate. They finished up on Friday and today has pushed up above yesterday’s highs and is around another resistance area. Things are looking strong overall, we’ll see if hit holds, and I’ll assume it will — though I could also see a sideways week happening, too.
USD – S – The dollar is up strong today, but still looks like it’s making reversal, to the downside, moves. It made a new low at the end of last week and today’s move pushed up to a prior resistance area. The MA’s have also crossed to the downside and RSI is under 50. Still looks weak overall, and with today’s up-move, tomorrow could be a great short day. I’ll look short (Foreshadowing: “the overall move of USD was up, so I guess I should’ve just taken the trade in that direction…” also, I could see this being a part of an “ABC” pattern within an overall Elliot Wave pattern, and it’s completing. So many different strategies and ways to look at things… I’m going to stick with my gut, though)
Today’s Pairs
EUR/CHF – Short
EUR/NZD – Short
USD/CHF – Short
NZD/USD – Long
GBP/CHF – Short
GBP/NZD – Short
CAD/CHF – Short
NZD/CAD – Long
CAD – S – While overall this is up, and since Mid-March price has largely been riding the 50MA up, over the course of the last few weeks, there’s definitely signs of a rollover happening. Took a break for lunch, but now I’m back — it’s 4:00. Today, price pushed down again, and made a new recent low, though it closed the day about 50% off of the low. That said, the MA’s have touch and look to be crossing to the down side. Overall, I think this is weak, but it’s not my favorite short right now. A day or two of sideways movement wouldn’t surprise me, but I’ll keep my eye out
EUR – S – This started the day up, but by the end of the day broke to the down side and pushed through a support area that’s held up for the past week or so. I honestly wouldn’t be surprised if something happened here overnight — maybe I’ll set an open-ended trade on, say, the hourly chart with a trailing stop somewhere, just in case. If nothing has happened overnight, I like this to the downside for the rest of the week (at least the tomorrow, I could see a rally near the end of the week)
GBP – S – Similar to EUR, this pushed down through some support that’s held up over the last couple of months, but unlike EUR, today actually finished up (and as I’m typing this, the next candle has opened, and it’s up a little, too). I like it to the down side — though GBP is often quite volatile, so I could see another up-day — or 0 day — in the near future. I’ll take a look at shorts as a lower priority
JPY – N – JPY has largely been pushing down since March, and maybe before, but has had long stretches of sideways movement within that. About a week ago, price pushed up out of one of those long bouts of sideways movement to the upside and has since pulled back and is trading within the higher ends of that prior range. The MA’s are essentially moving sideways. I think I’m just going to hold off on JPY
AUD – N – Aud is tricky. I can see a very slight descent starting in early April, but with long rallies within that, and the MA’s are crisscrossing over the last couple of months. The most recent bit of information looks like this could push up, but in the larger context, it’s harder to say. I think I’m just going to remain neutral AUD — though that really limits my trading opportunities. That’s probably fine, though. Less is probably more in this scenario. I will say, though, looking at a weekly chart and an uptrend is easier to argue in favor of, but I’ll remain neutral and revisit on Wednesday
NZD – L – A few things here: This is overall down since April, but A) since the beginning of July, price has made a higher high, a higher low and last week made yet another high B) that new higher high is above a prior swing high from early June and C) the MA’s have crossed to the upside and RSI is above 50. Price spiked over last week, but had a pretty strong down-day today, it’s right near an area that’s been support and resistance, so I like the bull-pullback here. I’ll look at longs for sure
CHF – L – This looks like a good candidate for long plays. Price has been pushing up since mid-May, it spiked hard in Mid-June, pulled back by mid July and has been back up near the Mid-June-Highs over the last week. Technically, price has pushed up above those June highs, so it’s been strong, I’ll see what it looks like on individual charts