Again, the markets haven’t opened yet but the S&P was up yesterday, and we appear to be in a risk-on environment. My coach believes that the USD will continue to be weak, and that the S&P will range for the next couple of weeks, and I’m inclined to believe him
USD [S] – On the day, it’s sitting right at it’s open, but with long shadows on either side. In the basket, this looks like it could have some strength, but the fundamentals say the opposite. I’m still overall bearish here, but I might lean toward being more neutral, depending on what the rest of the currencies look like
CAD [N] – This is tough today. Both yesterday’s and today’s candles are large bull candles, but the highs are still lower than the previous highs. I don’t want to short this because it’s been strong the last couple of days, but I’m not overall bullish on this currency either, so I don’t want to go long. I’m going to leave it alone
Today’s Pairs
EUR/USD – Long
GBP/USD – Long
EUR/JPY – Long
GBP/JPY – Long
EUR [L] – I’m cautiously bullish here. I’m still seeing the descending triangle pattern, but it’s bounced off of the bottom of that range and is heading up. There’s quite a ways for it to go before reaching the highs (or even before making a new lower high, if that makes sense) so I’m comfortable going long here if there’s something nice to pair it against
GBP [L] – I’m currently long in GBP, and I noticed Maverick took 2 long positions in GBP (vs AUD and JPY) so I’m still bullish here. I don’t love the idea of taking a second GBP position, but that’s mostly due to the training. Maybe I won’t and I’ll ask that question, but if I see something that’s too good to pass up, I’ll pull the trigger
JPY [S] – While it’s not down today, it has pushed through support, and is currently somewhat stalled out at the open. There’s some indecision, but I could definitely foresee this continuing down. If there’s a good setup, I’ll look to pull the trigger
AUD [S/N] – This is continuing to sit in that low base pattern, but it’s currently sitting at the bottom of that base. I’m bearish here overall, but I think it’s done all it’s going to do today. Maybe, if it pushes through support, there will be some opportunities to short this, but I don’t think that’ll happen today. It’ll probably be best if I revisit this tomorrow
NZD [L/N] – After making new highs and higher lows, this has somewhat fizzled out. Price is currently sitting at a level of support that was resistance back in August — that coupled with the fact that it’s already made new highs, makes me bullish here. I’m not planning on taking an NZD trade today, though, because price isn’t currently doing something that makes me want to trade it, but when it breaks out again, I think there will be some opportunity to make some money there
CHF [S] – I’m already short here, and looking at it’s basket, I like where I’m at. There’s been some indecision here, but it’s down today and it was yesterday and even though it’s in more of a descending triangle pattern, it’s got a ways to go before reaching the bottom of the triangle. I definitely won’t trade this against anything else, but I’m happy where I’m at