Let’s hope things have normalized a bit — at least enough for me to recognize a pattern and take a trade today
Equities rallied pretty heftily yesterday, but they’re down premarket today. That said, I don’t think I want to have a risk-on/off bias right now, so I’m going to take the charts at face value. *Maybe I should start taking notes on the videos again (and watching them more often)
USD [N] – This is a tough one right now. It had a huge rally yesterday (as did equities, strangely), but is down again today. That said, the rally yesterday was so large, I’m hesitant to short this, even though it’s been bearish for a while. I think I’m going to continue to hold off on USD
CAD [S] – This had a rally yesterday, but not nearly as large as USD’s. This is also down again today, and appears to be returning back to it’s bearishness. It’s a little off of it’s lows right now, so I’ll look for an entry point on an individual chart
EUR [L/N] – This based a bit, then had that huge spike/jump up on Monday and has returned to a bit of a high base. It’s sitting close to the open after moving up and down a bit today, but if it’s going to continue this bull move, it should push higher soon. I’ll see how it’s reflected on an individual chart and only play this on a breakout
Today’s Pairs
EUR/CAD – Long
CAD/JPY – Short
CAD/CHF – Short
EUR/AUD – Long
AUD/JPY – Short
AUD/CHF – Short
GBP [N] – This was down again yesterday and shown some weakness already today, but price has pulled back quite a bit from it’s lows and it’s now sitting at some support. I don’t love this to either direction right now, so I think I’m going to leave this alone
JPY [L/N] – This looks like the opposite of CAD’s chart almost. This has shown a lot of signs of strength since the end of last month and spiked on Monday. This did pullback yesterday, but it’s up again today. That said, it’s not as strong today as it has been, so I’m a little hesitant, but I do like this to the upside
AUD [S/N] – I’m almost ready to trade AUD again, but I’m not sure if today’s that day. It definitely looks weak, but it has already pulled back quite a bit from today’s lows, and since these lows haven’t been seen since 2009, it’s hard to say where the breaking point is. On the big drop on Monday, it made a new low that could be a barometer, but that felt like more of a one-off thing. It’s too far away from today’s lows for me, so I’ll glance at an AUD short chart just in case, but I’m not terribly excited about it
NZD [N] – This is still in it’s low base pattern, but showing a bit of strength. That said, the strength isn’t enough to convince me that the trend is changing, so I’m not taking this long, and since it’s still basing, I’m not taking it short. I’m going to leave this alone for now
CHF [L/N] – I could say almost the exact same thing about this as I did about EUR, and since I’m going to look to take that long, I’ll look to take this long as well