I'm not too excited about today ... we could just go sideways into NFP tomorrow.
Mr Trichet will make his pronouncements later (and the ECB rate decision) may move the market.
Until then I don't see any trade in EURUSD, USDCHF or GBPUSD (above 1.63).
Commodity currencies look strong vs everything.
USDJPY, CADJPY & EURJPY (below 1.32500) are in bearish channels, in fact I like all JPY's lower if indices do not rally.
GBPJPY (Tues balance) short closed 150.550 (+4.0%)
CRUDE short 68.99, stop 69.39, off 50fib last swing hi/lo
CRUDE closed 68.21 zzzzzzzz (1.95%)
CHFJPY (Weds) closed 87.18, going nowhere (+0.14%)
(I'm clearing the decks before NFP)
+2.09%
Open trades
GBPCHF short 1.7638
CRUDE short 72.20
USDJPY short 93.30
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I used to look fwd to NFP day - I liked losing money in the 5m Casino after the release! Now I hate it, because all week you have a flat week leading up to it almost. So now I only have 3 trading weeks per month as I tend not to initiate any new $ positions in that week. I still feel the CAD offers the best news trades tho Nic. Look at the 4hr chart, look at the direction prior to release then fade the PA when it bounces on the SR level that the news drives it too! Simples!
ReplyDeleteHi Grim
ReplyDeleteI LOVE NFP, I even slept in for it today hehe.
I agree re CAD or AUDJPY sometimes Cable.
Have a good one.