Big Trading: Thursday 04 March 2010

What a night, and I didn't stay up (unusually!).
Shanghai index down 2.4% overnight on news that China PBOC may raise the banks reserve ratio again. Biggest drop in 5 weeks and index futures crater and dollar gets a nice risk bid and yen even more so. I got burned in EURUSD yesterday, but EURJPY looks better today and Gold & Silver have bounced off good daily SR levels too.
UK MPC rate statement later this morning will be a market mover for Sterling, I like GBPJPY here as the 1hr TL support has broken. EUR min bid rate too.

Update: It seems quite a sell off is underway. Perhaps the market knows the NFP number is ugly and is selling the rumour and buying the news.

New trades:
NZDJPY closed 50% @3xR 60.70 (+1.5R)
NZDUSD closed 50% @3xR 68.70 (+1.5R)
AUDCAD closed 50% @3xR 92.05 (+1.5R) - finally
GBPJPY short 132.85 stop 1.3315 target 1.32
CABLE short 1.5025 stop 1.5050 TL break, anticipating break of 1.50 (or I will cut it)
CABLE stopped out (-1R)
GBPJPY stopped out (-1R) - I was too quick this morning :(
EURGBP short 90.70 stop 90.85 target 90.25
NZDUSD short 0.6900 stop 0.6920 target 0.6840 addition
EURUSD short 1.3630 stop 1.3660 4hr IB, target lows -will post chart
USDJPY balance stopped out (-0.5R)
AUDCAD short 92.80 stop 93.05 target 90 - see chart below
CABLE short 1.5048 stop 1.5088, see chart target lows.
CRUDE short closed 50% @3R 79.62 (+1.5R)
EURGBP closed 50% @3xR 90.25 (+1.5R)

Open trades:
AUDCAD short 0.9365 stop 0.9385 - 1/2 & 92.80 stop 93.05
NZDJPY short 61.60 stop 61.90 - 1/2
NZDUSD short 69.45 stop 69.70 - 1/2
CRUDE short 80.82 stop 81.22 - 1/2
CABLE short 1.5048 stop 1.5088
EURUSD short 1.3630 stop 1.3660
EURGBP short 90.70 stop 90.85 - 1/2

EURGBP 1hr ...
one way or another ...

EURUSD 4hr chart
EURUSD is a range trade to me, and it failed to hold above the top of the range. I took the 4hr IB, but on the 1hr its a lower high and a bearish engulfing bar, so both are valid entries for me. They both show rejection of the level.

AUDCAD daily chart