Archives for May 2016

Stronger USD today going into a long weekend for the US and UK.  Will Janet Yellen give the market reason to believe that a June interest hike is on the table is the big question.

Reacting to the US news today the JPY initially went down.  After it popped right back up we went long with a stop loss just below its session low.  As price continued higher, we moved the risk out of the trade and set the profit stop to plus 2 pips.  As price moved higher we locked in more profit especially as we approached the area that had been a sell zone earlier in the day.  With the markets being leery of Yellen’s speech, coupled with holding over the weekend, we chose to exit as price was rejected at the sell zone and beneath the important 110.00 Big Figure.

June rate hike or not – next week will be interesting.  Will WTI finally close above $50?

Enjoy your weekend especially if it’s a long one for you!

 

The GBP initially surged higher after the UK open before pulling back into its Asian range and trading sideways for an hour.  It then moved higher closing above its Asian high, where a long trade is entered with a 20 pip stop loss for a potential 102 pips to our Target 2.

Price moved higher before slowing down in advance of the U.S. open.  The third candle of the U.S. session with its long upper wick had us tighten our profit stop to just beneath its low.  We continued to heed the candles caution and the market took us out 3 candles later.

Good luck with your trading!

Back tomorrow if we find a trade.

 

In advance of the U.S. session getting underway both Brent and WTI were pushing higher.  An entry long is taken on the CADJPY with a 15 pip stop loss and a potential 69 pips to our Target 2.  As the U.S. session had no major economic releases, we removed the risk from the trade by moving our profit stop to plus 3 and saw the pair drift sideways for 2 hours before heading higher to test the 84.00 figure.  When price backed away from the figure, we tightened our profit stop to Target 1 and the market subsequently took us out.  Sellers were clearly entering at 84.00 and we were happy with the gains to T1.

We look forward to hearing what Janet Yellen says on Friday.

After a very long week replete with  hard drive failures and back up computers, I can’t overstate the necessity of preparedness for tech issues should your main computer die on you.  My external drive even malfunctioned.  Thank goodness for cloud storage and fantastic computer technicians.

Good luck with your trading!

 

After making a double bottom in the early US part of the session, an entry long is taken risking 22 pips for a potential 97 pips to our Target 2.   After the first bullish candle closed, we removed the risk from the trade by moving our take profit to just under halfway of the body of the large blue candle. Price continued upward as WTI pushed lower.  We locked in profit and observe price to see if it could get through yesterday’s high.  Price climbed higher and closed above the previous day’s high.  We moved our profit stop to just under yesterday’s high to allow for it to retest the level.  The following candle closed our trade as price began to retrace.

Due to a week of technological challenges and computer failures, I am only posting today’s trade as I am behind in getting the reinstalled programs up-to-speed on the newly installed hard drive while trying to trade and teach from a backup computer.

Enjoy your weekend!

The EUR set up in the early UK part of the session requiring a 13 pip stop loss for a potential 37 pips to our Target 2.  As it tested its Asian low it bounced…then continued to go more or less sideways until the U.S. session got underway.  In advance of the news, it dropped down and we quickly locked in 8 pips – removing any risk from the trade.

The news reaction drove it down further but it reversed just above our Target 2 before closing just under Target 1.  We closed the trade the following candle as price once again moved down to Target 2.

If the 1.1300 level doesn’t hold next week…the EUR should attract more short positions in my opinion as long as the USD remains strong.

Enjoy your weekend and good luck with your trading!