Michael Bridgman

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!

 

 

A very familiar pattern set up today as the USD started to regain strength.  A short is taken on the AUD risking 18 pips for a potential 58 pips to our Target 2.  As price moved down, we could see similar price action in the EUR, GBP and NZD.  As price continued downward into the UK Close we continued tightening our profit stop – protecting us from potential volatility.  At the close of the UK session we exited the position.

Back tomorrow to wrap up the week if we find any setups that we like.

Good luck with your trading!

The USDCAD moved up quickly today but was unable to take out its Asian high and set up a short trade for us.  Both Brent and WTI were looking a little subdued but were moving up.  The question would later be answered early in the U.S. part of the session as to what the crude oil inventory supply number would be.

With a 22 pip stop loss for a potential 87 pips to our Target 2, we like the setup.  Price makes it way down to yesterday’s low and bounces briefly before heading to its Asian low and briefly finding some buyers before pushing down hard and leaving a noticeable lower wick heeding us of where buyers are entering.  We tighten our profit stop and exit on the first rebound.  As the U.S. session approached and with the crude inventories number pending…we are happy to be out of the trade.

Good luck with your trading!

Curiously after a falling short of expectations last Thursday with the Services PMI – the GBP temporarily rose.  As it turned over, we went short risking 19 pips for a potential 97 to our Target 2. Price reversed the reactionary vertical up move and pushed lower.  We tightened our profit stop with each descending candle as vertical moves are not sustainable.  When price reversed after taking out the previous day’s low very bearishly, our profit stop is hit.

Apologies for the delay in last week’s postings.

Good luck with your trading!