Trading currency crosses opens a whole new side of the currency markets, as different crosses possess different qualities that can suit any style of trading. Some crosses move fast and are extremely volatile with daily ranges that may exceed over 100 pips. While other crosses move relatively slow and exhibit low volatility, which is more suited for novice traders.
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Well, it looks like this pair has continued to rise and avoided our short entry orders. Technically, the pair has risen outside of the channel and into the 61% Fib extension line at 92.70. Stochastics and RSI are still screaming overbought on the daily chart, but I added the MACD which is telling me we have a little more to go. Fundamentally, the Aussie dollar has been supported by strong fundamentals and a recent rise in commodities, especially oil and gold. The Bank of Japan has skipped the rate hike and left us with "moderate" growth rhetoric. So, I see this pair traveling another 100 pips at least before we see a reversal. … More…
I don't currently have a trade idea for Currency Cross-Eyed at the moment, but here is a great looking chart for all of you range players out there. Check out the chart and you can see AUD/JPY at the top of the channel drawn on the daily. Usually, I only go long on pairs that have a positive carry, but with the pair at top of the channel and Stochastics in overbought territory, we may have a great short opportunity on our hands. … More…
We've had a good run with this position, but it has been stagnant for the past few days and we have potential market market volatility with the NFP report coming ahead. It's time to take profits and look towards the next trade opportunity. At the current market price of 1.5895, we will close remaining lots for a 30 pip profit. … More…
Just a quick update on our Cross-Eyed trade. At the moment we are currently 35 to 40 pips positive and the market is consolidating as traders are patiently waiting for the ECB interest rate statement set to be released at 7:45 am EST. We will keep our stop at 1.5925, but remove the new order to add another lot short at 1.5910. We have event risk and I do not want to take on unnecessary risk by adding another lot.… More…
It looks like our trade went further into profitability before reversing near the previoius low at 1.5860. We took profit on one lot for +30 pips, and we are still in the trade with one more lot. I think we will continue to see a move higher the closer we get to the ECB interest rate statement, which may be a good opportunity to add another lot short and adjust our stop loss as we may see a "buy the rumor, sell the fact" trade scenario. … More…
Good job for those of you who got in the new trade, or added on to the original as the market price made a move lower after hitting the weekly trend line once again. The pair is currently finding support at the 38% fib retracement line, so I think it's time we take some profit off of the table. … More…
After reaching our profit target area, EUR/CHF shot back up and found resistance at the weekly trendline and 61% Fibonacci retracement line. I like another short trade in this area, especially after the overextend rally in the Euro against the Dollar and Yen. A retracement against these currencies may also translate to a retracement against the Swissy.… More…
