Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.
Read First: My Trading Framework!!
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During the Euro session, EUR/USD came down to about 1.3180 before reversing and shooting back up to about 1.3215. We have US GDP coming up at 08:30 EST, so to avoid event risk we will remove all open orders. Stay tuned for any trade ideas after the GDP report.… More…
We saw a much weaker than expected Durable Goods number drop larger than expected to -7.8%, Consumer Confidence came out at 112.5 vs. consensus of 109.0, and Existing Home Sales came out at rose +3.0% to 6.46 million. So, Durable Goods weaker, and the more closely watched Consumer Confidence and Existing Home Sales data stronger. … More…
We just saw a broad based dollar selloff this morning. EUR/USD shot up along with the selloff and triggered our long trade. We hit our pt for 20 pips. Close open short orders. Have a great weekend! … More…
It looks like it was all about the carry trade today as the Yen continued to sell off through out the day against all the of the majors. Our position in EUR/JPY kept going up, but unfortunately, we were short on the pair. So, we were… More…
Looks like there wasn't any juice in the markets to push the dollar up in the afternoon trading session, especially after the FOMC Meeting Minutes show that the Fed views inflation as a concern, but moderating. So, as per trade rules, we will… More…
Our trade stopped out today as the loonie sold off against all of the majors today. Our short orders were triggered at 1.1675 and 1.1690, and unfortunately, USD/CAD didn't find resistance until 1.1715. So, we were stopped out on our full trade for a total loss of 45 pips… More…
We have housing and inflation data coming out soon, and these our potentially volatile reports. The market has moved about 50 pips away from our orders, so we will cancel open orders to avoid event risk. … More…
It looks like the pair was able to break through the 120.00 level as the Greenback weakened against the majors this morning. It looks like USD/JPY found support near 119.50, so from this point we will look for a retracement then go short. Here's a trade idea: … More…
Just a quick update on our short trade in AUD/USD. I'm still short in this position and I will keep it open as a still believe this pair is going down. Stochastics are still in the overbought area and starting to turn lower. Our order to short at 0.7850 was missed by 3 pips, so close… More…
We reached full profitability as the second half of our short USD/CAD reached 1.1680. Dollar sentiment was bearish today as we saw the US trade gap rose to $61.2B in Dec - worse than the market was expecting. This was mostly due to a widening oil trade deficit as oil prices rose slightly from November to December. … More…
We've held onto this trade for a while, and obviously it hasn't done much in the past few days especially with the lack of data today. So, we will close this trade at 1.6240 for a small 10 pip profit and move on to the next opportunity. … More…
As the market expected, there was no rate hike from the ECB this morning, but there were a few changes in Trichet's speech afterwards. We saw the return of "strong viligance" and other hawkish rhetoric such as the "ECB still needs to act in a firm and timely manner." … More…
There just wasn't much action, especially with the mix of positive and negative US reports. Nonfarm productivity rose, while Unit Labor Costs and Consumer Credit came out weaker. So, it's almost near the end of the trading session and … More…
Our long position in EUR/CHF ran up as high as 1.6117 before dropping in during the afternoon US trading session on Swissy strength. As per trade rules, I closed our position at 1.6095 for a miniscule -5 pip loss on half our normal position size. … More…
Our first short order triggered during the Euro trading session and reached profitability for +30 pips. Our second trade order was triggered as well. Stochastics look to be in the oversold area, so with the current market price at .6815 I will close… More…
Consumer confidence was released with a reading of 96.9, below the consensus of about 98.0. We also got the Factory Orders number coming in at 2.4% versus the consensus of 1.9%. So, mixed numbers at 10:00 am EST, which means we probably won't see much movement for the rest of the day. … More…
As expected, Dollar sentiment continued to be bullish in USD/JPY, but instead of retracing after the strong move down to 120.50, it continue south as low as 120.10. We just saw the ISM Manufacturing Index numbers out at 49.3, which was expected after all of the regional surveys came out lower than expected as well. … More…
