March 2007 Monthly Archive
It looks like fundamentals beat out technicals in our trade today as the bullish dollar sentiment pushed USD/CHF higher and higher through our resistance levels. With consumer data all stronger than expected as well as a strong Chicago PMI number out this morning, we should see the… More…
Posted 10:15 30 March 2007 by Pipcrawler
With Durable Goods Orders coming out weaker than expected, the momentum to the downside looks very strong in USD/JPY. We were triggered on both long orders already, so I will close all open positions to avoid the risk of further selling… More…
Posted 10:05 28 March 2007 by Pipcrawler
Good Morning! Hope everyone had a great weekend! Tonight we will take a look at GBP/USD. Yesterday we saw the US New Home Sales numbers came out weaker than expected at 0.85M versus the forecast of 0.99M. This further enforces the… More…
Posted 00:00 27 March 2007 by Pipcrawler
March Pip Count... … More…
Posted 00:00 25 March 2007 by Pipcrawler
I thought I'd start sharing my thoughts and promote books that I think would be great for newbies to check out. I'd like to kick off this new feature by sharing a book I picked up today by Rob Booker called "Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing."… More…
Posted 21:28 24 March 2007 by Pipcrawler
Good morning! We're about to see US Existing Home Sales report released at 10:00 am EST, with a consensus of about 6.260 million. We saw a rise in January and December, but because of the colder weather some parts of the country experienced in February I think we will… More…
Posted 07:54 23 March 2007 by Pipcrawler
No pick tonight. Nothing is really jumping out at me now as far as chart setups. I will take a look again later today ahead of the US Existing Home Sales report and hopefully we can find something good. Stay tuned!… More…
Posted 01:49 23 March 2007 by Pipcrawler
We have a nice little ascending triangle forming on the 4 hour chart for USD/JPY with upward resistance at 118.00. Even with the decline in the Greenback today, I agree with the price action and see this pair rising in the medium term. With the Bank of Japan holding off on interest rate hikes, carry trade interest should continue to resume.… More…
Posted 00:10 22 March 2007 by Pipcrawler
The Federal Open Market Committee kept interest rates at 5.25% today and followed up with hawkish commentary with concerns on inflation. Now, you would think this would push the Greenback up, but we saw a broad based USD selloff as soon as the news was released. … More…
Posted 14:45 21 March 2007 by Pipcrawler
Ever since the Euro trading session, the pair has failed to stay above the 1.6140 mark, telling me that sellers are there to stay for now. Swiss PPI came in higher than expected at 0.3% versus the forecast of 0.1% and German PPI came inline at 0.3% with consensus. I still see this pair heading… More…
Posted 13:05 20 March 2007 by Pipcrawler
We saw the Yen weaken during the early morning Asian trading session as BoJ Governor Fukui comments that the BoJ is in no rush to raise rates. So, the second half of our trade is stopped out at 155.25 for another +50 pips.
… More…
Posted 00:20 19 March 2007 by Pipcrawler
CAD/JPY rose and met resistance as expected, but not enough to hit my conservative short entry at 100.10. In light of this, we will cancel all open orders and no trades for the rest of the day. With failure to break 100.00 and stochastics hovering above 75, I think… More…
Posted 09:55 15 March 2007 by Pipcrawler
The second half of our short position was closed out on a stoploss for a minor -15 pips. Combine this with the first half of our position we netted +15 pips for the day!… More…
Posted 18:35 14 March 2007 by Pipcrawler
The rest of our position was stopped out at breakeven as the Greenback found momentum to the upside as we near the end of the Euro trading session. It looks like 1.2200 was a pretty good support level for the pair as the pair found a low at 1.2075 before buyers brought the dollar/swiss back above 1.2200.… More…
Posted 11:40 13 March 2007 by Pipcrawler
Orders did not trigger ahead of the weekend. No Trade… More…
Posted 14:00 09 March 2007 by Pipcrawler
We're nearing the end of the trading day for the US trading session and it looks like GBP/USD has been trading in a tighter range than anticipated. It missed our long entry point at 1.9270 several times by hitting around 1.9280 before shooting back up to 1.9300. So, no trade for today and we will … More…
Posted 15:15 08 March 2007 by Pipcrawler
EUR/CHF has been trending downward during the global liquidation and now we're seeing a retracement. We aren't expecting any major news events out of Eurozone or Switzerland, so we're going with a pure technical play as we eye 1.6100 as a major resistance level and a great price to jump in short. … More…
Posted 23:55 06 March 2007 by Pipcrawler
We just saw a lot of data released this morning out of Canada and the US. In Canada, Building Permits rose 11.3% versus the forecast of 2.1%, but traders waited until after the Bank of Canada Interest rate statement before trading. The BoC left rates at 4.25%, after which we saw… More…
Posted 09:50 06 March 2007 by Pipcrawler
Here's our total for February...… More…
Posted 15:20 05 March 2007 by Pipcrawler
With the whole "Yen carry liquidation" scare, whether it's real or not, has brought many of the Yen crosses down to what seems like an "extremely" oversold level. This may be a great opportunity to… More…
Posted 00:50 02 March 2007 by Pipcrawler
We saw massive data and money flowing left and right, and unfortunately for our trade, we didn't see follow through until after the ISM Manufacturing data today. At 08:30 EST, Core PCE, Personal spending, and Personal income all came out dollar positive. … More…
Posted 18:50 01 March 2007 by Pipcrawler