Heads up, fellas! We’ve got a ton of comdoll-related events on tap this week so y’all better mark your calendars or better yet, bookmark this page for reference if you plan to trade any of the commodity currencies in the coming days.
Comdoll Event Highlights for January 30-February 3, 2012
Perhaps the biggest mover for the comdolls this week would be the RBA’s rate statement on Tuesday. As Forex Gump pointed out, the central bank is expected to cut rates and, if they do, the comdoll gang might be forced to retreat from their recent highs. Chinese reports, namely their CPI and trade balance, could also set off some fireworks across the charts as further slowdowns are expected from the Asian giant.
Significant Levels to Watch Out For
Whether you’re planning on using the STA strategy or just simply marking your charts for the week, you’ll definitely want to take a peek at these levels!
|Week Open (WO)|
|Previous Week High (PWH)|
|Previous Week Low (PWL)|
|Top Weekly ATR (tWATR)|
|Bottom Weekly ATR (bWATR)|
|Other significant levels|
Weekly Comdoll Recap
What Moved the Comdolls Last Week?
The comdolls got knocked out at the start of the week as the euro zone debt situation popped its head back in the markets, but the Aussie, Kiwi, and Loonie got back up again mid-week and reached new highs against the Greenback.
In fact, risk appetite was so strong during the latter half of the week as the comdolls were able to withstand weak economic figures from Australia and Canada. Take a look at the best setup of the week to see what I’m talkin’ about!
Best Setup of the Week
It’s time to put my deliberate practice skills to the test! This week I took a peek at NZD/USD just to give the Kiwi traders a thrill. If we use the 1-hour chart, we can see that the pair retraced to the 50% Fib around the middle of the week.
Too bad I was busy minding my AUD/USD trade at that time to see the bullish divergence and oversold Stochastic signal that had formed near a previous support level. Now I realize that if we had put a 40-pip stop at .8230 and closed the position at .8350 by the end of the week, we would’ve gotten a 3:1 reward-to-risk trade!
That’s it for me today! Tomorrow I will give you the comdoll-related events for next week, as well as the important comdoll levels that we need to watch for. Anything else you’d like to see? Just let me know!
Have a great weekend, everybody!
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