Comdoll Trading Kit (October 1-5, 2012): Potential Trade Setups

Are you all psyched for this year’s last trading quarter? I know I am! Check out what I saw in AUD/USD, USD/CAD, and NZD/USD charts and see if you can make pips from them!

Potential Trade Setups

AUD/USD: Mid-Channel Resistance?
AUD/USD Descending ChannelHere’s one for the trend surfers out there! AUD/USD just bounced up from the bottom of a descending channel and it looks like Stochastic is gearing up for an upward move. Will the pair encounter a mid-channel resistance at 1.0400 or will go all the way to 1.0450? See the setup

USD/CAD: 0.9850 is Soooo Strong!
USD/CAD .9850 ResistanceHa! It’s no wonder my USD/CAD trade isn’t moving. The .9850 handle is waaaay to strong for the Loonie bears right now! Not only is it the 38.2% Fib on the daily chart, but it’s also a former support level. Oh and have I mentioned that there’s a bearish divergence too? See the setup

NZD/USD: 150-Pip Range Opportunity
NZD/USD 150-Pip RangeIf you’ve been watching the comdolls as close as I have, then you should know that NZD/USD has been on a 150-pip range since early September. With Stochastic nearly in the oversold region though, the Kiwi bulls may soon target the .8350 range resistance. What do you think? See the setup

Comdoll Event Highlights for October 1-5, 2012

Calendar

Earlier today, China released a couple of manufacturing PMIs which revealed that the contraction in their manufacturing industry is still ongoing. This could weigh on the Australian dollar for the next few days unless the economic events from Australia turn out better than expected. Make sure you keep close tabs on the RBA rate decision tomorrow and the Australian retail sales due Thursday.

Canada is also set to print high-impact data towards the latter half of the week as the Ivey PMI is scheduled for release on Thursday while the Canadian jobs reports are due Friday. Along with this, the U.S. will print its September NFP figure, which could show a slight rebound over the dismal August NFP report.

Let’s check the major weekly inflection points to see if we can spot trade setups that would complement our comdoll events!

Significant Levels to Watch Out For


AUD/USD USD/CAD NZD/USD
Week Open (WO)
1.0363
0.9838
0.8290
Previous Week High (PWH)
1.0475
0.9861
0.8351
Previous Week Low (PWL)
1.0326
0.9756
0.8185
Top Weekly ATR (tWATR)
1.0461
0.9901
0.8207
Bottom Weekly ATR (bWATR)
1.0265
0.9775
0.8207
Other significant levels
1.0300, 1.0450
0.9650, 0.9850
0.8200, 0.8275

In case you’re wondering what ATRs are all about and how I computed those figures, make sure you check out my entry explaining my trading strategies.

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Have fun and good luck trading this week, friends!

Happy time

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