Before heading out for the weekend, I came up with this quick update and adjustment on my open positions. Make sure you take a look at my initial trade ideas also!
In my NZD/JPY swing trade idea, I was watching a long-term rising trend line visible on the weekly chart then I decided to hop in at market once price broke above the neckline of a short-term double bottom formation. Price has made a lot of headway since before consolidating in a flag pattern below 77.00.
Now that the top-tier Chinese reports came in mostly stronger than expected, the Kiwi got a fresh boost and might have enough energy for an upside break from the bullish flag. I’ve decided to trail my stop higher to the consolidation lows around 75.25 to lock in at least 50 pips on this setup.
As for my USD/CAD setup, my long position at the bottom of the symmetrical triangle got triggered as risk appetite improved during the release of stronger-than-expected Chinese data. Price seems to be dipping lower but I’m not too worried since I’ve got a wide stop at 1.2675.
Besides, I’m counting on upbeat U.S. data later today to trigger a bounce for this pair, possibly allowing me to adjust my stop higher as well. Retail sales and CPI reports are up for release today and the Fed Beige Book showed that consumer spending strengthened in most regions, so we might be in for an upside surprise. Aside from that, PPI figures also beat expectations so there could also be some upward pressure on the CPI results as well.
How have your comdolls fared this week? Don’t be shy to share your thoughts on my trade setups and on the market in the comments section below. Enjoy the weekend, folks!
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