Cyclopip

Our last trade idea was triggered shortly after I posted, and we saw a stong rally in the pair from the 61.8% Fibonacci level. Too bad we had only a 25 pip target, because that thing shot up! So, we did well for the week and a look forward to a bounty of inflation data this week from various countries.

It looks like traders and speculators are changing their minds and placing bets that the ECB will actually raise rates this week from 3.75%. Our shorts were entered and we saw some pip collecting, but we met resistence and gave it all back as broad based Euro buying commenced during the Euro session.

The markets are quiet ahead of the Bank of England Interest Rate decision and the Easter holiday, so it doesn’t look like we have any trading opportunities at the moment. I’d like to take this bit of down time to introduce the newest team member, Cyclopip! Here’s his story:

Our remaining short position reached as low as 1.6150 before reversing back up to our readjust stop at breakeven. This pair has moved within this 50 point range and may continue to do so for the rest of the week with the lack of significant data for the Euro.

It looks like currency markets are quiet at the moment as traders sit and wait for news to come out later today. EUR/GBP has been trading in a 5 pip range since about 7:00 pm EST yesterday. This is a good sign that we may see a breakout later today, especially with the

My idea to short AUD/JPY proved to be wrong as Bank of Japan Governor Fukui’s comments outweighed the Chinese rate hike. The Yen sold off throughout the rest of the Asian and Euro trading session, stopping out our trade along the way. So

The Swiss Franc has been on a tear lately, and the Sterling – well let’s just say it hasn’t been so well! Things might change for Cable soon as the UK reported a better than expected Trade Balance number at -6.2B versus the forecast of -7.0B. On the chart

March Pip Count

It looks like EUR/CAD is dropping as hoped for, but our short entry was never triggered as the pair came up as high as 1.5524, narrowly missing our short order by about 6 pips. With the Loonie rallying against the Euro and way past the bottom of the channel we will

It has been a hysterical past couple of days in the markets, starting with a 9% drop in the Chinese markets, then a 3% drop in US equities, and in the forex markets we’re seeing the Yen rise on “carry trade liquidation” fears. Now that the panic seems to have subsided, do we jump back in long some of our favorite carry trades? Well, maybe not the yen, but EUR/CHF looks nice!