Trade Ideas

So by now it’s obvious that idea behind an exhaustion and reversal in the USD/CHF has followed through lower, now the question is where is the buying support?

The rally in the USD/CHF has pushed the short-term intraday time frames into an uptrend to begin the week. The question is how much longer can be bullish momentum last?

Great. So much for trying to get in on a retracement! EURCHF just made a new low, so it’s time to cancel this trade!

Aww, geez! No signal from my HLHB mechanical system again this week. I guess that’s mostly because EURUSD has been ranging lately and there hasn’t been any one-directional move to trigger an EMA crossover.

Well, that trade didn’t last too long as volatility continued to push Cable down and up during today’s Asia and European trading session.

After barely reaching my first profit target, USDCHF moved south and headed straight for my breakeven stop at 1.0390. Boo! The pair dipped just enough to trigger my stop before heading back up the charts. A win is a win though, so I’m happy!

The EUR/USD continues to hold support but is struggling to push to new highs after a fifth session of trading within the narrow range from 1.2932 to 1.2733. The stall that the daily chart is in came just after a strong pullback on August 11 and the bulls have yet to recover.

Yikes! Better-than-expected manufacturing sales figures from Canada tell me that it’s time to exit this short CADJPY trade pronto!

There’s strong confirmation that the 15-minute GBP/USD has put in a top as price action has created a ceiling along the highs of 1.5701 and 1.5692. The 15-minute chart is currently in a distribution market cycle which makes the exhaustion fade off this ceiling an agressive way to short sell the weakness – if confirmed by an overbought Stochastics.

USDJPY ultimately did not move my way this time as the pair touched the top of the falling channel, dropped and narrowly hit my first profit target before rallying. The rally was enough to break the upper end of the channel and move to my stop.

EURAUD did break out! But to the downside! Ha! So much for my trade idea! I guess it’s time to cancel my trade!

Aha! Thanks to dollar domination, a downward EMA crossover took place on EURUSD’s 4-hour chart this week. A valid HLHB signal perhaps? Not quite…

Yeah, I lost. Boo hoo! Even though I was right about the FOMC engaging in quantitative easing measures, it wasn’t enough to really weigh down on the dollar.

Oh dear, Canadian trade balance figures came in much worse than expected, forcing USDCAD to break past 1.4000. As a result, I got stopped out on my short trade. What a bummer!

The daily chart of the USD/CAD is in a distribution market cycle and this sets up an distribtion fade entry long off support. While I am sharing a longer term upside target in the chart below, there wll be resistance at a minor downtrend line at 1.0400 and a ceiling at the 1.0600 major psychological level.

Talk about bad luck! Sadly, the EURUSD retracement was unable to trigger my buy limit order, which caused me to miss the 200 pip jump of the pair.

I guess that’s it for my AUDUSD trade. I decided to lock in my profits ahead of the NFP release since I don’t want to get caught up in that storm!

BOOOOOOOOOOOO! After saving my butt numerous times in the past, my 30-pip filter has now failed me epicly! Is that even a word? Bahh!!

Good morning! With the Bank of England interest rate decision quickly approaching, I have decided to lock in profits to avoid event risk.

Well, things were looking good for me for awhile.. But then we saw more range like trading and eventually, I got stopped out at breakeven!