Mole’s Flying Forex Circus
Mole’s Flying Forex Circus
I think Scott covered next week’s tape quite nicely, frankly I have very little to add. Which is why it’s now time for something completely different:
Always remember, don’t bring a banana to a gun fight.
The ES chart above demonstrates the trading equivalent of that very lesson learned. The Fed is literally using a 20mm M61A2 POMO canon and thus there is simply very little edge left for any lowly equity swing traders.
But that doesn’t mean swing traders have to throw in the towel – instead let’s move on to greener pastures. I have a bag of FX setups which are ripe and ready for the plucking. But before we get to this week’s FX setups let’s have a quick stroll down history lane.
I remember posting this juicy AUD/USD setup early last week. It’s one of those situation when my favorite Bollingers line up and present a high probably short setup that can’t be passed up.
And that’s where we ended up on Friday – just as planned. Alright now back to the future:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.[/amprotect] [amprotect=1,9,5,2]
EUR/CHF – I think we have a decen short setup – target slightly below 1.3 as that MA should be pushing up fast and probably lines up with that level in a few days. Set a stop and be disciplined about it – if this thing melts higher it may trigger a mighty short squeeze.
Long EUR/USD – love how those two MAs are about to meet – the odds are very decent here. Again, firm 1N or 2N stop. I like this setup a bit better as the trend seems to be to the upside now.
Cable – let her come to you though – I’d prefer an entry around 1.59 or slight below.
Hopefully the NZD/USD pair won’t jump higher before anyone has a chance to get in. Again, pretty decent odds here IMNSHO.
USD/CAD – can you believe it we’re trading at par now? We are so screwed… Anyway, I’d be long here – that support line I drew ought to hold for now. Set a stop 1N below it – if it breaks ole’ bucky goes into the shitter anyway and nothing really matters anymore as we’re going to use Dollar bills as toilet paper or perhaps mattrass stuffing.
That resistance line on the USD/JPY also looks like a decent line in the sand. If it doesn’t hold we’ll push to 84.50. My target is the 81.6 area – I wouldn’t push my luck here as we are in a very narrow range.
Cheers,
Mole
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