Forex For Freaks!
Folks – it’s time to get Forex freaky! I pimped a few juicy setups yesterday and most of them are still in play.
Let’s start with an update on those naughty currency scrubbing Swiss:
As you can tell the USD/CHF continues to bump its head against that daily NLBL – great spot to take short positions. We are currently somewhere in No Man’s Land but the hourly suggests a possible long position near that hourly NLSL at 0.8928 plus there’s the lower 25-hour BB line. Even if that breaches I think the 100-hour lower BB line should provide support. I would however keep a stop a few ticks below that.
A few more below for the subs:
[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 or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
More Swiss monkey business – this time paired up with the Euro. Almost the same setup – just a bit sweeter as we already pushed outside both BBs this time and it looks like we’re starting to paint a floor. The new hourly (not on this chart yet) is currently on the inside of the prior bar and if we close this candle on the inside then you know what to do.
Next in line is the USD/CAD which, as you remember, is wedged between two net-lines. Perfect for playing the swings of course, although thus far we have not seen much of the touchy feely. What’s interesting right now however is that cluster of support on the hourly panel – you can play those both ways depending on whether we hold or breach. If we do breach then take profits at the daily NLSL near 1.0101 – if we bust higher then we may go to the daily NLBL at 1.0271.
Finally, the NZD/USD bounced off support on the hourly and is currently trying to push above that 25-hour SMA. I do like this setup either on a breach of the first hourly NLBL or if we drop down for another retest of the 0.7880 mark. Why? Because that daily NLSL so far has been holding plus there’s the 25-day SMA right below as well. Of course if all that gives away and we decisively close below then expect a slide toward 0.7640.[/amprotect] Cheers,