Forex R Us
Forex R Us
If you have been wasting your time watching this mind numbing OPX session then I suggest you give your tortured eyeballs a rest and follow me over to the FX side where you may actually find a solid edge. Before we get started I would however like to make a quick pertinent pre-announcement. For weeks now I have been promising everyone an update on the FX Broker front and I plan on posting some pretty exciting details this weekend. In that context you may recall my write up on ECN brokers – if you missed it you may want to point your browser here.
I have a small gift basket of FX setups today – here’s the one I threw out yesterday – EUR/JPY. Very nice break out here and this is exactly what we want to see. The next hurdle I see is at 108.34 at the 25-day SMA. I would be careful there and expect a bit of hemming or hawing. If you want to lighten up there then that is understandable. I personally will watch it for a session or two and then decide.
As usual there’s more where that came from. Please step into my dusty lair:
[amprotect=nonmember] More charts and cynical 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.[/amprotect] [amprotect=1,13,9,12,5]
EUR/USD is exactly where we want it to be – at the NLBL. My stop is slightly below that 25-day SMA. If it fails I am prepared to flip this setup.
USD/CHF is almost the exact inverse of the previous chart. At the NLSL and my stop is at that 25-day SMA. I’m a bit conflicted here as there’s that lower 25-day BB not too far. My solution was to take out only a few contracts as I only see limited profit potential here.
Cable got a bit ahead of itself IMNSHO. I did take out a little short position with a stop above today’s highs. A bit risky and I would like to see Monday’s candles before I commit myself further here. It’s possible that this one keeps running higher.
AUD/JPY – continues to push against that NLBL – thus far it has proven to be impenetrable. Also there’s that 25-day SMA right above and I suggest to be short here until we push above it. I would absolutely flip this setup in a heartbeat – as a matter of fact I hope to be stopped out here so that I can participate in an acceleration higher.
That’s all I got on the FX front – if I see anything juicy in commodities I’ll tack on another post. Otherwise have yourself a wonderful weekend. I for one plan to catch up on some sleep.
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Cheers,
