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Let’s Dive Right In!

Let’s Dive Right In!

by The MoleJanuary 3, 2012

Welcome back! The first trading day in January is traditionally one of the busiest sessions of the year – everyone and their uncle is on the job. Let’s focus on Forex tonight as that’s usually a good precursor as to what to expect on the equity side:

Of course we start the race with the AUD/JPY. That’s quite a jump on the hourly panel and it effectively skipped a bunch of resistance looming ahead last Friday. I think we can get to 79.37 here, so if you happen to be long already (magically) then I’d set my stop below those hourly NLBLs and be done with it. If we push above that daily NLBL then I think at least 80 is in the bag.

Two more below for my intrepid steel rats 😉

[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/CHF – what a sweet setup as we are hanging right on the balance. Play this either way depending on whether we stay above that hourly 25-hour BB line. A push above that cluster of daily Net-Lines (starting at 1.2201) would be what the doctor ordered, especially if we can push above the 25-day SMA. Of course if we bounce back then I’d flip the trade and scale out at target area A and target area B. Have no compunction about trading this either side – the odds are pretty much 50/50 here.

Last but not least USD/CAD – which is taking a stroll on the down trend side right now. That was quite a dynamic breach of the daily NLSL and if we’re lucky we may get a retest last kiss goodbye style. If it happens I’d take a short position into 1.0063 but even if it pushes below that be out before the pair hits parity.
[/amprotect] Cheers,

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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