Update: We are now (9:30 pm EDT) moving stops to breakeven on this trade.
Update: Moving stops to 82.34, and locking in 21 pips of profit.
Update: Exited trade for 21 pip profit.
Derek Frey
www.elementaltrader.com
2 CommentsI would like to invite all readers to join my new inner circle group on facebook: Inner Circle on Facebook .
This week we have a rather light report schedule. That should leave the market wanting. We still do not have clear resolution in Greece so that wild card remains very much still in play. Overall we are still sellers of strength in equities and buying weakness in the Euro.
EUR/USD:
I continue to be a buyer of weakness in this pair. This week I am looking at buys near the 1.32 handle.
GBP/USD:
I continue to look for strength in this pair to sell into. As we see resolution of the PIGIS we are expect the BOE to shoulder much of the “blame”…
USD/CHF:
I am once again selling this pair north of 1.08 this week.
USD/JPY:
This pair is grinding lower. I am trading both sides of this market at this time as we continue to see a rather large two sided range.
USD/CAD:
We have seen this market test and dance with parity for a number of days now. We are looking to sell this pair north of 1.01 and looking to continue to buy breaks below parity.
AUD/USD:
This pair is beginning to realize some of the risk I have been warning about these last few weeks. That being the case we will begin to look for weakness to begin buying into in the days and weeks ahead.
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1 CommentI would like to invite all readers to join my new inner circle group on facebook: Inner Circle on Facebook .
The market as a whole continues to be more and more concerned with short term forecasts. We have seen even retail investors reduce their overall time horizon. Whether that be from need or a shift in perspective is debatable but either way we continue to see a market that is hyper focused on each micro report and or event, at least in the moment. Then only to be quickly pushed aside as soon as the next “data point” comes out. This does not bode well for the longer term health of the market as it tends to lead to everyone running for the exits at the same time.
EUR/USD:
I continue to be a buyer of weakness in this pair. This week I am looking at buys below the 1.34 handle.
GBP/USD:
I am looking for a spike to and through the 1.56 level…once we see that I will begin to scale into shorts.
USD/CHF:
I am once again selling this pair north of 1.07.
USD/JPY:
This pair is a sell north of 93.00 this week. I am looking for a move back towards 91.00 by end of the month.
USD/CAD:
I am a cautious buyer of dips near the .99 level.
AUD/USD:
I continue to see risk outweighing reward in this pair and will continue to stand aside until that changes.
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4 Comments
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