Here is something I'm watching for Tuesday.
When the backtest combined with all those MA's come together at approximately 5209, price's reaction could well hold clues for the direction of the next leg.
Since the SNB Euro Peg we've seen both EUR:CHF and GBP:CHF rally exceptionally hard to overbought levels. As I was fortunate enough to have participated in the long side of the GBP:CHF move, I'm now looking for signs to enter short ahead of a pull back.
Not a great deal to say about AUD NZD and although the chart does show some mildly bearish possibilities, I remain bullish until the August 1.2319 low is broken on a daily close.
My earlier swing long attempt ended with the trade being stopped out right where the horizontal red line is shown on the chart. That's pretty frustrating, but hindsight makes it clear that
Still keeping my eye on EUR:GBP with the emphasis of taking an eventual position on the short side. I've not quite lined up an ideal entry for this trade but there are a few points of interest worth noting in preparation for the trade.
It's been a manic week in the markets and a quiet week on the blog, so why's that?
Well, day trades aside I've been sitting on my hands because all open positions were performing without the need for attention and there's presently nothing new on the watchlist.