As you may know, CAD:JPY has been my favoured Yen trade on the short side recently based on good quality technical set-ups but in actual fact, the Austrailian Dollar has been the weaker currency against the Yen and therefore this might be where we should be focussing our attention.
Probably posting this potential swing set up a little on the early side, but it demonstrates how far out I begin to plan a potential trading set up and allows me to follow and understand the way a particular Index or Forex Pair is moving before taking an entry.
If this plays out and offers a trade, it will be the
It hasn't gone unnoticed by some that I've never posted an AUD:USD analysis.
There are some reasons for this, the main one being that I have a bet that AUD:USD will make all time new high's in 2012. The year started great and just a few Week's ago AUD:USD was within 300 pips of delivering my winnings, but the recent correction has concerned me a little.
So there we have it, I have an agenda and ultimately a
Today hasn't been particularly good to me. All open swing trades are now red!
AUD:NZD was +200 last Week, now showing -35
GBP:NZD was +120 within hours of entering the position, now showing -110
GBP:CHF was +140 when I got up this morning, now showing -45 on rumours of SNB raising the Euro Peg.
Amazing how quickly things can change. GBP:CHF has suprised me the most as it looked incredibly bearish yesterday and I remember thinking it could be one
It's fair to say I spent much of the last Week sitting on my hands. The 2 currencies taking centre stage have been the Japanese Yen and the Swiss Franc which is exactly as I suggested in last Week's trading review. As the latter has some quite significant risks attached to it in the form of SNB's (so far weightless) promise to intervene, only the short Yen trade offered
AUD:NZD has probably been my one of my favourite FX pairs over the last 12 Months, mainly because every set-up I've entered has played out beautifully and in doing so it inspired confidence in each subsequent position.
On this latest trade I may be pushing things a little too far. The set-up is far from perfect but due to the fact I've spent so much of the last year trading each AUD:NZD twist and turn, my confidence level may have exceeded
Unlike the previously discussed GBP CAD, if there is one FX pair that has precisely followed my road map over the last 6 Weeks it's this one.
From the rally up to the Daily Triangle and the retrace down to the combined 200 MA and old fib level support followed by continuation of the rally back up to the triangle resistance, AUD:JPY moved beautifully and exactly as suggested. Yet I've still
Following on from the more comprehensive AUD:JPY analysis detailed here, I just wanted to point out this triangle resistance that will probably initiate a pull back to retest the 61.8% Fibonacci level which currently meets with the falling Daily 200 MA. This encourages a short term selling opportunity (for approx 120 pips) after which we can undertake