The following analysis was intended to be a continuation of that detailed last Week inthis post.
Having entered a long position (1.6171) today primarily based on that previous analysis I decided to run the ruler over Cable again, but this time findings are a little more mixed. By the end of this post it's possible I'll begin to have doubts about the probability of my long position delivering the result initially envisaged.
Running through almost all time frames, I'll start with the smallest and work through.
This post is essentially to record my thoughts as opposed to being an outright prediction. Presently undecided whether I'm going to take the position as my previous Gold trade incurred a loss despite being one I was quite confident of.
My thinking.... short with stop loss on a daily close above
CAD:JPY was covered in last Weekend's Analysis which can be found here.
Shorting runaway trains isn't something I generally make a habit of but once in a while something will come along showing technicals that can potentially justify entering a position very early in a topping process and CAD:JPY might be one of those candidates.
DOW Price has been trading within the confines of a box on the 4 hourly chart and this afternoon we've had the first 4 hourly candle close outside the box limits.
As an aggressive trade I'll be looking to enter short on confirmed failure of price to re-enter the box and I'll be targeting an initial down side move towards
Almost certainly a little premature with this one as price continues to make new highs whilst COT report shows traders are now net short the Japanese Yen for the first time in recent history.
As you may know from previous discussions surrounding CAD:JPY, I've never been interested in the long side of this pair, partly due to the fact that none of my systems have triggered buy signals since the trend reversed a couple of Month's back and partly because
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
This Week was pretty manic in all aspects. Many great looking trading set-ups developed some of which gave the appearance of major reversals across some trending markets. Indices on Wednesday were most obvious with gap up opens and large bearish engulfing reversal candle's by the day's close. If there's one thing that can nullify a bearish engulfing daily candle, it's a