As we are still in a situation where there remains a lack of very high probability trades that are both ripe and imminent, I'm going to run through the main part of my watchlist showing what I'm looking at right now, why I'm looking at it, and detailing in pictures the simplicity of the type of trading set-ups I trade.
I've opened a highly speculative short on NZD CHF today.
I've traded the short side of this pair quite successfully over the last year but price is now at a level where it needs to decide which way it's going to go.
There is no mistaking the fact that the weekly trend is down and has been for some time. The huge rally we've seen certainly looks like a convincing trend change on the daily chart but the bigger Weekly and Monthly picture is still down, therefore, as smaller time frames are looking overbought, I've entered a small short at the weekly 200MA in expectation of a pull back to correct these overbought conditions.