Market talk only today. Yen and Pound pairs (most of them) largely consolidated today, after large swings day before, but then everybody can see it by him/herself, so why waste time? My trades, at least the ones posted here were mixed. EUR-GBP short was closed at a loss.
I took 51 pips loss and placed another sell order at 0.9272. This is subject to be moved under next higher low, if it forms. Objective would be about 130 pips, should this trade be executed here. Since it might be moved, final target will depend on eventual placement, preceding upswing and my whim.
Post “Another scam” covered a trade in CAD-CHF. After taking the long route, this pair finally arrived at its destination at 91.85 for 100 pips gain. Trade I brought up yesterday, another buy of NZD-JPY, was triggered at 47.75 and is still in development stage, mostly below the buy line. I’m giving it plenty of room to roam, objective is still 200 pips. As for other JPY trades, I plan to enter couple if the high established about 24H ago is broken.
There is one more order which I think (hope) merits attention. Like early on in the week, it is AUD-CHF .
This probable buy is on 4H chart, with entry at 0.7680, targeting 200 pips. I’m using intermediate term chart, so it should be no surprise in this scenario takes a week or so to happen. Any sooner would be a bonus. Yesterday I brought up an idea on buying GBP-JPY for a long term, at just above current (yesterday’s) daily candle. I will elaborate farther tomorrow.
Mike K.
Mike, you post a loosing trade, but only brush up a winning one. Hmm, most people would do the opposite. Interesting, but this is why I read your blog.
I wouldn’t want you to think it is all smiles and roses. Of course, you know it.
Target depends on your whim? That’s very good, real pro targeting. I roll dice. Just teasing you.
Mike, do you include what stock market is doing in your analysis? Is there any correlation that could be exploited?
No, not really. Any correlations, if they can be spoted, don’t last very long. Not a viable long term strategy. That said, keep looking, because these kind of relationships can last for a few weeks. But not forever. Just long enough to make you think that you have discovered something great. Then the change comes.