Very quiet day for me, especially since I didn’t post any new trades in this blog. Euro is getting weaker. Perhaps not that evident against the Dollar today, but visible when looked at crosses like EUR-GBP or EUR-CAD and some others. EUR-USD has different dynamics and Euro bounced a little bit on the retail sales news. They fell “unexpectedly” in March, delivering a setback to hopes that the economy’s steep slide could be bottoming out. I don’t know what is so unexpected about it. We are looking at a major bear in equities and many other markets. Big time bottoms/tops don’t happen on a dime but rather take time to develop. News have tendencies to be in see-saw fashion, good mixed with bad, economic numbers contradicting the ones from day before, only to be eclipsed next day. I expect confusing numbers for a long time. Economists can worry about it, while I stick to charts, for the most part.
Yen is showing some strength and I’m glad to be still waiting for buy signals in JPY pairs. Except for GBP-JPY, where I take short term buy signals almost daily. What happened today is hardly worth mentioning but here it is.
Winning and loosing trade. One potential buy is looming at 148.23, with 60 pips target, but if it doesn’t happen soon, I’ll pass on it. Closing for the day and these trades are only taken when I am in front of computer.
Most of the crosses are a little confusing at the moment, but I’ll place an order in EUR-CAD. It went down today, in a relatively sharp manner and I think there is more downside potential.
Can’t really place a firm order just yet, price is not developed the way I need it, but couple of scenarios can be tentatively outlined. My interest is in shorting it, using hourly chart. One possible sell is below recent low and around 1.6000. I would like to see the price to go up first to maybe 1.6150 or so. Should it keep climbing higher, another possible sell area is just above 1.6200, but this will depend on how the price turns. I will take a look every hour or so once it gets there.
Tomorrow might be good time to review the longer term EUR-PLN sell, which has been under way for few days. With not much else going on, we’ll see where it stands.
I was about to ask you about this EUR/PLN trade, thought maybe you forgot…
Michelle, how is trading going?
Not good, Mike. I need to ask you some things. Is it good time for email?
Yeah, sure.
Are you going to stay in EUR-PLN much longer? It shows decent profit.
Hi Mike. It has been some time since I commented on anything here. Thank you for all the work you put into this blog. What is your take on the JPY now? Do you think it will get much stronger?
Renata, it will come up in the next post.
Not sure how much stronger yen will get, but my interest is in buying the pairs. I think today will start slowly placing buy orders. It doesn’t mean they’ll get filled
Hope you are planning on holding eur/pln for a long time. We expect a serious move down.
We’ll see, Aex.
[...] was more lively. Good moves, more trades and, even more importantly, profitable trades. Trade from yesterday, sell in EUR-CAD worked out well. Maybe not exactly as I wished, but good enough. Had couple of [...]