Sunday, November 16, 2008
USD/CAD
Also keeping an eye on this pair...will wait for the gap to fill before scaling in longs below 1.23...support at 1.21
Watchlist for the week of 11/17/08...
...What a gap on the EUR/USD & GBP/USD! I'm long right now on the GBP/USD at 1.4751, seeing if we can get some movement upwards to close this gap. A small 5k trade with a close stop. I'll keep an eye on the EUR to see if we can also get some movement back up in order to go short for the next leg down. Obvious resistance at the 1.28ish area.
Also watching the NZD/USD. There is a nice downtrend channel on the hourly and it looks like it will be coming down to make a double bottom and then break to new lows. The NZD also gapped down and I'm looking to see if we can get some movement back up to the 1.56 or higher range in order to go short. 1.565 looks to be the immediate resistance in this hourly downtrend while 1.58 price range will provide resistance on the daily charts.
On the USD/JPY, I look to see the downtrend continue...very clear on the hourly and the daily. I went ahead and entered short with small 2k lot at 96.92 and will scale in as we get close to the 97.5 and 98 mark. As for a void to this trade...I strong move above 98 will likely lead to me closing it while a break above 99 work confirm the void. I'll look to add another 2k as we break below 96.
That's all for now.
Also watching the NZD/USD. There is a nice downtrend channel on the hourly and it looks like it will be coming down to make a double bottom and then break to new lows. The NZD also gapped down and I'm looking to see if we can get some movement back up to the 1.56 or higher range in order to go short. 1.565 looks to be the immediate resistance in this hourly downtrend while 1.58 price range will provide resistance on the daily charts.
On the USD/JPY, I look to see the downtrend continue...very clear on the hourly and the daily. I went ahead and entered short with small 2k lot at 96.92 and will scale in as we get close to the 97.5 and 98 mark. As for a void to this trade...I strong move above 98 will likely lead to me closing it while a break above 99 work confirm the void. I'll look to add another 2k as we break below 96.
That's all for now.
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