This may want to rally harder now but I will do my best to look the other way. There is a mess of resistance above 97. that could push it back down but after this first play, I'll look to hold off.
Watching for USD strength the remainder of the night for a EUR/USD play.
Tuesday, June 30, 2009
Should USD bulls push through the London session tonight...
...I will be watching EUR/USD around 1.39 for a bounce. Previous S&R in addition to 61% fib from recent highs.
Going over a few awesome, nearly textbook Support & Resistance trades today
First, the USD/CHF around the 109. level. I posted up about this earlier and hopped in for a short with a half size position, closing minutes later for a mere 10 points, thinking it would be driving further up. Unfortunately, I wasn't keeping an eye on the bottoming EUR/USD as it nailed it's own support at 1.40 and as both pairs are USD correlated, they bounced off their respective levels with the EUR/USD nailing it on the dot and USD/CHF coming only a few points short.
Nonethless, the levels were perfect and all worked together wonderfully.
USD/CHF is shown below, 109. working perfectly with a 50% fib retracement from recent move down from 1.1 highs. Very nice.
EUR/USD is next. As posted above, 1.40 was the bounce point and the 38% fib from recent highs was just below that price.
Last but not least is my favorite setup and the one I should have been paying most attention to. GBP/USD, after spiking through the resistance top, had fallen some 300 points and was ready to bounce. A previous S&R location at 1.6425 would provide this along with a perfect 61% fib retracement. Wow. I saw this about 10 minutes after the initial bounce and couldn't believe I had not seen this earlier.
Some prime examples of what I look for :)
Nonethless, the levels were perfect and all worked together wonderfully.
USD/CHF is shown below, 109. working perfectly with a 50% fib retracement from recent move down from 1.1 highs. Very nice.
EUR/USD is next. As posted above, 1.40 was the bounce point and the 38% fib from recent highs was just below that price.
Last but not least is my favorite setup and the one I should have been paying most attention to. GBP/USD, after spiking through the resistance top, had fallen some 300 points and was ready to bounce. A previous S&R location at 1.6425 would provide this along with a perfect 61% fib retracement. Wow. I saw this about 10 minutes after the initial bounce and couldn't believe I had not seen this earlier.
Some prime examples of what I look for :)
I really want some USD strength to come through,
as I have no game plan for any sort of bear USD. The GBP/USD & EUR/USD both have messy tops. USD/CAD does have some support down around 1.145 but it's not the cleanest.
USD/JPY is breaking upwards as I type, going to go watch that right now. Chart attached below.
Charts will be coming later tonight...there were amazing setups (really, all one big USD bull bounce) today that I completely missed. More later.
USD/JPY is breaking upwards as I type, going to go watch that right now. Chart attached below.
Charts will be coming later tonight...there were amazing setups (really, all one big USD bull bounce) today that I completely missed. More later.
Sticking to a more original game plan, USD/CHF
shorts on order at 109. Price is hanging around 108.80 right now but I want to see a push up before shorting this thing. Looking to go full size if not x2 full size.
THESE are the trades that I need to wait for. I've been quite anxious the last week and it's going to show when I update the balance (I imagine it's -12/13%). All of that being said, I don't feel too emotionally rocked with the losses, which I'm happy about.
Price is moving lower on the USD/CHF now, may have missed this one.
THESE are the trades that I need to wait for. I've been quite anxious the last week and it's going to show when I update the balance (I imagine it's -12/13%). All of that being said, I don't feel too emotionally rocked with the losses, which I'm happy about.
Price is moving lower on the USD/CHF now, may have missed this one.
G/U Shorts closed for average -90points on half size position.
Equities are down nicely with a USD rally but I could not survive the over night spikes of 100+ points above monthly highs.
Long G/U @ 1.65 earlier this morning, half size, stopped out for -50p.
Long G/U @ 1.65 earlier this morning, half size, stopped out for -50p.
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