Triangles in EUR/USD and GBP/USD are still intact somewhat. Both are still within the larger Rising Wedges *Yellow dashes. Every break above 1.4230 was sold into every time though managed to get above 1.4250 (which is a pretty good resistance level) multiple times. Cable (GBP/USD) is up against stiffer resistance and looks to want to trade lower however.
USD/CAD still within the downward channel I drew out last week, Traded all the way down to 1.0793 where it bounced sharply. 1.08 was previous support from earlier June. However I still think it goes lower perhaps down to 1.05 level. It really depends on where crude wants to go. Should crude continue its rally, look for USD/CAD to trade lower with it being that it is the inverse of the crude trade.
EUR/JPY , GBP/JPY finding strength with the equity rallying. These two look toppy to me but who knows. If you love volatility, GBP/JPY is your best friend. Fortunes are made and lost in this pair. Sometimes all within a day.
USD/JPY broke out of its downward spiral as expected this week, it close up against resistance. There’s a Triangle forming on the hourly charts that point upward towards 95.70 level.
This was one crazy week in all markets. To recap Monday morning we had ramp job in Crude due to a Short Squeeze. Apparently a “Rouge Trader” was short 9000 QM Futures contracts lol. It was an obvious short squeeze because at the time crude was ripping, currencies were just sitting there [...]
EUR/USD made a major push this week and broke through 1.50 but was unable to close above there. Main support is still 1.4850 area for now but a daily close above 1.50 should bring euro bulls to the table. GBP/USD made a huge move which looked to me to be profit taking and/or [...]
Dollar was sold off sharply on Friday sold the Dollar after the government reported a lower than estimated decline in 2nd Quarter GDP. Today’s number suggests that the U.S. economy is closer to a recovery. This triggered greater demand for higher risk, higher yielding assets. Month-end flows look to be the one of the driving [...]
This was one crazy week in all markets. To recap Monday morning we had ramp job in Crude due to a Short Squeeze. Apparently a “Rouge Trader” was short 9000 QM Futures contracts lol. It was an obvious short squeeze because at the time crude was ripping, currencies were just sitting there [...]
Equities rallied hard just as expected..
Nice move in SPG . I did a trade with options as well as stocks on this but I’ll just mention the stock trade since the option trade didn’t really work out.
I bought 200 shares @ $50.90 in my IRA with a stop at $50.12 relatively low risk trade [...]
