My PT will be 1.4315 or 100% movement of the consolidation area (- wicks), and the SL will be above the recent wick at 1.4590.  Here’s the chart:

Click to enlarge

I watching a very, very similar trade on the G/J as well.

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Remember:  The purpose of these trade alerts and watchlists is to keep discussion going about what’s going on in the marketplace.  It is not my intention to have you trade what I trade, simply to tell you which trades I take that we’ve talked about at the WLWs.

In order to make this the best learning opportunity for you, it’s important that you share your thoughts and ideas on the charts, fundamentals, psychology, or whatever you need.

Be good to you,
Triffany

Since I missed all the moves we talked about in yesterday’s WLW (the nested box trades and the Loonie climb (which has hit the 200% extension already).  I’m going to have to be patient for some new signals.

NZD/USD:  it has left its daily channel and I’m looking for a retest/bounce off of .6655 before I enter that one short, but if you got the break, good for you.  I’ll be targeting the width of the last consolidation area – .65 with a stop above the 2nd minor s/r zone (won’t know where that is until the bounce prints).

Honestly…that’s the only setup I really like right now.  Even my faves of late are leaving me feeling kind of yucky.  The bearishness of the risk pairs and the e/u & g/u haven’t happened with much enthusiasm (small bodies).

SO… that’s it for me, I guess.  What are you watching/trading?

In order to make this the best learning opportunity for you, it’s important that you share your thoughts and ideas on the charts, fundamentals, psychology, or whatever you need.

Here’s what I’m watching today:

I’m still short the E/J, E/U, G/J and G/U all of which are divergent on the 1h chart, so if that plays out I’ll be getting in again on those southward bounces.

The Kiwi has had a nice pullback so I might get a second shot at the southward movement I missed yesterday.

That’s all I’m watching today, though the CAD/J and the U/J have both pulled back and are tightening up in sentiment as well.

Let me know what you’re watching/trading today.

Remember:  The purpose of these trade alerts and watchlists is to keep discussion going about what’s going on in the marketplace.  It is not my intention to have you trade what I trade, simply to tell you which trades I take that we’ve talked about at the WLWs.

In order to make this the best learning opportunity for you, it’s important that you share your thoughts and ideas on the charts, fundamentals, psychology, or whatever you need.

Click to enlarge

I did enter the E/J trade we talked about in this morning’s WLW.

I’m in my first tester position and I’m aiming for the secondary low of 114.75, however, 118.50 may make a better PT for shorter term traders.

Be careful of your R:R, however as I’ll be keeping a deeper stop above the high at 122.50 to if you’re going for PT a stop above the current candle, may make more sense.

Trade according to your own rules!!

Be good to you!
Triffany

It broke with such gusto, that you may want to wait for the retracement to enter the trade at a better R:R.

Let me know what you’re watching/trading.

Remember:  The purpose of these trade alerts is to keep discussion going about what’s going on in the marketplace.  It is not my intention to have you trade what I trade, simply to tell you which trades I take that we’ve talked about at the WLWs.

In order to make this the best learning opportunity for you, it’s important that you share your thoughts and ideas on the charts, fundamentals, psychology, whatever. 

Be good to you,
Triffany

The G/U broke its box as well.  Similarly we might get another poke at this one on a retracement to 1.52 or so.

E/J broke as well, on the 1h chart, I’ve entered that trade but will post it separately. 

G/CHF is still bouncing around the 4h 800sma.

U/J might be forming a double top on the daily chart and trying really heard to break support on the 1h.

N/U also broke its area of indecision.  I’m in that new trade, too and will post it separately.

Off to post those trades!  Let me know what you’re watching/trading.

On this first tester position my SL is at 126 w/ my first PT at 122.60, but I think I’ll be able to scale in/out for the whole Double Top we talked about in this morning’s WLW.

Here’s a picture of the chart as it is right now.

Click to enlarge

What are you watching/trading?

I’m taking a short position to 125.75 w/ a SL at 127.50.

Click to enlarge

What are you watching/trading?

GBP/USD:  Left its consolidation area and has hit the 200% extension level.  Long wicks are showing possible signs of rejection of the next high and may give a small area of indecision to work off of .  This makes a new higher high for the pair (on the 1h chart) but I’m not sure it can hold on from a fundamental point of view.  Even if this pair turns around I can’t see it happening soon, so the pullback seems more likely to me (at least to setup an upside down H/S on the 4h).  Same can be said of the GBP/JPY

NZD/USD:  Has finally retested old support levels from the consolidation area that came near the 800sma on the 4h chart.  While it may be ready to go hit the 4h 800sma, it feels ready to retrace first…to about the .7090 area.

EUR/USD & USD/JPY (thusly the EUR/JPY as well):  Maybe a fresh breakout… I’ll have to wait and see what that looks like.

IF you’re trading what are you trading and watching?
IF you’re not, what are you looking for or expecting to happen after this week?

Let me know what’s on your mind and if you can join me at Noon EDT on FXStreet I’d love to see you there. 

Click here to enlarge

I’ve entered into a short position on the E/J, with a close below 124.50 and these first 10m or so giving me a slightly better price.  I’m going for 123.75 w/ a SL at 125.00.

Not a lot of room for stacking, but I wouldn’t be that agressive in these recovering conditions anyway.

What are you trading/watching?

Do you expect this pair to bounce and go long after this pullback?