Particularly in the EUR/USD, GBP/JPY, GBP/USD and the USD/CAD.  I like the u/cad the best though.  Long wicks on the daily chart that form a nice triple to on the hourly with clean S/R levels.

What are you watching/trading today?

Here’s the chart:

Click to Enlarge

My SL is at 1.0330 (below the recent low)
My PT is at 1.0620 (Just below the secondary high)

It is at the 800sma on the 1h chart so it could range for a bit first.

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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

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.

The CAD/JPY and the USD/JPY have just recently broken out of their tight little ranges and are testing the first area of support right now.  If you’re not already in those, that may make a good trade for today,  a bounce would be long, and a break would be further shorts.

Other than that…everything else seems ‘in progress’.

The EUR/USD and the EUR/JPY are almost to their secondary lows.  There may be a chance for some consolidation there later in the day, to take advantage of.

The GBP/USD and the GBP/JPY each have one more definitive leg to their secondary lows with the G/U having  just broken into that trading range with last hour’s candle close below 1.4770.

Even though I’m already long the U/CAD it has only continued to range, so that range is a good are of indecision to watch for its next movement.

Let me know what you’re watching/trading today.  It’s been great being in better touch with you.  I’m looking forward to more and more participation from everyone.

I’m going to see what I can do about getting a plugin that will alert you when someone has added a comment.  Thanks for letting me know about that.

Be good to you!
Triffany

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.

I was madly trying to take the trades we talked about and still get my kids going.  So, aside from the E/U and the E/J I’m in the UCAD Long based on the bounce of former resistance now support as you can see here on the 1h chart:

PT 1.0490, SL 1.0180

Click to enlarge

Let me know what you’re watching/trading.

As we’re seeing in the charts, the Canadian dollar has not succumbed to that same, fear-driven, pressure however.  Why not?  Well, it may have a lot to do with a lot of very good news expected to come out of the country this week.  Largely they’ve already reported fantastic Gross Domestic Product (GDP) numbers, both annualized 4Q as well as monthly, with an increase from .4 to a whopping 5% and from .4 to .6% for Dec (respectively).  In addition, analysts expect Canada to add to that good news on Thursday with a significant, expansionary increase of their Ivey Purchasing Manager’ Index (Ivey PMI) which acts as a measure of Canadian organizations and industries confidence in the economy overall.

While these numbers go a long way toward considering CAD strength they do not stand alone.  As with any business or economy just producing things and having faith are not enough to make a profit. If you do not have someone on the other end who buys them from you you’re just stuck with a lot of inventory (not to mention the bills).  Since the US is Canada’s largest trading partner (and vice versa), it is good fortune that the US is showing its own signs of stabilization and willingness to purchase again.  That can only mean good things for the CAD overall, but this week in particular as it continues to hold its ground against the USD.

The market seemed to yawn at all the good news, giving no strength to the CHF against the USD. In a market where everyone seems to have skipped town and avoided a discussion on risk altogether, neither embracing it nor rejecting it, this behavior caught my eye.

Will the lag in reaction happen with the CAD as well?

Retail Sales for the Loonie came into positive numbers on their Retail Sales going from a previous -.8% up to 1.2%, Wholesale Sales at least became a less negative number by .3%, going from -.6% to -.3%. There was quiet and dignified praise apparent in their monetary policy talks at the rate decision this week (http://www.bank-banque-canada.ca), specifically in terms of how well inflation has been kept in check.

So, even though the CAD has nudged a little higher on this news, it hasn’t done so with gusto. In fact it seems that the market had a crystal ball and in priced in CAD strength last week.

This leads me to believe that it may be due for a bounce to the USD side, in the short term.