Saturday, February 4th, 2012

Updated Watchlist

1

Looks like we’re in low volume/high volatility conditions like we talked about yesterday.  Very difficult to predict movement however we can see that there are a few pairs that did move and are showing signs of tiring and if they moved once, I’m willing to watch them again.

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.  :)

Comments

One Response to “Updated Watchlist”
  1. yaqui says:

    I got faked out on that USDJPY H4 box trade (inside bars), but have my ‘revenge’ (not a positive trading word, I know!) on a Stop ‘n Reverse. Recaptured some pips and trailing now…
    Things seem fairly subdued out there, as discussed… anyone feeling the same?

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.