Watchlist for Sunday, May 23, 2010
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.
| Pair | Daily | 4h | 1h |
| CADJPY | Back through the Daily TL and looks ready to climb again. But I’m not sure I’d bet against the JPY…might be tricky. | Still within the range of an 800sma consolidation | Wrapping around the Daily TL. 85.40 – 83.30 |
| EURJPY | Solid rejection signals…mmm it will be hard not to take a long – might have to take smaller than usual positions though. | Nice range within the muddy area. Tightening up in the MACD as well. | Large Range: 114 -111
Small Range: 113.50 – 112.50 |
| EURUSD | Beginning of a deeper pullback…or…pullback and ready for further selling. | Little upside down H/S has already played out. | 1.2610 – 1.2480 |
| GBPCHF | Blech | 800sma Consolidation | Continued and severe rejection near resistance at 1.6655, but that means bupkiss for this pair. |
| GBPJPY | Back at the Daily TL with strong movement through old support levels. | Same highs, but higher lows. Nested box trade to the short side or a breakout trade to the long. | Large Range: 130.55 – 128
Small Range: 130.55 – 129.45 |
| GBPUSD | Stuck, stuck, stuck – but seems due for a pullback. | Same highs, but higher lows. Nested box trade to the short side or a breakout trade to the long. | Large Range: 1.45 – 1.4260
Small Range: 1.45 – 1.44 |
| NZDUSD | Sitting at the bottom of the daily channel and has printed a reversal signal, but on Friday volume. | Trying to make an upside down H/S? | Nothing definitive here, yet. But will be watching for some tightening up. |
| USDCAD | Almost hit the 800sma | Consolidating in a larger muddy area. | May retest to 1.0525, but then I expect further longs, at least to the consolidation area between 1.0720 and 1.0610. After that, I’m willing to treat it like any consolidation trade. |
| USDCHF | Jumped away from the 800sma and long wicks indicate possible pullback. | Tidy range after sharp movement. | 1.1580 – 1.1415 |
| USDJPY | Ranging, ranging, ranging | Still within the range of an 800sma consolidation | Large Range: 90.80 – 89
Small Range: 90.20 – 89.60 |
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Have a great weekend and I hope to see you at Monday’s WLW at 8am EDT.
Be good to you!
Triffany
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at 
Hullo
Found a nice article re: selling EURAUD EURNZD which we talked about in the blog a while back…
http://preview.bloomberg.com/news/2010-05-23/selling-euros-for-kiwis-enables-traders-to-find-yield-at-merkel-s-backdoor.html
Be cautious out there, some bank holidays today.
Yeah thanks Yaqui … What a coincidence, I decided to sell the EURAUD, cos it was a sure fire thing and bang the only currency which has been going down for years now suddenly shoots up, do I have some sort of super duper anti trading skill ?
As its lots of holidays …. did everyone know all these nicknames ….
GBP/USD = Cable (from Trans-Atlantic cable between US & Britain)
EUR/USD = Euro or Fiber
USD/CHF = Swissy
USD/CAD = Loonie (from bird on Canadian coin) or The Funds
AUD/USD = Ozzie or Matie
EUR/JPY = Euppy (pronounced “Yuppy”)
GBP/JPY = Gopher
EUR/GBP = Chunnel (from channel tunnel between Britain & France)
USD/JPY = Yen
My Trading account = Sinking ship
Lol Aby. Yeah, I’m looking to position myself longterm short on the other “sure fire things’ EURCAD or EURNZD. Prefer them over AUD, especially fundamentally. Interestingly, if you look at the daily chart, both the CAD and AUD crosses had closes above their long term downward channels while the NZD hasn’t.
Now that’s an idea – some trivia on the slow days like yesterday!!
….. Coooome on down, on “Who Wants to be a Forex Trader?”
I had no idea about the Chunnel (really doesn’t sound right lol!?), or Matie even though I’m from downunder.