Watchlist update for Tuesday, January 19, 2010
CADJPY is really tight right now. I have a bias to the long side on this one and the area of indecision for me is 88.50 – 88. 50 pip range on a JPY pair?! That’s pretty tight.
GBPJPY is tightening, too. Still sticking near its 800sma on the 4 hr chart it’ looking like it has picked up more buying enthusiasm than selling so I hold my bias to the long side. The actionable range for me is 148.85 – 147.85
Looks like I missed the GBPUSD breakout, but it has come back and retested the Daily TL we drew yesterday. So, I’m watching for a bounce off of that trendline. I’m not really interested in a break at this point until it breaks back below that area of indecision we talked about yesterday (w/ the support level at 1.6190)
USDCAD is trying to trigger a funky double bottom on the 1h right now. This is a pair that respects patterns and it is at key support right now.
USDJPY dipped juuuuuust enough to hit that 800sma on the 1h chart and then bounced. Triple divergent on the 4h chart keeps my bias to the long side, however I have to remember that it has technically triggered the H/S from the 4h as well, so if it starts to behave like these recent bulls are merely springloading for the short I’ll want to take advantage of that movement.
Those are my faves today…what are you trading/watching?
Reminder: No FXStreet webinar today, I’ll be preparing for their Thursday webinar and I’ll be covering the importance of owning your trading system. Session 1 is free to everyone and starts at 8am EST. Session 2 is more in-depth and available to their Premium members.
WLW is Wednesday morning at 8am EST. Hope to see you there! 
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 
My love for the usdjpy has morphed to strong very dislike -:) but I have a pending order long at 90.75 – so long as it behaves and stays above the 1 hour descending trend line.
Jerry, uou are not the only one who hates the USDJPY, there are a lot of us out there … many of us haters out there prefer to trade the crosses as sometimes the opposite pair can play to your advantage, the USDJPY has gone down, but look at the GBPJPY, thanks to the GBPUSD strength it has held itself and not collapsed like the stupid EURJPY did …. i also hate the EURUSD and i cant say i love the GBPUSD either, i hate the AUS pairs and NZD doesnt excite me that much … i have a lot of issues !!!!
Triff, you group presentation for a Plan was great…… but what about an “approach” which is disciplined, organized and consistent. I have a disorganized approach of monitoring my portfolio to harvest profits and watch for weak developer positions, and looking for new setups…… I am working on a better “approach” but it seems to me that such might be a great presentation for you. What do you think? cheers
Ooh, hope they record your Thurs ‘ownership’ session Triff. Great topic, I’m sure there’ll be lots of discussion, bummed out I can’t be there.
Jerry, how about a big whiteboard with a dynamic trade log and space for ideas etc…. I like something I can see and change quickly in hardcopy.
Currently long AUSUSD on H4 triple bottom, moving nicely.
Ha Aby, you have some very cogent points! but I am long the one I hate….. grhh…. as well as GBPJPY. Possibly we band together to outwit the hated!!
Yaqui, haven’t traded the AUDUSD for long time. Hmm, since its come up above the 800 (1 Hr), looks more like a range to me… but it is bouncing nicely off .91760
Whiteboard would be great.
Yaqui, do you happen to live in China?? (Beijing and Shanghai – home to me for some years.)
Aussie looking good, locked in 20+ looking for a move to 9260+ area. It’s starting to retrace / taking a breather now but that’s expected after a 50 odd pip run. I’m feeling good about this one.
Wow, cool Jerry. I’m not quite in China – only similar in terms of timezone. ;p
I’m trading and enjoying the tennis from Downunder, west coast of Australia. Not a bad timezone for FX if I do say so myself.
Yaqui, we’re not far away….. I am in Chiang Mai. just 12 hours opposite NY EST
Haha, Chiang Mai, very nice indeed. Would love to do some rock climbing in Thailand amongst other things…
Great timezone too, I’m just 1 hour ahead of you.
Stopped out with good profit on my Aussie trade, and now I’m right back in after yet another bounce around the 9170ish area.