Watchlist Updates for Tuesday, August 3, 2010
Here’s what I’m watching today:
My favorite trade possibility is the big triangle on the CADJPY 4h chart. Large range 86.40 -81.75, Medium range: 85.25 – 82.25, Small range: 84.70 – 83
That EURUSD just keeps stretching and thinning out its range. Honestly I’m very surprised it kept climbing yesterday, especially in light of more evidence of a longer term Chinese slow down and a strengthening JPY. But…climb it does and it finally hit the Daily Retracement level at 1.3150. There’s no setup here yet, but I’m watching for a fresh consolidation to work off of.
NZDUSD 4h double top (potentially).
USDCAD hit the 200% extension level with a shadow yesterday and has given a small consolidation area 1.0260-1.02. I’m willing to go either direction on a breakout.
Those are my favorites right now. What are you watching/trading?
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 
I just went short the E/J on the 1h close below 113.65. PT 112.60, SL 114
Hullo, I haven’t posted any trades/charts for awhile (most of my trades have been shorter term), so here’s a longer term swing play on the 4 hour GBPNZD.
Yeah, I hear you, spreads may be a little crazy, and not all brokers may even have this pair, but RRR is rediculous at 1:8 plus positive swaps. Lots of convergence points to scale out on, and if it pushes higher towards 2.1800s I’ll happily scale in short again.
Cya all later, will post my comments on the Intuition thread as well.
http://screencast.com/t/MWMzOGY1ZDkt
Oopsie…
Entry – 2.1766
SL – 2.1815
possible PTs – 2.1615s, 2.1510s, 2.1375s, looking for final target 2.1280s.
Could take a while to play out, and I’m not much of a long term trader so may test my patience… But I promise to keep you updated, come what may. ;p
Ok, things just got a little crazy in the last hour or so…. just your average summer’s day in the wild wild west i guess.
Trade updates:
Scaled into my GBPNZD short above 2.1790s, and just scaled out of my 1st position for +185 just above 2.1600s. Next target just above 2.1500s. Psychologically, feel ok, no major whipsaws/retracement, yet. I know it can and does retrace hard, so it will be a challenge to hold on till final target. Plus, with an Average Daily Range of ~280 over the past month for this pair, I shouldn’t be too surprised to see it move this much in 5 hours. Stops are at B/E, but I’ll cautiously trail them – I did see the spread blow out to +50 on major news though (normally 8-14).
Stopped out of the CADJPY triangle breakout, but short again on a harmonic pattern. Average entry 84.60s, PT 83.87, SL 85s. RRR > 1:2