A few charts and musings as we head into the new week of trading. My best wishes to all our friends here for a successful one.
EURGBP : I had a feeling that this one had overshot last week and placed my view on the live blog and in our room. I am out of my short ( late Friday trading ), yet still very much like the downside and aim to pick this one off ( short positions ) early this week. No idea how the market will open and how the new week will judge this pairing. I am confident in attempting to pick this one off on higher prices. The blue area will be my comfort zone for the short bias.
My chart from entry below posted on the live blog …..
USDCAD ; I’m holding short into the new week alongside a very lucrative EURCAD short positioning from Thursday of last week. I’ve often posted about the guys on this site quantifying and dissecting the news in a special way. Maybe I’m biased.-Get a load of this post from Ryan if you haven’t already ‘clicked on to it’ Trading is a lonely business sometimes ( most of the time, to be honest with ourselves ) , yet I get a great boost when others are able to covey my own thoughts and my reasons for liking a particular trade / bias into words and action ……………..Must give a shout to Luke, Chef and Magic man who also had a pip fest last week on these in our trading room .
We could get a kick higher on this one ( judging by where we ended up on Friday ) – I’m only seeking to add to my short position from here. I included the Ichimoku cloud in the chart above. – This will be my cut off / stop loss / rethink area for my short from here If price were to breach the red horizontal line ( top of cloud ) on the above chart .
Chart from the live blog on Friday. The grey area highlighted my suspicion that price had overshot at the time of writing ( fake upside break ) …..