Market’s have gone to sleep
EURUSD & GBPUSD look glued, and whatever was going on in yen pairs looks over. FX in general is looking pretty directionless right now and there’s not much taking my fancy. Maybe US stocks opening up will wake things up but we look like we’re in wait mode for the NFP wages tomorrow. We have some services data coming up from Markit and the ISM so we might get something there.
One trade I’m looking at is a possible short in USDCAD just playing the 1.29/1.28 ranging we’ve been seeing. Got a bit to do but I’m thinking of shorts into 1.2890/95, maybe 85 if it looks toppy there.
I think the issue today is that a lot of pairs are in the middle of things and by that I mean we’re sitting in between wider highs and lows and trying to find trades in this middle instead of waiting for the edges and perhaps better and more solid entries. That can happen after a few days of choppy or big moves. When that does happens, I find it best to pull back and pick my battles and where I think the better levels are, much like I see in USDCAD right now. It requires a switch to a more paitient mode but if that’s what it takes, that’s what I’ll do.
And just to bring you up to speed., I moved my USDJPY stop to 109.20 and was still stopped out. Them’s the breaks.