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It’s the weekend eve once again. The sacred karaoke disco ball has landed in the Forexflow trading room .
Only a ripple of lower deck data today in the European session. Nothing to rock the trading boat.
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Buy EURUSD SL 1.1349 TP 1.1465
sold guppy as said in the room.
still short GBP AUD and also short CAD YEN
Good morning all,
-Short EURJPY( 128.32), it’s going well but I will need to monitor risk carefully as both EURUSD and USDJPY are on supports. If 127.50 caps it tonight, stop will come down for the first time, in the meantime I have a partial tp at 126.83 to bank some pips. If stock markets enter armageddon mode, I’ll add for 124.85.
-Short tiny USDCNH, another leg waiting 6.9890. Playing the 7.00 (hopefully brick) wall.
Antipodeans got a beating overnight under the weight of commodities and Yuan. AUDUSD 0.7040/50 broke and is already a resistance now.
USDCAD through the 1.3110/20 resistance which now acts as a support, 1.3180/00 the resistance(target?) on the day.
EUR tries to make up its mind in this 1.13 50/80 area but it feels like it’s going to take some good news to defy the laws of gravity and prevent a slide towards 1.1300.
Cable sitting on a very good support 1.2785-1.2805 which is holding for now. Brexit shenanigans could cause a break but if only for that reason , I’d say we’ve done enough selling in this round. Now it’s up to the USD side of the pair to show what the next step will be. Back above 1.2840/45 could see some run for the exit imo.
Not having a USD positon right now. US GDP will decide upon that one. It’s going to be either long USD vs EUR, AUD, NZD or CAD or short USD vs JPY or GBP .
It’s Friday, could be a black one so trade safely, happy hunting and karaoke on!
Good morning traders
Updates;
GBPUSD longs – Bailed these yesterday. My reasoning for the trade is that I still believe there’s a Brexit deal coming. However, that’s a waiting game and there’s currently nothing to pin to a clock to wait for. The price moves were taking me out my comfort zone so the further it dropped, the further it would have to return just to get me to BE. In that scenario, I’m not happy to potentially sit and watch myself go offside without knowing when a turning point would be in Brexit. So, I took it on the chin and ditched it. Fortunately, it was a big loss in a pips sense but not in a monetary sense as I was only scaling in in small slices, as I tend to do when I’m building a longer-term position. I also kept it small purely because Brexit is such a big mover.
All that being said, I couldn’t resist scalping the 1.28 level and i’m long at 05. Some habits die hard eh?
USDCNH short – Still running and the market is gearing itself up for a big battle at 7.00. The PBOC/China have indicated that they would be looking to defend 7.00, and they are not a central bank you want to pick a fight with. Can it break? Of course it can, so again, I’m not going big with the scaling but I’m happy to be part of the game.
Aside from that, the decks are clear of anything else. I’m watching this 0.7040 level in AUDUSD. The strong support we saw there previously stepped up to 0.7050, so when that broke, 0.7040 went quite easily and showed where the stops were. It’s already resistance and so holding below there could bring further downside. I’m looking at maybe shorting there with a very tight stop just above 50.
USDCAD is off with the fairies. No idea what it’s doing but I’ll watch 1.3200/20 as somewhere to look for a short to play the recent ranges.
Friday is beer pips day so I wish you good trading.