Today is and another laser beam is focused on a likely 50 pip move. What is the significance of this day? This day is meaningless and the time spent in the trading rooms will be wasted. At the same time, the opportunity exists to spend quality time on other projects and events.
This week’s trade recommendations for 20 currency pairs were long and short everywhere at the Sunday night open. I don’t recall such an opportunity as long and short anywhere on 20 currency pairs. But it was the opportunity that presented itself, and the moment did not fail us as usual.
As written over the past two weeks, the anchor pairs will default to us and focus on EUR crosses and GBP crosses, but GBP only for this week to ease oversold conditions. traded 108 pips this week. was the winner with a range of 371 pips followed by 306 and 249.
traded 50 pips. Correct to no future here and under performance. traded at 302 pips, 226, 167 and 134. at 84 pips it outperformed the dead GBP/USD at 50. GBP/USD is still trading further and wider than NZD/USD. A warning.
traded 139 pips and 134. Both are great pairs and should always remain the focus of weekly trading. NZD/USD is in trouble, but NZD has been living with the same old range issues since November and has been sitting at the bottom of the trading charts of 19 currency pairs. The RBNZ stimulus hasn’t helped the NZD one iota.
See USD/CAD as reported 1.2841 and 1.2863. The CAD traded at 1.2870. traded 177 pips to drive the JPY cross pairs higher. We cautioned GBP/JPY due to the position in GBP/USD, but it was actively traded. No pair ever moves into trading status despite its position.
at 129.00 multi-year highs. Short alone is the way. What is 130.00? I do not know. Only Jesus Christ knows that 130.00 does not exist. AUD written short AUD/USD and cross pairs. +88 pips, up 93 and down 30.
USD/JPY remains a problem. The long term target remains 113.00 and 112.00 on a short-only strategy. Now at 118. Each higher pip will result in + pips of profit on the downside. What is 118 USD/JPY? Another question for Jesus Christ because he does not exist.
On , as we wrote on Sunday, selling from the highs of 99.15 reached the lows of 98.61, targeting the lows written on Sunday, 98.56. Currency markets could remain biased in cross pairs for many weeks and present a fantastic opportunity for profit.
Ask this question on Fed Day. With 1000 and 1500 pips taken in effortlessly, is this day spent earning more pips or just sit back the week and wait for the easier trades the following week. Do we care what the Fed does and says? No, we don’t, especially for Powell, because politics is far more vital to him than economics.
