Daily Report Wednesday 24th June 2009

News days are either very good for breakout traders such as myself, or very bad. This was the latter. Not too much damage, though: it felt a lot worse than it was. The SNB showed that they really, really don't want EUR/CHF to get below 1.50, leading to some insane volatility.

Gold:


USD/JPY:


EUR/USD:


USD/CAD:

Daily Report Tuesday 23rd June 2009

Dollar made a great start to the week - but as so often happens in the world of trading, the early bird gets the worm (Monday), but the second mouse gets the cheese (Tuesday). Don't know what happens on Wednesday. Probably, both bird and mouse will get eaten by the cat. It's FOMC day, so I do expect whipsaws. Small positions (which can be added to later), wide stops, both eyes on the screen are called for. I find a cold beer helps.

Stocks have looked weak early on in the week, and two closes for the S&P500 below the 200 DMA is rather bearish for stocks - but still the dollar manages to be red for the week.

Two years into this financial crisis, and the dollar is lower against 3 of the 4 majors now than it was at the beginning. Clearly stock traders are cleverer than FX traders.

FOMC tomorrow will probably lead to dollar-centric price action, so I am out of the GBP/JPY short which was triggered yesterday and today. EUR/JPY has an intriguing pattern on it though...

Currently long EUR/USD, short USD/JPY, and may go long Gold and short USD/CAD. I wouldn't touch GBP/USD with a barge pole - it's just silly. No plans to go long the dollar against anything just yet.

Here are my charts:-
Dollar Index:


EUR/USD:


USD/JPY:


USD/CAD:


Gold:


GBP/JPY:


EUR/JPY:

Weekly Report Friday 19th June 2009

Funny kind of a week, reasonably profitable, but had the feeling of a 'phony war', before the traditional summer directional volatility picks up in the next few weeks. I am positioned short the dollar, because that's what my charts say. Some of these charts offer good inflection points though, so if you are dollar bullish for some bizarre fundamentalist reason, then my stop points (particularly on GBP/USD, Gold, AUD/USD) could be useful entry points for you. USD/JPY is also worth watching. It's like a coiled spring.

Here are the charts, see you on Monday:-

Dollar Index:-


USD/JPY:-


EUR/USD:-


GBP/USD:-


USD/CAD:-


AUD/USD:-


GBP/JPY:-

Daily Report Thursday 18th June 2009

Another choppy day. At least today had an excuse, what with it being OPEX. S&P 500 continues to hold above the 200 DMA. The Swiss National Bank showed that they really don't want the EUR/CHF to go under 1.50. Not much else to report, so this will be short and sweet. More detailed charts over the weekend.

USD/JPY -still short:


Gold - still long:


USD/CAD - now short:

Daily Report Wednesday 17th June 2009

Summary: S&P 500 retesting it's 200 DMA, and some FX/metals markets offering interesting patterns that will hopefully play off of this.

Open positions: Long Gold and short USD/JPY (although this is approaching an important inflection point).

Possible set-ups for tomorrow: Short USD/CAD, long Silver, long AUD/USD. This would be a very dollar bearish set of positions, so looking to reduce the exposure by only trading small.

Here are the charts of stuff I am watching:

Gold:


USD/JPY:


Silver:


GBP/USD:


USD/CAD:


AUD/USD:

Daily Report Tuesday 16th June 2009

This week has so far seen more of the recent choppy action; so I am continuing to mostly look at the daily charts for inspiration. I am short USD/JPY after the last weekly 'hanging man' candle broke downwards, looking to get long GBP/USD and long Gold (which is a currency for some!), if they can break above today's highs. The other daily charts are a mess, the EUR/USD chart being a good example.

The AUD/USD hourly chart is maybe worth keeping an eye out - if it's testing the bottom of a triangle, then a reversal pattern on a lower timeframe (1 hour, 5 minute) might be good for a few hundred pips, with a tight stop.

USD/JPY:


GBP/USD:


Gold:


EUR/USD (a mess):


AUD/USD (hourly, worth keeping an eye out for a bullish reversal pattern sometime this week):

Weekly Report Friday 12th June 2009

Some weekly charts of dollar crosses to chew over the weekend. Mixed bag, mostly dollar bearish, but something for everyone (on some time frame and some level of risk appetite).

Dollar Index:


EUR/USD:


USD/JPY:


USD/CHF:


GBP/USD:


AUD/USD: