Focusing on my CAD positions- will see about pyramiding at Crude Inventories. Until then- peace.
Crazy moves usually happen last day of the month, plus there is a BOJ Press conference, Draghi speaking, CAD GDP & BOC Gov speaking, USD consumer confidence and Kiwi employment stuff.
I’m just going to stay in my CAD positions and let this blow over. If this is triggered so be it:
I want to think Draghi will bring some bullishness to Euro but I’m no fundamental trader. Just what a couple of EUR charts look like to me:
We’ll see how this goes
SMT Divergence (AU EU GU and UJ SR is now here- it works best when the market is symmetrical and what better place to determine that then on the terminal that is already an eagle-eye view of USD…)
GBP is extended, JPY is divergent- so here’s GBPJPY
Sold CADCHF during London Close, expecting one last liquidity probe.
Have a buy limit near on EURCAD, expecting to get tagged in on the last liquidity probe.
CHF Libor Rate and SNB monetary policy assessment are coming up before London Open and the Eurogroup meeting throughout the day will most likely affect these positions.
USDCAD is still divergent. USDJPY is now less severe.
USDCAD – prefer blue scenario
AUDUSD – prefer blue scenario
GBPUSD – prefer pink scenario
USDCAD and USDJPY are diverging, let’s peek at their charts, shall we:
Majors (Higher TF and from a different MT4 Terminal than usual- this is just what I’m looking for on a medium-term basis- not quite macro but larger-scale than the typical intra-day):
GBP is a subject I have neglected to touch on
As posted in the pattern sweep there were convergent patterns across the board on most GBP pairs, but GA is the only I got a good entry on. This is one of the first times a position of mine has actually been helped by a politican opening their mouth (can’t say the same about yesterdays AUDUSD and USDCAD). Will be looking to compound.
SMT Divergence (now at the bottom)
These aren’t favorable conditions for me and I haven’t really felt in sync with the market yet, so I’m just going to trade levels intraday until Friday blows over then see what PA develops.
One lesson that has gotten away from me but has been applicable for recent conditions is to “save your ammo” for later in the trading day. Lately I’ve been blowing my wad at open at less-than-favorable levels only to see the good stuff that I completely didn’t expect to get reached end up getting reached (and respected) later in the day after some data was released or some chump said something. Just putting that out there.