Good morning all.
Quite a different day here yesterday, getting to grips with the whole dollar strength thing, poaching a few off the Swissie, smashing the Kiwi and for those of you fortunate to be part of the video alerts, almost a couple of hundred on the Gold to round off a great day.
Today looks like a different story altogether for the dollar. There is a potential for a double bottom on yesterdays low at 80.51, but there seems to be more bias at this stage of the day, for it to fall through here and head back to the daily 20 or lower.
Dow fell aggressively early into the US session along with commodities and yet the Dollar didn’t really take advantage of the situation until falling back somewhat late on with the Wall St bounce.
I am liking the buck down a bit this morning yet all dollar related currencies are still set up for shorts, so we must be a little cautious until such time as the 60m 20 crosses the 50.
This can make a little run south with the Dollar.
4hr 1hr & 15m trends are all telling me to take a small short one here to the 4hr 50 at 11625 and and then to the weekly pivot at around the 11550 level
Stops would need to be 40 pips above the price around the 15m 50sma at 11660.
Again this is based on a weaker US dollar. If dollar weakness fails to materialise the leave this.
60m trend and 15m trend trying to push up against the longer term 4hr trend.
Always a little caution required but a chance that a break up through 0.7820 could see this to the 60m 50 somewhere up around the 0.7880 level.
Stop would ideally need to be situating itself just below the pivot.
We could even look for a 5m double top around the 60m 50 / 4hr 20 region at 07880 then go short with the main trend if USD finds support later.
Not massive pipers but a couple of small potentials playing the counter-trends.
Always use smaller stakes when playing against the 4hr trend.
Have a good morning
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