Aug 6 – Market Analysis

Equity markets are holding. Gold is retracing a little bit. Oil is holding.

On completion of today’s matrix – I see EUR and CHF as strength and AUD and JPY as weakness.  GBP and USD are neutral but closer to weakness than to strength.

Pairs with S1/S2 setups and strength/weakness combinations

  • EURAUD – a retracement has now formed thanks to the RBA rate announcement.  Watch for bullish PA
  • EURJPY – bullish PA on 4H chart?  Well it looked like there was, but price has just pulled back over the last 45 minutes.  Would I have seriously considered putting in an order if the 4H chart still looked bullish?  Notice that the chart made a lower high on D chart (just like CHFJPY).  The D chart currently looks like a pin bar, but that candle is only 1/3rd of the way to completion, so I cannot base any decision on this bar for now.  Reconsider things later in the day/evening.
  • GBPCHF – open position – price moved down to 4200 overnight but then bounced back.  When entering the order for the trade last night, I had failed to see that the momentum was looking like it was going to change from bearish to bullish (but it was bearish at the end of last week).
  • AUDCHF – now I feel very lucky that my short order was missed by a magnitude of 1.8 pips.  The pair rallied on the RBA announcement, and is now trading very near to where my stop would have been.  Price is now consolidating a little.  No bearish price action for now.
  • EURGBP – Still waiting for bullish PA
  • CHFJPY – Still waiting for bullish PA


Action plan

Check again tonight (if possible and available) on EURJPY, CHFJPY, EURAUD and AUDCHF.


This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.