Oct 7 – Market Analysis

Personal reflections

Attended Traders Forum on Saturday – was a great way to meet other serious/active traders and to add to my trading knowledge.  Got a bullocking from my trading coach regarding my working day on Tuesday of last week.

Market Analysis

The equity markets are retracing a little.

FX Markets Analysis

There is no change in the strength/weakness camps.  The AUD has gained a couple of points to move to 6.  NZD has gained two points to 12, and GBP has dropped two points to 10.

The Yen pairs – the weekly momentum on the Yen pairs has changed from bullish to bearish for all pairs except for AUDJPY and NZDJPY.  Both are considered as potential candidates for trading, because NZD is very strong, and AUD is strengthening.  All other Yen pairs are no longer in S1 environments.  AUDJPY has some retracement, waiting for bullish PA on 4H chart.   NZDJPY also waiting for bullish price action.  There is some NZD news at 10pm.

USD pairs with strength/weakness combinations – EURUSD (no strong retracement, trading too close to recent highs), USDCHF (no decent retracement, questionable corn-trade setup on 4H chart) and NZDUSD (no real retracement, price has been rallying very slowly for last two weeks, and there is no logical target) are still in S1 environments

CAD pairs – several of the CAD pairs are in S1 environments and have strength/weakness combinations– EURCAD (no good setup), NZDCAD (trading sideways, lots of indecision), CADCHF (no setup), GBPCAD (good 300 pip retracement, looks ok, look for 4H corn-trade setup on Tuesday morning – lots of bullish bars on the 4H chart)

AUDNZD (S1B) – should I still consider this one, given that the Australian dollar seems to be strengthening?  Starting to consolidate and trading sideways.

S2 setups

USDJPY and CADJPY are now in S2S environments.  Weak/Weak, therefore ignore.

AUDCAD (no recent retracement) and AUDUSD (no retracement) – S2B – strengthening/weak

Thus all in all, no orders to enter into the market.

Next action

Check for 4H corn-trade setup on GBPCAD.  Look again at AUDJPY, NZDJPY

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