Came to the office an hour later this morning. Deliberately slept till 7am, so that i could get my 7 hours in, and also refrained from alcohol last night, even though I was at a cocktail bar with live Jazz!
Small changes in the FX matrix rankings. USD, JPY, NZD and AUD have all gone up or down by 1 point. Thus the main camps are still the same. Looking to buy GBP, EUR and CHF. Looking to sell the weak ones – USD, JPY, AUD or CAD.
Some UK news at 9.30, and some US data at 3pm today. Last day of the trading week – heading into the weekend. Also CAD data at 1.30pm.
NZDUSD continues to be the only pair with a S1/S2 setup that contains two currencies from two different camps. The other S1/S2 setups are all weakness/weakness combinations – which I will not trade against each other from a STAM perspective. I did actually look through the seven weak/weak pairs that were in S1/S2 setups – all of them looked rather messy. 8.40am gone.
S3 setups now – took 15min to look through all the FX charts. Took short S3 on NZDJPY. Separate post to follow. 9am.
Indices & Gold – There is no STAM setup. No clear S3 setups at this point, but see my qualification below!
I realise I now have an issue with the Stochastics indicator. I have changed the settings to 5,3,3 to allow it to be more responsive for the S3 setups. However on the D and W timeframes I might want to stick with the 9,5,5 setup. I will need to look at that this morning.
9.45am – onto work with the trading strategy documents. See you back for the 11am candles.