Dave Floyd
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Dave Floyd said:
Modest follow through on this Trade Idea (see chart above) thus far. The 79.00 level may provide some support, but based on the current technical backdrop I would expect it push through
24-Hour FX Targets
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Modest follow through on this Trade Idea (see chart above) thus far. The 79.00 level may provide some support, but based on the current technical backdrop I would expect it push through
Dave Floyd
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Dave Floyd
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Dave Floyd
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Dave Floyd said:
We have tightened our stop-loss to 1.5625 and will look to close the trade at 1.5660...
Dave Floyd
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Dave Floyd
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Trade Idea
Possible short set-up....see chart below
FYI: I have received a few emails asking why there have been so few 24-Hour Target Trades in the last few weeks. The answer is simply market conditions - we have not had much luck with short-term trades (duration od less than 24-hours) in dollar based pairs so far this year. Choppy trading conditions have allowed for the stop-losses to be easily hit.
Since early 2006 (2nd week maybe?) we have focused more on longer-term trades, several days in duration, and relied more heavily on the FX crosses, especially the NZD crosses. This has served us well.
Possible short set-up....see chart below
FYI: I have received a few emails asking why there have been so few 24-Hour Target Trades in the last few weeks. The answer is simply market conditions - we have not had much luck with short-term trades (duration od less than 24-hours) in dollar based pairs so far this year. Choppy trading conditions have allowed for the stop-losses to be easily hit.
Since early 2006 (2nd week maybe?) we have focused more on longer-term trades, several days in duration, and relied more heavily on the FX crosses, especially the NZD crosses. This has served us well.
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Dave Floyd said:
This trade was closed on Monday at 1.5660 for roughly a 50-pip gain - see previous postings for entry info
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Wednesday's Targets & Technical Levels
Wednesday's targets & technical levels....
We are still cautious about making projected calls 24-hours out under current market conditions. The fields in blue are more of a guideline versus an absolute value.
I will have another posting here later today.
Dave
Wednesday's targets & technical levels....
We are still cautious about making projected calls 24-hours out under current market conditions. The fields in blue are more of a guideline versus an absolute value.
I will have another posting here later today.
Dave
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Dave Floyd
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Dave Floyd
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Dave Floyd
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- 184
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- 2
Dave Floyd
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Dave Floyd
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Dave Floyd
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FX Update
While it may be a bit premature, it does appear that the markets are beginning to get a bit more fluid for the 24-Hour Target Trades (see Monday & Wednesday's postings). As you will have noted, I have not been posting too many in the last several weeks due to choppy and volatile trading conditions. This week however, that has changed. The follow through on these trades this week has been encouraging.
I will continue to be selective and keep you updated.
Dave
While it may be a bit premature, it does appear that the markets are beginning to get a bit more fluid for the 24-Hour Target Trades (see Monday & Wednesday's postings). As you will have noted, I have not been posting too many in the last several weeks due to choppy and volatile trading conditions. This week however, that has changed. The follow through on these trades this week has been encouraging.
I will continue to be selective and keep you updated.
Dave
Dave Floyd
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Dave Floyd
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Wednesday's Targets & Levels
As you will see from the technical levels and 'Current Bias' below, the FX markets appear to be digesting yesterday's sharp sell-off in the dollar. We note that NZD/USD and USD/NOK may trade a bit higher, but other than that, prices as of now appear set to continue sideways.
Dave
As you will see from the technical levels and 'Current Bias' below, the FX markets appear to be digesting yesterday's sharp sell-off in the dollar. We note that NZD/USD and USD/NOK may trade a bit higher, but other than that, prices as of now appear set to continue sideways.
Dave
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AUD & NZD Divergence
Very odd performance on both AUD/USD & NZD/USD this AM. Typically, these 2 pairs trade inversely with the dollar index (DXC) - i.e. DXC declines, these pairs rally.
Today that is not the case. Not quite sure as to the reasons, although I suspect it has something to do with the fact that the US, Australia and New Zealand have very large current account deficits. Given that the FX market is beginning to eye this as a potential problem (risk aversion) this may account for the disconnect this morning.
The chart below shows a pink line representing the dollar index (DXC) with the prices of AUD/USD in candles. Note the notations on the chart. You will see a similar illustration if you pull up a chart on NZD/USD.
Very odd performance on both AUD/USD & NZD/USD this AM. Typically, these 2 pairs trade inversely with the dollar index (DXC) - i.e. DXC declines, these pairs rally.
Today that is not the case. Not quite sure as to the reasons, although I suspect it has something to do with the fact that the US, Australia and New Zealand have very large current account deficits. Given that the FX market is beginning to eye this as a potential problem (risk aversion) this may account for the disconnect this morning.
The chart below shows a pink line representing the dollar index (DXC) with the prices of AUD/USD in candles. Note the notations on the chart. You will see a similar illustration if you pull up a chart on NZD/USD.
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Dave Floyd
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Pre-Asian FX Trading Comments
Dollar Index (DXC): Based on a simple overview of the charts, one can easily see a move towards 90.00 before any serious technical resistance comes into play, although 89.80 will act as resistance as well. The more likely scenario as the Asian session is set to kick off is a modest pullback in DXC towards 89.50-60 before a leg higher.
The comments below are designed with the short-term trader in mind (less than 24-hours in duration)
EUR/USD: a bounce back towards 1.2110 should be expected before a re-test back towards 1.2075 and perhaps 1.2065
USD/JPY: look for 116.90-117.05 as a good support zone on this minor pull-back. Look for 117.45 over the next 12 hours or so
GBP/USD: pullbacks into 1.7490-1.7500 should allow for good short entries for a move back towards 1.7455 and possibly 1.7440
USD/CHF: no real conviction either way here. Intra-day charts showing mixed signals. Defer to a push higher, but would not trade it.
Dave
Dollar Index (DXC): Based on a simple overview of the charts, one can easily see a move towards 90.00 before any serious technical resistance comes into play, although 89.80 will act as resistance as well. The more likely scenario as the Asian session is set to kick off is a modest pullback in DXC towards 89.50-60 before a leg higher.
The comments below are designed with the short-term trader in mind (less than 24-hours in duration)
EUR/USD: a bounce back towards 1.2110 should be expected before a re-test back towards 1.2075 and perhaps 1.2065
USD/JPY: look for 116.90-117.05 as a good support zone on this minor pull-back. Look for 117.45 over the next 12 hours or so
GBP/USD: pullbacks into 1.7490-1.7500 should allow for good short entries for a move back towards 1.7455 and possibly 1.7440
USD/CHF: no real conviction either way here. Intra-day charts showing mixed signals. Defer to a push higher, but would not trade it.
Dave
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Thursday's Comments & Technical Levels
While the dollar appears to be finishing off the recent push higher from the lows earlier this week, it appears there is not too much more room on the upside, however, this is still unclear. As noted earlier this week, DXC has not even breached a 50% retracement of the push lower from the March 10 high - March 17 low - this indicates little upside potential.
Dave
While the dollar appears to be finishing off the recent push higher from the lows earlier this week, it appears there is not too much more room on the upside, however, this is still unclear. As noted earlier this week, DXC has not even breached a 50% retracement of the push lower from the March 10 high - March 17 low - this indicates little upside potential.
Dave
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