Yesterday I commented I like the Aud/Jpy when the price was near 101.30. Right now it is at 102.36, do I still like it? Not as much frankly. We have slowed just outside of the past 3 day highs which also match up to our Fibonacci retrament levels. If I am going to be comfortable with a position I want to get in closer to a bounce or support or after we break above this short term level with a bounce above the level.
I wouldn't be surprised if we blast right through and make the previous trade very profitable but I certainly not looking to add a position here. Not yet anyway.
Now if we can get that upward mobility, 105 is certainly not out of reach and possibly back to the 107 level
as we discussed a couple of days ago. Potential bounce levels? 102, 101.40, 102.70
I wouldn't be surprised if we blast right through and make the previous trade very profitable but I certainly not looking to add a position here. Not yet anyway.
4 comments:
I'm also at least a wee bit nervous about trading any of the JPY pairs the last few days given the very long lower shadows -- JPY strength over night then weakening when the US equity market kicks in (goes up).
(And, hopefully, now Blake will allow me to comment in other venues!)
Nice to hear your comments, BillA. Now we just have to get some more people to comment. I'll share my trades and I don't mind at all being told that I did something wrong - that is the way I am learning.
I did go short USD/CAD - profitable right now; also long USD/JPY as my system told me to enter, marginally profitable. With the volatility in the market, as BillA said, this could be a risky one. And... I did short the GBP/NZD - wow that one moves all over the place.
I am going to try and use my system to enter AUD/JPY, but it hasn't given me a signal yet.
I, too, went short the USD/CAD this afternoon, Margaret -- so far I'm only a few pips on the plus side. I looked very hard at the pair at about roll-over time on Tuesday but didn't like the set up (MACD, Stochastics, CCI were all "iffy" for my). Bottom line: I missed yesterday's action. Today it's moving down nicely from an area of (now) resistance I have in the 1.0550-1.0570 area. I'm also set up on this one for what could be a poor US jobs reports tomorrow (based on the poor ADP number).
(I should add it did take setting up a Google account to be able to post -- my Blog Log ID keeping being rejected as "anonymous.")
As I commented in the blog, now probably isn't a good time to add a new position to the Aud/Jpy and in my mind that is primarily due to the yen not to the aud. Usd/Cad looks strong . I plan on posting something on the cad and the gbp/nzd tonight or tomorrow. Welcome to the comments area of the blog Bill.
The Gbp/Nzd needs at least as much room to move as the Aud/Jpy if not more
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