Since hump day is quiet both in my office and on the charts, I’m taking a day of acumen. I am going back over the last week’s trades, and looking ahead to the weekend.
First off I took a chance on the EU going for a Long wild ride above 1.3591, mainly because I thought I saw a double bottom on the daily chart, and she was inching upwards last night. She made a good effort, but never quite got there, which I’ll add was somewhat fortunate for me because after a tick to 1.3583 it was all downhill again back below 1.3566, 1.3557, which seems to be a the high range for the Euro the last couple of days. Having said that, I still believe in that DB therefore I will keep a pending on her at least for 50 pips. We’ll see.
My happy news was the nice green pipeline on the Au last night. I had set a buy @ 0.8817 and took profit@ 0.8859. Simply put I was counting on those double dojis above the MA as a reversal indicator. Although it doesn’t seem to be a magic wand for a bullish rally it was a pleasant surprise. Thank you AU.
UJ bores me so far this week but I feel like something is brewing when I look at all the indecision on the daily charts. I’ll keep a pulse on it but unless something really strikes me I think I will stay neutral.
I love the GU’s ego, although (I got out too early with just a few pips) that gap on the 30-minute chart makes me think she’s going to make another run for it, but as they say hubris comes before the fall or something of that sort. So I feel a little undecided whether to sell yet. So much for the charts I’m off to see what the big talking heads have in mind for the economic calendar and some much needed playtime! Happy hump day all!