Sorry about the absence of Blogs this week. It has been a fun week for me bouncing from Channel 2 to Channel 1 to Channel 4 back to 2 then 1 and finishing the day with the LightWave Beta Support Chat on Channel 4, but it has left little time for anything else. Things return to a little more normalcy next week, and I will be back with T Charts and Support & Resistance.
Blake will be back with ALERTS and Lindsay will knock it out of the park for our Night Owls.
HAPPY NEW YEAR!
Strong USD:
Short GBP/USD 1.5900
Short EUR/USD
1.4260*
Short AUD/USD .8760*
Short NZD/USD
.7000***
Long USD/JPY 91.80
Long USD/CHF
1.0500
Weak USD:
Short USD/CAD 1.0550*
Short*
USD/JPY 91.00
USD News – No US News this morning, 08:30 Retail Sales from Canada, NZD and AUD news late afternoon and evening.
STRONG
Short GBP/USD 1.6090
Short EUR/USD 1.4260
Long USD/CHF 1.0480
Long USD/CAD 1.0630-R
Long USD/JPY 91.00****
Short AUD/USD 88.00*
Short NZD/USD 70.50*
WEAK
Resist EUR/USD 1.4400-R
Support USD/CHF 1.0385-S
Short USD/CAD 1.0570
Short USD/JPY 90.25*
The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.
Over my six years of trading the Forex market, have come to realize that a lot of my trading losses come during “Holiday Trading.” I define these as weeks with at least one major US holiday in it. Examples include, but are not limited to, New Year’s Day, President’s Day, Easter break (week before Easter), Memorial Day, 4th of July, Labor Day, Thanksgiving, and Christmas. For some reason, just never seem to be consistent during the week of these major holidays. There have certainly been some big moves during these times. Just not in the correct direction for me.
So, how do I manage my perceived extra risk? Typically, if a potential trade comes my way, I may choose to still trade it, but I decisively reduce the number of Lots I am trading. That way, if it does go against me, the loss will be relatively small, thus reducing my overall risk!
Mark Schumacher
USD News - 08:30 Weekly Unemployment Claims, 10:00 Philly Fed Manufacturing Index.
Big Moves have already happened overnight, so caution is advised.
STRONG
Short GBP/USD 1.6000
Short EUR/USD 1.4180
Long USD/CAD 1.0780
WEAK
EUR/USD 1.4400 - R
The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.
USD News – 08:30 ET Consumer Price Index, 14:15 ET FOMC Statements and Fed Fund Rate (Interest). The USD Weaker overnight with stronger equity markets.
STRONG
Short EUR/USD 1.4480**
Long USD/CHF 1.0430
Long USD/CAD 1.0670
Short AUD/USD .8950*
Short NZD/USD .7150
WEAK
Long GBP/USD 1.6375*
Long* EUR/USD 1.4620
Short USD/CAD 1.0550
Long NZD/USD .7230
The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.
USD News – Producer Price, TIC Net Long Term Foreign Investments
STRONG
Short GBP/USD 1.6190 1.6160
Short EUR/USD 1.4480*
Long USD/CHF 1.0452
Long USD/CAD 1.0670*
Short NZD/USD .7200***
Short AUD/USD .9000***
WEAK
Long NZD/USD .7330
Long AUD/USD .9130
The values in the T-chart data represent the next levels of significant support or resistance with trade opportunities to these levels, or breakouts beyond these levels. The use of Astrid denotes key sustained support or resistance levels, or counter trend opportunities in the market.
