General Market Outlook - September 28th, 2014
Unlike last week, I actually had an hour everyday to watch the markets this week; which worked out for the best because it put me into scalper mode instead of swing trader mode.
In what little time I had to trade, I noticed the scalper range on USD/JPY and just set my orders accordingly. Granted, I didn't catch the whole range but 60 pips x 3 = +180 pips is pretty good for a few hours of "work".
Not being in swing trader mode saved me from taking losing positions on AUD/USD and EUR/USD. All of my levels of interest were wiped out, which gives me a chance of getting in at even better prices now.
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AUD/USD (Bullish): With price sitting on the blue trend line right now, I'm interested in loading some longs at market open today.
> Stop loss depends on your risk tolerance, the widest stop you should set is under 0.866X (100+ pips)
EUR/USD (Bullish): My previous level of 1.275X was merely support. I noticed the 1.265X level acted as support and resistance at one point in time. So I'm interested in loading up some longs as we get closer to 1.265X.
> Risk tolerance shouldn't really be a factor on this trade because the most you should risk is 50 pips (1.260X)
GBP/USD: No comment
USD/CAD: Broke the upper trend line, looks like it's heading towards the 1.127X level
USD/JPY (Bearish): As mentioned above, I was scalping 60 pips each time this bounced within the range this week.
> With price sitting at the monthly downward trend line, I'm still bearish on this pair, so I'm interested in loading some shorts at market open today.
> Stop loss depends on your risk tolerance, the widest stop you should set is 110.5X (130+ pips)
XAG/USD (Bearish): Might get a retrace back up to 18.8X but should keep dropping after that.
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Note: Refer to last week's General Market Outlook if something doesn't make sense.
Risk Disclaimer: My analysis is provided solely as an educational tool. Should you decide to trade based on my analysis, do so at your own risk. I am not liable for any loss that you may incur. Do not trade with money you cannot afford to lose.
Trade Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.
In what little time I had to trade, I noticed the scalper range on USD/JPY and just set my orders accordingly. Granted, I didn't catch the whole range but 60 pips x 3 = +180 pips is pretty good for a few hours of "work".
Not being in swing trader mode saved me from taking losing positions on AUD/USD and EUR/USD. All of my levels of interest were wiped out, which gives me a chance of getting in at even better prices now.
-------------------------------------------------
AUD/USD (Bullish): With price sitting on the blue trend line right now, I'm interested in loading some longs at market open today.
> Stop loss depends on your risk tolerance, the widest stop you should set is under 0.866X (100+ pips)
EUR/USD (Bullish): My previous level of 1.275X was merely support. I noticed the 1.265X level acted as support and resistance at one point in time. So I'm interested in loading up some longs as we get closer to 1.265X.
> Risk tolerance shouldn't really be a factor on this trade because the most you should risk is 50 pips (1.260X)
GBP/USD: No comment
USD/CAD: Broke the upper trend line, looks like it's heading towards the 1.127X level
USD/JPY (Bearish): As mentioned above, I was scalping 60 pips each time this bounced within the range this week.
> With price sitting at the monthly downward trend line, I'm still bearish on this pair, so I'm interested in loading some shorts at market open today.
> Stop loss depends on your risk tolerance, the widest stop you should set is 110.5X (130+ pips)
XAG/USD (Bearish): Might get a retrace back up to 18.8X but should keep dropping after that.
-------------------------------------------------
Note: Refer to last week's General Market Outlook if something doesn't make sense.
Risk Disclaimer: My analysis is provided solely as an educational tool. Should you decide to trade based on my analysis, do so at your own risk. I am not liable for any loss that you may incur. Do not trade with money you cannot afford to lose.
Trade Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.
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