LONDON OPEN - Roundup

Yesterday was a quiet and somewhat choppy day, with no good trading opportunities, although EURUSD did fall in line with last week's trend.

Overnight JPY has strengthened a little. However the action on the JPY pairs looks choppy and focus has shifted to the USD.

It seems likely that the best trade to watch for will be EURUSD short.

LONDON OPEN - Roundup

A fairly quiet Tokyo session with a slightly strengthening JPY and weakening USD, counter to this week's expected trend.

Yesterday there were two opportunities, an EURJPY short which did not set up quite right for an entry in the MTFM strategy, but also a EURUSD long Ponshada Pins entry which did:

The EURUSD long has already given a maximum reward of 50 pips for a risk of about 45 pips and is still open. As it is strongly counter-trend I entered late and took conservative profits.

WEEKLY OPEN - Roundup

The most interesting thing that happened last week is that the USD printed weekly engulfing reversal bars against EUR, GBP, AUD and JPY. This is a signal showing that further strengthening of the USD is likely now.
The risk currencies also strengthened against the JPY.

Right at the moment it looks like a typical quiet Monday, counter trend movements at the moment. No obvious opportunities for trades.

LONDON OPEN - Roundup

The JPY has weakened, as has the USD generally to a lesser extent, with the risk currencies strengthening, especially the AUD.

There is little news due today so it may be a quiet day.

All the JPY pairs produced long engulfings on the 4 hour charts overnight, they are currently trading a little slow and over-extended, but there may be opportunities t long these pairs later after pullbacks or breakouts.

The potential AUDUSD short that I mentioned yesterday has not triggered yet, about an hour ago the price got to 2 pips of the zone and fell back. If it gets up there later (0.9260 to 0.9312) this will be a good place to look for shorts.

LONDON CLOSE - Roundup

Unfortunately from about an hour or so after London open, the forex markets were actually fairly quiet. The dominance of the JPY in the market over recent months has put those of us who trade the London session at a bit of a disadvantage, as it is often around half way through the Tokyo session that the best JPY pair set-ups occur. By the time London opens at 8am London time it can be a bit late to get the best of any move. My EURJPY long this morning was an illustration of that as there was a better trade a little while before London opened.

Today for most of the London session there was a counter-trend drift, but there were no additional moves of any great significance.

I will wait for midnight GMT before making a final call, but we are currently positioned for a Demand Return trade tomorrow, short on AUDUSD between 0.9312 and 0.9260. Trades can be taken from midnight GMT tonight until close tomorrow. Of course, trading very close to Friday's close can be risky as brokers usually do not guarantee stops that are hit over the weekend.

LONDON OPEN - Roundup

Good morning. The story today is simple and good. The news last night has markedly strengthened the USD and weakened the JPY against more or less everything. The biggest mover is USDJPY which is driving the market.

The strongest risk currency against JPY is EUR. I took a quick long a short while ago, there have already been 2 long 4 hour bar engufing set ups this morning. I missed the earlier engulfing bar (first blue shade) but caught the inside bar for some pips up to R2:

If you are not already in, hopefully there will be a pullback with more chances for entry later.

LONDON OPEN - Roundup

Good morning. There has been very little movement overnight and so far this morning. Today the market is probably not going to give much in the way of opportunities. Things should become clearer with the FOMC meeting tonight, after which we are probably set for some movement.

I still have my eye on AUD longs especially AUDUSD which if it breaks 0.9525 should be a good bet to move long nicely.