LONDON CLOSE - Roundup

Today's story was USD and JPY both strengthening almost equally against AUD and EUR, and to a lesser extent, GBP.

This was a little surprising as price action until London open this morning suggested that USD would continue to weaken.

As for trades taken with my strategies this week that would still be open:

1. MTFM trades long EURUSD and GBPUSD (approx 80 pips) are still in profit if open. The weekly charts are suggesting next week will have some long bias but might well be choppy. If your risk/reward profile calls for it, you might want to consider taking more profit now.

2. Today's Demand Return trades from just before the London close are still open and slightly in profit. In my opinion it would be risky to leave them open over the weekend this close to their stops. The GBP looks better than the EUR.

The weekly bars are almost all closing in their middles, suggesting a ranging and possible choppy week ahead with best trades probably being fades of the weekly highs and lows.
The exception is AUDUSD which is currently showing more downside.
This could change before NY close tonight of course but the market looks quiet now.

DEMAND RETURN Trades: EURUSD & GBPUSD Long

The earlier EURUSD long trade was stopped out.

However the zone has not been breached. GBPUSD also just entered its zone.

The last 15 minute bars were engulfing longs on both EURUSD and GBPUSD.

GBPUSD:

EURUSD:

I did not take these trades myself as I do not like to trade this close to the London close on a Friday.

DEMAND RETURN SET-UP: EURUSD Long Part 2

I entered on the long break of the inside bar off the demand zone.
The pin bar on the 200 EMA (white line) against the trade made me nervous.
Finally the large bearish engulfing bar off 1.30 and the 20 EMA (blue line) in the direction of the daily trend convinced me to exit for a small loss.

The original stop still has not been hit so if you are in this trade you could still hold on. In fact as I speak it is bouncing back strongly.

Demand Return Set-Up: EURUSD Long

Price retraced back to 1.2977, its possible now to look for longs on the 15 minute chart.
The down move was fairly sharp so you could wait for an entry at a higher price after a bounce.

LONDON OPEN - Roundup

Not much happened overnight.

There are long Demand Return set-ups on EURUSD and GBPUSD with EURUSD looking the more bullish.
Price needs to retrace to Wednesday's highs: 1.2977 for EURUSD and 1.5145 for GBPUSD.

Watch and wait for other developments.

LONDON CLOSE - Roundup

A little early for a roundup, but the picture is clear by now.

As I forecast this morning, it was indeed a good day to go long against the USD, especially with EURUSD and GBPUSD.

JPY is slightly stronger but EUR is strongest of all.

This will be great news if you are still long EURUSD and/or GBPUSD from yesterday's MTFM trade with an entry at about 1.2893 on EURUSD and 1.5097 on GBPUSD. At the time of writing you would be up about 150 pips on EURUSD and 110 on GBPUSD.

The strong bullish moves in EURUSD and GBUSD will probably also give good opportunities for Demand Return trades tomorrow.

MTFM EURUSD & GBPUSD Short 4 Hour Set-Ups

These have appeared, just at NY open.
Wait for a 15 minute candle for entry, below the low of the last 4 hours.
There is important economic news due from the USA in half an hour, so anything could happen to a trade open from then.

GBPUSD price action is better, but EURUSD bounced off last week's high, so take your pick (depending upon if a set-up comes or not).