For interested friends and followers. A more detailed Trade Plan approach. Actual trades and statements will post here, same as last month.
USD/CAD. This pair is Richter Scale overbought from vital support lines at 1.3123 and 1.3069. I’m short this morning from high 1.3380’s. A 25 pip stop was hit Friday and again the stop was hit this morning at 1.3400 because I couldn’t change the location fast enough. The target so far is 1.3224 to 1.3200. I will ride this trade to target and ride all week if I must. I see Friday US GDP coming in not so thrilling, so may assist USD/CAD lower. Why USD/USD? Its a terrific currency pair, has wide ranges at 66 daily pips, and is highly reliable.
EUR/CAD. I’m watching 1.4552 and 1.4565. My feeling here is short but current price is just below both resistance points.
EUR/GBP. I’m looking for higher 0.8950’s to 0.9000’s then short.
AUD/USD. Major supports at 0.7594 and 0.7592 should take AUD/USD higher from current 0.7602. Target is middle 0.7600’s. If supports break then short immediately.
GBP/JPY is a quick day trade, its not worth much more. Top of the channel is 127.51 and 128.71. But I’ve had many quick day trades in GBP/JPY and all valued from 30 to 50 pips.
GBP/USD. As well a quick day trade and nothing more but always valued at quick 30 to 50 pips. GBP/USD is oversold yet its middle range. Top points above: 1.2454, 1.2357, 1.2270 and 1.2244. If USD/CAD goes lower then GBP goes higher.
Gotta run, more pairs posted upon return. The goal on these trades is at least 50 pip trades, hopefully more with ? 20 ish pip stops.
Brian Twomey, Inside the Currency Market, btwomey.com