I week Chart
I week Chart
Here’s where life gets interesting. USD/BRL is always top because it trades with a 5 handle. Current 5.4181.
USD/PLN. Normally trades with a 3 or 4 handle. Current 3.7241.
USD/RON and USD/MYR trade with a 3 or 4 handle. USD/RON current 4.0024
USD/MYR. Current 4.0505
USD/RON and USD/MYR currently are kissing cousins and ready for a crossover break out.
USD/PLN. Normally always assumes the middle position between USD/BRL and USD/RON and USD/MYR.
The lineup BRL 5 Vs PLN 3 or 4 V RON and MYR at 3 or 4.
Over the past month, BRL was the big winner trade as it bounced off USD/PLN. For PLN despite middle position mves extremely well and is usually 2nd to big winners but it competes with USD/RON.
USD/RON Vs USD/MYR. For MYR is the Malaysian Ringgit and a dead mover currency pair while USD/RON is the Romanian Leu and moves really well.
Both exchange rates are practically the same and trade with 3.0 handle. The trade for USD/RON is the measure against slow mover USD/MYR.
USD/RON on January 5th crossed above USD/MYR. For USD/MYR traded 3.9953 and USD/RON at 3.9574 or ab average of 189 pips.
This means 1.9763 becomes the crossover point. USD/RON today traded highs at 4.0015 or + 225 pips.
USD/MYR remained dead.
A laugh. See FXstreet headlines today. MUFG bank saysCurrent account deficit will underpin the Ringgit. The Ringgit has been underpinned for centuries as a dead issue to trade.
Here’s longs and shorts for USD/RON from January 4 to 10
EUR/JPY 127.00 ‘s Vs USD/CAD 1.2700’s. Showdown and both USD/CAD and EUR/JPY become overnight Winners.
USD/CAD opened the week at 1.2684 and EUR/JPY at 127.03. Kissing cousins at this stage but we also know from long term targets USD/CAD is supported at 1.2584 and as posted yesterday, EUR/JPY was overbought and heading lower.
The week began with a separation of 19 pips or a 9 pip average. This means 1.2693 and 126.93 represents the crossover point. Bad number for 9 because its an uneven and means 1/2 is 4.5. Pips matter as does entry and targets.
So far USD/CAD traded +72 pips above 1.2693 to 1.2765. EUR/JPY traded to 126.76 lows or 17 pips. Both trades profited 89 pips. Understandng is 1/2 the battle.
How about charts. Very slow and non responsive to the crossover. Charts won’t ever assist in trading. Traders will always be late to entries and god only knows in regards to targets. By the time most enter trades, we entered long before and are already in profits.
The best chart to reflect an early warning to EUR/JPY and USD/CAD is below from January 6 to 10 or a 4 day chart. EUR/JPY was at a top and USD/CAD at bottoms. The actual crossover will reflect today at 10 am EST with the ECB. Too late
January 7 to 10