Today we get to here if the ECB will introduce Quantitive easing to stop deflation (negative interest rates). STROBOT sold EURGBP and EURUSD overnight.
If the ECB do go with QE we can expect the market to drop possibly as fast as when the CHF pairs went. We are set up ready in a good entry on the pairs with just a 30 pip stop. But STROBOT will go safe at 30 pips. Small risk, high rewards!.
I have made a brand new STROBOT Forex trading video you may enjoy!
NZDCHF had a fake cross and the new zealand dollar dropped through the floor and is now lying dead in the ground. It’s the blue line at the bottom of the SignalTrader Forex Trading System chart.
Anyway – AUDCAD looks really great and the robot has put a target of 1.02890 which makes sense to me but we have to break resistance @ 1.01945 but the trade will be safe by then (the stop moved inside the entry).
EUR GDP news @ 10 should be interesting, the markets are holding with bated breath to see if Draghi lowers the interest rate, if he doesn’t the markets may react badly because they think he should, if he does, the markets will react badly, however for the last two or three days the EUR has shown strength returning to fair strength at 50%.
SilverTrader is suggesting a USDJPY buy I have an order in 103.059 in target 103.665, stop 102.885
(DO NOT TAKE THIS TRADE I AM NOT RESPONSIBLE IF YOU DO)
Here’s the Hourly chart with the targets SilverTrader has drawn.
Now SilverTrader Confirms Congestion and you can see the diamond underneath the congestion box with the long tail.
Update US NEWS Rally and then drop back.
Ok – there was a small rally and then drop back, I had already moved my stop inside my open so I stopped out with 0.46$ profit. I have created a new order at 103.144 as I’ve decided i need it to move this sort of distance for the order.
I also have a sell USDCHF on which has just kicked in. I then closed this (with a teeny profit) because I think it’s a fake signal, I think the pair are actually going to move up due to FOMC – the FOMC thing is making the markets behave strangely. Holding my buy USDJPY but I don’t expect to see it go.
Update All Trades Closed before FOMC USDJPY though is showing BEARISH signals!
Could the Markets be hinting at what is to come in 30 minutes?
Good morning traders.
Ok EURUSD rallied yesterday despite good US data. DRAGHI speaking did not have much effect on the markets at all which is unusual. This may indicate pressure on the EURO.
There is a lot of GBP news today. Of special note the GDP estimate at 3pm. Note that the UK has had very good GDP for the last few reports and I would expect the estimate to reflect that. So I would expect some strength in GBP today to continue yesterday’s fight against the EUR.
I’m selling EURUSD at the moment only because I feel that this up will return to the bearish daily trend.
If you have any questions or comments please post them.