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Daily Observations: November 15, 2012

Daily Observations: November 15, 2012

2012-11-21 17:30:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Current Positions:

- Long EUR/CHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750

- Long USD/JPY from 80.65 (1/2), Stop at 80.75, Target 2 at 83.30

Time Frame: 1-day to 1-week

Recently Closed Positions:

- Closed Short AUD/USD from 1.0318 at 1.0395 for +72-pips

- Closed Long USD/JPY (1/2) from 80.65 at 81.75 for +110-pips

The aggregate effect of stronger US data and political posturing in Japan has boosted the USD/JPY through my first target 81.75, and it is well on its way to its second target at 83.30. I've moved up my Stop to breakeven at 80.65, but a break above 82.75 will prompt me to raise my Stop to 81.75, locking in another +110-pips.

I'm not that active typically during holiday weeks; I'll be more aggressive once liquidity returns on Monday.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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