Daily Observations: March 11, 2013
- Short EURUSD from 1.3035, Stop at 1.3035, Target 1 at 1.2965 HIT, Target 2 at 1.2890
Typical Time Frame: 1-day to 1-week
Recently Closed Positions:
- Closed Long USDCAD (1/2) from 1.0285 at 1.0315 for +30-pips, Exited (1/2) at 1.0285 for net +15-pips.
- Pending Long USDJPY from 94.85/95.10, Stop at 94.50, Target 1 at 96.50/60, Taget 2 at 97.70/80
- Short AUDUSD on 1H 8-/21-EMA crossover (4H and daily have bearish 8-/21-EMA crossovers offering full time frame continuity)
- Short GBPUSD on 1H 8-/21-EMA crossover (4H and daily have bearish 8-/21-EMA crossovers offering full time frame continuity)
- Short EURUSD on 1H 8-/21-EMA crossover (4H and daily have bearish 8-/21-EMA crossovers offering full time frame continuity)
With volatility picking up and data certaintly trending in favor of a fundamentally stronger US Dollar, my momentum systems are in 'green light means go' mode, with full time frame continuity prevalent across many USD-based pairs. At the moment, only a Short EURUSD trade is active and reported (although the systems went short AUDUSD and GBPUSD last week, I didn't update the log in real time, so I'm not going to attempt to take credit retroactively).
The Long USDCAD position taken during the Bank of Canada Rate Decision webinar on Wednesday was stopped out on Friday after the very strong (and underappreciated) Canadian labor market report, although I will look for the next 1H/4H alignment to get long. My favorite trade remains Short GBPUSD, as I am actively selling any bounce I can get my hands on.
I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 07:15 EST / 12:15 GMT, in which I delve deeper into my positions and thought processes behind my analyses.
--- Written by Christopher Vecchio, Currency Analyst
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