Nothing worse than digging yourself in a hole. The good news is you can avoid doing it.
I recently did some hiking with some friends in the Grand Canyon. The experience reminded me of the parallel between life and trading. More specifically, how we can dig ourselves in some pretty deep holes. The good news is we can avoid digging those holes that get us into so much trouble. Find out about it in this video. If you like it please hit thumbs up. Also be sure to subscribe to our YouTube page.
Trends below the 100 bar MA on the 5-minute chart. Moves below a floor area
Apart from a single little look above the 100 bar MA, the EURUSD has stayed below the 100 bar MA on the 5- minute chart (blue line in the chart above) in trading today. That is bearish.
Seller next target is to get below 1.3173
The GBPUSD has been moving to the downside over the last few hours of trading and the last push has been able to break below the 200 hour MA at 1.31962, a trend line at 1.3193 and the 50% of the move up from the October 6th low Stay below is bearish (close risk for shorts intraday).
The USD is a bit higher. October 17, 2017
As NA traders enter for the day, the NZD is the strongest while the GBP is the weakest. BOE's Ramsden and Tenreyro gave more cautious responses in their testimony and Carney did not hint of a November change. As a result, the GBP is the biggest mover of all the currencies.
Netflix rises after close on strong earnings
The major stock indices are ending the session with gains and also closed at record levels.
Netflix earnings after the close beat expectations and is trading up 1.86% in after hours trading at 206.45.
USDJPY trades at session high. GBPUSD at session lows
The dollar is picking up some upward speed in the last few minutes of trading. Headlines that Pres. Trump was impressed with John Taylor for Fed chair has the market thinking a more hawkish slant at the Fed.
Some of the run up remains
There is another report from CNN saying N. Korea has rejected diplomacy for now.
So the USDJPY has rotated back lower. Some of the run up remains though. The pair remains above the NY/London session highs (red line).
Moved back away from the 200 day MA
The USDJPY is getting a pop on the N.Korean news and is trading above 112.00. The 100 hour MA looms ahead at 112.158. Since October 6th, when the pair moved below the MA line, there has only been one bar that closed above (on a spike higher on October 10th). That break was short lived. Last week, the MA was sniffed but not broken.
AUD/USD slides lower
The Australian dollar should be getting a lift today from surging copper prices but it's a quarter-cent lower on the day.
That erases most of the gains from Friday, when a disappointing CPI report send the US dollar lower, boosting AUD/USD in turn.
The high last week was a good one...
The EURUSD last week stalled at 1.1879. Recall that the swing low from June 2010 came in at 1.1876 (see weekly chart below). That level was not broken until Jan 2015. Traders tend to remember key swing levels. That is one level to remember going forward.