Hello traders. A rare no trade day for the Pipsters. We are carrying our USDCAD trails from last week, and were busy managing those.
Category: Daily Setups
For those of you who have been following this site and its progress over the last month, there is one level that has demanded more attention than any, and that is the 82.72 figure in USDJPY. Again we are below it, and again it looks like we may be able to finally break this challenging 81-84 area.
So, we have been parabolic in the EURUSD for a bit, and are well aware that if we get above that 3786 area the wheels may officially come right off this roller coaster. For now we’re looking to consider responses as we get healthy retracements into the 3400s. Of course support becomes resistance when broken, and resistance becomes support when broken. Don’t feel you need to race into trades. Breakouts challenge even the pros. Wait for your entry.
Our look at Cable shows us the areas of contention for the overall market. The blue areas are where bids or offers have come in, and we trade in this range until, well, we don’t. Keep your hats on cowboys, because Cable is one hell of a ride as of late. Keep that in mind if you make the venture.