Follow-thru?
Coming to the charts early (6:00 CDT) this morning, because it looks like most everything is moving. It looks like there was some good follow-thru overnight. Let’s see if it continues into the NY pre-session and session.
I have pending orders in place on AUDUSD, USDCAD, CADJPY, AUDJPY, and EURJPY. EURUSD, USDJPY, and NZDUSD have broken out and I’m waiting for them to establish clear moves.
Pending orders for USDCAD and AUDUSD both hit, and are doing well. USDCAD has moved up enough to lock in BE+.
New trades entered on EURJPY (long) and AUDJPY (long), both on pullbacks to criteria.
I had criteria on NZDUSD, but I want to hold off and see how these trades play out and if we’re going to get follow through. AUDUSD is looking weak at the moment.
There was a burst there and I punched out of USDCAD for +41.6. The other trades also moved up, and I punched out of AUDUSD for +6.1, AUDJPY for +6.2, and EURJPY for +2.1 when they started pulling back. “Exit on a burst”.
Up +56 before the news. Do I stop here, or continue to play. I will play the news play CAUTIOUSLY: one trade.
Took one trade – GBPUSD long. It looked like it might me moving up, about 2+ pips, but then it turned down and stopped out for <10.5>. Currently up 45.5, and standing aside until at least market open. Maybe until oil news.
Okay, coming back after market open, it’s definitely a changed environment. I’ve set a bunch of pendings, but it feels like I’m chasing.
2nd RBO hit on AUDUSD (after a close back inside range.) The candle closed back within the range (just barely). I punched out for <2.8> So I’m now up 42.8.
I have a re-entry trade on the GBPUSD after the loss on the news, and a pullback trade on the GBPJPY. That makes me overweighted in GBP, which I don’t like, but, if it continues its upward move, that could be a very good thing.
Oil news coming in 5 minutes.
And a YL pending order on EURJPY just hit as well. Canceled all other pendings. Holding GBPUSD, GBPJPY, and EURJPY.
I don’t see a clear movement on the oil news, so I’m not taking a trade on it. Meanwhile, GBPJPY stopped out for <12.1>. Currently up 30.7, holding GBPUSD and EURJPY. Probably not going to take any other trades. Hang on to the profit I’ve got left.
All right, I changed my mind. Kim pointed out that the CAD’s were now moving inline with the previous move on the news. So, even if late, I can take an entry on the news candle without waiting for a pullback or range break. Short USDCAD.
EURJPY just stopped out. Now up 20.7, holding GBPUSD and USDCAD, with no pending orders. Left my stops and trail stops in place and went to mow the lawn. Came back and both trades had stopped out. Nothing I could have done about it. Decided to stop for the day, up +0.6 pips, but down -0.27% of the account (owing to different pairs in wins and losses. Big win was USDCAD, which only yields about $0.80/pip/lot, while losses on USD pairs cost $1.00/pip/lot, and Yen crosses cost about $0.90/pip/lot.