Kim just tweeted “Just getting to  the charts… what a mess!”.  Indeed it is.  It’s ranges all over the place, and volatility causing different currency pairs to move into and out of the lead.

I’ve added a new indicator – the Advanced Currency Meter (MQL5 Marketplace – free) that gives the relative rankings of the 8 major currency pairs. I’m trying to use it as confirmation of a trade indicated by the PATI criteria.  But I sort of let myself get suckered in early this morning and took an off-the-reservation trade on EURCAD, based on the fact that EUR was the strongest currency in the meter, and CAD was the weakest. The thing is, like all indicators, the Advanced Currency Meter shows what WAS, not what’s going to be.  And the EUR’s strength fell, and the CAD’s rose, resulting in the trade being stopped out.

Currently, I’ve just entered a short RBO trade on NZDUSD.

Starting the morning up 21 on the week, down <163> on the month.  I’d like to take a healthy chunk out of that monthly loss.

At the close of the second candle after entry, NZDUSD was well inside the range, and I punched out for <8.0>.  Now flat and down<20.1>.

Took and RBO entry short on USDCAD.  It closed the entry candle barely outside the range, so the trade is still alive. However, 3 minutes into the next candle, it stopped out for <10.0>.  So I’m now down <30.1>, and it’s not looking like an auspicious start to the day.

Continuing the volatility, CAD has gone rail to rail – after breaking out on the downside and pulling back, it has now moved all the way up to the upside and broken out. And, typical of this morning with no follow thru, it pulled back and stopped out for <10.0>.  Now flat and down <40.1>.

And that’s the ball game, folks.  Well past London close, no trades developing, and no signs that today’s market stagnation is going to change in the next few hours.  I’m following Kim’s lead and booking the <40> pip loss.