Trade Stream Continues in AUD pairs. CHFJPY Added to the Mix.

Cory Mitchell, CMT

SGDJPY and/or CADJPY shorts remain in play and are well into the profit. The stop loss can be moved to better than breakeven.

AUDNZD was closed out prior to the interest rate announcement yesterday. As discussed, I don't like to hold through those announcements. 

AUDCAD moved toward the target, got fairly close then reversed. When the price is well onside, moving the stop loss to better than breakeven is prudent. Small profit on that one. 

These traders were all discussed yesterday.

New Trades to Watch

AUDNZD has moved right back into the resistance area. It moved slightly above the prior high but then quickly stalled.

The price is consolidating near 1.0770. Watch for a downside breakout of that. Hourly or 15-minute chart.

*Triggered on the 15-minute while writing.

This pair is choppy I'll need to see the ensuing sell off push below 1.0740 and then make a lower swing high to indicate the price is actually making downward progress. Waiting for this would also be an acceptable short entry. 

If we don't get that. This may end up being a short-term trade if the price stalls at or above 1.0750 and then rallies back up. 

Stop loss goes above the consolidation and a target down near 1.0665 provides a 5:1 to 8.5:1 reward:risk depending on the entry used. 

AUDCAD had a similar trade. It broke above the prior high, stalled, and then quickly dropped. This occurred in the resistance zone, so those are valid short trades despite the recent choppiness. I didn't get to that one in time. The AUDNZD and AUDCAD are highly correlated so the drop in AUDCAD helped confirm a drop may be coming in AUDNZD. We shall see if that drop continues.

CHFJPY hit the top of a descending channel yesterday, but didn't slow down for an entry and then quickly dropped. I am stalking this one for a short entry as the price could be heading back toward the bottom fo the channel. I will be watching the 15-minute for the price action to indicate its time to get short. 

Here's more on trading patterns, price structures, and profit targets: 

By Cory Mitchell, CMT @corymitc

Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.

Assume I have positions, all the time, in many pairs.

Trades are based on strategies and are not meant to be predictions. The number of trades won varies between 30% and 60% based on the strategy. My objective is to make money based on solid reward:risk ratios, not try to predict every move of the market.


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