Pipcrawler's Pick

[PipCrawler]

USD/CAD has made several attempts to break the 1.1250 price level on the hourly chart but it looks like a “no go” as we’re seeing a move down in the p. Now it may find resistance at the 200 sma that’s why I’m looking to short with a strong break below it. Tomorrow morning we have economic reports coming out of lace w:st="on">Canadalace> including Retail sales Leading indicators but forecast numbers are lower than previous – we may see the p move back up on loonie weakness. If we see a surprise to the upside in economic indicators we could see a strong move downward. Here’s a trade idea for that circumstance:
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Short USD/CAD at 1.1115 stop at 1.1140 pt1 at 1.1100 pt2 at 1.1050
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Good luck good trading!

[PipCrawler]

For those of you who have been watching NZD/USD you’ve seen a considerable drop in this p now that it’s broken the previous daily low of 0.6141 we should see a further decline.
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Today’s new home sales report was a surprise of 1.23 million new homes in which the market was expecting a decline. If tomorrow’s report is strong it will validate the upcoming interest rate hikes expected by the market we should see a further drop in this p. If we see a solid break of the 0.6000 level it may be bad news for the lace w:st="on">New Zeallace> dollar. Here’s a trade idea if this scenario unfolds:
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Short NZD/USD 0.6010 stop at 0.6040 pt1 at 0.5980 pt2 0.5950
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P.S. – Don’t forget to check out Big Pippin’s Pipcrawler’s new signal blogs!

[PipCrawler]

Without any significant economic reports tomorrow I had to look for a purely technical play. Because of the lack of reports I expect low volatility range trading but I think I’ve found a nice play in EUR/JPY. We’ve been watching the euro rising again I think with a correction we can jump into this p’s up movement at a nice price. Also the 145.50 level was a previous resistance point on the daily chart but the p broke that this past week. Hopefully it will act as a support now so I will place my stop below that level. Here’s a long trade idea:
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Long EUR/JPY 145.70 stop at 145.40 pt1 at 145.90 pt2 146.50
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Good luck good trading!

[PipCrawler]

Last trade +72 pips





Tomorrow is a big day as traders have been anticipating the FOMC rate decision for what seems like forever now. We’ve seen much debate in the media ( economists market pundits traders etc.) quite frankly it’s still up in the on what will happen tomorrow. Market consensus is calling for an almost guaranteed 25 bps hike tomorrow which should already be priced into the market but the thing to pay attention to is the Fed statement. Are they going to continue their hawkish tone or will they hint at a pause or possibly stop the rate hikes all together? Again who knows? That’s why the markets are quiet traders are on the sidelines waiting for the Fed to speak. All we can do now is prepare a trade expect the unexpected that’s what we’re going to do – trade the unexpected.
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I will look for a long trade in GBP/USD if we see rates raise by 25 bps or less the Fed comes out with a dovish tone on future changes to monetary policy.
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I will look for a short trade in GBP/USD if we see rates raise by more than 25 bps the Fed stays hawkish or hints at further rate hikes.
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Long GBP/USD at 1.8300 stop at 1.8280 pt1 at 1.8330 pt2 at 1.8350
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Short GBP/USD at 1.8075 stop at 1.8100 pt1 at 1.8045 pt2 at 1.8025
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Depending on what happens during the European lace w:st="on">New Yorklace> trading sessions I may hold off until right before the interest rate statement is released before entering any orders. I suggest being very cautious tomorrow; we could see a lot of volatility whipsaws after the report. If you’re up for the week it may be a good idea to sit this one out.
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Good luck good trading!

[PipCrawler]

Tonight’s pick is on GBP/USD. As you can see the chart we saw extreme dollar weakness after the dovish comments the Fed but failure to break the 1.8500 level. So now we see a move to the short side but will it continue?? Where to here?
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Well we have the Industrial Manufacturing reports coming out of the lace w:st="on">UKlace> at 4:30 am EST the Bank of Engl rate decision at 7:00 am EST. The market is expecting better numbers than previous for the Industrial Manufacturing reports but no change in the interest rate statement. So where does that leave us? We may see a quick move to the upside but I will be looking for a short in this p because without a rate hike in the lace w:st="on">UKlace> I see the US dollar gaining ground on Cable. Here are a couple of short ideas:
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Short GBP/USD at 1.8285 stop at 1.8325 pt1 at 1.8250 pt2 at 1.8200
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Short GBP/USD at 1.8425 stop at 1.8460 pt1 at 1.8395 pt2 at 1.8355
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Please be cautious during the morning lace w:st="on">USlace> economic report releases at 8:30 am EST 10:00 am EST.
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Good luck good trading!

[PipCrawler]

We’ve seen the Yen gain against many different currencies as traders anticipate that the Bank of Japan will finally raise interest rates 0% to .25%. It seems that this is being priced into USD/JPY as we speak but will the trend continue right up to the BoJ statement? Who knows? But what I can see in this p is that the recent strength in the US dollar may fade as it hits the 38% fib line seems to resume its downtrend on the hourly chart. Let’s see if we catch a new leg of this move…
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Short USDJPY at 113.90 stop at 114.30 pt1 at 113.50 pt2 at 113.20
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Good luck good trading!

[PipCrawler]

We’ve seen a strong rise in the US dollar recently mostly due to the crisis in the lace w:st="on">Middle Eastlace> as traders rush to the greenback for safety. Now as we look at the 1 hour chart on USD/CHF it seems the US dollar has stalled in its rise indicating it may be short term overbought. This is backed up by the stochastic indicator at the bottom currently in the overbought territory. I will be looking for a short term move to the downside as traders lighten up their positions to take profit. Before entering this trade please be aware of US economic reports starting with Produce Price Index at 8:30 am EST the TIC report at 9:00 pm EST. You may want to adjust positions to lock in any profit during that time period.
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Short USD/CHF at 1.2455 stop at 1.2490 pt1 at 1.2435 pt2 at 1.2405
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Good luck good trading!

[PipCrawler]

It’s been a wild ride for the US dollar recently – first it goes up then the next minute it’s dropping like a rock! Can the market please make up its collective mind?! Hehe Well for tonight’s pick we’re going to take a look at USD/CHF. This p has been has been on a wild ride now it’s making its way back down. It has hit the trendline drawn on the hourly chart found some resistance there. Will it hold shoot back up or will it continue to drop break the trendline? Htly it’s hard to tell. Tomorrow we have US durable goods forecasting better than previous numbers the US new home sales forecasting slightly worse than previous numbers. We could see a mixed market some range trading if the numbers come out as forecasted. If both reports come out with worse than expected numbers it should fuel continued weakness in the US dollar. Because the p is trending upwards I will look for a long trade but we should also have a short trade idea ready in case of weak reports for the lace w:st="on">USlace> economy. Here’s a couple of ideas.
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Long USD/CHF at 1.2435 stop at 1.2410 pt1 at 1.2450 pt2 at 1.2490
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Short USD/CHF at 1.2385 stop at 1.2410 pt1 at 1.2355 pt2 at 1.2315
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Good luck good trading!