Daily Dynamic - First thing to be aware of today is that it is the last day of the first half of 2007. End of Q2. The big boys may need to make adjustments, cover positions, intiate positions, leverage, de-leverage....you get the idea. Just be careful and aware, but don't change your trading plan. I have my eye on US long bonds as well as 10 year treasuries and they are up this morning, meaning that yields are down and it will be tough for the dollar to strengthen if this persists. USD data due out at 12:30 GMT includes Personal Income and Spending for May and the PCE for May which may swing some views on the inflation and the Fed. Then at 13:45 GMT we have Chicago PMI and at 14:00 GMT we have Construction Spending and the University of Michigan Confidence for June. CAD has GDP data at 12:30. So the thing to keep in mind is there is lots of data all through the US session, coupled with the end of Q2 and throw in some option expiries and you have a lot of volatility potential.
NOTE: Remember to plan your risk threshold on all trades and have a plan for the trades that are incorrect. Especially today.
GBPJPY - In a shorting zone. Look to enter short on a push through 247.23. Play a bounce or target 245.14.
EURJPY - In a shorting zone. This pair has pushed through Zone +2 as of this post by almost 30 ticks. Look to set shorts but you will need to move back below 166.24. If this is not comfortable for your risk, wait to see if we move back below 166.24 and then set your shorts. I would want to see a daily close above Zone +2 before setting longs but that is just me.
USDJPY - No change here. If you are still long, stay long to 123.65. New longs can be set or reset on a move down to 122.76.
EURUSD - You should have booked 85 points in profit on this long trade. Did you take it? I hope so. Look to set shorts on a push through 3508, target 3421. A strong move through 3508 and I would watch for the close before setting longs above this level.
GBPUSD - This trade is in progress in the "Live Trading Examples" section. You can review it there.
Good luck today. I will try to post any alerts or changes as they develop so check back often.
NOTE: Remember to plan your risk threshold on all trades and have a plan for the trades that are incorrect. Especially today.
GBPJPY - In a shorting zone. Look to enter short on a push through 247.23. Play a bounce or target 245.14.
EURJPY - In a shorting zone. This pair has pushed through Zone +2 as of this post by almost 30 ticks. Look to set shorts but you will need to move back below 166.24. If this is not comfortable for your risk, wait to see if we move back below 166.24 and then set your shorts. I would want to see a daily close above Zone +2 before setting longs but that is just me.
USDJPY - No change here. If you are still long, stay long to 123.65. New longs can be set or reset on a move down to 122.76.
EURUSD - You should have booked 85 points in profit on this long trade. Did you take it? I hope so. Look to set shorts on a push through 3508, target 3421. A strong move through 3508 and I would watch for the close before setting longs above this level.
GBPUSD - This trade is in progress in the "Live Trading Examples" section. You can review it there.
Good luck today. I will try to post any alerts or changes as they develop so check back often.