Well, here we are again - a new week with some new trading opportunities.
The first one that I can see straight off the bat is some major resistance on the USDCAD on the 4 hour chart and all the charts below that, 1h, 30 min, 15 m, 5m and 1 m. The only chart that does not have this resistance is the daily chart. In fact I have taken a sell position in this already - it is not part of this system, so it will not go to the results, but there is a really solid resistance line that it should be a gimme.... although we all know there is no such thing!
As for the other pairs, there is a potential trade on the EURUSD... although I have not taken it. It is not a brilliant set up - ie, it was overbought to long ago to believe that it even fits into the system - it is touch and go at best, so I am leaving this trade. If you wanted ot take a position, it would be a sell, but if it were taken, t'were best be taken quickly and brought to Breakeven point very quickly to lock in profits and limit the losses that could well come from it - it is quickly moving to oversold, so you can probably expect a bounce back.
The issue we have at the moment is the ongoing crisis in Greece that is having a major impact on most of the markets. Greece still does not truly know what it is doing, and from going from a place of security, the PM called a referendum and caused chos through out the Euro zone. No one truly knows how this will play out, so apart from the EURCHF, the waters are very choppy at the moment and hence why there has been no trades recenely - that is not to say that things will not pick up, but certainly I do not want to get into anything until I know which way the trend is blowing.
As always, I will be updating any trades as they become apparant, but expect nothing in the next couple of days (certainly on this strategy, as it will not be producing anything for the time being that I can see...)
Happy trading!
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