Weekly recap

Let's quickly look at what happened last week. Monday was a holiday in the US, I didn't trade at all. On the other hand, Tuesday was pretty good, since it was the first US session after NFP so volumes and volatility were expected.

Now, G/J. NFP made G/J spike, then it completely reversed despite positive numbers - strong indication of a fishy nature of the move up.



Here's G/U. My personal opinion on this pair is that it is the most-manipulated instrument of all majors. One has to be very careful when attempting to scalp it, and closely monitor E/G as it has a great impact on G/U.



E/U was stuck in a range the whole week. First two trades would have been clearcut, the last one might have been been stopped out, depending on where your stop was.



U/CAD gave a major headaches this week. First, if you go back to my post from 8/25/2010, remember we were predicting U/CAD bouncing from the daily highs. Today the situation looks like this:



Had you held the trade until today (with a stop at BE of course), you would be looking at 350+ pips of profit (with a 20 pip risk). Quick look at hourly suggests a channel. The last two big moves down were during NFP and CAD employment figures, hence not tradeable on the short side.



E/G had nice bounces off the rising 4-hour trendline:



On the H1 chart, bounces happened too:



On daily charts, E/U, G/U, E/J and G/J have been consolidating for quite a while now. This suggests a big move might happen sooner or later so be ready. Also, I've heard talks of Japan planning on an intervention, so be careful with long yen positions. Take your profit quickly, don't let the market take it away from you (because it will)

-Tyler