Monday, November 06, 2006

Monday ... Ugh!

Morning all, Hope you had a fine weekend.

Ok, first things first - coffee!

I bought some of these dowe egbert things this weekend and ive just had one to kick start my day - why am i telling you about this? because if you havent seen these things yet they make a fantastic coffee without a machine - check em out here

Right - trading then :)

I always feel that after a strong NFP move that the market is a bit like one of those snow globe things - just in turmoil and not knowing what to do. So generally on the monday following NFP I keep away from the dollar pairs and look for something that shows a little more stability in the chart.

So, looking around for my breakouts today ive spotted this first off

I was trading CADJPY on friday with another system and quite liked it - but this morning on the 30 min a nice channel seems to have formed and although i'm a bit 'anti-trading' today I couldnt resist this one.

0.2 lots then, 15 up and 15 down from 104.8 for the top break and 104.15 on the bottom break.

Second Trade spotted is a longer term one and will possibly take the rest of the week to break.

Ive spotted this on a one hour chart on GBPAUD - take a look.

orders set at the usual parameters for a hibreak or 2.4892 and a lobreak of 2.4579 - quite a gap there but i think you can see a proper range setup there.

The focus this week will be on the UK intrest rate decision - it is expected that the BOE will raise rates by .025% and that is already factored into the market - the fun will be if they decide not to or they decide to go for .05% - the latter of which is highly unlikely.

Industrial production is out at 09:30 GMT and that could cause some fun - I'll be runnng my breakout trader on GBPJPY for that one i think :) - will let you know the results later.

No comments: