Something I'm currently playing Here's a combo of the sources/info I use to initiate my positions in the market. And a nice momentum step at a key level (o/n high + yesterday's high) with lots of space to move still. Let's see how it plays out. Initial target is the 102.00/20 area.
Just to get the bearish EUR perspective into play DAX and BUND didnt move even the slightest post bad IFO data... that really shows you that market sentiment is very USD bullish, and USD index is near a breakout point... but next week we will have the NFP so USD bullish sentiment should proceed and I can already see that we will have a number that bids USD and stocks and sells off treasuries and then PUFF, stocks will drop, bonds get bid as per usual NFP gap fill and USD sold. But being long $ into friday would be a good idea.
What bank reports do you use? I get LLoyds report each morning and thats all. Are there any better ones? Yes that information is indeed useful, LLoyds said this morning that USD should rally bcs of anticipations of good NFP next week. And that thing about retail is true.
It makes sense, for this trade, to pull my stop up below the recent intraday swing low. Durable goods was better than expected but the market isn't really reacting well. We've already covered the day's average range so if I get stopped out at par, it will only have cost me time.
Do you see whats happening in USDCAD? The relentless stop hunt AUDUSD 0.94 USDCHF 0.9050 USDCAD 1.0810 Are next on line Seems like algos running the show on no volume.
Uhm...i don't really see stop hunting per se...it's a legit CAD move...CAD being sold across the board on the back of the budget balance and who knows what else. The stops that were in the way helped fuel the rise, sure, but it's a legit move in the context of a rotation (on the major, UsdCad) higher off 1.0630s. Buy stops have been duly tripped through 1.0800 sending us as high as 1.0820 so far, presently 1.0815. 200 dma looms at 1.0830. Talk of more buy stops through there.