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Thursday, 17 December 2009

Early morning

Found myself being awake earlier than usual this morning. Couldn't sleep for some reason. Think it was one of those instances where my head was awake before my body, and running at a million miles per hour.

So while I'm awake, I thought I'd open up the charts and have a look what happened over night. The first thing that I noticed is my open swingers closed out for a combined small pip profit. The next thing I notice is that there is a bit of retracement going on on the charts this morning.

Starting with potential swing trades

GBPUSD Price has now retraced back down to the weekly open level, creating an ideal bar. Need to wait for the current live 4hr bar to close at 11am GMT before any further action can be taken.

EURUSD After yesterdays retracement, direction now back short in line with weekly direction. However, at the time of writing >65% weekly ATR done. Need to wait for some retracement for trade potential.

EURJPY Only positive for trade potential so far. Weekly direction was long. Ideal bar created overnight and price switched to short direction. Now waiting for the current live 4hr bar to close short at 11am GMT to place a pending short order. Plenty of potential still left on weekly ATR.

GBPJPY Price direction still long, but some retracement from last night and the overnight session meaning the earliest I could look to enter a trade, assuming the current 4hr bar closes bearish at 11am, is 3pm.

SCALPERS

EURJPY Daily ATR done. Looking for some retracements to bring some potential back to the day.

EURUSD Same as EURJPY.

GBPJPY Price retracing. Nothing to do till at least 3pm.

GBPUSD Price retraced back down to weekly open. Noting to do yet.

So that's a brief run down of how I see the day today. Definately a slow morning predicted. Next thing to do is wait till 11am GMT.

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