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Tuesday, December 16, 2014

Tuesday Review

So I am going to start reviewing the market again today and setting up some orders for potential trades. I am going to start with the AUD pairs: AUD/CAD, AUD/CAD, and AUD/USD. If you remember, on Sunday, I didn't place orders for any of these pairs because the technical indicators were just not lining up properly. For Tuesday, I set up a buy order for the AUD/USD at .81394, this is a split different between S2 and my lower Bollinger Band (see my post from Sunday about split differences). I also set up dream orders for the AUD/CAD and AUD/CAD. Dream orders are orders that would take a miracle to actual hit. I set a limit sell on the upper Bollinger Bands for these two and have a T/P of 3 pips. These are super small movements, but with a large unit order, it would be like gaining 15 pips on a regular trade. However, these orders will almost never go through, that would be a 431 and 700 pip movement respectively in order for those orders to translate to a trade.

CAD/CHF... I am staying out of this one. It is currently outside of it's Bollinger Bands, which is a signal to STAY AWAY.

The EUR/GBP has some strong technical indicator overlay. I set up a limit buy and sell order for this pair. My buy is at .78085 (142 pips away) and my sell is at .79899 (53 pips away). Both of these orders are placed because the S2 and R2 line up perfectly with he lower and upper Bollinger Bands respectively.

EUR/USD is one of the most popular pairs in the world. It has been pretty volatile as of late, but I am placing a limit buy order at 1/21983 (307 pips away), which is a split difference order between my lower Bollinger Band and S2.

EUR/CAD I will be staying away from. It is outside of it's Bollinger Bands at the moment, which again, is a STAY AWAY sign... RED FLAG!

GBP/AUD is at the top of it's upper Bollinger Band, but the pivot points are way outside of the bands, so I am staying out.

GBP/CHF is looking good. I set up a limit buy order with a split different of S2 and lower band at 1.49977 (129 pips away) and a limit sell at the split different of R2 and upper band at 1.54928 (392 pips), which is a slight dream order. However, the reason I am comfortable with this limit sell is because R2 is still within the Bollinger Bands and S2 is the slightest hair below the lower band. I think this pair could give me a nice profit if it picks up. Especially with the news out of England today.

So... GBP/USD... WOW! It seems to have finally stabilized after 3 weeks now of staying steady after a 6 month decline. My lower Bollinger Band lines up PERFECTLY with S2, so I set a limit buy at 1.54563 (270 pips away).

NZD/CAD and USD/CAD are out of their Bollinger Bands, so I am staying out.

NZD/USD is a weird one the past few weeks. The bands are finally narrowing out, but the pivot points are still so far apart due to extreme volatility. I am going to set a limit sell only where my R2 and upper band line up. The S2 mark is too far below the lower band... actually S1 lines up perfectly, but I trade the level 2 markers. Limit sell at .80135.

USD/CHF... I traded this earlier in the week and made a nice profit and it only took 2 hours for me to make that profit. The R2 is a decent amount above the upper band. R1 is closer to it (despite being below it) than R2 is, so I am going to stay out of the pair. Maybe next week.

Lastly, the USD/JPY, what a ride this pair has been. I used to love this pair for being relatively stable. But, ever since late July/early August, this pair has been on a wild run. The last two weeks it has been come down though. If I would have held a trade from 3 weeks ago instead of selling for my loss, I would had been profitable again... but hey, hindsight is 20/20. I am placing a limit sell at 121.840. This would mean the pair would have to go back to it's 2014 high for this to pick up... 477 pip movement... needless to say, that won't be happening... but maybe haha.

Don't forget to get your Young Buffett gear.

#YoungBuffett Out.


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