What a choppy session indeed.

In review we identify two possible trades on the EURUSD. The second was more available to us once we settled in for the day.

Utilising the concept of playing a pattern’s Resistance Support we realise about 25pips.

After a bounce at multiple levels of support during London trading, the USD/CAD rose as oil futures dropped during the two hours prior to the open of today’s New York session. An entry at the 5 ema was standard from a technical perspective, but more aggressive only because of moderate event risk presented by the Canadian economic news due for release within the hour. An hour later, conservative traders who sought to avoid the event risk found their own entry at the 5 ema. Although the Loonie didn’t reach our primary target, it did produce a profit of between 15 and 40 pips [depending on the entry].

As the FX market awakened throughout the London session today, the Japanese Yen pairs offered anyone paying close enough attention an hour’s worth of clues as to an impending breakout to the upside. This along with sharply rising overnight markets in the Dow/Nasdaq/S&P Futures, as well as the Dax and Ftse, confirmed that there was a high probability of a nice upshot incoming. Using multiple time frames to identify the key area of resistance that had to be broken, using a combination of Bollinger Bands, Stochastic crosses, 5/8 ema/sma crosses, 21/55 ema’s to determine speed was picking up, we were able to virtually pinpoint the breakout point. Once the USD/JPY broke this region we traded a nice basket of yen pairs for over a 500 pip overall gain among the mix, and still climbing as this video is being uploaded (just move those stops and protect your profits!). Even focusing on just one pair would have netted 80-250 pips depending on the pair. Gotta love nights like this.

After a very choppy morning across the pairs, we see an opportunity rise for the EURUSD pair after it breaks resistance.
We outline a few reasons as to why waiting for our role reversal of resistance to support providing us our entry.

Pivot points, Fibonacci studies and average daily ranges all told the same story at the start of today’s New York session: The pound, euro, and swissie had already run their course for the day. Conservative traders who read the proverbial writing on the wall, and remained disciplined about picking their battles, most likely followed the path of capital preservation.

Using a move on the pound-dollar, we utilise overlapping of different studies as a take profit area. The move covered about 60pips depending on spreads.

Taking a look at the AussieYen today, the most of the session keeps us maintained within a range. Setting alarms to the up and down awaiting a break. The day so far has yielded us a 61.8% retracement of yesterday’s range providing a 121.4% Fib extension as a target.

Keeping the theme to today’s video simple, we investigate the correlation between direction on the $Y and another pair, this time the AUD, to identify maximum pippage. Although the $Y and AUD $ pairs present some decent movements, because we were seeing a weakening yen and a strengthening AUD we maximised our profitability by trading the Aussie-Yen.

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The USD/CAD had been dropping during the day’s prior sessions. At the open of today’s New York session, traders found the Loonie sitting at a trendline and the 55 ema on the hourly chart. Aggressive and conservative traders alike got their entry signals, and rode the bounce up to the tune of between 80 to 110 pips [depending on entry and exit].