[Mtl JP]

Bobby 5:11 / not obstacles: trgts. 50 already poof!

[GVI Forex]

Good 30 year auction, yields dip a touch, usd follows

Nikkei reports BoJ to discuss exiting negative rates – not a surprise but consensus building for an exit at next weeks meeting

[GVI Forex]

XAUUSD 1-HOUR CHART

With the retracement holding the pivotal 2150 level, XAUUSD is trying to make another run at the upside.

However, to challenge the high, 2182-86+ needs to trade. Otherwise consolidation within 2150-2195 until eirther side breaks.

In the meantime expect support as long as 2161-66 and the trendline holds.

[SF Monedge]

I am long UsdChf from below btw and looking for 8800.

[Belgrade Bobby]

EURUSD – two obstacles – 1.09500 and 1.09800

[SF Monedge]

It appears the market may be intent on finding fair value around 8730/40 UsdChf

[GVI Forex]

USDX 30 Minute Chart

On a quiet news day like today the price action can give a clue to the current supply-demand imbalance, which is tilted to the USD sell side at least for today.

[Mtl JP]

10-yr 4.176%

EURO 1.0942
I am baised BoD while N of 1.09

[SF Monedge]

Since we are discussing trading approaches in a 5 pip market, it may sound silly to some, it surely does to me, I kid you not I went on a run years ago trading macd on a 1 minute chart, taking 3 to 5 pips a trade, 10 to 15 times a day with accuracy.  Thought I was Joe Montana.  And then………the inevitable 30 point market pounce against me.  Important to have a sense of the bigger picture.  It caused me to trade with no indicators for quite some time.

[SF Monedge]

A CTA told me many years ago the only reason other CTA’s trade Fibo levels is because they know other market makers do, therefore there will be liquidity and possible start/stop areas.  Nothing else.  No other reason.  I found that trading certain percentages of gain/decline from the start of the Asian session is strong.

[SF Monedge]

JP – Precisely.  Martingale and trading while sipping vodka are both a recipe for trading loss.  Guaranteed.

[Mtl JP]

IF 5 pips move makes one nervous if not outright panicky – just as you enter a trade in the negative due to dealer spread – you have no business trading.

You need to have the cohones to be in the red for a few minutes without having to consult your emotional support dog for help deal with anxiety / emotional distress

[Mtl JP]

11:31 Belgrade Bobby: tks for the glimps into part of your trading /

I am not a fan of elaborate, complex, multi multi-conditional parametric trading, especially IF it is demanding way of trading, both physically and psychologically that ultimately has to rely on having to use very simple techniques

It sounds to me that a simple (i.e. no martingale) scalping robot including a programmed dynamic spread conditionals (fixed is not a guarantee of execution) might make for an easier trading day including opportunities for yoga / meditation and screw the coffee in favor of a satisfying celebratory sip of Russian Standard vodka

[SF Monedge]

Yesterday’s hard sell in GbpChf did not change the overall long condition.  That said I will begin testing the sell side around 1.1260 or higher if seen.  Believe the market might attempt to find value in the high 190.40 area, and perhaps the 190.90 area in coming days.

[GVI Forex]

USDJPY 15 MIN CHART

Let’s take a look at a shorter-time frame chart

USDJPY has backed off from a tepid test of 148ish and is still trapped with a bid while above 147.70 support (noted earlier).

See my blog article Is a BoJ Rate Hike Discounted? How Will USDJPY React?

[Mtl JP]

euro 1.0941 … since my biased UP post about 40 mins ago (ooops not 40 mins 2.5 hrs or so)

how s THAT for a 5 pip trade uh ?

clap clap cheers yeaAAHH ieeha !

now it can slip back some for a new BoD
all thy risk trading parameters, naturally

[GVI Forex]

For those looking at yields for a clue 4.20% in the 10 year seems like a pivotal resistance on top.

[GVI Forex]

Heads up

US yields moving higher

[GVI Forex]

USDJPY 4-Hour Chart

USDJPY is flirting with 148 as weak JPY crosses provide support.

Key resistance is clear at yesterday’s 148.30 post-CPI high/

Looking at intra-day short-term charts, support is at 147.70, which needs to hold to keep the focus on 148.

[GVI Forex]

JP, you missed my point.

I am saying when a currency is in a tight range even a 5 pip move can make it feel  bid or offered on a chart.

[Author]

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