Candle contained within yesterday... Could it be a breakout setup?
US Data released yesterday brings the greenback to a higher ground breaking trends and reversal in play. The dollar gained 200 pips yesterday after the news release from US CPI which is caused by traders who's shorting Dollar to withdraw their trades fearing that the strong CPI will pressure the Fed to raise interest rate of another 25 bps to 5.25%. However at Chicago Fed Banking conference today, Fed Chairman Ben Bernanke did not make any statement regarding the monetary policy but however Bernanke mentioned about the economy and financial system will reap 'substantial benefits' from the new global financial risk management structure known as Basel II, Federal Reserve Chairman Ben Bernanke said Thursday. Bernanke said implementation of the new standards for bank regulation and supervision should proceed.
US data released today is utmost disappointing with initial jobless claims increased 42 grand making this month 367 grand jobless people. This was largely due to a partial government shutdown in Puerto Rico, the Labor Department reported Thursday. It's the highest level since early October, when claims were inflated by the damage caused by Hurricanes Katrina and Rita. It was the largest weekly gain since early September. Without the 46,000 extra jobless claims from Puerto Rico, seasonally adjusted initial claims would have been around 312,000, a Labor Department spokesman said. The Leading Indicator reported is very disappointing as well with a fall of 0.1% in April, with three of the 10 indicators improving. The coincident index rose 0.2%, while the lagging index rose 0.3%. However the monthly indicator rose 0.4%
I'm still heavily trading one sided with USD/CHF but I believe that USD will still make a come back gaining to at least 1.2300. There's no US data tomorrow but with Eurozone German PPI and French GBP, England's Public Finances and speech from ECB's Liebscher and rhen speaks in Brussel.
Technically, we will not expect USD to break yesterday's high today, making today's candle contained within yesterday's candle. I would expect tomorrow would be the same way range trading 50 pips range. Then we will possibly see a more interesting week next Monday which is the final week for May. Hopefully traders are with me now. Nothing that I can do now except to wait and balance.
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Existing Trades
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Long USD/CHF @ 1.2085 ( Position Trade )
Long USD/CHF @ 1.2100 ( Position Trade )
Long USD/CHF @ 1.2140, TP @ 1.2190
Long USD/CHF @ 1.2190, TP @ 1.2240 ( What a hell of luck, it took my trade at 1.2190 but my TP at 1.2140, TP @ 1.2190 was not close due to the spread. I was 3 pips away from taking profit... So close yet so far )
Long USD/CHF @ 1.2280, TP @ 1.2330
Long USD/CHF @ 1.2380, TP @ 1.2480
If USD really comes into my desired direction then I will consider to close all of USD/CHF trades. Closing all my negative trades at USD/CHF as my bias for the year would still be Euro gaining higher probably 1.40. This retracement that I was expecting finally happened and now I'm heavily engaged in it. May Forex God Bless My Account.
'To make that framework achieve what is intended requires getting the details right'
US data released today is utmost disappointing with initial jobless claims increased 42 grand making this month 367 grand jobless people. This was largely due to a partial government shutdown in Puerto Rico, the Labor Department reported Thursday. It's the highest level since early October, when claims were inflated by the damage caused by Hurricanes Katrina and Rita. It was the largest weekly gain since early September. Without the 46,000 extra jobless claims from Puerto Rico, seasonally adjusted initial claims would have been around 312,000, a Labor Department spokesman said. The Leading Indicator reported is very disappointing as well with a fall of 0.1% in April, with three of the 10 indicators improving. The coincident index rose 0.2%, while the lagging index rose 0.3%. However the monthly indicator rose 0.4%
'With the price of oil still around $70, and with interest rates slowly rising, the economy isn't likely to be picking up steam,' said Ken Goldstein, an economist for the private economic research group'
I'm still heavily trading one sided with USD/CHF but I believe that USD will still make a come back gaining to at least 1.2300. There's no US data tomorrow but with Eurozone German PPI and French GBP, England's Public Finances and speech from ECB's Liebscher and rhen speaks in Brussel.
Technically, we will not expect USD to break yesterday's high today, making today's candle contained within yesterday's candle. I would expect tomorrow would be the same way range trading 50 pips range. Then we will possibly see a more interesting week next Monday which is the final week for May. Hopefully traders are with me now. Nothing that I can do now except to wait and balance.
============
Existing Trades
============
Long USD/CHF @ 1.2085 ( Position Trade )
Long USD/CHF @ 1.2100 ( Position Trade )
Long USD/CHF @ 1.2140, TP @ 1.2190
Long USD/CHF @ 1.2190, TP @ 1.2240 ( What a hell of luck, it took my trade at 1.2190 but my TP at 1.2140, TP @ 1.2190 was not close due to the spread. I was 3 pips away from taking profit... So close yet so far )
Long USD/CHF @ 1.2280, TP @ 1.2330
Long USD/CHF @ 1.2380, TP @ 1.2480
If USD really comes into my desired direction then I will consider to close all of USD/CHF trades. Closing all my negative trades at USD/CHF as my bias for the year would still be Euro gaining higher probably 1.40. This retracement that I was expecting finally happened and now I'm heavily engaged in it. May Forex God Bless My Account.
posted by 4xTrader at
11:28 AM
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