Notes on this morning’s forex...
AUD/NZD has begun to fall following a bearish divergence on the relative strength index. A bearish RSI divergence means the index, while above 70, began to fall as the price rose.
PLN/HUF may be setting up for a bearish RSI divergence, but it’s not there yet.
Channels of interest:
All the trending pairs moved sideways, some breaking beyond their trend channel. But none moved in a way that would negate the trend.
- EUR/USD, from Oct. 4.
- GBP/AUD, from Oct. 28.
- USD/SGD, from Oct. 31.
- NZD/USD, AUD/CAD, AUD/HKD, AUD/THB, NZD/THB from Oct. 28.
- NZD/JPY, GBP/THB from Oct. 31
- AUD/PLN, AUD/ZAR, CAD/PLN, GBP/ZAR, NZD/HUF from Nov. 1.
- GBP/CZK from Nov. 2
What I Track
For the daily charts, I track approximately 120 currency pairs. For the hourlies, I track the dozen most important pairs, with two NOK pairs added in, because of their energy sector connection.
The majors, in declining importance, are EUR/USD, AUD/JPY, USD/CAD, AUD/USD, USD/CHF, USD/JPY, GBP/USD, NZD/USD, EUR/GBP, EUR/CHF, GBP/JPY, GBP/CHF, USD/NOK and EUR/NOK.
Channels of interest: By "of interest", I mean a relatively new trend that has room to move before meeting major resistance, especially if it’s a decisive bounce off of a 20-day high or low. Plus, it has to look right to me. This is not science. Also, channels of interest aren’t necessarily positions I would play without some sort of corroborating momentum evidence.
About my trading methods
Read a detailed explanation of my analysis method, including trading rules.
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.
The trader’s greatest sin is inaction. Sleeper, awake! Seize the Nietzchean moment. Roll out of bed and trade.