Good Day,

I did not think that I was going to have time to post even a very brief blog this morning (my time) but here you go.

RADAR TRADES FROM THE WEEKLY FX DRIVE THRU:

The following trade set-ups I have  placed with my brokers. As stated in the weekend blog, these are set-ups are at great opportunistic levels in my opinion to maximize any potential move. Whilst there are are no guarantees in trading, the risk versus reward opportunities are good. If you want you can trade in the opposite direction until you hit my entry levels if that is something that you think is an opportunity. Just remember and be careful, currencies do not move in a straight line and now it looks like the markets are thin with low liquidity. Moves maybe extreme at times.

EUR/USD - PLACED
Short at 1.3750
Stop Loss at 1.3850
Limit 1.3500 ( I am still hopeful that EZ action will eventually bring the EUR/USD to 1.3000, but may now be a very long and slow process)

GBP/USD - PLACED
Short at 1.6870
Stop Loss at 1.6995
Limit 1.6500

AUD/USD - CANCELLED
The AUD/NZD has not pulled back. In addition my suggested entry level over the weekend of 0.9360 looks to be just about holding. However, I think that AUD looks like it's going to head higher and if the AUD/NZD gets a move on, this is probably the wrong pair to attempt a short trade. The cross-rate effects will be strong pushing the AUD/USD higher.

EUR/GBP - PLACED
Short at 0.8130
Stop Loss at ).8185
Limit 0.7800

EUR/AUD - WAITING
This pair has headed lower as the AUD/USD has made a move higher. Instead of going long at 1.4725, I am thinking about using the key 1.4500 as a potential area to go long. There is good support at 1.4300. I am holding off on this trade to see which is the trade to take from the following: -

Long at 1.4500
Stop at 1.4300
Limit 1.5200

or

Long at 1.4300
Stop at 1.4200
Limit 1.5200

or

Long at 1.4100
Stop at 1.3950
Limit 1.5200

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EUR/NZD (Waiting until RBNZ announcement before placing trade)
Long at 1.6140
Stop Loss 1.5850
Target 1.6450 (Initial target)

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GBP/CAD - HOLDING FOR TIME BEING PRICE ACTION VERY CHOPPY.
Long at 1.8350
Stop at 1.8220
Target 1.8670

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Take care trading today. We need to get a feel for the markets after last weeks events.

Scott