Good Day,

I hope that you are all well and having trading successes.

I am in the patient zone still. I am waiting for trades to come to me. Right now the following trades are live: -

<span style="text-decoration: underline;"><strong>MARKET OVERVIEW:</strong></span>

At this moment both the Dow and S&amp;P futures are lower. I am expecting the gaps to fill at the open and then get back to "snoresville" once again. Should by some miracle the GAP at the open is NOT filled...then we may get a nice trading hour or so.

The USD/JPY is below 102.00 again, it has taken most JPY pairs lower with it. I am not in the mood for trading JPY pairs, but a good entry where there should be sellers is at 102.15 in the USD/JPY. If you are not short and feel you want to trade this pair, to me that seems like a good entry point.

<span style="text-decoration: underline;"><strong>TRADES UPDATE:</strong></span>

<span style="text-decoration: underline;">NZD/USD</span> - short
This trade worries me a little given the RBNZ news later today. I am in the camp that Wheeler is going to disappoint the markets today and NOT increase rates. I am in the minority, I know, but recent data and fundamentals have me thinking he may miss this month. I believe especially as the pair is creeping again to all time highs, a swift knock back may suit the central bank...it would certainly suit me!!

<span style="text-decoration: underline;">GBP/NZD</span> - long
This is a very long-term trade and I do not even look at it anymore I have an alarm to wake me up when it passes 2.000. It is once again hedged.

<span style="text-decoration: underline;">USD/SEK</span> - long
This pair is in breakout territory and I am happy to hold. It is a very small position that I am holding until it passes 6.7250.

<span style="text-decoration: underline;">AUD/USD</span> - short
All this pair seems to be doing is testing trend lines and bouncing around confluences of Fib levels. I have only a very small position, so I am going to sit with it for a little longer. AUD news tonight will decide whether I hold or cover.

<span style="text-decoration: underline;">USD/CAD</span> - long
Support at 1.0885 has been tested several times of late. I am expecting maybe a test a little below this level than I am hoping for a bounce. Above 1.0910 and I think that it should get it's mojo going.

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There are still a number of trades with my brokers: -

EUR/USD short at 1.3580
GBP/USD short at 1.6830
EUR/GBP short at 0.8095
USD/CHF long at 0.8980

I am not looking to engineer trades, I hate the summer doldrums I find it very frustrating. I do not trade in July and August, well hardly at all. because it is so illiquid. Two / three years ago, I was absolutely taken to the cleaners in an Asian session, which is lower liquidity at the best of times.  In my TRADE PLAN, for summer trading it is only European and U.S. sessions only, better when both are operating and only intraday. The only exception for intraday trading are hedged long-term trades.

Like many of you I get very frustrated being at "THE DESK" and not doing much. Believe me it's better to have cash in your account, than force a trade.

Good luck today with whatever you decide to do.......

Scott