Today’s Trades 07.23.2018 No Day Trades, But Ideas for Swing Trades

Swing

Good morning/afternoon everyone!

We have no #2 trades this morning because Mondays are usually reversal and not flow days. Yet I still wanted to share my thoughts –

After selling off aggressively at the start of Asia, the U.S. dollar is off its lows heading into North American trade. Investors were caught wrong footed at the end of last week and when the markets opened on Sunday, dollar selling continued. With that in mind, we are watching yields closely as the early decline in 10 year rates suggests that there may not be much more to USD/JPY’s recovery. This is a big week for euro and while we lean towards EUR weakness, today’s rise in German yields could limit the slide in EUR/USD. None of the major currencies are seeing much action this morning but the Yen crosses are down across the board. We like buying Canadian dollars after Friday’s strong Canadian economic reports and the rise in oil.

Swing trades that I am eyeing include -USDCAD, -EURCAD, -AUDCAD and -EURGBP

*The MAIN THEMES I see today are*

-USD
-AUD
+CAD
+GBP

*Trading Biases*

-USD, -AUD, -EUR
+CAD, +GBP, +JPY, +CHF
neutral NZD

Today’s Ideas

No Trades

Close ALL open day trades by 10:20AM NY / 15:20 GMT

Todays Trade Ideas 08.25.2017 – USDJPY, AUDCHF

Swing

*Good morning/afternoon everyone!*

The euro came within a few pips of hitting a new 10 day high versus the U.S. dollar this morning and while the dollar is up versus the Yen, its weakness against other currencies is a sign of how investors feel going into Janet Yellen’s speech at Jackson Hole this morning. She is widely expected to suggest that balance sheet normalization needs to happen but investors are worried that she won’t provide much more. We know that the Fed’s leadership which includes Yellen, Fischer and Dudley still believe that rates could rise before the end of the year (particularly Dudley who said so earlier this month) but its unclear whether Yellen will address that today’s speech. Draghi on the other hand is likely to stay tight lipped but the euro seems to be the biggest beneficiary of the market’s expectations for Yellen disappointment. This morning’s German IFO report was mixed with the business climate index falling and the expectations index rising. The rest of the other major currencies including sterling is trading higher versus the greenback and this weakness has allowed USD/CAD to knock on 1.25’s door.

*The MAIN THEMES I see today are*

+CAD
+GBP

*Trading Biases*

+GBP, +CAD, +EUR, +CHF
-JPY
slightly +AUD, +NZD
slightly -USD

*Today’s Ideas*

1. Sell AUDCHF at market now 0.7622, Stop at 0.7662, Target 0.7612
2. Sell USDJPY at market now 109.63, Stop at 110.03, Target 109.43

Cancel ALL pending orders by 3:30PM NY / 19:30 GMT / 5:30AM AEST
Close ALL open day trades by 4PM NY / 20 GMT / 6AM AEST

How To Get Great Trading Ideas

Boris Schlossberg

Let’s face it, trading can can be a miserable lonely existence. You spend your days in the glow of flickering monitors with only CNBC to keep you company. Your triumphs and failures are largely taken in silence and the solitude will often drive you to make horrible impulsive trades out of either anger or boredom.

Last week when Kathy was in Sydney, I gave a live webinar on the advantages of group trading. I used such models as Alcoholics Anonymous and Weight Watchers to show how groups can positively affect behaviour and instill proper habits through accountability and support.

At BK we put our money where our mouth is and at the start of this year we decided to conduct daily webinars for our subs to see if this thesis really holds up to reality. I’ve been doing them for almost three months now and while the group dynamic is undeniably beneficial on an emotional level what surprised me the most was the fount of intellectual creativity that it has spawned.

When it comes to trading two heads are truly better than one. Regardless of how smart, how experienced, how profitable you are – you ideas can always be improved by the scrutiny of the crowd. On my Twitter feed you may occasionally see some bursts of excitement from my followers as one or another of our trading setups banks some pips.

All of these strategies arouse out of us just BSing around, looking at some key market behaviors and constantly challenging each other with better and better refinements. As a result we are now building a very impressive portfolio of short term trading algorithms that many of us trade live and that may eventually become a permanent part of the BK signal service.

Much as I would like you to join us at BK- the more important I am trying to make is that if you are a trader – DON’T BE ALONE. Find a group, share your ideas and enjoy the mind meld. Don’t worry about disclosing your “proprietary” edge. Trust me there is nothing that you have thought of that has not been done by someone else already. You won’t lose out, most likely you will improve your execution and refine your techniques even more.

Great trading comes from great ideas and great ideas are always a collaborative process.

Like to trade the EUR/USD? So do we!

At BKForex, a large part of our trading is short term and the EUR/USD is one our favorite currency pairs to trade.

The EUR/USD is the world’s most actively traded currency pair and for many forex traders, this activity provides opportunity.

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