Boris and Kathy's FX Blog www.bktraderfx.com
11/08/2006
Today's Email Alerts
Alert # 3 EUR/JPY Ready to Roll Over
Short EUR/JPY
Bank of Japan Governor Fukui turned things around yesterday night when he said that the central bank would not hesitate to raise interest rates if needed. Every time we break above the 150 level in EUR/JPY a politician either domestically or internationally steps in and makes a pro Yen comment. It is no different this time around as we mark a potential quadruple top in the Japanese Yen.
Short Yen positions have already been cut significantly on the futures market which suggests that we could see another turn at the key level here. Risk is very favorable so we want to take this short at market (150.35) Our stop is 150.60 T1 is 150.12 T2 is 149.64. As usual go to break even if T1 is hit.
Alert # 2 Stopped on Long USD/CAD
Well hardly an hour into the trade we got stopped on USD/CAD at 1290 (-30). What an ugly trade as we ran into CAD bullish oil inventory numbers that changed the whole tone of the price action. Fortunately our risk was well contained, so we escape with just a nick and scratch. We remain sidelined for now, although we are eyeing several possible setups for later in the day.
Alert # 1 Long USD/CAD
USD/CAD has found nice support after yesterday's massive reversal. We have Canadian trade balance and house prices scheduled for tomorrow. With the persistently low prices of oil and the strong Canadian dollar over the past few months, trade flows are likely to contract which would be negative for the CAD.
Therefore we are going long here at 1.1320 with a 1.1290 stop. First target is 1.1347, second target is 1.1396. As usual when the first target is reached, move your stop on the second lot to breakeven.
Alert # 3 EUR/JPY Ready to Roll Over
Short EUR/JPY
Bank of Japan Governor Fukui turned things around yesterday night when he said that the central bank would not hesitate to raise interest rates if needed. Every time we break above the 150 level in EUR/JPY a politician either domestically or internationally steps in and makes a pro Yen comment. It is no different this time around as we mark a potential quadruple top in the Japanese Yen.
Short Yen positions have already been cut significantly on the futures market which suggests that we could see another turn at the key level here. Risk is very favorable so we want to take this short at market (150.35) Our stop is 150.60 T1 is 150.12 T2 is 149.64. As usual go to break even if T1 is hit.
Alert # 2 Stopped on Long USD/CAD
Well hardly an hour into the trade we got stopped on USD/CAD at 1290 (-30). What an ugly trade as we ran into CAD bullish oil inventory numbers that changed the whole tone of the price action. Fortunately our risk was well contained, so we escape with just a nick and scratch. We remain sidelined for now, although we are eyeing several possible setups for later in the day.
Alert # 1 Long USD/CAD
USD/CAD has found nice support after yesterday's massive reversal. We have Canadian trade balance and house prices scheduled for tomorrow. With the persistently low prices of oil and the strong Canadian dollar over the past few months, trade flows are likely to contract which would be negative for the CAD.
Therefore we are going long here at 1.1320 with a 1.1290 stop. First target is 1.1347, second target is 1.1396. As usual when the first target is reached, move your stop on the second lot to breakeven.
posted by BKTrader # 11/08/2006 05:33:00 PM 
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