Here are the forex trade set-ups I’m monitoring
Dave Landry is principal of Sentive Trading, a money management firm, and a
principal of Harvest Capital Management. Mr. Landry is the author of two top
selling books,
>Dave Landry’s 10 Best Swing Trader Patterns And Strategies and
>Dave Landry On Swing Trading.
If you would like a free trial to Dave’s Nightly Swing Trading Alerts Report
The past week has seen some tremendous moves in the FX markets — not all of
which were easy to capture. The sustained move lower in the dollar never allowed
for those that missed the initial push (us) to establish a trade at reasonable
levels. Given that we never ‘chase’ entry points, we missed out. This, of
course, is unfortunate, but that strategy over a long period of time is
ineffective.
Luckily, we were able to capitalize and turn a nice profit this week but likely
lagged against more aggressive traders/managers. The 24-Hour Target Trades were
the laggards, but the short in EUR/JPY more than made up for this.
Looking ahead, we are waiting for a bounce in the dollar — the timing of which
is like chasing jell-o around a plate. When this does occur, we will be able to
find trades with a solid risk/reward profile.
We expect to be making trades in CHF/JPY as well as NZD/USD and the NZD crosses
as we head into next week. For now, the immediate set-up is in USD/JPY — the
charts below lay out my rationale.
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