Thursday Trading Notes, December 8, 2011

by jennifer on December 8, 2011

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Good morning Trader Friends,

I still have my eye on NZD/JPY. The setup is now between the two lines. MACD is not ideal but still showing downward momentum. RSI is ideal. The daily chart also supports a move down as price is going back below the inner band.
4Hour chart:

Daily chart:

PLAN: Sell the NZD/JPY from the 4Hour chart below the blue entry line. Target 30 pips or the bottom combo line. Stop loss for me is always -70. Move to break even as soon as this trade is 15 to 20 pips in my favor.

Next up, daily charts on USD/CAD, GBP/CAD, EUR/USD, AUD/USD, are similar. Price is sitting right at the level of an inner band. A move over the inner band is a green light for me to take Combo trades I find on the 4Hour charts. Here are some of the dailies I’m watching. Most of these show the RSI is approaching the 50 line. That level could be barrier, so if you’re trading in the direction of the other side of that line, keep an eye on it and make sure the market movement is strong enough to push RSI through the 50 line. The last chart here, EUR/USD, will be a sell trade idea and the RSI is already below the RSI. That is a little more ideal.

USD/CAD:

GBP/CAD:

AUD/USD:

EUR/USD:

That’s it for now. Have a wonderful day!!

Jennifer

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