Fx futures Journal

Still short here.

 

Buy:

The last few days I noticed the Pound made its strong move in a given direction a few bars (5m chart) before the Euro followed.

I know this is not a pattern that exists over the past years but I have noticed it the past few days and wonder if currently the two have some sort of relationship where the Pound and the Euro are on the same tract but the Pound reacts first?

For example, look at a 5min chart of the Pound breakout at around 2:20 AM and the Euro at 3:05 AM.

Yesterday (9/21) look at the Pound bullish candle at 11:50 AM and the Euro at 11:55 AM.

Then on 9/20 look at the Pound at 9:00AM and the Euro at 10:05AM.

Am I just seeing things lol??

 

I think the Pound does lead the Euro quite a bit.

 

Still maintaining short positions here. I expect a bit of a bounce on the 15 minute chart, but then continued downside based upon hourly, 240, daily and weekly (Euro, Pound, Aussie).

 

I've added 2 units short Canadian here at .8993. I must admit that the Euro FX is a bit frustrating as a short here. I'll just ride it out.

 

All 240 charts except the Euro FX are strongly down. The Euro FX needs some selling to resume the trend as it has hit a stumbling block, but there is no need to panic yet. The 240 is not reversing to the upside just yet.

I should point out to anyone reading , that the current 240 bar ends at 12:20 so there is a lot that could happen to change these in the next 2.5 hours. I am reading the charts as if the bars ended right now. My point is that if the bars stays the way they are right now, then all 240's are down except perhaps the Euro FX and it is not up either so I defer to the current trend which is down.

 

Ok--here we go---hold on!

 

Attached is a 240 minute chart on the Canadian Futures. I read it as a strong possibility of downside reversal.

 

As you can see from this hourly Canadian chart, the move has already begun.

 

Short entry on the Pound at 1.8699.... Pound paused after its drop earlier in the morning and looks like it is breaking out again to the downside.

I have an initial intraday target neae 8680 and a daily target if I hold longer near the early SEP lows around 8630 or so. Will see how it moves to see if I stay in or take a profit earlier.

I believe a good intraday stop is around 8715 which is above some resistance points...