Hi traders!
It’s a useful exercise to run through the daily charts to see where the action is.
It is a healthy disruption if we have become tunnel-visioned for some reason.
It is a time-saver when scanning for day-trading opportunities; when we see ‘marching soldiers,’ we know there could be potential moves to get a piece of on the lower timeframes.
Let’s have a look at which charts are moving along nicely- these may be far more attractive to ‘with-trend’ traders.
The JPY pairs are looking great
now that they’ve enjoyed a brief weekly retracement, they appear to be heading off. This interestingly often seems to correlate with USD strength.
Seen here are USDJPY, NZDJPY, CADJPY and CHFJPY, but to be fair, all of the pairs are worthy of consideration.
Then we have the global indices; the tech100 (UT100) took the biggest hit during this last bear market, but it seems to have changed gears and is coming across as quite bullish. The Nikkei (JPN225) is on fire after finally breaking a long-term downtrend and out of a consolidation and is skyrocketing.
This is an enjoyable time to keep an eye on it but a tough time to chase it. These are the exact moments that can get traders in trouble. Entries must always be located near or in the moving averages to avoid chasing a market.
So, discipline and plenty of patience are required- the discipline to be patient.
Happy Trading!
