Tiny ranges = mucho pips
So today I snagged +50 pips on EURUSD long, and was lucky to get out before the subsequent fall of more than 100 pips. Meanwhile my GBPJPY short went nowhere and I finally decided to close it with a minor loss of -14. But now I have returned to check the charts before bedtime and look at most currency pairs are in tight ranges. Tomorrow should be good pippin! The 4hour AUDUSD chart shows all the major moving averages all bunched together within 50 pips. This pair has been in a retracement down for the past weeks, it could be ready to start heading back up. I certainly would like to buy it cheap! USDJPY is also in a similar situation, ready to break out of this range. Also EURUSD has been hovering near 1.58 for 4 days now, today an attempt at the high, almost made a double top before plummeting back down, and now I am seeing some divergence on the higher time frames for continued short bias. So I am making notes on my trade cheat sheet with the break out levels that I will look for tomorrow to trade. Since AUDUSD bounced off the 50% retracement at .9000 some days ago, I could probably buy this pair now, but I will wait for a break of the hourly 200ema. On the EURUSD I have noted an inside candle on the weekly chart, so break of last week high should be good for continued buying. Potential for shorts to start too, so I have noted a daily close below the 5ema and I will sell instead. Also, with the start of the new month, I have noted all the new monthly pivot points. The USDJPY weekly and monthly pivots are within 30 pips of each other, and price is working to break above it right now. as soon as yesterday’s high at 100.17 is broken, I will be buying this pair up.