Mirror Trader - Automated Strategies and Trading Signals

David Song discusses the risk for a larger correction in USD/JPY in his Daily Dollar segment:

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Talking Points:
  • USDOLLAR Retains Bearish Momentum; Lower High in Place?
  • Japanese Yen Benefits From Risk Aversion; At Risk for Larger Correction

Two trading strategies based on the Speculative Sentiment Index (SSI) - Breakout2 and Momentum2 - are currently giving signals to short USD/JPY at current levels.

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Both of these DailyFX PLUS Trading Signals can be automated on your FXCM account via the Mirror Trader platform. Your Trading Station username and password can be used to access Mirror Trader.
 
Today's Thursday, which means David Rodriguez's weekly update for the Speculative Sentiment Index (SSI) was just posted on DailyFX.com

Highlights:
  • Retail forex traders have never been more long the US Dollar versus major counterparts
  • A break in key price levels alongside sentiment extremes points to big FX moves
  • Our focus remains on Dollar versus European pairs and the New Zealand Dollar

Weekly Summary of Forex Trader Sentiment and Changes in Positioning
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FX trading crowds have never been more long the US Dollar versus the Euro or New Zealand Dollar.

Trade Implications – EURUSD: The fact that crowds continue selling into Euro strength suggests the EURUSD may continue higher. Yet the chart below will show that traders are often their most short at the top; how do we trade?

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Two of our SSI-based trading strategies (Breakout2 and Momentum2) are currently giving signals to buy EUR/USD. Both signals are can be automated on your FXCM account via the Mirror Trader platform.
 
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Talking points in this video:
  • The market is fully pricing in expectations of a 25 bp rate hike from the RBNZ to 2.75%
  • While the rate move is important, the trend is likely to be decided by forecasts for future hikes
  • NZD/USD is wedged into a breakout pattern between 0.8500 and 0.8400 awaiting a spark
  • The Breakout2 strategy on Mirror Trader can be used to signal or confirm trade setups
 
Every Monday, quantitative strategist David Rodriguez shares his trading strategy bias for the week on DailyFX.com

Below are the DailyFX+ trading strategies he believes will work best for individual currency pairs based on current market conditions.

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All of the SSI-based strategies above can be automated on your FXCM account via the Mirror Trader platform.
 
The Momentum2 strategy is based on our proprietary Speculative Sentiment Index (SSI) a contrarian indicator that looks at the ratio of long to short positions in a currency pair among retail traders.

Instead of simply looking at whether SSI is net short or net long for a given pair, it looks for relative changes in net positioning.

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Past performance is not necessarily indicative of future results.​

The strategy is currently giving a signal to short GBP/JPY because SSI has hit its most extreme positive level for the past 145 trading hours at -1.263, which suggests that the pair could be trending downwards.

Momentum2 and other DailyFX PLUS Trading Signals can be automated on your FXCM account via the Mirror Trading platform. You can use your trading station login and password to access Mirror Trader.
 
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