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The GBP/JPY appears to be reaching a bouncepoint of about 205.00. I won't pull the buy trigger until it gets closer, currently in the mid 205.20's. Target is 100 pips plus higher.

Larger Elliot Wave pattern remains down for the week but a retracement up is due soon before downtrend resumes.
 
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The GBP/JPY appears to be reaching a bouncepoint of about 205.00. I won't pull the buy trigger until it gets closer, currently in the mid 205.20's. Target is 100 pips plus higher.

Larger Elliot Wave pattern remains down for the week but a retracement up is due soon before downtrend resumes.
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I missed the entry as it didn't drop quite as low and took a higher risk "daytrade" up for a few pips as the bounce unfolded. Watching the pattern unfold and selling down with larger trend from a high pointperhaps as high as 209.00 is the swingtrade plan. Current daytrading will be to watch for dips and buy if it dips low enough.
 
Quote from FXAnalyst:

I missed the entry as it didn't drop quite as low and took a higher risk "daytrade" up for a few pips as the bounce unfolded. Watching the pattern unfold and selling down with larger trend from a high pointperhaps as high as 209.00 is the swingtrade plan. Current daytrading will be to watch for dips and buy if it dips low enough.
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It dipped over 100 pips so I bought. Both the patterns on the GBP/JPY cross and the corresponding majors indicated a buy. Out with a few dozen pips.:)

Sold the USD/CHF in a downtrend at 0848 with target at 0800, stop 20 pips higher. Stop will be move to 0 soon hopefully and target may be stretched depending on the Elliot Pattern's length as it unfolds. 0775 is a reasonable stretch.
 
Quote from FXAnalyst:

It dipped over 100 pips so I bought. Both the patterns on the GBP/JPY cross and the corresponding majors indicated a buy. Out with a few dozen pips.:)

Sold the USD/CHF in a downtrend at 0848 with target at 0800, stop 20 pips higher. Stop will be move to 0 soon hopefully and target may be stretched depending on the Elliot Pattern's length as it unfolds. 0775 is a reasonable stretch.
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U/CHF was a 0 stopout. Think I'll leave U/CHF alone for a bit given the current pattern.

G/J had dropped lower and should bounce again about 202.75 but may be a higher risk than buying the G/U at 8650.

USD/CAD may double top on hourly chart so attempting a sell is worth watching for, depending on what fundamentals do.
 
Canadian Dollar Declines Amid a Rally in the U.S. Currency

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Aug. 13 (Bloomberg) -- Canada's dollar fell, trading near the lowest in almost a year, as the U.S. dollar strengthened against most major currencies.

The Canadian dollar has weakened in nine of the last 10 trading days as economic growth slows. The currency has declined 5.5 percent since July 11 when oil reached a record $147.27 a barrel. Oil traded at $113.64 today. Commodities account for about half of the nation's exports, while the U.S. is Canada's biggest trading partner.
 
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By Lynn Thomasson

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Quote from FXAnalyst:

U/CHF was a 0 stopout. Think I'll leave U/CHF alone for a bit given the current pattern.

G/J had dropped lower and should bounce again about 202.75 but may be a higher risk than buying the G/U at 8650.

USD/CAD may double top on hourly chart so attempting a sell is worth watching for, depending on what fundamentals do.
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Took a few pips on the g/j bounce and now watching for re-entry as low as 201.50 depending on the U/J dropping more or not. Might try a buy at 202.50 but more ideal entries are usually worth waiting... something to always remember.

GBP/CHF is low to and should rebound soon. Currently 0288-90 and worth considering a buy at 0250-60 if it gets there.
 
Quote from FXAnalyst:

Took a few pips on the g/j bounce and now watching for re-entry as low as 201.50 depending on the U/J dropping more or not. Might try a buy at 202.50 but more ideal entries are usually worth waiting... something to always remember.

GBP/CHF is low to and should rebound soon. Currently 0288-90 and worth considering a buy at 0250-60 if it gets there.
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Took 42 pips on a G/J trade up although could have cleared 100 as it went over 200. Break even was 202.69 and target should have been higher than my exit. It's too often the case.:(

Buying the USD/CAD on a bounce from 0600 should work for a short term trade if it reaches that. I sold earlier with late entry at 0648 and exited at 0622. A sell from 0700 dear a doouble top cenario was better but I was distracted with figuring out other pairs.
 
Canadian Wholesale Sales Rise at Fastest in 16 Months (Update1)

By Theophilos Argitis

Aug. 19 (Bloomberg) -- Canadian wholesale sales rose at the fastest pace in 16 months as the automotive industry rebounded.

Sales advanced 2 percent to C$45.2 billion ($42.4 billion), Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg said sales would gain 0.7 percent, the median of 16 estimates. The agency revised May's gain to 1.5 percent from the initially reported 1.6 percent.

Canada's manufacturers are starting to benefit from a weaker currency as the country's dollar pares gains after trading above or near parity with its U.S. counterpart for much of the past year. Also, auto shipments are recovering after a three-month strike at a supplier to General Motors Corp.
 
EUR/GBP Buy proposed at 7895 with target of 7910. Currently at 7907. This trade is not ideal due to low RRR but due to the slow, safe movement on E/G worth considering. Note the trade is probably against larger trend. One could leave a partial position in with stop at 0 to see if prognosis is wrong in case pattern morphs into a higher pattern.

The larger pattern seems down so after bounce up a sell down to 7874 from 7910-15 has a better RRR.
 
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