The Euro looks interesting

Yesterday's Swissy trade worked nicely, it took all day to get going and the final overnight move gave some icing on the cake to the remaining part of the position held overnight.

Today the Euro is in bounce mode with plenty of potential to start a useful retracement as it moves out of the overnight range.

Further and faster

Is a typical reaction to changed market perceptions. How long ago was it (not a week ago) that almost every comentator and his dog had their readers convinced of the US$ collapse - and then the market overshot on the downside and now seems to have done the same thing in reverse!

The snap back didn't happen yesterday but it could be different today, the Swissy chart shows a low risk trade that might unfold.

UK Retail Sales at 9.30am and US Housing Starts at 1.30pm might catch/help the scalpers today.

A long in a short time..

The US Dollar is on a major charge and, as with any rampant Bull, it's not a good idea to stand in his way! That said even Bulls have to take breather now and then and any snap back from these extended moves could be swift.

The trick is catching them at the right moment so the trade is low risk. My snap back trade of choice may be the Swissy but only if it puts in a convincing short term top.

Beware of a raft of data today, 9.30am MPC minutes & Av earnings and 1.30pm US CPI+

The main pairs

The biases this morning are for US Dollar strength but wait for pullbacks from break outs on your favourite pair.

Numbers today are 9.30am UK PPI and US Retaisl Sales at 1.30pm

The $ bulls are charging...

The bias today is US$ strength following the Cable collapse yesterday. The hourly charts here show a Cable potential head & shoulders. Will the Euro start to weaken is the next big question, it has failed to break out to new daily highs so is vulverable to follow Cable down.

Non Farm Productivity and interest statements due from US and then Australia later.

It's NFP day

The first Friday of the month brings us a potential adrenalin rush day with the Non Farm Payroll figures due at 1.30pm.

Those who like calm and relaxed trading take the day off but after the figures, that so often whipsaw the majors, a useful trend often develops. However, the daily charts show that maybe there are still some major moves ahead now the US$ has consolidated follow its strenth last week.

The Overnight range

UK interest statement is the main news event today at noon UK time. This morning we are waiting on recations within and maybe breakouts from the overnight range.

Cable is looking more likely to break out up than down right now with that large engulfing candle from 6.00am.

Trade of the day

Phil Newtons new live room got off to an early start today but Cable had made most of its move during the Asian session. However the day got moving later and Phils educational content was great - we have one or two more places now available as room capacity has been increased.

On to the Jappy. Take a look at the chart, it combines a superb MPR (Multi-Point Reversal) with an oversold market on the dailies and then - just for fun - the Gravity Bar and Color charts provide the trade managenment. Buy on blue, sell on red.

Get the full story on how to trade this 60+ pip move next Wednesday at the Day Trading workshop in London. Call or email for details of either the course, or how to trade this setup.