Trade 2: Long EURJPY (-20 pips)
This trade comes straight from the Trade of the day section and was explained there in some detail. The Yen has been on a real charge today as all of the indices pullback. Although it looks pretty substantial on the charts it really is not that unusual and is more the normal run of things than a harbinger of what is to come. A little bit of negative Trump news really does not matter, we get negative Trump news everyday and it is nothing more than political/journalist chatter. Tax reform continues and looks more likely by the day. Buy the dip is likely to take over soon. The large drop leaves excellent risk reward for the trade although probability of success is quite low as we are trying to call a bottom on a big intraday move. The US dollar was the other trade of the day, it is showing a similar fall but it is still looking weak against other pairs especially CHF and the other european currencies.
Trade 1: Long EURAUD (+35)
It is a slow day today, many pairs are retracing recent moves and still more are in the inflection zones marking the extremes of a swing. My system requires both of these issues to resolve before I can trade. I expect things to get really busy towards the end of the week. This small trade is taking advantage of the current Euro strength in one of the few areas a reasonabe risk reward trade can be found
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