I won't open any newx trendspotting trades today.

I still have a lot of open trades, and would like to close some of them first.  And I prefer to wait for the markets to choose a direction today, and follow them for the rest of the week.

In the meantime, I can still trade with a short term strategy, such as Momentum.  If you want to know more about this strategy, please join my webinar tonight. More info about it somewhere else in this Forum.

Sven

Good morning,

I opened 4 trendspotting trades this morning :

EURUSD Buy at 15670

GBPUSD buy at 19750

USDJPY buy at 10809

EURJPY Buy at 16934

There is some risk involved here.

For EURUSD and GBPUSD, the primary trend is not really up yet, since the MAE 89 and MAE 144 haven't crossed just yet.  But I decided to open these trades anyway, since the rate decision and comments from the Fed didn't surprise the markets in a positive way, which can indicate that the dollar rally can be over, and the markets will focus on the ECB' again.  The ECB remains the most hawkish central bank in the world, so this should help the euro.  And I think the GBP goes along with it.  These changes in sentiment are not shown on the 4 hrs. chart yet, but they are clearly visible on the 30 min. charts.

As for the JPY crosses : EURJPY is at a new record high.  so be very carefull for retracements.  But on the other hand, the EUR remains strong, and the JPY weak.  So we could see higher levels, or even a test of the 170 level.  And although the USD is weak, the USDJPY charts are still showing an uptrend.

That's whyI opened 4 Buy trades this morning.

Happy trading,

Sven