New Signal USD/CHF

*Trade Update:  At 6:53 EST the Global Currency Scalper locked in profits of 11.5 Pips on this pair.  As originally stated we were going to make this a quick trade, looking for a relatively small profit as to not get caught in a false breakout of a new year high.

As of 01/06/2015 @ 22:12 EST:

We have identified USD/CHF as a potential long trade, caution should be taken as this is a play of a breakout from a year high.  CPI from the Eurozone is set to be released in 7 hours which can also greatly impact this pair.  The Global Currency Scalper will be looking to take quick profits as to not get caught up in a false breakout.

We will be looking to go long USD/CHF on a break of 1.01450 with targets of the figure 1.02000 and 1.02200, if the later is taken out we could see this pair approach the 2010 high of 1.02780.  Stops will be placed just under parity of 1.00000 which should provide major support.  If the parity level is breached prior to initiating the position our view of USD/CHF will change to neutral and further evaluation will be needed.  Again the Global Currency Scalper is looking to trade this pair with the utmost caution.

New Signal GBP/JPY

*Signal Update:  The Global Currency Scalper has cancelled its open order on the GBP/JPY ahead of the interest rate decision by the BOE, the price action has also traded through which would have been our stop order, as stated this changes our view to neutral.

As of 01/06/2015 @ 19:18 EST:

We have identified a possible short trade in GBP/JPY.  This pair has made a big up move from the middle of October to the beginning of December 2014.  Recently though we have seen a strong selloff with the GBP/JPY approaching the 50% Fibonacci retracement level.  The Global Currency Scalper would like to see this pair break that level before initiating a position as the 50% could prove to act as support.

We will be initiating a short position on a break of 178.730 and believe this break will increase the downside pressure which the Global Currency Scalper will be able to ride lower.  Our price targets will be the figure of 178.000 and if broken than the 200 Day Moving Average of 177.680 will come into play.  Our stop will be set at 180.400, if this level is traded before the Global Currency Scalper can initiate a position we will turn neutral on the GBP/JPY and further evaluation will be needed.

New Signal AUD/JPY

*Trade Update:  The Global Currency Scalper has liquidated the AUD/JPY position with a gain of 28.1 Pips.  We have seen this pair, as well as many others, come down hard today giving us an opportunity to make a quick profitable trade.  The Global Currency Scalper is thinking we could eventually see a snap-back move in many currency pairs and do not want to get caught on the wrong side, so lets book the profits and move on to the next trade.

As of 01/05/2015 @ 19:55 EST:

We have identified AUD/JPY as a possible short trade.  Looking at the daily chart above you can see this pair has broken the 200 day moving average which is just below the 50% Fibonacci retracement level.  Over the past few days you can see that the AUD/JPY has begun to rollover from its bounce off the short-term lows set in mid-December.

The Global Currency Scalper is looking to take a short position if the AUD/JPY takes out the 96.160 level.  We can see this pair moving quickly to the 95.200 - 95.000 level and if that's taken out we could see 94.500 - 94.200 levels.  Our stop will be placed at 97.500 and if this level is breached prior to initiating a position our opinion will change to neutral and further evaluation will be needed.

New Signal EUR\CAD

*Trade Update:  Jim liquidated his position and was stopped out @ 1.39300.  He was up 10 pips in the trade at one point and made the decision to hold figuring shorts were covering their positions.  He doesn't give much room when the trade goes against him when scalping.  Cutting losses and maximizing gains is what it's all about. 

The Eur\Cad pairing is coming up on the 1.3900 support level.  Jim trades the Finger Trap Method and uses a moving average of a 5 minute and 1 hour time chart.  That's how he has it set up.  In addition to the 5 minute and 1 hour charts Jim also looks at the Daily - Weekly and Monthly charts.

As you can see by those time charts the pair is weak.  Surrounded by the bad Euro news as of late Jim is expecting the pair to test and break through the 1.3900 3 month low.  If\when it does Jim will take a short position and look for a run down to the 1.215 level which would be a run at the 3 Year low.

Jim has a trading style where he looks to take at least 10 pips on his scalp trades - which of course will depend on the volatility of the move.  While he is looking at the pair to make a move towards the levels mentioned above, he is not holding his position long term as an investment.  If he does add to his position he will post updates on the blog to let everyone know any changes in his outlook and\or position.  Jim is strictly a scalp trader not a long term investor.  He will take what the market gives him.

Also, with this pair at this time  - he will only be risking 25-30 pips as a stop if he puts a position on..

New Signal EUR/AUD

*Signal Update:  The Global Currency Scalper is cancelling the open order on EUR/AUD as it has traded below the 1.47000 level without initiating a position.  We will give this pair further evaluation.

As of 01/05/2015 @ 8:12 EST:

We have identified EUR/AUD as a possible long candidate.  This pair is in the process of trying to hold the 38.2% Fibonacci retracement level after a strong rally from the beginning of September 2014.  We will be giving the EUR/AUD room from this 38.2% level down to the figure of 1.47000 to remain bullish, if the figure is taken out our view will change to neutral.

The Global Currency Scalper will be going long if the EUR/AUD can take out 1.48800 with a price target of 1.49600, possibly as high as 1.50600 which saw a nice consolidation period in the month of December 2014.  Our stops will be placed if the figure of 1.47000 is take out and as mentioned above our view will then turn neutral and further evaluation will need to be taken on this pair.

New Signal EUR/JPY

*Trade Update:  The Global Currency Scalper liquidated its position in EUR/JPY with a 17.1 Pip gain.  After seeing this pair fall so far before initiating our position we decided to trade it conservatively and take the quick profit. 

As of 01/04/2015 @ 19:59 EST:

We have identified EUR/JPY as a potential short trade,  This pair is currently testing the 38.2% Fibonacci retracement level and we see it failing to hold over time.  Once this level is taken out we expect the EUR/JPY to ultimately make a run down towards the figure of 142.000 and possibly as low as 140.115 which is the 61.8% Fibonacci retracement level.

The Global Currency Scalper is looking to take a short position @ 142.800 with profit targets mentioned above.  Stops will be set at 144.150, if this level is breached prior to taking our position we will turn neutral on this pair and begin further evaluation.

New Signal USD/JPY

*Signal Update:  The Global Currency Scalper is cancelling the open order on USD/JPY as it has traded below the 119.700 level without initiating a position.  We will give this pair further evaluation.

As of 01/04/2015 @ 19:30 EST:

We have identified USD/JPY as a possible long trade although caution should be taken as the signal is given near the figure of 121.000.  The long-term trend on three time-frames, daily, weekly and monthly is to the upside.  The USD has been very strong the past few months as the Fed has "ended" its QE program.

Looking at the daily chart above the Global Currency Scalper has come up with a couple of strong indications that this pair is getting ready to run to the upside again.  The USD/JPY has bounced off the 23.6% Fibonacci retracement level and has since consolidated very tightly with higher lows while bumping up against the same resistance level.  If this resistance level can be broken the Global Currency Trader will be looking to be buyers of this pair.

Our signal is to buy USD/JPY @ 120.930 with price targets of the year high of 121.830 and if that level is taken out we could see this pair run up to 122.500 and ultimately 124.000.  Stops will be placed at 119.700, if this pair trades down to this level prior to initiating a position our view will change to neutral and further evaluation will be needed.