15 May: Tomi Trader update on current Long US$Chf, Short EurGbp, Short Gold strategies

By | May 15, 2018

When the medium/long term bias for a currency pair, commodity or stock index is either bullish or bearish, as can be ascertained from the daily trend table (http://fxcharts.net/category/trendtables/) an EA can be attached with that particular bias in mind.

As and when our bias changes, we can either close the EA down or, more likely, adjust the settings to either a 2-way bias (i.e. buy and sell) or to a sell-only bias if we think the market is going to reverse in the opposite direction.

The settings are very flexible, as not only the directional bias can be changed but the number of points between trades and size of the profit margin and the trailing stops can also be altered to suit your own style.

The EA is available on:

https://orchardforex.com/downloads/

 

Existing Trades– Current bias:

Long US$CHF

Short EurGbp

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New trade 11 May 2018

Short Gold

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Update 

15 May 2018

CURRENT BIAS: Long USDCHF

EA Commenced: 25 April 2018

Updated 15 May. No change in view. Still long US$ bias only

We currently have a bullish bias on the US$ against Chf (i.e. Long US$Chf), given that the daily and weekly charts are pointing higher, suggesting further medium-term dollar strength. We have therefore attached the Tomi Trader EA with a bullish bias only to US$Chf, so no sell orders would form part of this strategy, except for when taking profit on a long position.

15/05/18

CURRENT BIAS: Short EURGBP

EA Commenced: 25 April 2018

Updated 15 May. No change in view. Still short EURGBP bias only

We currently continue to have a bearish bias on the Euro against Sterling (i.e. short EurGbp). The weekly and monthly charts were initially pointing lower when we initiated the strategy although, so far, EURGBP has traded within a choppy range and without any real direction. This has been useful as it has allowed us to build our short position into rallies while then allowing us to take some profits as the cross declines in price

We will continue to run with the strategy for now attached with a bearish-bias only, so no buy orders would form part of this strategy, except for when taking profit on a short position.

From a fundamental perspective, we think that Sterling may outperform in the months ahead as the terms of Brexit become clearer, removing certain doubts and uncertainties from the marketplace.

15/05/18

CURRENT BIAS: Short Gold

EA Commenced: 11 May 2018

Although rather choppy and directionless at present, there are some good opportunities to be had, and in line with our medium term bullish US$ bias we think Gold will eventually come under pressure and head lower. The choppy conditions have allowed us to sell into the recent squeeze higher, improving the average price while we build our short position. With Gold now a little lower, again, currently a t 1313, we are looking for an eventual break of 1300 and an initial target of 1275/80. Under there we could see a move towards 1235/40.