The following events may affect EUR pairs:

• 11:00 – German ZEW Economic Sentiment
• 11:00 – ZEW Economic Sentiment
• 11:00 – Trade Balance

The following events may affect USD pairs:

• 14:30 – Empire State Manufacturing Index
• 15:00 – TIC Long-Term Purchases
• 19:00 – NAHB Housing Market Index

The following events may affect JPY pairs:

• 00:50 – Tertiary Industry Activity m/m

The following events may affect GBP pairs:

• 10:30 – CPI y/y
• 10:30 – Core CPI y/y
• 10:30 – DCLG HPI y/y
• 10:30 – RPI y/y
• 19:30 – MPC Member Besley Speaks

I have reduced the pairs I traded a lot since the beginning of my trading. The pair I like the most is EURUSD, also because I live in Europe and follow the news in TV and newspaper naturally. Another pair I like trading is GBPUSD.

And then there is GBPJPY. I have made some bad, bad experiences trading this pair. GBPJPY moves hundreds of pips without any significant retrace. If you don’t apply strict risk and money management, this could eat up your whole account in the blink of an eye.

Here’s a Point and Figure chart of GBPJPY, I used a reversal of 3 and box size of 200 pips. The British Pound has lost massive value against the Yen in the last months. From top to bottom, it’s 13,000 pips.

At this level there is some heavy support expected. I have also attached a 3×500 pips Point and Figure Chart and we see a nice double bottom pattern. The first bottom has been in 1995, so it’s quite some time a ago.

I will switch to lower box sizes and look out for some signals. My general mood is, that GBPJPY will fall even more, but maybe it finds some support at these levels. So I am not looking out for any mid or long term position, only daytrading.

Today I have a EURUSD Point and Figure Chart with a 3 x 50 setup. Nothing happened today because of the bank holiday in the USA, so I expect some bigger moves tomorrow. Especially if you take a look at the events that will come up tomorrow.

EURUSD has formed a spread quadruple bottom @1.2750, a break would indicate a sell signal, the inital stop loss can be set to 1.3100. As I said yesterday, support can be at levels 1.2600 and 1.2400. So If this support should break, I will use a tighter stop loss to back up any profits.

GBPUSD has fooled me today, but it’s been my own fault. Should have stayed away from the markets due to illiquidity. I will try to get a sell signal to short GBPUSD. At this Chart, 3×100, you can see a downward trend channel and I will sell rises and move the stop loss closer when we reach the bottom line of the trend channel.