Today's trading started off with an opportunity to go Long around 6:30am when price closed above the 1.4634 Resistance line. Entry was at 1.4640 but we had to exit both positions around 8:15am when a reversal pattern formed on the 15minute chart. Exit was at 1.4615 for a loss of 25pips.
There was a chance to Sell a little while later (8:45am) when price closed below the 1.4590 Support line. Entry was at 1.4582 and the first position was closed at 1.4547 around 11:45am. The second position was stopped-out at entry around 6:15pm.
Wednesday, September 30, 2009
Tuesday, September 29, 2009
Monday 28th September 2009
Today we had positive divergence on the 1hr chart as we came close to the beginning of the London session. There was a chance to go Long around 6:30am at 1.4600 but we waited for the upward move to prove itself before entering. Price bounced off the 1.4628 Resistance line and we entered a Long trade when price came back and closed above the Resistance line at 1.4629 around 9:45am.
The first position was closed at 1.4652 for a profit of 23pips around 12:15pm. The second position was stopped-out at entry around 4:00pm.
The first position was closed at 1.4652 for a profit of 23pips around 12:15pm. The second position was stopped-out at entry around 4:00pm.
Friday, September 25, 2009
Friday 25th September 2009
Today's trading is starting off in a very similar manner to what we had yesterday. The Eur/Usd has been in an upward move following yesterday's strong decline during the US session. The upward move came on the heels of positive divergence and Price has bounced off 1.4698 which is a significant Resistance level. I'll be looking to go Long if price breaches this level.
We took a long trade around 7:30am when price closed at 1.4698 but we didn't quite hit our first profit target before we had strong reversal patterns (including divergence on the 15min chart) leading us to exit the positions when price closed at 1.4694 around 12:00pm.
We took a long trade around 7:30am when price closed at 1.4698 but we didn't quite hit our first profit target before we had strong reversal patterns (including divergence on the 15min chart) leading us to exit the positions when price closed at 1.4694 around 12:00pm.
Thursday, September 24, 2009
Thursday 24th September 2009
We had a significant retracement in the Eur/Usd yesterday because of dollar-positive news from the Fed. The move took a break at the 1.4692 support line where it bounced back in the upward direction. As of 7:30am BST (London time) this morning we are yet to see if this move will be sustained.
Well, we're now approaching 8:30am and price has continued in the upward direction so far. We encountered some resistance around 1.4768 (which is a significant Resistance level). If this level is eventually breached, I would consider taking a Long position albeit in a conservative manner.
The Long trade played out conservatively just as I suspected it would. If you entered around 1.4770 (10:30am), you could have exited the first position around 1.4790 (1:45pm) with the second position closed out at entry.
There's now a downward move in play fuelled by more dollar-positive news: Jobless claims figures dropped unexpectedly for a third straight week. I'll be looking to enter a quick Short trade if the Eur/Usd breaches it's 89 SMA which could happen any moment from now (3:00pm)!
The Short trade played out excellently. If you were able to enter around the time I made the call, you'd be swimming in about 100pips by now. A good entry was at 1.4761 (a close below the 1.4768 support) following divergence and dollar-positive news. First position would have been closed out at 1.4730. The second position would still be open with stop adjusted to 1.4671.
Well, we're now approaching 8:30am and price has continued in the upward direction so far. We encountered some resistance around 1.4768 (which is a significant Resistance level). If this level is eventually breached, I would consider taking a Long position albeit in a conservative manner.
The Long trade played out conservatively just as I suspected it would. If you entered around 1.4770 (10:30am), you could have exited the first position around 1.4790 (1:45pm) with the second position closed out at entry.
There's now a downward move in play fuelled by more dollar-positive news: Jobless claims figures dropped unexpectedly for a third straight week. I'll be looking to enter a quick Short trade if the Eur/Usd breaches it's 89 SMA which could happen any moment from now (3:00pm)!
The Short trade played out excellently. If you were able to enter around the time I made the call, you'd be swimming in about 100pips by now. A good entry was at 1.4761 (a close below the 1.4768 support) following divergence and dollar-positive news. First position would have been closed out at 1.4730. The second position would still be open with stop adjusted to 1.4671.
Wednesday 23rd September 2009
There was negative divergence coming into the London session this morning. The signals weren't very clear so it would have been okay to stay out of the markets. There was however an opportunity to go short around 7:30am when price closed below the 1.4806 support line. The formation of inverted hammers on the 1hour charts around that time gave a bit of credibility to the Short trade.
Those who took that divergence trade would have entered the market around 1.4800 with a target of getting to the 1.4761 mark. Conservative traders would consider taking a portion of their profits about halfway into the move. The target was eventually hit at about 3:00pm.
Those who took that divergence trade would have entered the market around 1.4800 with a target of getting to the 1.4761 mark. Conservative traders would consider taking a portion of their profits about halfway into the move. The target was eventually hit at about 3:00pm.
Wednesday, September 23, 2009
Tuesday 22nd September 2009
The US session during Monday's trading saw the end of the retracement and the continuation of the upward trend. The upward move was sustained into the London session with resistance expected around the 1.4724 level.
We entered a Long position when price closed at 1.4726 around 7:30am. The first position was closed at 1.4748 for a profit of 22pips around 8:30am. The second position was closed at 1.4772 for a profit of 46pips around 3:45pm.
We entered a Long position when price closed at 1.4726 around 7:30am. The first position was closed at 1.4748 for a profit of 22pips around 8:30am. The second position was closed at 1.4772 for a profit of 46pips around 3:45pm.
Monday 21st September 2009
The Eur/Usd went into a retracement on Friday and it was the first clear retracement in the strong uptrend that has defied multiple divergences on the MACD.
Coming into the London session, we had a minor downtrend with support expected around the 1.4679 level. We entered a sell position around 6:15am when price closed at 1.4676 on the 15minute chart. The first position was closed at 1.4656 for 20pips around 7:30am. The second position was closed at 1.4656 for another 20pips at 3:00pm.
Coming into the London session, we had a minor downtrend with support expected around the 1.4679 level. We entered a sell position around 6:15am when price closed at 1.4676 on the 15minute chart. The first position was closed at 1.4656 for 20pips around 7:30am. The second position was closed at 1.4656 for another 20pips at 3:00pm.
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