AUD / USD & NZD / USD Update: Friday 29th June 2012 14:16hrs

AUD / USD & NZD / USD

With no sign of a pull back, and price making higher highs. I have removed my orders.

I will look to enter when price does pull back, and the short term averages suggest another move to the upside.

Charts below

AUD / USD

 

NZD / USD

I hope you have a good weekend.

Best Regards

AUD / USD Friday 29th June 2012 10:06hrs

AUD / USD

This pair is in a mid term up trend. Price has found support at the 38/2% Fibonacci level of the last swing move.

Chart below:

Price now created a new high with a higher low and I am looking to enter long on a pull back to the averages.

Entry levels and chart below:

Entry 1.0100

Stop: 1.0065

Target: 1.0275

I will update again if and when the trade is triggered.

Best Regards

NZD / USD Friday 29th June 2012 09:55hrs

NZD / USD

I tried this one on Tuesday but didn't get the move I was looking for and was stopped at break even.

Price has now made its move and I am looking for a long trade on the pull back.

Price is in a mid term up trend.

Chart below

 

Price has now made a higher high and broken the mid term averages (4hr 50ma) and the Weekly Central Pivot Point. (WP)

Price also has clear support at 0.7840 with 3 touches on this support level.

Entry and chart below

Entry: 0.7915

Stop: 0.7885

Target: 0.8065

 

I will update again as and when the trade is triggered.

Regards

Yep it Choppy

Cable.

I said the market looked a bit choppy.

The chart below shows that the Cable trade would have been stopped out before crashing through everything and making its way down to DS1 (Daily Support Level 1)

 

I guess I could have had a bigger stop above the weekly pivot (yellow dashed line) at 1.5640 but then the risk reward is reduced so much the trade is not so attractive.

Which ever way I look at it, its tough for me right now as I am not making any money.
I will just have to stick to me guns and wait for the next set up to take place.

Have a good day

Regards

Cable Update: Thursday 28th June 2012 07:51hrs

Cable.

As expected I have been stopped at break even.

This was a good result as my original stop at 1.5620 would have been hit for -1%.

Chart below

 

Markets are choppy right now (well I think so anyway)

I will wait for the next trade that ticks ALL the boxes and not just dive in on every little bit of price action.

Conservative I know, but I think its better than being chopped up and ending the week on -3% or -4%

Have a good morning and I will update again when I find the next opportunity

Regards

Cable Update: Thursday 28th June 2012 05:55hrs

Cable:

I adjusted the entry levels last night to take into account price action and the time it has taken for price to pull back on this trade.


The revised levels are below:

Entry: 1.5595

Stop: 1.5620

Target: 1.5470. (5)

The trade has been triggered and I am short at 1.5595.

However, the pull back has taken so long that price has created a short term across (long) against me.

This is showing that for now at least this instrument is bid.

To counter this I have moved the stop loss to break even thus eliminate the risk on the position.

Price is close to the stop and we are above the short term averages. Therefore I would expect that I will be stopped at break even when the European session starts shortly.

If this is the case I will have done all I can to protect the capital and I will look again for a better set up.


Chart below:

Have good morning and I will update later when the next strategy trade has been identified.

Regards

Cable: Wednesday 27th June 2012 14:24 hrs

Cable:

Cable is in a down trend and has retraced to the 50% Fibonacci level form the last move down from 1.6300 to 1.5260.

Chart below

Price has failed to make any significant move to the upside and has stalled at the Weekly Central Pivot Point at 1.5640.

Chart below

Price has this afternoon broken back down through the averages and I am looking to enter a short position on a pull back to the PDaily Pivot and moving averages.

Entry levels and chart below.

Entry: 1.5610

Stop: 1.5640

Target: 1.5460 (5%)

I will update again if the trade is triggered

Regards

Kiwi / USD Update Tuesday 26th June 2012 16:05hrs

Kiwi / USD.

I have been triggered into the position and I very quickly moved the stop to break even.

The trade has just been stopped at break even.

Chart below:

Price is a little choppy at the moment so it is best to push the stop to break even and remove the risk.

If it goes, it goes, if not nothing lost.

I will post again when the next strategy trade is identified.

Have a good afternoon

Regards

Kiwi / USD Tuesday 26th June 2012 10:34hrs

Kiwi / USD.

This pair is in an uptrend.

Chart below:

 

The USD strength we saw on Thursday and Friday of last week has allowed for a pull back through the averages.

Price has now found support and is breaking up up with the trend

Chart below:

I am looking for a long entry as detailed below.
I would like to see the stochastic at oversold when prices approaches the entry

Chart and levels below:

Entry: 0.7895

Stop: 0.7865

Target: 0.8045

 

I will update again when the trade has been triggered

Regards

Cable Update Tuesday 26th June 2012 08:31hrs

Cable.

Price has been unable to remain below the averages and I have been stopped out for a profit of 0.5%

Chart below

I am looking for the next strategy trade and will update again once it has been identified.

Best regards

Cable Update. Friday 22nd June 2012 17:17hrs

Cable.

Price has made a new low and the position is currently in profit by 1%.

I will look at the stop later this evening but I don't think I will be able to move it from break even as price action has been slow today and the averages haven't had a real pushed down.

Chart below:

I hope you all have a great weekend.

Regards

Scott

EURO / USD, KIWI AUSSIE / USD Update Friday 22 June 2012 11:55hrs

I have removed my orders on these instruments.

The reason behind this is the lack of real USD strength in the market at the moment.

I will look to enter shorts with better risk reward, using the shorter term charts when the market is moving again.

Best Regards

PS Cable is in profit by 30 pips but only making slow progress.

Cable Update. Friday 22nd June 2012 10.25hrs

Cable.

I have been triggered into the trade and price has moved away from the entry by 15 pips or so.

Price action looks a little slow at the moment and there is little in the way of data today.

I have moved the stop to break even to eliminate the risk on this position.

Lets see if we can make a new low before the weekend.

I will look to move the stop down again before the close of business today if we are still short at 20:00hrs

Chart below:

I hope you have a good afternoon and fingers crossed we can make some pips.

Regards

Kiwi / USD Friday 22nd June 2012 07:01hrs

Kiwi / USD

This pair has been in a down trend on a daily chart.

Chart below:

Price has been in a mid term uptrend for the past month from the double bottom level of 0.7450.

Price has pulled back to 0.7980 the 61.8% Fibonacci level from the last swing move. High of 0.8116 to a low of 0.7450.

Chart below:

 

The trend line support has been broken and price has made a move through the averages and pivot points.

I am looking to enter a short position on a pull back to the trend line and the averages

Levels and Chart below:

Entry: 0.7910

Stop: 0.7960

Target: 0.7660

 

I will update later if the trade is triggered.

Best Regards

Cable, Aussie & EU Update. Friday 22nd June 2012 06:41hrs

Good morning,

My orders have NOT been hit over night.

I have adjusted the orders to take into account the Central Daily Pivot Point (DP) moving down from yesterdays levels.

My strategy says I can not get short above a Daily Pivot or Long below. therefore the new levels and charts are below.

Cable:

Entry 1.5630

Stop: 1.5580

Target: 1.5380 (5%)

 

EU:

Entry: 1.2590

Stop: 1.2640

Target: 1.2340 (5%)

I have removed my Aussie / USD order for now as the risk reward has become a little unrealistic at the new levels.

I will continue to monitor this pair as there may still be an opportunity but with a tighter stop loss.

I will update again if an when the trades are triggered.

Have a great day

Regards

AUD / USD Thursday 21st June 2012 20:52hrs

Aussie / USD.

This pair has been in a down trend. Price has retraced to 1.0217 50% Fibonacci level of the last move down and previous support now resistance. The swing is move is from a high of 1.0855 to a low of 0.9580.

Chart below:

 

The USD has strengthen again and the down trend looks to be resuming. Price has broken through the averages and I am looking to enter a short position oafter a pullback.

Levels and chart below:

Entry:1.0125

Stop: 1.0155

Target: 0.9975 (5%)

Should these levels change I will update again.

Have a great evening.

Regards

AUD / USD Thursday 21st June 2012 20:42hrs

Aussie / USD.

This pair has been in a down trend. Price has retraced to 1.0217 50% Fibonacci level of the last move down and previous support now resistance. The swing is move is from a high of 1.0855 to a low of 0.9580.

Chart below:

 

The USD has strengthen again and the down trend looks to be resuming. Price has broken through the averages and I am looking to enter a short position after a pullback.

Levels and chart below:

Entry:1.0125

Stop: 1.0155

Target: 0.9975 (5%)

Should these levels change I will update again.

Have a great evening.

Regards

Cable. Thursday 21st June 2012 20:34hrs

Cable

Cable is in a down trend. Price has retraced to 1.5780 50% Fibonacci level from the high of 1.6300 to a low of 1.5265.

Chart below:

The USD strength that we have seen today has pushed price back through the averages and pivots and I am looking to enter short on a pull back.

Levels and Chart below:

Entry:1.5670

Stop: 1.5705

Target 1.5495

The levels may change slightly once the pull back begins. If this is the case I will update again

Regards

EURO / USD Thursday 21st June 2012 19:09hrs

EURO / USD

EU in in a down trend. The past few weeks has seen price pull back to 1.2750 the 50% Fibonacci of the last push down from a high of 1.3485 to a low of 1.2280.

Chart below.

 

Today there has been a return to USD strength and price has broken down through the averages and pivot points.
I am therefore looking to enter a short position on a pullback.

Chart and levels below.

Entry: 1.2640

Stop: 1.2675

Target: 1.2465 (5%)

These levels may change slightly as the pullback commences.

I will update again tomorrow morning.

Regards

Cable Update. Thursday 14th June 2012 10:51hrs

Cable.

Well that was quick!!

Despite an attempt at a new low through 1.5472 price has been unable to maintain below the resistance level and I have been stopped at break even.

Chart below

Price action remains choppy and there is little momentum right now.

I am looking for the next strategy trade and will update again when it has been identified.

Regards

Cable Update. Thursday 14th june 2012 09:42hrs

Cable.

My order at 1.5500 has been triggered and I am short cable.

Price has moved away from entry and is currently in profit by 15 pips.

There is good USD data out this afternoon at 13:30 UK time and I am looking for this data to push Cable lower.

I have moved the stop to break even to eliminate the risk on this position.

Chart below.

I will update again later this afternoon.

Best Regards

Cable. Thursday 14th June 2012 07.56 hrs

Cable.

Cable is in a down trend and has been supported for the first part of the week.

Chart below.

Price has formed a Double top at 1.5600 and has broken through the trend line support below.

I am looking for a pull back to the trend line and the 50% Fibonacci level to enter a short position.
I will also look at the stochastic to make sure its above 50 when the entry level is close

Chart and levels below

Entry: 1.5500

Stop: 1.5540

Target: 1.5300 (5%)

I will update later when the trade has developed.

Regards

Market remains suported. Wednesday 13th June 2012 06:29hrs

Cable.

There is clear resistance at 1.5600 in the form of a triple top, however there is a rising trend line below. I am waiting for a break with the trend before I play Cable.

Chart below

Aussie / USD

This pair has made higher highs and I should be looking for longs, however price continually stalls at the physiologically important level of 1.000. I am therefore waiting for a break before attempting a position on this pair.

Chart below.

Cad / JPY

This is very much like Cable in so much as there is a clear double top at 78.00 with consistent higher lows below, forming a rising trend line.

I will wait for the market to show direction before trading Cad / JPY.

Chart below

With price trapped in like this, and with Spanish rates at almost records highs, and a Greek election on Sunday. I am sure there will be some action before the month is out.

I just need to stay sharp and wait for the market to move. I prefer to sit on my hands than get chopped up in a sideways market.

I trust you all agree.

Best Regards

Potential Trades setting up. Monday 11./06/2012 16:27hrs

The following trades are trying (slowly) to set up for tonight or tomorrow.

Cable: Short

 

Aussie / USD: Short

 

Sterling / Yen: Short

Aussie / JPY: Short

 

CAD / JPY: Short

 

The first part of the pattern is in place with either double tops or lower highs. I need to wait for the cross of the averages before I can start to look for entry levels.

There has been little news today and the market has been slow, although this afternoon the FTSE and DOW have come off a tad bring with it USD strength.

The rest of this week has some good news items, finishing with a Greek Election on Sunday.

I will update later when these opportunities mature.

Hope you are having a good week.

Regards

Aussie / JPY & Kiwi / JPY Friday 1st June 2012 13:43hrs

Aussie / JPY

A quick update on these trades.

Although I banked 4% on this trade, with the benefit of hindsight I should have stuck with my rules and waited for the target to be hit.

I admit I was not trading with clarity as I wanted the money to much and could not resist banking after being so close to the target.

AJ is now 100pips lower than my target of 75.75. The level is long term support on the daily chart and would have been a second target if kiwi had gone to plan.

Charts below.

AJ 60 min chart

 

AJ 4 Hour chart showing support.

 

Kiwi /JPY

This trade was stopped for a loss of 1%

As you can see, the trade is through my target of 58.80 by 90 pips.

If this trade had not stopped I would have held one position and banked the other position at 5%.
The position that got to the target first would have been banked.

Chart below

KJ 60 min chart

I finish this week with a profit of 3%. It should have been 4% and it could have been a minimum of 10%. (hindsight is a wonderful thing) as is FX trading ;-)

I will keep looking for the next strategy trade as they can be and are very profitable.

Have a good long weekend and I will post again when the next strategy trade is identified.

Best Regards