Cable, EU & Kiwi. Thursday 5th April 2012 07:18hrs

Cable.

The pull back has still not arrived and we now have a short term cross against the trade direction.

Chart below

I have removed my order to go short for the time being.

I have not given up on the trade, I would just prefer to enter when the market is moving back in the desired direction. I am looking for a price to break back down through the Daily Pivot (DP White solid line) 1.5875. I will update with the levels later.

EU

This is in the same position as Cable and the short term price action is bid so order removed for now.

Chart below

Looking to enter on the break back down.

Kiwi

Short term price action is bid looking to enter on the break of DP 0.8154 area.

Chart below

I will update as and when I enter short positions

Regards

Scott

Kiwi / USD Wednesday 4th April 2012 07:31hrs

Kiwi / USD.

Kiwi has resistance at 0.8280 and a double top formation at 0.8260.

Chart below

 

Following the bout of USD strength a cross of the averages has taken place and a short opportunity has developed.

There is trendline support below, however this is 50 pips from the entry.

I will move the stop to break even before we test this area to remove the risk from the trade.

If we get the pull back, I will be looking to enter short at the levels below

Chart and entry levels below.

Entry: 0.8205

Stop: 0.8225

Target: 0.8105

Regards

Scott

Euro / USD Wednesday 4th April 2012 07:22hrs

Euro / USD.

As mentioned in previous posts, EU has significant resistance at 1.3380. However price was caught in an ascending triangle and I have been waiting for the break out of the triangle before trading this pair.

Chart below

The break has taken place following the news last night.

If we can get a pull back to the averages and pivot points then I will be looking to enter short.

Entry levels and chart below

Entry: 1.3265

Stop: 1.3305

Target: 1.3065

I may have to adjust these levels as the pull back develops, however this is the area that looks most likely at the time of writing.

Regards

Scott

Cable. Wednesday 4th April 2012 07:02 hrs

Cable.

Cable has been in a range over the past week or so.

Chart below

Following the FOMC announcement last night cable has broken out of the range and an opportunity to get short with good risk reward has presented itself.

There is resistance at the 1.60 level and divergence between price making higher highs and the Macd and stochastic making lower highs. Price has broken out of the channel and the averages have crossed to the down side.

I am aware that there is support below, however by the time that price reaches this area at 1.5825 I will have moved the stop to break even eliminating the risk from this position.

If we can get a good pull back to the averages and pivot points then my order will be as below.(Shown on the chart as the white box).

Chart and levels below.

Entry: 1.5950

Stop: 1.5995

Target: 1.5725

 

Regards

Scott

USD Strength Wednesday 4th April 2012 06:55 hrs

The USD has at last shown us the way following the FOMC statement last night.

The Fed’s minutes showed only two out of 10 voting members saying further easing “could become necessary”.

This has given 4 trading oportunities with a good risk reward.

These are detailed on the following posts.

Regards

Scott

Euro / USD Tuesday 3rd April 2012 06.28hrs

Euro / USD

This instrument is still inside the triangle.

Chart below

There was a break to the down side yesterday lunchtime, however it was short lived and an entry did not present itself.

There is more news for the euro and the USD today, so for now I am waiting for the break to be confirmed before I get involved.

Aussie / CAD UPDATE

This was a trade I tried last week.

This trade hit its 5% target early this morning.

That made a 20% week if I had managed to get a slightly deeper pull back on those four trades.

Chart below.

I will post again as soon as I find a strategy trade, that offers good risk reward.

Regards

Scott

EURO / USD Monday 2nd March 2012 07:03hrs

Euro / Usd

This pair has been in a mid term uptrend, retracing 78.6% of the previous move down.

However price has found, that it is unable to break through the 1.3380 level (78.6% Fibonacci retracement level)

Chart below.

This has boxed price in, with a quadruple top above and trend line support below (an ascending triangle).

I am waiting for price to break out of the triangle.

This will give me the direction the market wants to move in.

I will then wait for price to pull back, and retest either the current resistance level of 1.3380 or the support level of the trend line.

Chart below.

 

Once the triangle has been broken, I will update with the levels for the trade.

Regards

Scott