Cable Tuesday 15th May 2012 06.15hrs

Cable.

This pair is in a longer term uptrend, however it has continually put in lower highs and lower lows on a 60 minute time frame, from 30/04/2012.

Chart below.

Monday afternoon price pulled back to the Weekly Pivot Point and is now in a small channel supported by the daily pivot point. (1.6085)

If prices breaks to the down side I will look to enter short.
I am aware there is support below on the longer term charts at 1.6050 and 1.6010, however I will move the stop to break even if and when price approaches these levels to eliminate the risk.

Levels and chart below.

Entry: 1.6080

Stop: 1.6110

Target: 1.5930

If the break does not materialise and price moves up, I will wait for a higher high and a pull back before attempting any longs.

Have a good morning and I will update as the trade develops

Regards

Cable. Friday 11th May 2012 06:31hrs

Cable.

As I said in my post yesterday, if Cable failed to make a higher high, then I would be concerned that it would have the appetite to attack the resistance at 1.6300.

Cable did pull back to the averages, however the stochastic was not at the correct level, and with the failure to make the higher high I backed away from the trade.

Rules are NOT made to be broken and on this occasion they have saved me a 1% loss.

I will look else where for a trade set up that ticks ALL my boxes.

Chart below.

 

Have a good day and I will update as soon as a setup is identified.

Regards

Scott

Cable Potential. Thursday 10th May 2012 14:15hrs

Cable:

Cable is in an uptrend as shown in the chart below.

Chart below

Price has retraced from a high of 1.6300 to find support at a previous low and a 50% fib level.

Chart below

In a perfect world Cable would break the previous high and Weekly Central Pivot Point (WP) at 1.6200 This would show a real appetite that price wants to retest 1.6300.

However with the slow down in the volatility we have seen in recent weeks it may be I have to take the trade without a Higher High.

Last time Cable made a move up I did not enter the long on the pull back as there was no Higher High. Price then went 450 pips without me.

Price has broken the trend line resistance and has made a new high above the immediate swing high so even if price does not break the Weekly Pivot I will assess the trade when it pulls back to support.

I am looking to enter a long trade around the following levels.

Chart below

Entry: 1.6150

Stop: 1.6110

Target: 1.6300 (4%) Previous resistance level.


As I said this is not a trade just yet, I will update as and when price pulls back to the averages.

Have a good afternoon

Best Regards

Scott

EURO / USD Order removed Thursday 3rd May 2012 11:43 hrs

Euro / USD

With no sign of the pull back just yet and Intrest rates at 12:35hrs, I have decided to remove the order and look to enter the short when I get the next short term cross down.

Chart below

 

Regards

Scott

EURO / USD Update Thursday 3rd May 2012 08:01 hrs

Euro / USD

The pull back has not arrived just yet.

I am waiting price to come to me otherwise the stop will be to big and the risk reward will become to great.

The trade has not gone yet and I will get short at the right level with the stochastic at an overbought level.

Currently I am looking at the following levels, however these may change as the day progresses.

Entry: 1.3175

Stop: 1.3125

Target: 1.3005 (3.5%)

Charts below.

 

Regards

Scott

EURO / USD Wednesday 2nd May 2012 11:26hrs

Euro / USD.

As you  can see from the chart below EU has been in a downtrend for some time.

I have been waiting for pull backs before trying shorts.

Price has pulled back to the trend line above and 78.6% fib retracement.

Chart below.

Price has now broken supporting trend line, price has also broken through the averages and pivots points on the back of more bad data from the Euro Zone (Final Manufacturing PMI and Unemployment figures)

This gives me a good opportunity to get short on the retest of the previous support now resistance.

Chart and entry levels are below.

Entry: 1.3205

Stop: 1.3245

Target 1.3005 (5% and previous support)

I will update should the trade be triggered and when I intend to move the stoploss.

Have a good day

Regards

Scott

Euro / USD Tuesday 1st May 2012 06:42hrs

Euro / USD

The chart below is a good representation of the USD currency market at the moment.

Chart below

Price is stuck in a triangle and I am having to sit on my hands waiting for a break, either long or short.

For the moment USD remains weak, and so does the EURO, so price is just going sideways.

I will wait for price to pick its direction before getting involved with the USD charts.

YEN

The Japanese Yen has picked up some momentum and surprise surprise the two trades that were tried last week, (Euro / JPY and Aud / JPY) have both made significant moves to the down side with both trades hitting their respective targets.

However if I had held risk on the trades I would have been stopped for -1% each before the move down.

AJ chart below

EJ chart below

This leaves me in the difficult place of being on the sidelines.

However I will wait and preserve the capital until the right trade with the correct risk reward comes along.

My alarms are set and I will be notified if a break happens, at which time I will assess the trade and if it ticks the boxes I will place my orders.

Have a good week and I will update as soon as I have something to trade.

Regards

Scott