Wednesday, October 6, 2010
TAKING THE REST OF THE WEEK OFF
I have a lot to juggle this week and will be taking a break from forex until Monday. Tonight though I will place a pending order to buy @ 131.25 and TP 131.99 with SL 130.75. Once again I am unable to share my analysis but will say that there looks to be good support below 131.00. Lets hope it can hold up.
Monday, October 4, 2010
FOREX DOJO TRADE # 21
Tonight I wiil buy GBP/JPY @ 132.20 with TP 132.86 and SL 131.70. I don't have much time to explain my reasoning for the trade but I will say that the break above 132.25 about an hour ago is the reason for buying at 132.20. It should now serve as support with additional support lying around 131.80-131.90. Resistance around 133 looks strong so my target is just before that mark.
Sunday, October 3, 2010
FOREX DOJO TRADE # 20
Tonight it seems that the price is on the fence. 132.50 is quite pivotal a break above could target 133.20 and above while a break lower has 131.60 as the next support and 131.00 below. I will be shorting GBP/ JPY around 132.40 with my TP 131.80 and SL 132.90. I am basing my strategy on the following circumstances:
1.There is a trendline on the 4 hour chart coming in around 132.40- 132.50 along with the 100 EMA around 132,15 which should amount to some volatitly tonight as we approach 132.40. Also the 4 hour RSI is nearing the overbought zone which indicates that the pair may probe lower.
2. The hour charts look like the pair may be setting into a 132.50-131.60 range with the 100 EMA flattening out and trendlines tightening. Selling or buying at the edges is the preferred move.
3. Lower timeframes are indicating a tug of war to bring the price above 132.50 or below 132.00. I'm thinking that 132.50 should provide good immediate resistance so I will be putting in a trail of 35 pips just incase we bounce and don't look back from 132.00.
1.There is a trendline on the 4 hour chart coming in around 132.40- 132.50 along with the 100 EMA around 132,15 which should amount to some volatitly tonight as we approach 132.40. Also the 4 hour RSI is nearing the overbought zone which indicates that the pair may probe lower.
2. The hour charts look like the pair may be setting into a 132.50-131.60 range with the 100 EMA flattening out and trendlines tightening. Selling or buying at the edges is the preferred move.
3. Lower timeframes are indicating a tug of war to bring the price above 132.50 or below 132.00. I'm thinking that 132.50 should provide good immediate resistance so I will be putting in a trail of 35 pips just incase we bounce and don't look back from 132.00.
END OF MONTH TOTALS
WEEK 1 = + 181 PIPS
WEEK 2 = + 10 PIPS
WEEK 3 = + 233 PIPS
WEEK 4 = + 78 PIPS
TOTAL = + 502 PIPS
GOAL = 800 PIPS / MONTH
FINAL GRADE = 62.75 % (C)
WEEK 2 = + 10 PIPS
WEEK 3 = + 233 PIPS
WEEK 4 = + 78 PIPS
TOTAL = + 502 PIPS
GOAL = 800 PIPS / MONTH
FINAL GRADE = 62.75 % (C)
WEEKLY RESULTS
SEPT 26 (+20 pips) Trailing stop was tripped
SEPT 27 (+59 pips)
SEPT 28-29 (-55 pips)
SEPT 30 (+54 pips)
WEEKLY TOTAL = + 78 pips
SEPT 27 (+59 pips)
SEPT 28-29 (-55 pips)
SEPT 30 (+54 pips)
WEEKLY TOTAL = + 78 pips
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