Even though I was stopped out last night on the USD/CHF for about -55 pips I still feel that 1.000 is strong. I plan on selling USD/CHF around 1.000 with TP 0.9921 and SL 1.0056.
The reasons for selling are still the same from yesterday, only now it's a better entry level. 0.9921 is an ambitious target so keeping tabs on the price action or setting a tight 25 pip trail is necessary.
Thursday, November 25, 2010
Wednesday, November 24, 2010
FOREX DOJO TRADE # 49
Last night was a bad move and 55 pips were lost. I personally don't like the short term movement in the JPY crosses in the last day or so and it seems that were currently stuck in the middle of the range. I am noticing signs of weaknss in the USD and it looks ready for drop.
I have sold 0.9969 with a TP 0.9877 and SL 1.0020
USD/CHF looks like like one of the better pairs technically and fundamentally. We are very close to the weekly 23.6 Fib around 1.0000. with the RSI in oversold territory and the 100EMA miles above. That's just the weekly.
The daily, 4 hour and 1 hour shows the price is close to the top it's range and RSI are looking ready to fall.
I will apply a 40 pip trail due to trend line support in 0.9925 zone.
I have sold 0.9969 with a TP 0.9877 and SL 1.0020
USD/CHF looks like like one of the better pairs technically and fundamentally. We are very close to the weekly 23.6 Fib around 1.0000. with the RSI in oversold territory and the 100EMA miles above. That's just the weekly.
The daily, 4 hour and 1 hour shows the price is close to the top it's range and RSI are looking ready to fall.
I will apply a 40 pip trail due to trend line support in 0.9925 zone.
Tuesday, November 23, 2010
FOREX DOJO TRADE # 48
Last night was good for 70 pips. Now that 131.00 has been tested and seemingly secure I feel a bit more comfortable about easing the shorts. I would prefer buying GBP/JPY around 131.50 with a TP 132.00 - 132.10 and SL 130.90 - 131.00.
to make it short, 131.80 is the only resistance before 132.30 zone. A 30 pips trail is smart since we arebuying in a bearish market.
to make it short, 131.80 is the only resistance before 132.30 zone. A 30 pips trail is smart since we arebuying in a bearish market.
Monday, November 22, 2010
FOREX DOJO TRADE # 47
I watched GBP/JPY rally last night immediately after I posted and determined that my stop was going to be triggered. I did what I hate to do and moved it 15 pips up to 134.30 and walked away. It turned out to be a lucky move but I'm not proud of it. I should have sold closer to 134.00 and left more room for error with a better profit ratio. In the end I walked away with 50 pips profit.
Tonight I want to sell GBP/JPY close to 133.00 with a TP 132.30-132.40 and SL 133.40-133.50.
The sell off last night was triggered as I expected when 134.00 could not be held by the bulls. The break of 133.00 is a bearish signal on the 4 hour and 1 hour charts with next trend line support around 132.50 and then 132.00. The 100EMA is breached on the hourly but is still supportive on the 4 hour also around 132.00. RSI is looking a little heavy.
The shorter time frames are very mildly bullish but generally range bound between 133.00 and 132. 60. 133.20 is key resistance short term if 133.00 is taken in the coming minutes. 133.10 might be good spot to place an entry with a 50 pip SL from the looks of it as I write.
Tonight I want to sell GBP/JPY close to 133.00 with a TP 132.30-132.40 and SL 133.40-133.50.
The sell off last night was triggered as I expected when 134.00 could not be held by the bulls. The break of 133.00 is a bearish signal on the 4 hour and 1 hour charts with next trend line support around 132.50 and then 132.00. The 100EMA is breached on the hourly but is still supportive on the 4 hour also around 132.00. RSI is looking a little heavy.
The shorter time frames are very mildly bullish but generally range bound between 133.00 and 132. 60. 133.20 is key resistance short term if 133.00 is taken in the coming minutes. 133.10 might be good spot to place an entry with a 50 pip SL from the looks of it as I write.
Sunday, November 21, 2010
FOREX DOJO TRADE # 46
Tonight I am still feeling bearish and think that as long as the price stays below the134.00 zone we are set for a sell off. I will sell tonight around 133.60 with a TP 133.05 - 133.15 and SL 134.05 134.15.
The 4 hour chart is looking overextended with the price struggling to stay above 133.50. Next support is around 133.00 where some buying should be present. The hourly charts are also looking exhausted on the upside with pair now unable to hold above 133.80. Trend line and 100 EMA support is around 133.00 - 133.20.
The shorter timeframes look to be in a declining range between 134.00 - 133.00. Trend line resistance is very close now around 133.65 with support just before 133.00. Keeping a trail of about 30 pips wouldn't be a bad idea given the current set up.
The 4 hour chart is looking overextended with the price struggling to stay above 133.50. Next support is around 133.00 where some buying should be present. The hourly charts are also looking exhausted on the upside with pair now unable to hold above 133.80. Trend line and 100 EMA support is around 133.00 - 133.20.
The shorter timeframes look to be in a declining range between 134.00 - 133.00. Trend line resistance is very close now around 133.65 with support just before 133.00. Keeping a trail of about 30 pips wouldn't be a bad idea given the current set up.
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