12-29-06
EURUSD
Happy New Year.
The EURUSD continues to trade in the 1.3100 to 1.3200 range, and both the long trade at 1.3100 and the short trade at 1.3191 were entered and closed. I look for the EURUSD to trade between 1.3129 and 1.3220 for today's range.
12-29-06
GBPUSD
I passed on trading the GBPUSD yesterday at the 1.9555 area of support. The GBPUSD had a nice rally all the way up to the 1.9670 area of supply. The sell off took the GBPUSD down to the breakout area of support at 1.9583, and the GBPUSD has rallied back to the 1.9660 area again in the Asian session. The GBPUSD should find support at 1.9620 and resistance at 1.9700 which is the area that produced the sell off down to the bottom of the weekly range earlier this month. I would trade that range for today.
12-29-06
USDJPY
The USDJPY is still trading in the 1.1850 to 1.1900 range where it was trading at this time yesterday. Since it is basing close to the 1.1910 area of supply, I would pass on the short trade because the distance between the areas is too small. The range is contracting to 1.1865 and 1.1910 which is very hard to trade. If you trade that range, take profits quickly.
12-29-06
USDCHF
The USDCHF traded in a range between 1.2266 and 1.2166 yesterday. The range I would trade for today is between 1.2145 and 1.2245.
12-28-06
USDJPY
There was a pullback to the 1.1840 area mentioned yesterday as the bottom of the range for a long trade entry. If you are long, the 1.1910 area is where I would sell and reverse to a short. The target is the 1.1855 area to go flat.
12-28-06
USDCHF
There was a short trade mentioned at 1.2220 in yesterday's email that was a 10 pip loser. The long trade near 1.2145 was never reached.The USDCHF pushed past the area of supply at 1.2220, and has made a trading range between 1.2245 and 1.2266. If it sells off, it should bounce at 1.2233 and 1.2196. I would trade the 1.2266 to 1.2196 range for today.
12-28-06
GBPUSD
There was a long trade triggered yesterday morning in the GBPUSD on a pullback to the 1.9550 area. The high after entry was 1.9596. This morning, the GBPUSD has pulled back to the 1.9550 area and has bounced again. I am going to pass on trading the GBPUSD long since the 1.9550 area has been visited several times. Any rally will find sellers at 1.9610 and 1.9644.
12-28-06
EURUSD
The EURUSD traded up to a high of 1.3178 yesterday morning, and last night it traded back down to the 1.3100 area. Since I am trading the 1.3100 to 1.3191 range, the long entry at 1.3100 has been entered and the first target is 1.3150. The second target is 1.3191 to reverse to a short. Trail your stop loss close in case the 1.3150 area is today's top of the range.
12-27-06
EURUSD
Hope everyone had a nice Holiday. The EURUSD is trading in the 1.3100 to 1.3200 range for the last couple of days and you should have had a chance to enter a long trade at 1.3100. If you are long, the first target of 1.3160 has been reached and the EURUSD is retracing. I would move the stop loss to 1.3122 on the position. If the breakout area at 1.3130 holds, then the EURUSD has a chance of trading up to the 1.3200 area. If not, then the trade will be closed and the EURUSD will re-test the 1.3100 area for another long entry.
12-27-06
GBPUSD
There were no trades triggered in the GBPUSD for the last 3 days. The open of trade on Monday had the GBPUSD trading near 1.9575, and it never traded above 1.9600 for a long trade. The range I was looking for the GBPUSD to trade in was 1.9500 to 1.9644 when I sent the email out on Sunday with 1.9500 being the price I would enter a long trade. The GBPUSD got close to 1.9500 yesterday afternoon with a low of 1.9515, and has since traded back up to a high of 1.9631 today. One of the frustrations of trying to trade a 24 hour market by yourself is missing large moves like this by using limit orders that are never reached. There are two breakout areas where the GBPUSD should bounce on a sell off at 1.9580 and 1.9550. I would buy the pullback to 1.9550 for a continuation move higher. The first target is 1.9600 and the second target is 1.9644. Move the stop to even after the first target and to 1.9591 after the second target is reached.
12-27-06
USDJPY
There was no trade recommendation in the USDJPY on Sunday, but I did mention the 1.1925 area of supply. That is where the USDJPY ran out of gas yesterday afternoon. The range I would trade is 1.1840 for a long and 1.1910 for a short for the rest of today. Reverse the position at both targets.
12-27-06
USDCHF
There was a possible short entry yesterday evening at the high of the range near 1.2220. The low so far today is 1.2160. It was a trade that could have stopped you out depending on the placement of your sell stop using a 10 pip stop loss since the high was 1.2236. If you entered at 1.2119 at 2:00 PM yesterday, you were stopped out, but if you entered at 5:30 PM, your trade was a 60 pip winner. That is a fact of life in trading. I am still looking for the USDCHF to trade in the 1.2145 to 1.2220 range today. I would only enter either trade if those areas are reached.
12-24-06
GBPUSD
There was a pullback long trade entered in the GBPUSD at 1.9632 early on Friday morning. The high after entry was 1.9679. The GBPUSD sold off without reaching the 1.9700 area to enter the short trade. The GBPUSD again sold down to the low of the range near 1.9560. Any kind of bounce should stall near the 1.9644 to 1.9660 area. I am going to wait to enter a long trade near the 1.9500 area next. You can try to trade the 1.9600 area long if you lock in a profit near 1.9644 and move the stop to entry. The market will be thin and the GBPUSD could move back to the 1.9700 area where we know there are sellers. It all depends on your brokers schedule for the holidays if you will be able to participate.
Merry Christmas
12-24-06
EURUSD
There was no trade recommendation on Friday for the EURUSD. The area of supply at 1.3205 turned the EURUSD down for the second time in the last two days. The EURUSD opened up the bottom of the range to a low of 1.3106. Depending on your platform, you may not trade until next week. I am looking for the EURUSD to trade between 1.3100 and 1.3200 for a couple of days, and I would be a buyer near 1.3100 with a first target of 1.3160. I'll pass on the short at 1.3200 since it
12-24-06
USDCHF
There was a short trade from Thursday that reached the 1.2117 target on Friday for anyone who was still in the trade. The US Dollar caught the bounce at 85.33 for the second time and the USDCHF reversed to a high up near the area of supply 1.2220. The USDCHF settled near 1.2180. I expect the range for the early part of the week to be 1.2145 up to 1.2220.
12-24-06
USDJPY
The USDJPY broke out of Friday after basing near the 1.1845 area for most of the week. The 1.1880 area is the next area of supply to be absorbed. A pullback to 1.1848 should produce a bounce if the current range low at 1.1872 gives out. The next area of supply is near 1.1925.
