GBPUSD 1-12-07

1-12-07

GBPUSD

There was a long trade entered at 1.9328 yesterday that was a 72 pip winner and a short trade at 1.9400 that was a 10 pip winner. I was fortunate that the sell off above 1.9400 occurred early in the morning before the interest rate hike in the UK and that I was trailing my stop ahead of the decision. I don't pay attention to fundamental news as a rule. I am upset that I wasted a good entry for a long move at 1.9328. The sellers had been in control up until the UK rate hike. That surprise decision lead to a rally into the area of supply at 1.9530 and a pullback to the 1.9390 area for another long trade later in the day. The reason for the entry at 1.9390 was because that was the last place where the GBPUSD based ahead of the surprise decision and there were likely to be willing buyers the first time that the GBPUSD traded back to that breakout area. Anyone who follows on a regular basis knows that those pullback trades are the highest odds, lowest risk entries. The long trade will be held for a move back to the 1.9750 area with a wide stop.

EURUSD 1-12-07

1-12-07

EURUSD

There was a pullback long trade entered yesterday at 1.2940 early in the morning that was exited at the first target of 1.2989 and closed at 1.3000. The second profit target of 1.3031 was not reached. The EURUSD sold off to below the 1.2900 price level and has since bounced. It has pulled back to the 1.2900 area already this morning and it has rallied. If it pulls back to 1.2900 again today, I will enter a long trade with a first target of 1.2932 and a second target of 1.2957. I will trail my stop by 20 pips once the first target is reached.

USDJPY 1-12-07

1-12-07

USDJPY

There was a short trade entered in the USDJPY at 1.2055 yesterday morning that was closed at 1.2035. I have re-entered the short trade this morning at 1.2060. I will take a partial profit at 1.2030 and trail the stop in case the 1.2030 area acts as support again. If the 1.2030 area breaks, the second target is 1.1995. Trail the stop by 20 pips once the second target is reached.

USDCHF 1-12-07

1-12-07

USDCHF

The short trade at 1.2483 was a 10 pip loser if you entered it on the rally from 1.2420. There were sellers lower in the area early in the day.Yesterday morning, the USDCHF traded up to a high of 1.2473 before selling off to the 1.2410 area of demand. It has since pushed up to the 1.2500 area and has been basing between 1.2478 and 1.2500. The US Dollar Index is in a weekly area of supply. It is just a matter of time for the selling to resume. The USDCHF has a weekly area of supply between 1.2483 and 1.2537. It may push into the 1.2500 area before the selling begins.

GBPUSD 1-11-07

1-11-07

GBPUSD

A short trade was entered yesterday at 1.9412 in the GBPUSD which was the top of the range for yesterday. The position was closed at 1.9366 which was the bottom of the range I was looking for yesterday. The GBPUSD extended the range to a low of 1.9320. Today, I will trade the GBPUSD long on a pullback to 1.9327, and short at 1.9400.

EURUSD 1-11-07

1-11-07

EURUSD

The EURUSD extended the bottom of the range to a low of 1.2930 yesterday, and it has bounce up to 1.2960. I plan to buy the first pullback to 1.2940. The first target is 1.2989 and the second target is 1.3031. The US Dollar Index is in a weekly area of supply and we could see a bounce in the EURO from here.

USDJPY 1-11-07

1-11-07

USDJPY

The USDJPY extended the top of the range to the 1.2000 area. I plan to short the 1.2055 area with a first target of 1.2000 and a second target of 1.1976.

USDCHF 1-11-07

1-11-07

USDCHF

The short trade from yesterday at 1.2440 was closed at even after the first target of 1.2400 was reached and the USDCHF rallied back to close the second half of the position. I will short the first time back to the 1.2483 area with a first target of 1.2450 and a second target of 1.2430.The US Dollar Index is in an area of weekly supply.

USDCHF 1-10-07

1-10-07

USDCHF

The USDCHF has traded up to the 1.2440 area this morning and a short trade was entered.
The first target is 1.2400 and the second target is 1.2376. Move your stop to even after the first target, and to 1.2411 after the second target is reached.

USDJPY 1-10-07

1-10-07

USDJPY

The USDJPY traded in a range between 1.1880 and 1.1950 yesterday. If you shorted 1.1930, you were stopped out for a 10 pip loss. Once the USDJPY crosses above 1.1900, it based between 1.1917 and 1.1910 making the short trade a less than 2 to 1 risk to reward trade. Since the areas of supply and demand are close, I will pass on trading the USDJPY until the range opens up to between 1.1900 and 1.2000.

GBPUSD 1-10-07

1-10-07

GBPUSD

The GBPUSD had a failed breakout above 1.9429 yesterday so the pullback to 1.9429 trade was a 10 pip loser. This morning, the GBPUSD has extended the bottom of the range to 1.9339. I will trade the 1.9366 to 1.9413 range for today.

EURUSD 1-10-07

1-10-07

EURUSD

The EURUSD never reached the 1.3066 area for a short trade yesterday. Overnight, it reached the 1.2970 area for the long entry. The range for later today should be 1.2972 to 1.3031.

USDJPY 1-9-07

1-9-07

USDJPY

The short trade for the USDJPY at 1.1870 was entered yesterday. The low after entry was 1.1840. The USDJPY has rallied up to the 1.1900 area this morning. The range for later today should be 1.1930 to 1.1880.

USDJPY 1-9-07

1-9-07

USDCHF

The USDCHF traded in a 1.2333 to 1.2404 range for today. If you entered a short trade at 1.2380 using a sell stop, you may have been able to make 40 pips. The bottom of the range at 1.2293 was never reached. The USDCHF may trade in the same range as yesterday for today.I will trade long at 1.2293 and short at 1.2440.

GBPUSD 1-9-07

1-9-07

GBPUSD

The pullback to 1.9303 long trade in the GBPUSD was triggered yesterday morning. The GBPUSD reached the first target at 1.9358 and the second target of 1.9392 was reached yesterday afternoon. The GBPUSD should trade between 1.9383 and 1.9500 as the range for today. If the GBPUSD breakouts past the 1.9429 area, you could buy the pullback to 1.9429 and trade the 1.9429 to 1.9500 range later today.

EURUSD 1-9-07

1-9-07

EURUSD

The EURUSD reached the 1.2970 area of demand yesterday for a long trade at the bottom of the range. This morning it is near the 1.3066 area of supply which should be the top of the range. If you are still long from yesterday, sell the position at 1.3066 and go flat. The EURUSD will trade between 1.3070 and 1.2970 when the US Dollar index reaches the $84.08 area.