USDJPY 1-19-07

1-19-07

USDJPY

The USDJPY is basing near the 1.2125 area today. I am going to close the position here for the weekend. The high yesterday was 1.2157. The moving average is at 1.2125 which is the price I am closing the trade at.

USDCHF 1-19-07

1-19-07

USDCHF

There was no trade recommendation for the USDCHF yesterday. The USDCHF rallied up to the 1.2550 area of supply and sold back down to the 1.2450 area of demand that I mentioned in yesterday's email. The range to trade is 1.2450 to 1.2550 for today.

GBPUSD 1-19-07

1-19-07

GBPUSD

The long trade in the GBPUSD was exited at 1.9687 yesterday. The GBPUSD sold off to the 1.9643 area which was an area of demand on the daily chart and reversed to close near the 1.9780 area of supply. I would have bought the pullback to the 1.9644 area if I was flat, but since I was in a position, I was trying to protect the profit and I missed the re-entry. I will buy a pullback to 1.9720 for my next long trade in the GBPUSD.

EURUSD 1-19-07

1-19-07

EURUSD

The pullback to 1.2948 long trade in the EURUSD yesterday was a 10 pip loser. The EURUSD sold down to 1.2900 and then rallied to a high of 1.3000. It is basing between 1.2973 and 1.3000 this morning for a possible breakout move higher. However, the US Dollar Index is near the $84.65 area of demand that it bounced at on 1-16-07. I am out of sync with the EURUSD this week, so I will pass on trading it today. If I did trade it, I would buy a pullback to 1.2966. My first target would be 1.3000 and the second target is 1.3074 to exit the position.

GBPUSD 1-18-07

1-18-07

GBPUSD

The GBPUSD long trade is still live. Move the stop loss to 1.9687 on the remaining position.

EURUSD 1-18-07

1-18-07

EURUSD

The pullback long trade at 1.2926 was a 10 pip loser yesterday. The EURUSD spiked down to 1.2900 and then went to the first profit target of 1.2973. I plan to buy the pullback to 1.2948 for my next long trade.

USDJPY 1-18-07

1-18-07

USDJPY

If you bought the pullback to 1.2050 from yesterday's email in the USDJPY, you are in good shape this morning. The next area of supply is 1.2200. You can trail your stop loss to 1.2100 once the USDJPY trades above 1.2130.

USDCHF 1-18-07

1-18-07

USDCHF

The breakout trade above 1.2486 in the USDCHF failed yesterday but no entry was taken since the 1.2550 area was not reached before the pullback. The USDCHF initially traded to a high of 1.2515, and then sold off to a low of 1.2433. I wanted to buy the pullback to 1.2486 if the USDCHF traded to a high of 1.2550 first. I did not want to trade the breakout. There is an area of demand at 1.2450 and an area of supply at 1.2467. Since the areas are that close. I will pass on trading the USDCHF until the range opens up.

GBPUSD 1-17-07

1-17-07

GBPUSD

The GBPUSD sold off yesterday when it reached 1.9700. The trailing stop at 1.9570 was not touched. Move the stop loss up to 1.9598 on the remaining position. The dollar currencies are setting up for rallies.

EURUSD 1-17-07

1-17-07

EURUSD

The EURUSD long trade was closed yesterday at 1.2934 when the trailing stop was hit. There is a small breakout area between 1.2926 and 1.2912 that formed yesterday afternoon. I plan on buying the first pullback to 1.2926 with a 10 pip stop loss and a first target of 1.2973.The USDCHF is setting up for a possible breakout trade on the 180 minute chart, so trail the stop loss by 10 pips once the trade goes positive.

USDJPY 1-17-07

1-17-07

USDJPY

The USDJPY managed to rally past the 1.2060 area of supply but the 1.2083 area slowed down the advance. The 1.2050 area should be support on a pullback.

USDCHF 1-17-07

1-17-07

USDCHF

The USDCHF traded down to the area of demand at 1.2416 yesterday and has rallied back to the 1.2500 area of supply. It may be setting up for a breakout trade on the 180 chart. I will buy a pullback to 1.2486 if the USDCHF rallies up to 1.2550. I will not trade the breakout.

GBPUSD 1-16-07

1-16-07

GBPUSD

The GBPUSD long trade continues as the price drifts higher. Move your stop loss to 1.9570 on the remaining position. The target is still 1.9750 for the time being.

EURUSD 1-16-07

1-16-07

EURUSD

The second target of 1.2957 has been reached on the EURUSD long trade. This happened yesterday, and today, the price has returned to this area. The stop loss should be moved to 1.2925 on the remaining position. If the EURUSD can rally past 1.2957, we will move the stop to 1.2934.

USDJPY 1-16-07

1-16-07

USDJPY

The second half of the short trade was closed at the entry price of 1.2060 yesterday. The USDJPY may be basing for a move higher based on the daily chart. I'll pass on trading the USDJPY until a range is established.

USDCHF 1-16-07

1-16-07

USDCHF

The USDCHF has traded in a small range the last two days between 1.2446 and 1.2493. I expect the 1.2400 area to be a demand level where the selling should slow and a trading range between 1.2400 and 1.2500 should form.

GBPUSD 1-14-07

1-14-07

GBPUSD

The GBPUSD has rallied up to the area of supply at 1.9600 from the 1.9390 entry on Thursday afternoon. If you are still long, move your stop to 1.9544 on the remaining position for a move back to the 1.9778 area. If you are flat, buy a pullback to 1.9570 once the GBPUSD trades up to the 1.9640 area of supply and retraces.

EURUSD 1-14-07

1-14-07

EURUSD

The EURUSD long trade on a pullback to 1.2900 was entered on Friday morning twice. The first trade was stopped out for a 10 pip loss after entry, and the second trade was partially exited at the first target of 1.2932. The stop loss on the remaining position is at 1.2898 which is 20 pips behind the closing price of 1.2918. The 1.2957 second target is where I plan to exit half of the position. For the time being, I expect the EURUSD to trade in a big range between 1.3000 and 1.2870 while the US Dollar Index trades in a range between $85.40 and $84.00. The spike down to the 1.2870 area would have been a better entry based on the 240 minute chart. There is also a daily area of demand at 1.2850 which is the area I next plan to enter long if the EURUSD continues lower. Both the US Dollar Index and the EURO have fresh areas of supply and demand to trade between.

USDJPY 1-14-07

1-14-07

USDJPY

The short trade in the USDJPY at 1.2060 from Thursday is still live. The first profit target of 1.2030 was reached and the stop loss is at entry since the USDJPY has found support above 1.2025. If the USDJPY trades below 1.2000, move the stop loss to 1.2036.

USDCHF 1-14-07

1-14-07

USDCHF

The was no trade recommendation for the USDCHF on Friday. The USDCHF did manage to extend the top of the range to a high of 1.2528 before the sellers emerged. I mentioned in the Friday email that I expected selling because the USDCHF had entered an area of supply on the weekly chart. I am looking for the USDCHF to trade in a range between 1.2528 and 1.2400 going forward.