USDJPY 4-08-07

4-8-07

USDJPY

There was a short trade entered on Friday in the USDJPY at 1.1927. The USDJPY ran into the weekly area of supply and has begun the process of trying to absorb the supply by basing near the area. The 60 minute chart shows that the USDJPY traded in a 13 pip range for 7 hours after the NFP report pushed it up to the area of supply. If the USDJPY trades up to 1.1938 on Sunday, this short trade will be closed with a 10 pip loss. If the USDJPY trades down to 1.1900, a partial profit will be taken and the stop loss will be moved to entry. The short trade will be closed at 1.1886 which is where the breakout happened on Friday, and a long trade will be entered at 1.1880 if the USDJPY trades down to that price.

USDCHF 4-08-07

4-8-07

USDCHF

There was no trade in the USDCHF on Friday. The NFP report pushed the USDCHF past the 1.2213 area of supply which had held it back for most of the week. There is an area of peak supply at 1.2245 that is not visible on these charts. I plan to short the first time up to 1.2245 for my next USDCHF trade. The first target will be 1.2213 which is now acting as support. The next target is 1.2166 which is where the breakout happened on Friday. I will use a sell stop to enter, and I will put the stop loss to entry once the USDCHF reaches the first target. If this is the beginning of a dollar move higher, the area of supply at 1.2245 will need to be absorbed, and the USDCHF will stay near it to absorb the supply before moving higher.I will use a 10 pip stop loss once the trade is entered and a 10 pip trailing stop in case that is what the USDCHF attempts to do.

EURUSD 4-08-07

4-8-07

EURUSD

The long trade in the EURUSD from the 1.3320 entry was closed on Friday at 1.3369. The stop loss could have been higher to lock in more profit on the original trade, or a bit lower to keep the long trade open. The 30 weighted moving average trailing stop loss would have closed you out near 1.3418 and, in the future, I will resume using that on part of the position. On the bottom, the 1.3375 area of demand extended down to 1.3360, so my stop should have been at 1.3359 instead of 1.3369. The 1.3320 long trade would still be open if that were the case.
The EURUSD is a classic example of supply at the 1.3440 level exceeding demand, and demand at the 1.3375 area exceeding supply. The EURUSD attempted to absorb the supply by basing for 9 hours near the 1.3440 area before slipping below 1.3421. Once that happened, the EURUSD based between 1.3412 and 1.3424 for another 9 hours until the NFP report. It rallied up to 1.3426 when the report was released, and then sold off to the 1.3375 area of demand. Once the EURUSD reached the 1.3375 demand level, the selling slowed, and the process of absorbing the demand at that price level began. The potential for a trend move results once an area of supply or demand is absorbed. If this 1.3375 area of demand is absorbed. the next area of demand is at 1.3356 followed by an area of demand at 1.3339. Neither of those areas is fresh, so a move lower is possible which will resemble a downtrend. On the flip side, any of those areas of demand could reverse the EURUSD higher with this 1.3375 area being the most likely to do so. If the EURUSD moves higher, I will trade the 1.3377 to 1.3414 range for the first part of next week since there will be areas of supply and demand to absorb at those price levels which will force the EURUSD into that trading range.

GBPUSD 4-08-07

4-8-07

GBPUSD

There was no trade entered in the GBPUSD on Friday. Since reaching the 1.9800 area of supply, the GBPUSD has been absorbing areas of breakout support and moving lower in the process. It is in a downtrend. Until we see the 30 weighted moving average on the 60 minute chart catch up to the trading range and flatten out, there is the potential for the GBPUSD to continue lower. There are no areas of peak demand that have the potential of reversing this downtrend until the GBPUSD reaches 1.9460 area. The 240 chart shows that the GBPUSD is sitting on a breakout support area at 1.9641 with the next one at 1.9570. If this 1.9641 area of support gives out, the area of breakout support at 1.9570 should produce a decent bounce ahead of that 1.9460 peak demand area. I will go long at the 1.9570 breakout support area if there is a sell off down to that level for my next GBPUSD long trade. I will short 1.9710 for my next short trade in the GBPUSD.

EURUSD 4-06-07

4-6-07

EURUSD

If you are still long from the 1.3320 entry, move the stop loss to 1.3369. The EURUSD is having trouble with the area of supply at 1.3440. If there is a spike down this morning with the NFP report, the EURUSD should rally if it sells off to the 1.3375 area.

GBPUSD 4-06-07

4-6-07

GBPUSD

There was a long trade entered in the GBPUSD at 1.9695 yesterday. The trade was entered with a buy stop once the GBPUSD traded below 1.9695 and, fortunately, the GBPUSD managed to rally to 1.9732 on the rebound. The trade was closed at 1.9722 with a trailing stop. Based on the 180 chart, the GBPUSD looks like it might rally above 1.9715. There is a fairly large area of supply at 1.9752. If the 180 candle closes above 1.9715, the range will be 1.9715 to 1.9752 to be aware of during the NFP report this morning. I will pass on trading this small range.

USDJPY 4-06-07

4-6-07

USDJPY

The USDJPY is still trading between 1.1850 and 1.1880. The NFP could open the range to the 1.1800 area for a long and 1.1928 for a short today. Use buy and sell stops once the price trades below 1.1800 or above 1.1928 to reduce risk on the trades.

USDCHF 4-06-07

4-6-07

USDCHF

There was no trades entered in the USDCHF yesterday. The USDCHF never rallied past the area of supply at 1.2213, so no long trade was entered at 1.2200. There is an area of support now at 1.2154 that has formed overnight. There is an area of supply at 1.2203. If you trade today with the NFP report due at 7:30 AM, those are the two areas to be aware of. I will pass since the areas are close to each other.

EURUSD 4-05-07

4-5-07

EURUSD

If you still have a open position in the EURUSD, move the stop loss to 1.3349.

GBPUSD 4-05-07

4-5-07

GBPUSD

There was no trade yesterday in the GBPUSD. I will buy the first pullback to 1.9695 for my next GBPUSD trade.

USDCHF 4-05-07

4-5-07

USDCHF

The range on the USDCHF is still very tight on Thursday morning at 1:30 AM Central. There is a good chance that the USDCHF could stay in this range for another day between 1.2180 and 1.2213. If it does rally past the supply at 1.2213, I will trade the 1.2200 to 1.2243 range for today.

USDJPY 4-05-07

4-5-07

USDJPY

The USDJPY is in a tight range between 1.1850 and 1.1880. I won' t trade this until the 1.1800 to 1.1928 range opens up which is the daily range.

EURUSD 4-04-07

4-4-07

EURUSD

There were two trades yesterday in the EURUSD. There should have been three trades. The first trade was the sale of the EURUSD from the Sunday entry price of 1.3345 at the breakdown resistance area at 1.3367. The second trade was a long entry at 1.3320 which is still open. There is an area of breakout support at 1.3340 that formed overnight, so rather than sell at 1.3381, I will now sell one contract at 1.3381 and hold the rest of the position with a stop loss at 1.3330.

GBPUSD 4-04-07

4-4-07

GBPUSD

There was a long trade entered yesterday at 1.9733 that was closed at 1.9341 with a trailing stop. The high after entry was 1.9351. The reason for the exit was the length of time in the trade. I will buy the first pullback to 1.9692 for my next GBPUSD trade.

USDCHF 4-04-07

4-4-07

USDCHF

The long trade in the USDCHF from the Monday entry price of 1.2125 was closed at the 1.2214 target price yesterday. I am going to pass on trading the USDCHF today because the areas of supply and demand are too close for a decent profit zone.

USDJPY 4-04-07

4-4-07

USDJPY

There were no trades in the USDJPY yesterday. I still plan to buy the first pullback to 1.1800 for my next trade.

USDCHF 4-03-07

4-3-07

USDCHF

There was a long trade entered in the USDCHF at 1.2125 on Monday morning that is still open. The target is 1.2214. Move the stop loss to 1.2154 to lock in 19 pips in case the USDCHF does not reach the target.

USDJPY 4-03-07

4-3-07

USDJPY

There was a long trade entered in the USDJPY on Sunday at 1.1760. The trade was closed this morning at 1.1830. There was a short trade entered at 1.1830 that was stopped out with a 10 pip loss. I will buy the first pullback to 1.1800 for my next USDJPY trade.

GBPUSD 4-03-07

4-3-07

GBPUSD

There was a short trade entered early on Monday morning at 1.9720 that was closed at breakeven. The low after entry was 1.9708. The GBPUSD never reached the 1.9650 low for a long entry. I will buy the first pullback to 1.9733 for today. The first target will be 1.9775 and the second target will be 1.9800.

EURUSD 4-03-07

4-3-07

EURUSD

There was a long trade entered in the EURUSD on Sunday at 1.3345 that is open today. The stop loss has been moved to entry. The high since entry was 1.3382. If the EURUSD reaches 1.3367, the long trade will be closed and I will trade the 1.3320 to 1.3380 range for later today.

USDJPY 4-01-07

4-1-07

USDJPY

There was a long trade entered in the USDJPY on Friday at 1.1738 that was exited at 1.1757 with a 10 pip trailing stop. I will trade the 1.1760 to 1.1830 range for today.

USDCHF 4-01-07

4-1-07

USDCHF

There was one trade entered on Friday in the USDCHF. Unfortunately, it was not the short trade at 1.2242 since the high was only 1.2238 for the day. A long trade at 1.2125 was entered with a buy stop and was stopped out for a 10 pip loss. The USDCHF traded to a low of 1.2084 and closed at 1.2153. I will trade the 1.2125 to 1.2214 range for today.

EURUSD 4-01-07

4-1-07

EURUSD

There was a long trade entered with buy stop on Friday at 1.3310 that was exited at 1.3320 with a 10 pip trailing stop. I will trade the 1.3345 to 1.3420 range for today.

GBPUSD 4-01-07

4-1-07

GBPUSD

There was a long trade entered in the GBPUSD at 1.9600 that was stopped out with a 10 pip stop loss early in the morning. There was an opportunity to re-enter the long trade later in the morning, but I usually take only one long trade and one short trade when I range trade. There was a short trade entered at 1.9680 later in the day that was exited at entry. I will trade the 1.9650 to 1.9720 range for today.