Forex Market Movement

[lianwk]

Summary of the Week ending 30 July 2010

An uneventful week for me. My trades were all not triggered. All the pairs moved opposite to what I projected them to be.

Let me now try to review and project for the coming week.

EURUSD

I am expecting the EURUSD to reverse last as there is a doji formed on the weekly chart occurs just at the top of a very strong uptrend for the past 5 – 6 weeks. I am actually looking to trade the reversal but the EURUSD seems to start to consolidate at around 1.2950 - 1.3045 and have tried numerous time to closed above 1.3000 but failed to do so.

It eventually closed above 1.3000 maybe due to the news release of the German Unemployment Rate. The price start to test and managed to break the next level of resistance, but seems not to be able to close the day above the resistance for the last 2 days of trading of the week. It closed the week at 1.3050.



EURUSD created higher high after a Head and Shoulders bullish reversal formation was detected since end Jun and early Jul 2010. The EURUSD have now taken out resistance and also the 61.8% Fibonacci retracement at 1.3000 and is now aiming for 1.3090.



A clear RSI divergence could be seen. The price is creating a higher highs while the RSI is creating lower lows from 15 Jul 2010. A reversal in price is to be set in the making.

I am actually looking at 2 areas where there could be opportunity to sell. An aggressive selling area will be at the break of around 1.2940 - 1.2960. A long wick bearish candle could be seen on the last day of the trading week. This could signal a possible reversal of the EURUSD after a strong up trend.

A more conservative and more profitable entry will be at the failure of breaking the 76.4% Fibonacci retracement at 1.3262. I will look for proper candlestick pattern that signal reversal before I would recommend an entry value.

These two trades recommendation is still inline with my overall long term bearish outlook for the EURUSD.

Have a nice weekend....

[lianwk]

USDJPY: Review and Projection for the coming Week

The Yen continue to strengthen against the Dollar. It is possible that the Yen continue to strengthen itself in the coming week, and move towards the 84.80 support. Authough Yen is strong at this moment of time, I do not look forward to the fact thaat Yen can continue its move any further beyond 84.80.

A reversal to the upside has to come soon. I am actually looking forward to this upside reversal correction since end Jun 2010. I would actually look forward to buy USDJPY as I fell that the short to mid term trend is bullish. The long term for this pair is still bearish, but who knows PIPS could still be made in the short term range.



The USDJPY touches the short to mid term uptrend support line (in blue) after last week's trading. This is the second touch of the line, which in theory does not mean anything, buy we could be on an aggressive trade to buy the pair at around 87.10.

A more conservative trade will be to wait for the failure to break the 84.80 support line with proper candlestick pattern to confirm a reversal and also with proper price action to support the move.

Happy trading....

[lianwk]

USDJPY gaps down on the opening on Sunday. After the gap down, the price starts to recover and is now slowly moving on its way up towards the 87.00 level. I mentioned "The USDJPY touches the short to mid term uptrend support line (in blue) after last week's trading. This is the second touch of the line, which in theory does not mean anything, but we could be on an aggressive trade to buy the pair at around 87.10."

At the end of last Friday's trading, a long wick candle was formed and touching the mid to long term uptrend resistance line (in blue). With this candle formation, I am actually expecting a reversal to occur although not a clear signal as this is only the second touch of the blue line.



The reversal has started to unfold itself since this morning's trading, and as such that I made a call to buy USDJPY at 87.10 with take-profit at 87.60, 88.10 and Open Objective. Stop-loss is to be placed at 86.20.

[lianwk]

The Yen continues its strength against the Dollar moving towards the lowest low created on 26 Nov 2009 at 84.80.

A reversal to the upside has to come soon. I am actually looking forward to this upside reversal correction since end Jun 2010. I would actually look forward to buy USDJPY as I believe that the short to mid term trend is bullish. The long term for this pair is still bearish, but who knows PIPS could still be made in the short term range.

A good area for an attempt to create a reversal will be at the all time low at 84.80. Do look out clearly as the Dollar-Yen will be approaching this area very soon. Look out for reversal candlestick pattern such as the hammer or inverted hammer to initiate an entry long for the Dollar-Yen.



I still stand to my belief that the Dollar-Yen reversal to the upside will soon be due.

Happy trading....

[lianwk]

EURUSD created higher high after a Head and Shoulders bullish reversal formation was detected since end Jun and early Jul 2010. The EURUSD have now taken out resistance and also the 61.8% Fibonacci retracement at 1.3000.

It start its bid to break the 76.4% Fibonacci retracement at 1.3262 during yesterday's trading. It's bid failed and the EURUSD closed tha day below 1.3262 at 1.3220.

The EURUSD was consolidating between 1.3180 - 1.3240 since 1515 GMT yesterday. This consolidation might be due to the projected resistance of the 76.4% Fibonacci retracement at 1.3262.



I would actually consider a short entry at 1.3135 with take profit at 1.3000, 1.2865 and open objective. Stop-loss is to be placed at 1.3270. This entry is only valid if and only if proper candlestick pattern is confirmed of a reversal. Candledtick pattern such as the hanging man, shooting star or even the inside bar will signal a possible reversal. Do look out out for the GBPUSD as well, if you are aggressive enough.

This trade recommendation is still inline with my overall long term bearish outlook for the EURUSD.

Happy trading....

[lianwk]

EURUSD was triggered even before I could provide my trade analysis. I was ultra busy today and as such I was not at my Netbook to provide my trade analysis.

Trade was triggered at 0636GMT and it goes into about 15 PIPS profit before retracing to -80 PIPS loss. Currently at the point of post the P/L stands at -51 PIPS.

Why a short trade was initiated? The day before yesterday, the EURUSD tested the 76.4% Fibonacci retracement at 1.3262 (12-Apr-2010 to 06-Jun-2010), but if fails to break through. The EURUSD made another attempt for the point but ends up as a bearish candle. As such, I recommended that a pending short entry be placed at 1.3135 with take-profit at 1.3000, 1.2865, and open objective. Stop-loss to be placed slightly above 1.3262 at 1.3270.



This short of the EURUSD is still inline with my long term bearish outlook for the EURUSD.

Let's hope that the trade move as I have analysed.

Happy trading....

[lianwk]

The Yen seems to be stall out at 85.00 to 85.30. As I have mentioned "A reversal to the upside has to come soon. I am actually looking forward to this upside reversal correction since end Jun 2010. I would actually look forward to buy USDJPY as I believe that the short to mid term trend is bullish. The long term for this pair is still bearish, but who knows PIPS could still be made in the short term range".

A conservative trade will be to look out of an attempt to create a reversal at the all time low at 84.80. Do look out clearly as the Dollar-Yen will be approaching this area very soon. Look out for reversal candlestick pattern such as the hammer or inverted hammer to initiate an entry long for the Dollar-Yen.



An aggressive trade will be to go bounce off the mid to short term uptrend resistance line, which might hppen soon. An good long entry point might be in the area of 87.10 to 87.30. Look out for other confirmation factors as well.

Happy trading....

[lianwk]

A mixed week for me. Lost my 3x0.1 short EURUSD trade due to NFP news release which caused me 405 PIPS. On the other hand, NFP also net me a 550 PIPS (Trade Lot Size = 1.0, which when converted to my usual trading lot size of 0.1, 55 PIPS on 1.0 lot is equal to 550 PIPS on 0.1 lot) profit.

This gave me a net profit of 145 PIPS for the week.

Let me now try to review and project for the coming week.

EURUSD
I had actually wanted to see a reversal for the EURUSD after it fails to break the 76.4% Fibonacci level at 1.3260. My this so call reversal did not materialized as the US NFP news release caused the EURUSD to close at 1.3279 for the week, which also took out for short trade for the EURUSD at 1.3270.

Interesting point for the coming week of trading. The EURUSD will be testing its 200 day SMA and also might be topping at 1.3370. We could actually look for for an opportunity to short it at 1.3370 when it fails to break its 200 day SMA and also when it created a top at 1.3370.



Do look out for any signals that might signal the reversal that I have been looking for. In my view, the long term outlook of the UERUSD is still bearish, and to short opportunity is still inline with my fundamental analysis.

USDJPY
What is the outlook of Dollar-Yen for the coming week? The Yen tested its physclogical level at 85.00 at yesterday's trading but fails to make a lower low than 84.80 which is the all time low since 26 Nov 2009. We can look to go long on an aggressive trade if 84.80 is broken with confirmation from either the MACD or other indicators of a Sell.



I look to 84.80 - 85.00 support to hold and the Dollar-Yen to start its upside reversal. I have been talking about this for some times and I am looking forward for it to happen. A conservative trade will be to go long at 87.10 - 87.30 with confirmation from the MACD or other indicator of a Buy.

A more aggressive trade setup will be the failure to break 84.80 - 85.00 with reversal candletick confirmation.

Do follow me closely if you would like to trade this pair.


Have a nice weekend....

[lianwk]

The GBPUSD has been in a strong uptrend since 19-May-2010. It has went past physological barrier of 1.5000 and is now testing the 1.6000 level. The long term trend of the GBPUSD is still bearish as long as the price stays below 1.7000.

The short to mid term outlook of the GBPUSD is bullish. The GBPUSD has increased by more than 1750 PIPS since 19-May. Last week trading closed at 1.5941 and failed to close above 1.6000.



We could look forward to enter a short on the failure to break 1.6000 with proper candlestick confirmation of a reversal. Another trade opportunity will be the entry of a buy when the price break above 1.6000 with confirmation from MACD or other indicator of a Buy signal.

[lianwk]

It seems like the EURUSD has found some resistance at its 200-day SMA. The price has reverse but there is no clear candlestick pattern for me to initiate an entry. The US is scheduled to release the FOMC rate decision today at 1815GMT or 11-Aug-2010, 0215 S'pore time. I would recommend not to look to enter any position for any US pair of currencies due to violate nature of the news release.

However, I will still be observing the EURUSD as price action remains confined in a narrow ascending channel which has formed and remained intact since July 2010 (green lines). The price is still confined within this channel and also the 200-day SMA. The EURUSD has tested the 200-day SMA but fails to break it and we could now wait for the price to break below the rising channel before entering a short for the pair. A confirmation of direction with the MACD or even other indicators will be great.



I am looking 1.3000 or even 1.2740 as my target for the short entry.

[lianwk]

I have mentioned that " If the price to break below the rising channel, we can enter a short for the pair. A confirmation of direction with the MACD or even other indicators will be great."

The price broke the rising channel at the close of yesterday's trading. The MACD is also indicating a Sell signal. I am recommending a 3x0.1 pending sell order to be placed at 1.3070. Take-profit and Stop-loss will be advised later. Tentative stop-loss could be placed at 1.3270.



There is a possibility that this retrace could be a huge one taking out the entire rally from 07-06-2010 at 1.1875. As I posted yesterday, I am still thinking of using 1.2740 as an initial traget.

Let's see how the price move from here.

Happy trading....

[lianwk]

Well, the EURUSD short trade was triggered at 0614GMT today. MACD still showing a sell signal, price is now approaching the 1.3000 resistance turn support line. Another physiological level to break.

Take-profit at 1.2970, 1.2740 and open objective. Stop loss at 1.3270.

Happy trading....

[lianwk]

Our EURUSD short was triggered yesterday. The 1st trade closed at take-profit while stop-loss was adjusted to 1.3120.

I expected this pair to continue its reversal towards my second traget at 1.2740. It is currently approaching the 38.2% Fibonacci level at 1.2776 formed from the low at 7-Jun-2010 and the High at 6-Aug-2010.



When the price break the level, I would expect the price to move towards 1.2740.

I have mentoned yesterday "There is a possibility that this retrace could be a huge one taking out the entire rally from 07-Jun-2010 at 1.1875. As I posted yesterday, I am still thinking of using 1.2740 as an initial traget.". As such, I would hold on to my last trade and hope that this retrace will unfold itself and take out the entire rally hitting 1.1875.

I would recommend to bring stop-loss to breakeven when the second trade closed.

Happy trading....

[lianwk]

The Dollar-Yen broke its low of 84.80 (created 26-Nov-2009) at yesterday's trading creating a new low at 84.72. Although 84.80 was broken, the signal from the MACD is not strong enough to initiate a Sell entry.

From the daily chart, the Dollar-Yen look quite over sold and I am not expecting the declines below 84.80 lows to be sustained. On the other hand, I am expecting once 84.80 is broken out, the Dollar-Yen is ready for a major upside corrective move. This corrective move (or retrace) could be seen as a necessary move before the Dollar-Yen resume its long term bearish move.



One possible trade setup will be to go long on the failure to break 84.72 - 84.80 area with a proper candlestick reversal confirmation.

I will continue to observe this pair and will update as soon as I see a trade opportunity.

Happy trading....

[lianwk]

The USDJPY looks to have bonced off the low it created at 84.72 to close at 86.16. The price is now approaching and testing the 21-day SMA. I would consider to buy if the price is able to break the 21-day SMA with either candlestick pattern, MACD or other indicator for confirmation of buy entry.

From the daily chart, the Dollar-Yen look quite over sold and I am not expecting the declines below 84.80 lows to be sustained. On the other hand, I am expecting once 84.80 is broken out, the Dollar-Yen is ready for a major upside corrective move. This corrective move (or retrace) could be seen as a necessary move before the Dollar-Yen resume its long term bearish move.

[lianwk]

This seems a nice week. The EURUSD reverse as I projected. An sell entry was initiated at 1.3070 with the first trade closing at 100 PIPS profit. The second trade and third trade was still in place. As I posted yesterday, in view of the EUR GDP and US CPI news released, the stop-loss was adjusted to 1.2931 which secured a 139 PIPS profit per remaining trade. This adjustment to the stop-loss is necessary just in case the news release move the price against us.

As of the end of the week, my total closed P/L is 433 PIPS. The current still open P/L is 628 PIPS.

Let me now try to review and project for the coming week.

EURUSD
The EURUSD is retracing its way nicely downwards since the begining of the week. It has broken the 38.2% Fibonacci level at 1.2776 and closed the week at 1.2753.



I am expecting the EURUSD to continue to test the 1.2740 resistance turn support line when market opens on Monday and my secong trade will be closed at take-profit.

There is a possibility that this retrace could be a huge one taking out the entire rally from 07-Jun-2010 at 1.1875. As such, I would hold on to my last trade and hope that this retrace will unfold itself and take out the entire rally hitting 1.1875.


USDJPY
From the daily chart, the Dollar-Yen look quite stretched out and I am not expecting the declines below 84.80 lows to be sustained. On the other hand, I am expecting once 84.80 is broken out, the Dollar-Yen is ready for a major upside corrective move. This corrective move (or retrace) could be seen as a necessary move before the Dollar-Yen resume its long term bearish move.



Since 16 July 2010, the Dollar-Yen has been creating Lower Lows. On the other hand, the RSI is seen to diverging from the prices. This divergence might indicate possible trading opportunity for the Dollar-Yen.

I would look to possible long trade is the price can test and break the 21-day SMA when market resume on Monday. Areas above 87.00 look good.

Have a nice weekend and nice trading ahead....

[lianwk]

My long term outlook for this pair is bearish. The short to mid term trend for this pair is bullish. The pair is currently testing the short to mid term uptrend resistance line (in blue).

The short to mid term resistance line also tally with the 1.0370 resistance line. I would look to possible long trade if the price is not able to break the 1.0370 resistance line.



Long trade will be entered with the confirmation of candlestick reversal pattern.

[lianwk]

The Euros seems to have stop its decline since Monday. Its has reached a high 1.2915 in today's trading (at the point of writing). The price has tested the 100-day SMA on last Friday with a failure to break below it.

I will remain short from 1.3070. At the same time, I have move down my stop to 1.2931 to lock in some profits.

My long term outlook for the Euros remained bearish. If we get stop-out in our current trade, we could look for re-entry opportunity at the failure to break 1.3000. The current pullback by the Euros could actually provide another great selling opportunity and hopefully with a better risk to reward ratio.



I am keeping my finger cross that this retrace is just a small one and the Euros will continue on its predicted downward move.

[lianwk]

As I have mentioned "My long term outlook for this pair is bearish. The short to mid term trend for this pair is bullish. The pair is currently testing the short to mid term uptrend resistance line (in blue)."

After the last two days of trading, the price still could not break the short to mid term uptrend resistance line. An aggressive trade setup will be looking to buy the pair if the price is able to break the 21-day SMA with confirmation from the MACD or any other indicators of a buy.



A more conservative trade setup will be to enter a long trade only if there is a candlestick pattern that indicates a proper reversal. You might like to visit here to check out the various candlestick reversal patterns.

Happy trading....

P.S> We are still in the EURUSD trade. Currently in profit of 205 PIPS. Check out here for my trade P/L.

[lianwk]

The USDJPY is not showing a clear direction of movement to the upside or downside. The price has been moving in a wedge formation down trend channel since 19-May-2010 (Green line).



The RSI has been showing positive divergence from the price. This is sure to reinforce my view of a coming upward reversal. I will look to buy the pair if the pair can closed above the wedge at the end of the day. The buying will have to confirm with either the MACD or other indicators.

Initial targets might be 87.00 or even 88.20. Will confirm on the take-profit and stop-loss later if the trade opportunity presents.

Happy trading....

P.S> We are still in the EURUSD trade. Currently in profit of 260 PIPS. Check out here for my trade P/L.

[lianwk]

The EURUSD has maintained its congestion for the past week and today is Friday. As with all congestion, the longer the price stays within the congestion, the greater the strength of the breakout if it is to occur later. The strength of the follow through in price is expected to be a great one too.

As of current status, I am still short (0.1lot) EURUSD from 1.3070 with stop-loss at 1.2931. I am looking for possible downwards breakout as I am still maintaing a long term bearish outlook on the pair. I might want to add to my position if the price could break the 1.2720 - 1.2740 with strong price action indicating a breakout to the down side.



Happy trading....

P.S> We are still in the EURUSD trade. Currently in profit of 255 PIPS. Check out here for my trade P/L.

[lianwk]

The USDJPY is getting deeper and deeper into the wedge formation I mentioned yesterday. When the price eventually breakout to the upside, I will expected the move to be a great one.

Of course, I would not rule out a break to the downside, (In the long term outlook, the USDJPY is still in a bearish trend) therefore, a break to the downside will look to to a continuation of a bearish move.

There is no clear direction for the short to mid term outlook of the USDJPY.

So, how to trade from here?



I would look to trade long if the price is able to break the wedge and close above 85.80 - 86.00. The area of take profit might be around 88.30. Stop-loss could be placed around 84.70. I will normally employed a 3 stage take-profit trade strategy and 88.30 might be my first stage.

Another trade setup will be in line with the long term trend of the USDJPY. That is to short the pair on the break of the downside of the wedge. But, I am not actually looking forward to trade that setup now as I am on the view that USDJPY will break towards the upside.

Happy trading....

[lianwk]

Another nice week for me and hopefully for all of us as well. There is not much action from the EURUSD through the week except on Monday and Friday. On Monday (16 Aug 2010), the price broke 1.2740 and closed or second trade at take-profit. The price then reversed and almost took us out of our third trade (3 times to be exact on Tues, Wed and Thur). Our stop-loss held on and on Friday, the price broke the mid to short term up trend resistance line (in blue) and also the 1.2740 and closed at 1.2710.

I adjusted my stop-loss again last night to 1.2900 to lock some more profits for the third trade. Currently my closed P/L has 763 PIPS while my opened P/L has 356 PIPS. I have locked-in about 170 PIPS for my third for EURUSD.

Let me now try to review and project for the coming week.

EURUSD
The EURUSD had broke the short to mid term up trend resistance line (in blue) and the 1.2740 resistance line. I am still on the belief that there is a possibility that this retrace could be a huge one taking out the entire rally from 07-Jun-2010 at 1.1875. As such, I would hold on to my last trade and hope that this retrace will unfold itself and take out the entire rally hitting 1.1875.



I am actually looking to add on to my current position if the price break the 1.2720 - 1.2740 with strong price action indicating a breakout to the down side. One trade setup will be to place a pending long entry at 1.2650 with stop-loss at 1.2730 and take-profit objective open. The second trade setup is to wait for the price retrace back to 1.2740 before entry. An entry at this price value will provide a better risk to reward ratio.

Placed your orders only when the market open on Monday (after 0000GMT). It is not advisable to trade on a sunday when the trade volume is low. The other reason as to why I would not trade on a sunday is the gapping of price after the market reopen after a weekend.

USDJPY
The USDJPY is getting deeper and deeper into the wedge formation I mentioned yesterday. When the price eventually breakout to the upside, I will expected the move to be a great one. Of course, I would not rule out a break to the downside, (In the long term outlook, the USDJPY is still in a bearish trend) therefore, a break to the downside will look to to a continuation of a bearish move.

There is no clear direction for the short to mid term outlook of the USDJPY.



I would look to trade long if the price is able to break the wedge and close above 85.80 - 86.00. The area of take profit might be around 88.30. Stop-loss could be placed around 84.70. I will normally employed a 3 stage take-profit trade strategy and 88.30 might be my first stage.

Another trade setup will be in line with the long term trend of the USDJPY. That is to short the pair on the break of the downside of the wedge. But, I am not actually looking forward to trade that setup now as I am on the view that USDJPY will break towards the upside.

Have a nice and happy weekend....

[lianwk]

The Euros seem to find support at the 50% fibonscci level (1.2604) formed from the swing low on 07 Jun 2010 to the swing high on 06 Aug 2010. The price has been testin this level for the past three days. I am looking for the price to break this level and to continue on its journey towards the downside.

I have currently 0.15 lots of the Euros on hand with entry at 1.3070 and 1.2650.



The long term outlook of the Euros is still bearish and I am still standing firm and and confident on my view of a full retrace to the low created on the 07 Jun 2010. And as such I am still holding onto my lots until my objective is reached or the stop-loss is hit.

[lianwk]

What is USDJPY doing? It seems to be creating lows after lows. The low 84.80 on 26 Nov 2009 was broken on 11 Aug 2010 and then on 24 Aug 2010 at 83.59. Would the USDJPY start to move towards its lowest low created in 1995?

The price is still within the down trend wedge that I have mentioned in the last posts on the USDJPY. I am currently standing on the side-way waiting for price to break the upper line of the wedge to enter long.



Therefore for the moment of time, I prefer to stand on the walkway and am doing nothing with regards to the USDJPY pair. In other words, I am patiently waiting for a USDJPY reversal, which I will initiate a long entry.

Happy trading....

[lianwk]

I have actually add on to my original trade of 0.1 lot short Euros when the price broke the short to mid term uptrend resistance line (in blue) and also the 1.2740 resistance line.

The Euros seem to find support at the 50% fibonscci level (1.2604) formed from the swing low on 07 Jun 2010 to the swing high on 06 Aug 2010. The price has been testin this level for the past days. The Euros is undergoing some sort of retracement in the mean time and I am confident that after the retracement, the price move to break this level and to continue on its journey towards the downside, hopefully towards the low at 1.1875.

Read more .....

[lianwk]

I adjusted my stop-loss for the EURUSD trade to 1.2835 this week to lock in 235 PIPS of profit.

I have actually add on 0.5 lots to my original trade of 0.1 lot short EURUSD when the price broke the short to mid term uptrend resistance line (in blue) and also the 1.2740 resistance line. Entry at 1.2650 and Stop-loss at 1.2835.

Currently my closed P/L has 763 PIPS while my opened P/L has 247.5 PIPS. Confirmed profits lock-in has been adjusted to 142.5 PIPS due to the entry of the 0.5 lot of short EURUSD.

Let me now try to review and project for the coming week.

Read More ....

[lianwk]

USDJPY broke the wedge this morning.

I have mentioned "I will looking to buy the pair if the price is able to break the top side of the wedge and also ia also able to close between 85.60 - 85.80. Confirmation from the MACD or other indicators might be used as a confirmation for entry."

Read More ....

[lianwk]

Just as I have hoped. The retrace of the EURUSD is indeed small. It has found some support around the 50-day SMA and the price has since reverse and is now set to test the 50% fibonacci level at 1.2604 formed from the swing low on 07 Jun 2010 to the swing high on 06 Aug 2010. When the support at this level breaks, the price will look set to continue its move towards the downside.

I continue to maintain that the long term outlook of the EURUSD is bearish.

Read More ....

[lianwk]

Possible trading opportunity off the bounce off 1.0130 a resistance formed since 11 Jan 2010.

We could look for a possible long trade off the bounce off 1.0130. The short to mid term outlook of the USDCHF is bullish and as such I shall look to buy the pait on the failure to break 1.0130 with an initial objective at 1.0370. Stop-loss may be placed at 1.0100.

Read More ....

[lianwk]

A mixed week for me. I was busy with a new appointment and as such if you have been following me, less and lesser post from me. I am just too tired to trade and to post.

Well, a summary for the week. My EURUSD trade was stop-out at 1.2780 netting me an overall profit of 235 PIPS. I am wanting to buy USDCHF at 1.0200 since Thursday. The NFP release on Friday 04 Sep 2010 spoilt it. The long pending orders for USDCHF was triggered when the NFP new was released and when the P/L reached 35 PIPS, I moved the stop-loss of my trade to breakeven (I never intend to trade the news release, It was just that I have orders for long trade as I am expecting a USDCHF reversal). Eventually, I finished at breakeven.

Currently my closed P/L has 988 PIPS while I have no open trades.

Let me now try to review and project for the coming week.

Read More ....

[lianwk]

I said on my weekly summary to short on the failure to break 1.3000 yesterday, but I forget to say to short on the failure to break 1.2900 as well. 1.2900 has been a resistance since 17 Aug 2010 when EURUSD starts its move to the downside.

Failure to break 1.2900 might be one good opportunity for us to short the pair to gain some PIPS. As I have strongly said, "The EURUSD's long term outlook is still bearish". It is the Bull for the USD...

Read More ....

[lianwk]

A disappointing week for me. No trade at all.

I am busy, really busy with my new work and as such I have no TIME to look at the charts.

Anyway guys, take note of the weekly summary, I will try to advise on possible entry point where you could possibly take your trade.

My current closed P/L stands at 988 PIPS.

Let me now try to review and project for the coming week.

Read More ....