GreenForexTrading.com
ForeX for-X-tra Gr��n
Hi everyone,
In this email I am going to give you my view on the market for the
Asian/London sessions in the market for today, spanning Monday the
1st to Tuesday the 2nd of March 2010.
Initially, what a day it was as EUR hung in begrudgingly only giving
up a few pips on the sell side while the GBP pairs utterly collapsed
in the USD and JPY denominated pairs. Going forward while the EUR is
on a weekly buy signal against the USD and JPY the GBP is in
free-fall mode...so we will trade accordingly...bias is on
retracements to sell the GBP and neutral on the EUR and AUD at
present.
The Monster Trades have fared a little better than other USD
denominated pairs but if certain levels give way then stops should be
triggered (if positions are held) to preserve cash going forward as
the long term picture would be clouded. These levels are just under
0.8800 for the AUD/USD and 0.6800 for the NZD/USD. Below these
levels, weakness should no longer be bought as more downside would be
expected in the near term. That is if these levels are breached on the
weekly/monthly charts; but that is now looking increasingly unlikely.
For now the Monster Swing Trade is still intact but no new
positions are recommended and if those levels are exceed the ALL
OUT signal will still be given. I recommend scaled in BUYS (0.1
contract at a time) on weakness in the AUD/USD in the 0.8900 to
0.9000 range or better with looser stops than usual, around 0.8800 to
0.8850 (so explains the very small position size), and/or scaled in
BUYS on weakness in the NZD/USD in the 0.6850 to 0.7000 range or
better with looser stops than usual, around 0.6800. Note: the AUD/USD
is the preferred pair with ultimate targets expected to yield 1000 to
1500 PIPS over the next 2-3 months, maybe even sooner. Again, NOTE:
All position trade stops are HARD stops, NOT mental stops. Remember,
hard stops for overnight positions, mental stops for day trades.
There will be some reports expected to move the markets today, and as
always, adjust position size accordingly to your risk tolerance and
good trading to all.
*The swing Trade is to SELL the GBP/JPY ON A BREAK OF 132.97 for
todays...TARGET recent panic lows AT 132.00 for about 90 PIPS with a
STOP @ 133.12. A looser stop so position size consideration advised.*
That's it for today. Remember that I trade in the Live Forex Trading
Room between 1am-6am Eastern Time. I will be hosting my regular 3-4
hour session and assessing and exploiting PIP opportunities as they
arise.
Enjoy trading and good luck everyone!
*Trade with Mr. GREEN for $39$ for a week.** ***
*Trades are issued in real time, including exact entries, exits and
detailed explanations. The service costs $99 per month after the
$39$/trial. So go to GreenForexTrading.com and take advantage of this
special offer.*
*Mr. Green*
* *
*Risk Warning!** *Trading foreign exchange on margin carries a high
level of risk, and may not be suitable for all investors. Past
performance is not indicative of future results. The high degree of
leverage can work against you as well as for you. Before deciding to
invest in foreign exchange you should carefully consider your
investment objectives, level of experience, and risk appetite. The
possibility exists that you could sustain a loss of some or all of
your initial investment and therefore you should not invest money
that you cannot afford to lose. You should be aware of all the risks
associated with foreign exchange trading, and seek advice from an
independent financial advisor if you have any doubts. All information
posted on this website is of our opinion and the opinion of our
visitors, and may not reflect current situations and occurrences.
Please, use your own good judgment and seek advice from a qualified
consultant, before believing and accepting and acting upon any
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