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 Tuesday the
2nd to Wednesday the 3rd of March 2010.
Looks like the dollar is starting to roll over but will need closes
below 80.0 on the daily and 79.5 on the weekly to confirm a top is in
place. Initially, it looked as though the bottom was going to fall out
of the EUR and GBP yen and dollar denominated pairs before the found
their footing at panic low support and subsequently rallied through
the latter half of the London session and continuing through to the
U.S. session. Going forward while the EUR is on a weekly buy signal
against the USD and JPY the GBP is neutral but arrested from its
free-fall mode earlier...so we will trade accordingly...bias on
retracements is neutral on the GBP and slightly bullish on the EUR
and more bullish on the AUD at present.
The Monster Trades have fared a little better than other USD
denominated pairs and have led the way off of the bottom. Stop 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
very unlikely. For now the Monster Swing Trade is still intact with
new recommendations to buy on pullbacks. Key levels to BUY would be on
any pullback to the areas in the 0.895 to 0.905 range. These are key
as these are in the current zone of consolidation. I recommend scaled
in BUYS (0.1 contract at a time) on weakness in the AUD/USD in the
0.8950 to 0.9050 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 0.6950 to 0.7020
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 BUY the EUR/USD on a retrace back to 1.3607
for a TARGET AT 1.3673 for about 65 PIPS with a STOP @ 1.3581. 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
information posted here or on this website.
--
If you do not want to receive any more newsletters,
http://greenforextrading.com/lista/?p=unsubscribe&uid=5d36db9c54fa6a6f89434fcfd3026d66
To update your preferences and to unsubscribe visit
http://greenforextrading.com/lista/?p=preferences&uid=5d36db9c54fa6a6f89434fcfd3026d66
Forward a Message to Someone
http://greenforextrading.com/lista/?p=forward&uid=5d36db9c54fa6a6f89434fcfd3026d66&mid=187
--
Powered by PHPlist, www.phplist.com --
No comments:
Post a Comment