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 Wednesday the
3rd to Thursday the 4th of March 2010.
*The swing Trade to BUY the EUR/USD was good for about 50 PIPS
depending upon how the trade was managed.*
Looks like the dollar is starting to roll with a daily close at 80.0
on the daily and 79.5 on the weekly to confirm a top is in place.
Going forward while the EUR is on a weekly buy signal against the USD
and JPY the GBP is still 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. Monster Trades have fared a better than
other USD denominated pairs and have led the way off of the bottom.
Stop levels are now 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 extremely 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 at an entry level of 1.3656 on
a retrace for a TARGET AT 1.3729 for about 70 PIPS with a STOP @
1.3629. 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
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