GreenForexTrading.com
ForeX for-X-tra Gr��n
Hello 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
9th to Wednesday the 10th of March 2010.
Initially a trade with promise turned into what I begrudgingly call
a PIP sink. The EUR/USD chopped for most of the session only giving
up a few pips on either side while the other pairs meandered in
meaningless fashion. Jim Sinclair today summed up the current
situation best... The US Dollar continues to struggle with the 81
level on the USDX. It is difficult to make a short term call on this
right now. While the bearish divergences continue to flash warning
sign after warning sign, the market simply will not break down. One
could make a case for the Dollar consolidating here and preparing for
another leg higher or getting ready for a fall through major support.
The technical case is simply unclear right now as neither the bull
camp nor the bear camp has a definite advantage. Bulls need to take
it above 81.40 and hold it there while bears need to take it below
79.60 and keep a lid on it there. As stated often the Dollar is
benefiting not because its fundamentals are strong (they stink) but
rather because the fundamentals behind Europe are even worse.
Going forward while the EUR is on a weekly buy signal against the USD
and JPY the GBP is still neutral with a negative tone evolving. We
will trade accordingly, but with not much to choose from, small size
is recommended and the only bias is on retracements to BUY the EUR
and AUD at present.
The Monster Trades have fared better than other USD denominated
pairs. The current stop levels are just under 0.8850 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 short term. That
is if these levels are breached on the weekly/monthly charts; but now
looks increasingly unlikely. For now the Monster Swing Trade is
still intact with new positions recommended on pullbacks. I recommend
scaled in BUYS (0.1 contract at a time) on weakness in the AUD/USD in
the 0.8975 to 0.9100 range or better with looser stops than usual,
around 0.8850 to 0.8900 (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 today is to BUY the NZD/USD on a retrace to 0.7050
for todays...TARGET AT 0.7123 for about 70 PIPS with a STOP @
0.7030. 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 1 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
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.
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