GreenForexTrading.com
ForeX-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 Monday the
31st of May to Tuesday the 1st of June 2010.
We are still in a surprise news events environment as reversals in
key currencies were negated. This can be seen here in the EUR chart
here http://www.stockcharts.com/charts/gallery.html?$XEU
bounce and fail, bounce and another collapse...another short term
bottom. Still in a strong bearish trend that is not oversold on the
weekly and with stop orders around 1.23 in the EUR/USD now taken out
with barely a pause, and an accelerated wash-out move to 1.217
occurred (the 50% Fibonacci retracement of the Euro Index prior
8-year rally). A bounce is still expected here to the 130.0 level.
Longer term a target of 112.1 is expected, coinciding with the 0.618
retracement of the Euro Index prior 8-year rally and a declining
trendline acting as support around that level. But for now the EUR is
now in bounce retracement mode. Place your bets accordingly. All
charts courtesy of www.stockcharts.com <http://www.stockcharts.com/>
.
We are still in a surprise news events environment and being on the
right side of a trade is as important as ever as well as to avoid the
chop, i.e., trades that can be account killers. The USDX is at 86.6
and looks to be in chop mode to give volatility another boost. The
USDX daily and weekly chart seen here
http://www.stockcharts.com/charts/gallery.html?$USD
. The GBP as seen here,
http://www.stockcharts.com/charts/gallery.html?$XBP
looks like a reversals in progress but will need further
confirmation. We expect that this week.
There are some reports of minor significance to trade through today.
In terms of the USDX we will mostly play retracements and
continuations.
*The swing trade for todays Asian-London session is to BUY the
GBP/USD in the 1.4490 area with a STOP @ 1.4470 and a TARGET of
1.4550 for 60 PIPS.*
* *
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 1 week trial.*
* *
*Trades are issued in real time, including exact entries, exits and
detailed explanations. The service costs $99 per month. 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.
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