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
17th to Tuesday the 18th of May 2010.
When the herd gets panicky, things can move in fits and starts
beyond what the rational investor can account for. Apparently still
no one is buying it...the bailout of Greece debt, the containment of
the contagion from Greece to Portugal and Spain and the happy days
are here again crowd as the EU is saved . Sentiment is at extremes
with one gauge only counting 3% bulls in the EUR and we have
registered minor reversal bars in the key currencies. This can be
seen here in the EUR chart here
http://www.stockcharts.com/charts/gallery.html?$XEU
bounce and fail, bounce and another collapse...another short term
bottom? Still in a strong bearish trend that is not oversold on the
weekly and with stop orders around 1.23 in the EUR/USD now taken out
with barely a pause, I would not be surprised to see an accelerated
wash-out move to 1.15 push down there before any meaningful
retracement is seen. Place your bets accordingly. All charts courtesy
of www.stockcharts.com <http://www.stockcharts.com/>
.
We are still in a surprise news events environment and being on the
right side of a trade is as important as ever as well as to avoid the
chop, i.e., trades that can be account killers. The USDX has closed
above 86.0 to give it another leg up on the charts and made quick
work to the 84-85 range. The USDX daily and weekly chart here
http://www.stockcharts.com/charts/gallery.html?$USD
The JPY looked poised to continue its roll over but bounced hard at
the lower end of its range and is now consolidating, as seen on the
chart given here http://www.stockcharts.com/charts/gallery.html?$XJY
. The GBP as seen here,
http://www.stockcharts.com/charts/gallery.html?$XBP
looks like an island reversal but needs confirmation. Either way, it
should be a volatile week with opportunities that we hope to take
advantage of in the Live Trading Room as events become clearer.
There are some reports to trade through today. Now with the picture
still somewhat hazy in terms of the USDX we will mostly play
retracements and continuations.
The Monster trade. With the AUD/USD now getting wacked around @
0.872 are stopped out and even with a violent bounce the overall
trend and even with recent dollar strength remains in-tact on the
weekly, while short term daily is now oversold a collapse from this
key support is possible. This trade is no longer recommended. We are
in a panic environment and few signs of a bottom seem to be in place.
Weekly fib retracements coupled with key support levels might be
considered with small position amounts and the understanding that in
a panic environment such number can mean nothing and you will look at
red anyway. The AUD/USD, as seen here
http://www.stockcharts.com/charts/gallery.html?$XAD
has strong support/resistance @ round numbers 0.885, 0.890, 0.900,
0.910, 0.915, 0.920 and 0.925 ranges just eaten through and 0.875
being challenged and if broken could lead to a collapse with 0.865
and 0.850 offering scant support.
*The swing trade for todays Asian-London session is to BUY the
EUR/USD in the 1.2330 area with a STOP @ 1.2310 and a TARGET of
1.2400 for 70 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*
* *
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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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