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 Sunday the
23rd to Monday the 24th of May 2010 and the week.
We now have reversals in key currencies. This can be seen here in
the EUR chart here
http://www.stockcharts.com/charts/gallery.html?$XEU
bounce and fail, bounce and another collapse...another short term
bottom. Still in a strong bearish trend that is not oversold on the
weekly and with stop orders around 1.23 in the EUR/USD now taken out
with barely a pause, and an accelerated wash-out move to 1.217
occurred (the 50% Fibonacci retracement of the Euro Index prior
8-year rally). So a bounce is expected here to the 130.0 level.
Longer term a target of 112.1 is expected, coinciding with the 0.618
retracement of the Euro Index prior 8-year rally and a declining
trendline acting as support around that level. But for now the EUR is
now in bounce retracement mode. Place your bets accordingly. All
charts courtesy of www.stockcharts.com <http://www.stockcharts.com/>
.
We are still in a surprise news events environment and being on the
right side of a trade is as important as ever as well as to avoid the
chop, i.e., trades that can be account killers. The USDX has a weekly
close at 85.36 and looks to be in pullback mode to give volatility
and chop another boost. The USDX daily and weekly chart seen here
http://www.stockcharts.com/charts/gallery.html?$USD
. The JPY looked poised to continue its roll over but bounced hard
at the lower end of its range, 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
and JPY looks like a reversals in progress but will need further
confirmation. We expect that this week.
There will be some reports to trade through this week. Now with the
picture still somewhat hazy in terms of the USDX we will mostly play
retracements and continuations.
*The swing trade for todays Asian-London session is to BUY GBP/USD
in the 1.4470 area with a STOP @ 1.4440 and a TARGET of 1.4630 for
over 100 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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