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 Thursday the
10th to Friday the 11th of June 2010.
*The swing trade for yesterdays Asian-London session to BUY the
GBP/JPY in the 132.4-132.5 area for a TARGET of 133.40 fell short
reaching 133.23 before collapsing in mid-London trade, but was still
good for up to 70 PIPS depending on how the trade was managed.*
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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. This is best summed up
to quote Jim Sinclair, One day all is well with the world and the
worst is behind us; the next day sentiment suddenly reverses and
the world is coming to an abrupt end. What once took 6 months to a
year to sort out now occurs overnight. Navigating this madness from
an investment standpoint or even a trading vantage can produce
serious cases of whiplash as this near bipolar change from moment to
moment is here to stay. That same shift in investor psychology for
the day took the pressure off of the Euro and encouraged selling in
the US Dollar.
The USDX had a weekly breakout close of 88.3 and it looks like the
breakout failed with the expected pullback to the breakout point of
87.4 occurring giving a small bounce (which we were able to capture
in the Live Trading Room for some pips). However, as a potential game
changer, in the US session the USDX broke the 87.4 support level as
seen in the USDX daily and weekly chart here
http://www.stockcharts.com/charts/gallery.html?$USD
. Another advance is no longer predicted if we get a weekly close
below 87.0 as this would qualify as a drop back in the range(aka,
failed breakout) and the rising lower bottoms trendline would be
violated; and since wedges tend to be terminal patterns longer term,
the reversal would be expected to stick. Caution is still warranted
until the drop back into range is confirmed by the weekly close.
Either way, volatility gets another boost.
The action in the USDX can also be confirmed as bottoming action as
seen in the EUR chart here
http://www.stockcharts.com/charts/gallery.html?$XEU
. The retest of the 1.217 level while unlikely last week, given
recent weakness now looks probable with EUR sentiment still so
bearish. The PPO is showing divergence on the daily against a lower
low in the EUR. We will play both ways with a bias now neutral to buy
anticipating trades back up into prior ranges. Place your bets
accordingly. All charts courtesy of www.stockcharts.com
<http://www.stockcharts.com/>
.
The JPY looked poised to continue its roll over at its current stall
and stop at the 200-day moving average after it bounced hard at the
lower 50-day moving average and is in a rather large range between
these two averages, 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 to have a solid bottom in place with the creation of a higher
high at 147.2 (a key level discussed earlier) and is still showing
greater relative strength as compared to the EUR. The GBP will be
used as the primary proxy for any buys that may be seen near term.
There will be some reports of significance (UK PPI & Mfg. Prod.;
German WPI & French CPI) to trade through today. Now with the picture
clearer still in terms of the USDX and EUR related pairs, we will play
some retracements and better continuations. Either way, we are making
pips.
*There is no swing trade for todays Asian-London session.*
* *
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!
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For those who join with this special, the service costs only
$99$/month (<<<for these amount of PIPS, thats insane!) after the
trial expires, unless you cancel the membership. Hint: Join now
before the price goes up.
*Trade with Mr. GREEN for $15$ for a 1 week trial.*
* *
*Trades are issued in real time, including exact entries, exits and
detailed explanations. After the trial period the service costs only
$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
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