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
7th to Tuesday the 8th to of June 2010.
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There are now continuing blow-offs in key currencies. This can be
seen here in the EUR chart here
http://www.stockcharts.com/charts/gallery.html?$XEU
collapse. Still in a strong bearish trend that is oversold on the
weekly and with stop orders around 1.217 in the EUR/USD were now
taken out after failed central bank intervention as expected. A
bounce is expected but a retest of the 1.217 level is increasingly
unlikely given recent weakness. We are in uncharted territory with
the bias on sells until the longer term target of 112.1 in the Euro
Index is expected to be reached; coinciding with the 0.618
retracement of the Euro Indexs prior 8-year rally and a declining
trend line acting as support around that level. But for now the EUR
is in collapse mode. Place your bets accordingly. All charts courtesy
of www.stockcharts.com <http://www.stockcharts.com/>
.
We are still in a surprise news events environment and being on the
right side of a trade is as important as ever as well as to avoid the
chop, i.e., trades that can be account killers. The USDX has a weekly
close at 88.3 and looks to be in breakout mode with more gains
possible in the short term, but a pullback to the breakout point of
87.4 could happen before another significant advance is predicted to
start, and since wedges tend to be terminal patterns, this augers for
longer term reversals and caution is warranted. Either way, volatility
and chop gets another boost. This pattern is all clear as seen in the
USDX daily and weekly chart here
http://www.stockcharts.com/charts/gallery.html?$USD
. The JPY looked poised to continue its roll over but bounced hard
at the lower moving average and is in a rather large 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
, looks to be resuming its downtrend but is still showing greater
relative strength as compared to the beleaguered EUR. The GBP will be
used as a proxy for any buys that may be seen near term, perhaps later
this week or next.
There will be some reports of significance to trade through later
this week. Now with the picture still somewhat clearer in terms of
the USDX and EUR related pairs, we will play some retracements but
hopefully better continuations. Either way we are making pips.
*The swing trade for todays Asian-London session is to SELL the
EUR/USD in the 1.198-1.199 area with a STOP @ 1.2015 and a TARGET of
1.1913 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!
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*Trades are issued in real time, including exact entries, exits and
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*Mr. Green*
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