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 Tuesday the
8th to Wednesday the 9th to of June 2010.
*The swing trade for yesterdays Asian/London session to SELL the
EUR/USD in the 1.198 to 1.199 area for a TARGET @ 1.1913 was good for
over 70 PIPS depending on how the trade was managed.*
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Many pairs seem to be consolidating in rather large ranges after
some blow-offs in key currencies. This can be seen here in the EUR
chart here http://www.stockcharts.com/charts/gallery.html?$XEU
collapse. Still in a strong bearish trend that is oversold on the
weekly and with stop orders around 1.217 in the EUR/USD were now
taken out after failed central bank intervention as expected. A
bounce is expected as downside follow-through looks to be contained
at the 1.1875 level, but a retest of the 1.217 level while unlikely
given recent weakness could be in the future. We are in uncharted
territory with the bias on sells until the longer term target of
112.1 in the Euro Index is expected to be reached; coinciding with
the 0.618 retracement of the Euro Indexs prior 8-year rally and a
declining trend line acting as support around that level. But for now
the EUR is in collapse mode. Place your bets accordingly. All charts
courtesy of www.stockcharts.com <http://www.stockcharts.com/>
.
We are still in a surprise news events environment and being on the
right side of a trade is as important as ever as well as to avoid the
chop, i.e., trades that can be account killers. The USDX has a weekly
close at 88.3 and looks to be in breakout mode with more gains
possible in the short term, but a pullback to the breakout point of
87.4 could happen before another significant advance is predicted,
and since wedges tend to be terminal patterns, this augers for longer
term reversals and caution is warranted. Either way, volatility and
chop gets another boost. This pattern is all clear as seen in the
USDX daily and weekly chart here
http://www.stockcharts.com/charts/gallery.html?$USD
. The JPY looked poised to continue its roll over at its current
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 be resuming its downtrend but appears to put in a
tradeable bottom with 145.8 and 147.2 key levels as resistance for
this week as it 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-US session is to BUY the
NZD/USD in the 0.6600-0.6610 area with a STOP @ 0.6570 and a TARGET
of 0.6720 for 120 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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after the trial expires, unless you cancel the membership.
*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 $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
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possibility exists that you could sustain a loss of some or all of
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Please, use your own good judgment and seek advice from a qualified
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