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 Wednesday the
9th to Thursday the 10th to of June 2010.
*The swing trade for yesterdays Asian-London-US session to BUY the
NZD/USD in the 0.660-0.661 area barely filling at 0.6615 for a TARGET
of 0.6720, and was good for over 120 PIPS.*
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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
collapse chart here
http://www.stockcharts.com/charts/gallery.html?$XEU
. Still in a strong bearish trend that is oversold on the weekly and
with stop orders around 1.217 in the EUR/USD were now taken out after
failed central bank intervention as expected. The expected bounce was
minor and quickly reversed at the 1.207 level. The expected downside
follow-through looks to be contained at the 1.1875 level with the
1.17 area offering a modicum of support; but a retest of the 1.217
level while unlikely given recent weakness could still be in the
future with EUR sentiment so bearish. We are in uncharted territory
and will play both ways with the bias on sells until the longer term
target of 112.1 in the Euro Index is expected to be reached;
coinciding with the 0.618 retracement of the Euro Indexs prior
8-year rally and a declining trend line acting as support around that
level. But for now the EUR is in collapse mode. Place your bets
accordingly. All charts courtesy of www.stockcharts.com
<http://www.stockcharts.com/>
.
We are still in a surprise news events environment and being on the
right side of a trade is as important as ever as well as to avoid the
chop, i.e., trades that can be account killers. The USDX has a weekly
close at 88.3 and looks to be in breakout mode with more gains
possible in the short term. The expected pullback to the breakout
point of 87.4 occurred as we were able to capture a good part of the
decline with a GBP/JPY buy in the Live Trading Room for over 70 pips.
The USDX tagged 87.4 briefly before rebounding as seen in the USDX
daily and weekly chart here
http://www.stockcharts.com/charts/gallery.html?$USD
. Another advance is predicted, but since wedges tend to be terminal
patterns longer term, chop and reversals are expected and caution is
warranted. Either way, volatility gets another boost. 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 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 (looks like 145.8 held with a run the stops to 146.1) 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.
There will be some reports of minor significance to trade through
today. Now with the picture still somewhat clearer in terms of the
USDX and EUR related pairs, we will play some retracements and better
continuations. Either way, we are making pips.
*The swing trade for todays Asian-London session is to BUY the
GBP/JPY in the 132.4-132.5 area with a STOP @ 132.2 and a TARGET of
133.40 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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