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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 7th to Wednesday the 8th of September 2010.
UPDATE:
The “Monster Trade” initiation. Barely started and stopped out of EUR/USD. This Monster Trade was a bust. Head and Shoulder bottom pattern is busted and will now wait for a better set-up.
If this week is the call, then risk aversion trade still looks to be the call, as most traders back from vacations bought the dollar. No data from the U.S. is being met, perversely it would seem, with initial USDX buying and shallow declines. With the USD’s closed under our key pivot of 83.4 and is now at 82.9 with 81.0 hit the next targets, as seen in the USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD. will seem to b e range-bound for a while until clear change of trend is back in force with new daily retrace levels that could be used for points of entry, positions should still continue to be light. The U.S. data continues to be abysmal from a strong currency standpoint, but it is no reason to buy the farm. The Euro held a test of a minor interim retracement levels so far. The EUR pairs are expected to be overall weaker than the corresponding correlated GBP pairs. The topping action in the USD can also be confirmed against the bottoming action in the EUR as mirror images of each other and the EUR chart can be seen here http://www.stockcharts.com/charts/gallery.html?$XEU. In summary, the weekly chart is set up for a strong retracement to 1.300 with 1.330 expected but wait for confirmation of a bottom. Place your trades accordingly. All charts courtesy of www.stockcharts.com.
For the JPY while a long bias exists as the 50-day/200-day M.A. are now aligned and are now confirming an uptrend, a break of the daily rising trend-line could lead to a fast down move. Traders should be willing to look at both sides of this currency 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, is still hanged up near the 50 and 200-day moving averages and will take a wait and see approach although a bounce is expected it could be fast and be ready to jump on if it moves.
WEEK AHEAD:
The week ahead should offer some opportunities as the expected initial down move in the USDX begins. Other currencies look to be capitalizing on USD weakness but they could easily reverse from key hourly, daily and weekly resistance levels. With major rate releases from GBP, CAD, and AUD all scheduled for the week, the directional bias for the weekly trend is hard to determine and many cross-currents are expected. In many cases we will look to go long these dollar denominated pairs as defined technical set-ups are apparent. . Again, a fast break move (now a continuation) is possible in the USD traders should be aware of counter-move possibilities but should be less frequent as the week continues as thin summer trade gives way to major position squaring.
There are some activities and reports that I note this week that could factor in some trading sessions going forward. This week is data light and policy heavy so sentiment is key going forward. They are:
1. Wed. Sept. 8, 2010 (4:30am EST) UK Manufacturing Production and (6:00am) CAD Overnight Rate Decision.
2. Thurs. Sept. 9, 2010 (7:00am EST) UK Official Bank Rate Decision and (8:30am EST) US Unemployment Claims.
3. Fri. Sept. 10, 2010 (4:30am EST) UK PPI and (7:00am) CAD Employment Change and Unemployment Rate.
The swing trade for today’s Asian-London-U.S. session is to BUY the GBP/USD @ 1.5350 with a STOP at 1.5327 and a TARGET of 1.5418 for over 60 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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