$ £ € ¥
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 9th to Friday the 10th of September 2010.
If this week is the call, then risk aversion trade still looks to be the call, as most traders back from vacations have been buying the dollar. Arguably, weak 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 83.4 possible next again, as seen in the USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD. We will seem to be range-bound for a while until a clear change of trend is back in force with new daily retrace levels that could be used for points of entry and positions should still continue to be light. The U.S. data continues to be abysmal from a strong currency standpoint, but it is no reason to buy the farm. The Euro held a test of a minor interim retracement levels so far. The EUR pairs are expected to be overall weaker than the corresponding correlated GBP pairs. The topping action in the USD can also be confirmed against the bottoming action in the EUR as mirror images of each other and the EUR chart can be seen here http://www.stockcharts.com/charts/gallery.html?$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.
The remaining activities and reports that could factor in the trading session going forward are:
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 @ 1.5388 with a STOP @ 1.5371 with TARGETS of 1.5448 and 1.5537 for 60 and 140 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!
Trade with Mr. GREEN for $49$ for a 1 week trial.
For those who join with this special, the service costs only $179$/month after the trial expires, unless you cancel the membership. Trades are issued in real time, including exact entries, exits and detailed explanations. So go to GreenForexTrading.com now and take advantage of this 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 information posted here or on this website.
No comments:
Post a Comment