$ £ € ¥
GreenForexTrading.com
ForeX forX-tra Gr€€n
Hi everyone,
In this e-mail I am going to give you my view on the markets for Monday the 25th to Tuesday the 26th of April 2011.
THE UDSX BROKE 75.5 AND TANKED, NOW AT 74.2, THE U.S. DOLLRAR IS IN A SERIOUS DOWNTREND AND ACCELERATING, BUT NOW EXPECT A SMALL PAYABLE BOUNCE HERE EARLY THIS WEEK, SO THE RATIONALE FOR THE SWING TRADES BELOW.
RECAP: HE UDSX BROKE 75.5 AND RETESTED AT 75.5, FAILED, AND AS EXPECTED…TANKED, SO STILL CONTINUE TO HOLD AND/OR LOOK FOR LONG ENTRIES IN USD DENOMINATED PAIRS, A SERIOUS DOWNTREND IS ACCELERATING. WELL MY CALL HAS NOT CHANGED AND YOU SHOULD HAVE PIPS AS TODAY AND TOMMORROW WE WILL NOT LOOK FOR THE EUR/USD AS THE 1.450 AREA MUST BE WORKED TROUGH SO CHOP IS EXPECTED THERE. THE SAME THING BELOW IS REPEATED BUT WITH LOWER NUMBERS FOR THE USD!!!
Now another small bounce is now expected at 74, but it should soon be over and 72 is next that could be fast as the USDX has now RETESTED a broken a zone of weekly support at 75.5-76.5 AND FAILED. A decisive breakdown from a symmetrical pennant below 75.5 with the USDX now at 74.2 and an eventual pattern projected TARGET of 67 (coincides with a PFF SELL target of 66). What a shock!! Entries into U.S. Dollar denominated longs is again recommended for longer term positions. Therefore, look for continuation entries into AGAIN >>> U.S. Dollar denominated longs on any USDX strength this week for both scalp and longer term positions. Witness a weekly PPO SELL signal with a daily SELL(not going to worry about uptick for now, just aware>>>why we use stops. Enter to go long U.S. Dollar denominated pairs into some retracement zones, as seen in the USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD.
The EUR is the inverse of the USDX and with the backdrop of a PPO that now has triggered a daily BUY signal against a weekly BUY signal extended from the 50-day moving average, and the bounce here looks to continue after a pullback and now look for some bottom action on lesser time frames to enter and go long. Now look for support and resistance and chop at 1.45 to be worked through and then 1.50 that can be seen in short order, as can be expected on future dollar weakness as seen in the chart here, http://www.stockcharts.com/charts/gallery.html?$XEU. Place your trades accordingly. All charts courtesy of www.stockcharts.com.
We are STILL in an expanding megaphone pattern on the GBP daily. It now looks like 170 will be on the cards first. The GBP has seen some serious choppy swings and a clear pattern has emerged with a megaphone upper trend-line resistance currently at 165 and rising and what a coincidence we are there now. Good for some nice PIPS last week but now it is in an area that should fall back some to allow new entries. A new PPO daily BUY against the backdrop of a weekly BUY signal makes cable playable on pullbacks, LONGER TERM THIS CHART LOOKS BULLISH. Make cable a long play on shallow pullbacks, as seen here, http://www.stockcharts.com/charts/gallery.html?$XBP.
The JPY was overbought as USD/JPY and a pullback has occurred as expected from these extreme levels although key levels will be defended at all costs with newly printed yen so a nimble sell as below in daily trade can be played although range bound trade near/between the 50 and 200 day moving averages is expected for the time being as seen on the chart given here http://www.stockcharts.com/charts/gallery.html?$XJY.
The AUD ended up catching the “safe-haven” BID and was shaken out of a trade only to see it again making new highs. No other recommendations on AUD yet but still watching for a deeper pullback to 1.05 - 1.06 or more consolidation but if it starts to catch that safe-haven bid, boy it did!!! (watch gold and silver) then enter long as seen on the chart given here http://www.stockcharts.com/charts/gallery.html?$XAD.
Lots of things to move the US Dollar for this week’s activities and reports of consequence are:
1. Tues. Apr. 26, 2011 - (10:00am EST) US CB Consumer Confidence and (9:30pm EST) AUD CPI.
2. Wed. Apr. 27, 2011 - (4:30am EST) UK Preliminary GDP and (8:30am EST) US Durable Goods Orders and (12:30pm EST) US Federal Funds Rate Decision and Statement.
3. Thurs. Apr. 28, 2011 - (8:30am EST) US Advance GDP and US Unemployment Claims and (10:00am EST) US Pending Home Sales.
4. Fri. Apr. 29, 2011 - (5:30am EST) CHF KOF Economic Barometer and (8:30am EST) CAD GDP.
NOTE: Smaller position sizes this week are recommended as we have US Fed Rate decision pre-trade chop and the powerz that be will pull out all stops to defend the 74 level on the USDX which could lead to more chop.
The swing trade for today to tomorrow’s Asian-London-U.S. sessions is to BUY the USD/JPY @ 81.64 with a STOP @ 81.47 and a TARGETs of 83.04 and 83.5 for over 140PIPS.
and/or
The swing trade for today to tomorrow’s Asian-London-U.S. sessions is to SELL the NZD/USD @ 0.8020 with a STOP @ 0.8040 and a TARGET of 0.7950 for 70PIPS.
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. Don’t miss out on more PIPS!!!
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. The service costs $179 per month. 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