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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 Thursday the 30th of September to Friday the 1st of October 2010.
ALERT!!! “Monster Trade” The EUR/USD is now expected to make a deeper pullback and all long positions should be CLOSED. Scaling in recommendations will be given in another “Monster Trade” for targets of in the 1.388 and 1.442 areas. Look for more “Monster Trades” soon.
A deeper retracement is expected before another leg lower in the US Dollar can resume. Watch the Yen continue to move back toward the level which forced the BOJ to pull the intervention trigger earlier, the buy might be in the cards again. Stay tuned for this one as today’s session might possibly be very interesting in the Forex markets especially if the JPY/USD puts on another full point through the key 83.05 level.
The confirmed trend of the market for USD is down. With the USD’s closed under our another key pivot of 80.0 and now through 79.0 we will look to load up scale in fashion for continuation USDX selling on any possible USDX strength although the strength should be marginal and short lived at this point in time and for the next couple of weeks going forward. The USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD. The EUR pairs were expected to be overall weaker than the corresponding correlated GBP pairs however there appears to be rotation of relative strength between the two currencies from day to day in conjunction with the central bank war of competitive devaluation. The EUR is between key weekly and monthly pivot resistances and further longs are cautioned at this point, as gravitation back to the declining 50-day moving average is expected before the advance is expected to resume, as seen in the chart that can be seen here http://www.stockcharts.com/charts/gallery.html?$XEU. In summary, the weekly chart gave a strong retracement to 1.300, 1.333 and 1.351. Now a retrace is expected to as much as 1.333. Place your trades accordingly. All charts courtesy of www.stockcharts.com.
While a long bias still exists for the JPY, with intervention in the cards and a break of the daily rising trend-line, be wary of the wash and rinse instead of a fast move in either direction that would normally be expected before the turn. Traders should heed my recommendation to avoid the JPY pairs for the time being. This is seen on the chart given here at http://www.stockcharts.com/charts/gallery.html?$XJY.
The GBP/USD saw a nice support level formed at the 1.5300 level, and reached a key weekly pivot at 1.572, retraced somewhat and continued to 1.584. A more significant retrace is expected short term (see Daily trade) and longer term; it makes sense to continue to look long on weakness back in the 1.557 - 1.562 levels for the next expected targets of 1.600, 1.622 and 1.642. The GBP as seen here, http://www.stockcharts.com/charts/gallery.html?$XBP, has broken up near the 50 and 200-day moving averages and a longer term PPO buy signal has been triggered.
The key reports for today’s session are:
Fri. Oct. 1, 2010 (3:15am EST) CHF Retail Sales and (4:30am EST) UK Manufacturing PMI and (10:00am) US ISM Manufacturing PMI.
The swing trade for today’s Asian-London-U.S. session is to SELL the GBP/USD @ 1.5740 with a STOP @ 1.5775 and a TARGET of 1.5597 for 140PIPS.
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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Mr. Green
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