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 Monday the
26th to Tuesday the 27th of April 2010.
Nothing has changed. With a weekly close still above 80.5, trades
for or against the dollar with some quick counter moves are expected
to continue this week with the main bias is now neutral as all index
currencies look to have a temporary bottoms in place. All charts
courtesy of www.stockcharts.com <http://www.stockcharts.com/>
. The daily and weekly chart here
http://www.stockcharts.com/charts/gallery.html?$USD
still looks like a top on the weekly chart but the daily chart could
look to be putting in a bull flag continuation pattern with a fast
break above the declining tops trend-line earlier last week at 81.5
<<< this number keeps showing up, with the USDX now at 81.3 looks
like a trendline re-test is in order (although a failure is possible
and we will be ready if such an event occurs as these moves can catch
many players wrong footed and can lead to fast moves). The JPY looked
really poised to continue its roll over but Fridays move, as seen on
the charts given here
http://www.stockcharts.com/charts/gallery.html?$XJY
has also a mixed picture with a hammer bottom. With the EUR and the
GBP, intermediate term bottoms still look confirmed as seen in the
daily and weekly charts...
http://www.stockcharts.com/charts/gallery.html?$XEU
and http://www.stockcharts.com/charts/gallery.html?$XBP
and look poised to advance to their longer term moving
average/resistance lines.
There will be key reports to trade through all this week affecting
all primary currencies, but being month end, they will be mostly
dollar denominated pairs. Maybe some reports will move the pairs out
of their ranges. Now with the picture still somewhat hazy in terms of
the USDX we will mostly play retracements.
The Monster trades. With the AUD/USD now @ 0.926 the overall trend
and even with recent dollar strength remains in-tact, and we still
want to be on the buy side, so buying on weakness and sell on
strength should continue to be the routine on this pair for the next
several weeks. Any additional dollar weakness should put this trade
on steroids. Remember that the dollar has broken down from its
uptrend, but the break thus far remains marginal. Action in the
dollar suggests that it may be forming a top, however more basing is
possible with a slight upward bias in this area following its
substantial rally from early December through mid-late February. If
true this augers well for the AUD/USD as the AUD is showed great
relative strength in spite of earlier USDX strength and now that that
strength has given way new highs are expected in short order, the
AUD/USD http://www.stockcharts.com/charts/gallery.html?$XAD
has strong support @ 0.925, 0.915, 0.910 and 0.900 ranges and is
just under the solid break above the 0.919-0.920 range. I still
recommend scaled in BUYS (0.1 contract at a time) on ANY weakness now
in the AUD/USD in the 0.920-0.925 area or better with looser stops
than usual, around 0.9150 (so explains the very small position size).
Given the relative under performance of the NZD/USD it is no longer
recommended. Note: the AUD/USD is the preferred pair with ultimate
targets expected to yield 1000 to 1500 PIPS over the next 2-3 months,
maybe even sooner. Again, NOTE: All position trade stops are HARD
stops, NOT mental stops. Remember, hard stops for overnight
positions, mental stops for day trades.
*The swing trade for todays Asian-London session is to SELL the
GBP/USD at 1.5474 with a STOP @ 1.5502 and a TARGET of 1.5400 for 70
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 $39$ for a 1 week trial.*
* *
*Trades are issued in real time, including exact entries, exits and
detailed explanations. The service costs $99 per month. So go to
GreenForexTrading.com and take advantage of this special 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.
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