EUR/USD 15M 9/28/10 8 PM PST
We have seen a rather boring week so far, yet this morning we finally saw some good movement in the Euro and the Swissy as they broke off of their trend lines for some nice gains. The Swissy broke at 5:30 AM and the Euro broke just before 7 AM California time.
As you can see from the chart we have a squeezing range on the Euro and I expect we will see significant price movement later tonight or early tomorrow morning.
Pay attention, keep your stops right and enter long at the bottom of the range or short at the top of the range. We have Swiss news at 2:30 AM.
Update: the Euro broke out of this pincher to early in the evening for my trading. It did however retrace to the lower pincher trend line for opportunities to go long with very small stops between 11 and 11:30 PM. This trade could have netted you 50 or more pips.
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- EUR/USD 15M 5:30 AM PST
today the forex coach sees…..
at the 5:30 entry time we have the Euro reversing and bouncing off of the $1.350 peak. I shorted this currency pair as it came back up for a second or third time to try to break 1.350. Currently this trade is up 20 pips and the stop is moved to break even. I am waiting to see if it can drop down to resistance on the red line which is just below my take profit. We have a short term uptrend line to take out first. If so, this will turn into a nice trade.
Good luck with your trades this week.
Update: We entered short one peak to early. The next opportunity to short was at 6:30. I am stopped out and now the market has moved down again for 50 pips. Still a good trade.
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USD/CHF Daily Chart
The forex coach sees…..
that many of the currency markets are entering areas of extreme outer limits. The Swissy shown here has reached beyond parity. Like the Aussie and the Yen they may have reached the limits of this direction of movement. This protends large potential gains for us in the future as we have the potential for large reversals in these pairs. Keep a keen eye on the market turns and trade reversals from the peaks. Maybe this week or early next month we will see a market reversal spike.
In the last few days we have seen that the Japanese have intervened to prevent over valuation of their currency. The Swiss have also made indications that they will not let their currency become over valued. Pehaps we should expect the same from the Australians soon.
In any case I would not want to be on the wrong side of trading these currency pairs. I will be looking to trade the USD/CHF long if it reaches the bottom of its lower trend line, even though this is against the current trend.
The same goes for the Aussie and the Yen. If and when they make new higher value trendline hits I will be looking to trade against them. This of course presumes that the US dollar will be gaining in strength. Is this possible? The forex trading coach sees the potential for more risk aversion trades as October’s black friday approaches.
As always, trade the days currency trend at the right time of the day.
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the forex trading coach says…..
by now you should HAVE CONFIDENCE IN OUR TRADE SETUPS …..
- 12 Midnight and 5:30 Birds.
- Strong support/resistance/trendline bounce trades.
EXPECT TO BE GETTING 2 OR 3 NICE 20-50 PIP PLUS TRADES PER WEEK.
I KNOW WHAT I AM DOING. YOU KNOW WHAT YOU ARE DOING. TRADE WITH CONFIDENCE. Follow the trade plan….. TRADE- COVER – TRAIL… TIC ENTRY. Bird/support/resistance enter, then – cover – trail – and reverse trade if the trade reverses.
Our other trades are to Enter at the trendline or resistance/support, in the direction of the trend, On the FAR SIDE. Then; cover and trail. Simple.
ALWAYS KNOW WHERE SUPPORT AND RESISTANCE IS so you can set your stops for profit and loss here.
Key in stop prices. Remember 4 decimal places on the EURO. 5 digits on other pairs. Be sure of order type. Do not rush. It is better to miss a trade than to make a mistaken impulse trade.
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Last night the market turned right at Midnight California time for 100 pip drop. (No scheduled News!) Then it turned right at 5:30 AM for almost as much in return. (After so so news) The market is still running long.
If you can only trade two times per day these are the two times. I am kicking myself for missing out on both of these trades today. Some days nothing. Some days these are times for the turning points for big moves.
To have significant success you need to be able to enter these BIRD TRADES at 12 Midnight and 5:30 AM and also be able to trade the SIGNIFICANT trendline and support and resistance moves. WAIT FOR THE GOOD TRADES, THE GOOD SETUPS. Forget all of the dinky setups, the questionable gaps, and forget the not prime time trading. Trade 12 Mid. , 5:30 AM, the strong trendlines and Sunday breakouts.
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EUR/USD 1HR SUNDAY BEFORE OPEN
The forex coach sees….
that this week is starting with the Euro right on a very obvious support line.
We may be looking to that support line for a trade later in the day.
USD/JPY 30M SUNDAY AFTERNOON
The Yen also has an interesting range box that has lasted covered part of last Thursday and all of Friday. I will be looking to trade the Yen long at the bottom of this range box if it behaves properly.
30M SWISSY SUNDAY AFTERNOON
Last but not least we see that the Swissy popped up following the jump in the Yen last week. It however retraced more than the Yen. It is now in a range box at its 50% Fib.
Last week it was interesting to note that the Swissy was moving dropping while the Euro was rising. Maybe the Swiss government like the Japanese government was helping things along?
Update: 7PM PST: Since it looks like the USD/JPY and the EUR/USD both want to go up and both were near the bottom of their channels I decided to take 2 long trades on the EUR/JPY. Now I am up 56 pips with my stop loss set to zero. If the trend continues through the evening reversal time this trade will be setting pretty. Good luck on your trades. The forex trading coach.
EUR/USD 2 TRADES SAME SUPPORT
Update 8PM: I closed these trades as they appear to be reversing and 55 pips is a very good return for the Asian session. I am watching this pair to see if it retraces back to where I entered, so I may enter long again.
Update: 11 AM: I did enter long again at around 5:40 AM but this time I traded the Euro. I followed the ride until it stopped me out around 9 AM. 61 pips earned on this repeat trade. See red entry arrows.
Update: 1PM PST: I am waiting for this pair to come back down to the support line for a 3rd trade long. I am expecting it to break through the trendline to the upside this time. I will not enter though unless I get a good position at support.
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Yesterday the forex coach saw that the Japanese government intervened in the currency market for the first time in 6 years.
The Yen markets have been moving upwards in response. I took this trade this morning as the Yen began to make new highs. You can see it was a much more probable trade when it turned earlier in the day, but non the less we have moved enough to move our stop to break even. Should it reverse we will wait for a better spot to trade this pair long.
AUS/USD 15 M
EUR/USD 5M 12:49 PM PST
the forex trading coach…..
has entered a trade just past midnight in the green zone. This trade is up 36 pips right now with 20 pips locked in on my first trade and break even locked in on the second trade. I am hoping for 1.3 or 1.35 tonight. We will see if the market can stay above 1.29.
update: the Euro is in an uptrend. We had a nice retracement below the trend and then it turned up for 150 pips. (The beginning of the uptick shown in this chart.) I played the stop too tight again and lost most of this trade. I need to pay more attention to support and resistance when I have a running trade. Like the uptick the day before this one has only retraced to the 23.6% Fib. That may mean that the Euro has strength for another push up later today or tomorrow morning.
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