- EUR/USD 5M
This morning, 5:50 AM in California, is the reverse of yesterday. Today the Euro is in an uptrend, so we wish to trade to the upside given a good opportunity. The last opportunity was around 4:30 in the morning. The next opportunity to go long will be if the currency hits the lower trend line again.
- EUR/USD 1M 6:15 AM
The market is looking a little dicey now as the 1M chart shows that it could go either way depending on the US stock market open in 15 minutes. This could go dramatically either way.
Udate: 7 AM. This trade topped out on above the top trend line. Good for around 30 pips if you took it long.
GBP/USD 15 monday 6:30 AM
The Pound has been in a free fall since opening on Sunday along with most other currencies against the dollar. It seems strange, as the stock markets are almost neutral right now.
At the last trend line hit I shorted this pair with an exit at the lower trend line for about 30 pips.
We may get the opportunity to short the Pound again soon as it is nearing the upper trend line again and the Stock market opens shortly.
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GBP/USD DAILY CHART 10/16/10
The most interesting chart for the forex coach this weekend is the Pound chart.
On this daily chart you can see that the Pound is just above strong resistance. We can expect to be able to trade off of this resistance/support level next week.
You can notice that I have added volume and stealth indicators to my charts for the time being.
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I am sorry I have not posted many trades lately.
This morning we had news at 5:30 California time and the market was to volatile to enter a trade. As the currency market settled down a little bit I was able to short the Euro as in the chart at the purple line right after the stock exchange opened. This trade was good for around 50 pips, I stopped out with 25 pips profit as I played my stop a little too tight.
The thing to to note is we can often catch a nice trade as the New York stock market opens. All of the currencies often take a jump at this time.
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Last night around 12:10, right after midnight, the Euro crossed the purple lines in the chart for a nice MIDNIGHT BIRD TRADE. (Currently up 50 Pips.) Since the US market is closed there was no significant bounce back.
Also you can see that the EURO completed its SUNDAY AFTERNOON GAP FILL TRADE.
Two good trades to start the week with. I have to admit though I missed most of this action since I was sleeping just a few minutes before the trade signal.
EUR/USD 1HR 9AM PST
Now look where todays market movement leaves us at 9 AM. That is right. Right on the up trendline. Poised….. probably…. to move up soon. This is the next trade that the forex trading coach will be looking to take.
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- EUR/USD 5M Open Gap Sunday
Today the forex coach sees a 60 pip opening gap opportunity on the Euro and a smaller opening gap on the Aussie.
As the week ends, we are through with another slightly negative non farm payroll report. This may mean continued weakness for the dollar, barring any big news event that would drive traders back to the dollar as a safe haven currency.
As it stands now, the dollar is at or near long term lows for the Swissy, the Aussie, the Yen, and the Kiwi. Only the Pound and the Euro have substantial movement left to move before breaking long long term records.
The Euro is just above highs it made in January. The Pound is just below highs it made on August 6.
It is always a little bit dicey when the market moves into uncharted territory as there are no support and resistance lines to refer to for our trade exits. The best plan may be to trail your profits and consider exiting as the news or market turns, especially near 100 areas.
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USD/CHF
forex coach is looking at the Swissy and it is at a low for years and it has bounced off of this support many times.
For me it is worth a couple of trades long on this pair even though the market looks like it wants to go the other way.
This is trading from the bottom of the gutter. Will it hold the line?
Update: Well the gutter trade went in the gutter. Ouch. I should have listened to my gut instead of my mind. The Swissy broke a low that has held for 2 1/2 years. So far the Swiss government has not found the wherewithall to intervene. I suspect they are considering their options as it looks like every government now wants to devalue their currency …. mainly because the Chinese refuse to let their currency float to its true value.
The lesson or moral of this trade is …… 1) Do not stay in a trade that is not moving in my direction 5 to 10 minutes after entry. 2) No matter what the Technical charts are showing, the fundamental news is more important. In this case the news of the rally of the worlds stock markets.
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