Monday, August 30, 2010

Weekly Forecast (FX)


Market has formed a reversal at 1.2586 on 24/8/2010 (Tuesday) and closed at 1.2760 on Friday.
Since I have missed the entry during reversal, I only plan to enter intraday trades with tight risk management.

If you zoom into 30 mins chart, you can see a divergence and hopefully the market can come down to 1.2680 region for my Long entry.  I do not want to short as I feel insecure to trade counter trend now.

My Trading Plan:

  1. Long at 1.2680-650 (Fibo retracement),
    SL 1.2600 (Current Support), TG: 1.2900
  2. Intraday Long at 1.2626 (Fibo Range),
    SL 1.2586 (-40 pips), TG 1.2800.


The correction from the top of 1.5997 is not significant, in fact, I am waiting for this pair to come to 1.5100 region.

Strong Reversal spotted at 1.5370.
From Weekly and Daily Chart, we can see that this pair has formed a reversal signal, you can also see a pincer bottom at 4 Hour Chart.

Trading Plan for Intraday only:

  1. Intraday Long 1.5400
    SL 1.5370 (-30 pips), TG 1.5590 (+190)
  2. Intraday Short 1.5599
    SL 1.5620 (-21 pips), TG 1.5450 (+149).


AUD/USD made a strong bounce up and close at 0.8986 on Friday, biggest gain this month.
Strong Resistance: 0.9080
Resistance: 0.9020
Support: 0.8870
Strong Support: 0.8770

My Trading Plan for coming week:
  1. Short 0.9020
    SL 0.9050, TG 0.8870.
  2. Long 0.8870
    SL 0.8840, TG 0.8990

1 comment:

  1. Update:

    Short 0.9020 order filled on Monday.
    TG price 0.8870 not hit yet, you can choose to close the position now 0.8890 (+130 pips), or wait, but beware tonight 10pm US figure release.