Thursday, November 4, 2010

Transactions (FX) and (DJI)

Dow Jones Industrial Average (DJIA)

I didn't trade yesterday due to mid term election and FOMC statement, and ADP Non Farm employment change.

Trading Plan on DJIA for 4-11-2010 (Thu)
DJIA Long (Intraday)
Entry 11,087.29 (Support 11050) SL 11,047 TG 11,200

DJIA Short (Intraday)
Entry 11,249 (new high?) SL 11,289 TG 11,090 current support)

If you read my previous posting on DJIA, you know that I am looking at DJIA to close above 11200 level, and YES! It did!
DJIA closing on 3/11/2010: 11,215!
So What's Next?
I am waiting for reversal and closing below 11200 level again.

My position trading setup1 for DJIA for the coming waterfall remain the same:
DJIA Short
Entry 11240 SL 11340 TG 10750


GBP/USD has finally crossed above 1.6100!
It has formed a high of 1.6166 last night and the market is simply volatile ~ Big Swing.
With such a bullish sentiment, would GBP/USD continue to head up to 1.6350 region before a reversal pattern can form?

Forecast on GBP/USD, to continue to go up to 1.6350 region.

Trading Plan on GBP/USD for 4-11-2010 (Thu)
GBP/USD Long (Intraday)
Entry 1.6065 SL  1.6020 TG 1.6185

For PW Traders, check weekly fibo retracement and Daily XABC going to 3L you will get the target price like I did!

Happy Trading =)

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