Tuesday, February 15, 2011

3 Majors and Gold


Market move in favour, our Short at 1.3570 is not hit, highest EUR/USD go is 1.3557 (13 pips different) and reached our target 1.3430 and rebound, lowest EUR/USD go is 1.3426.

For position trade, still favour market to continue its downward movement to 1.3380 for the week, before a clear rebound to happen, favour to wait patiently for EUR/USD to come to R2: 1.3620 to pick a short position.

For today, stay out from EUR/USD.


GBP/USD is trading in small range of 100 pips (1.5950 - 1.6050), will only be interested when GBP/USD trade to channel top 1.6100-6150 region, or strong resistance 1.6280.  Stay out.
Refer to my weekly forecast for more details.


USD/JPY didn't come to our entry price, yesterday, USD/JPY started the week at 83.45 and trading down to 83.07, rebounded to opening price and consolidate.  USD/JPY is trading at 83.26 now.

It is risky to trade in the middle of the range, we might get killed up or down... :)
Stay out until market trade near the extreme top, place short near top of the range 83.50-83.60 SL 83.80 TG 82.80.


Sifu has covered a EMA50 strategy on universal instrument, and although Gold didn't trade to 1350, meaning it didn't come to our entry price like what we specified in our forecast, but capture Gold at opening and closed yesterday will result a minimum 6 pts profit.

Gold is trading at 1363 now and very near to the current resistance 1368, if Gold can breakout higher, next target 1382.

Aggressive Long 1357 SL 1353 (yesterday low) TG 1365-68.
Some traders may want to turn short at 1368, therefore, it will have a lot of price action when Gold is there, stay alert.

Related: Gold on 14-Feb-2011
Related: Weekly Forecast (FX) for 14-Feb-2011

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