Thursday, February 24, 2011

Gold and EUR/USD

Gold rose above $1411 and Silver $33.50 an ounce, weak US dollar boosted the demand for precious metals.

Technically, Gold has completed the 1/3 retracement (Low 1392) and set to go up higher target 1423.
the Breakout point is 1405.  Support 1394.


I didn't get my entry on Monday, market didn't come to 1385, lowest 1388 and rocket to TG1: 1395 within 2 days.  Today, intraday trade preference is to Long @ 1407.7 SL 1403 TG 1420 (EOD).

Related: Weekly Forecast on Gold


EUR/USD

My view for the week is to long on EUR/USD.
I entered two trades but were stopped out with minimum losses.


Quote my Weekly Forecast and Trade Setup:
Monday: Plan to Long when market comes to 1.3650, SL 1.3620, TG 1.3750
For the Week: Long at 1.3570, SL 1.3530, TG 1.3850 or close by End of Week, whichever come first.
-30 pips for intraday, -40 pips for weekly position.
and Market is trading up! as per the forecast, EUR/USD closed at 1.3750 (my first target).  Weekly Target remains at 1.3850.


Aggressive Trading Long @ 1.3716 SL 1.3680 (-36 pips) TG 1.3850 (EOD)

Personal preference is to trade EUR/USD for today.
I am yet to update for P&L for the week, will do it during weekends.

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