Hi Rezo, How are you? I pulled my money out of forex. Too wild for me. I will be trading stock options now. Greater number of instruments to trade in the stock market, plus I have better data for my cycle analysis (=more data). I may in the future post my trades on the Journal forum. I will be trading less frequently, maybe 2 to 5 trades a month, not like forex, 2 to 5 times a day. Hope November is better for you.
Hi Russ, what can I say - Good Luck whatever you do, and dont forget to visit us - the forex friends from time to time All the best, Rezo
Hi Everybody, Been away from here for a while. Here is my reco: sell GBPUSD - look at the trend line and try to short if it gets near it with 50 pips stop. I already shorted, but you may get even better level. The target is 1.6385. Very nice r:r ratio there. Early next week week we may get that target. If this trade gets stopped, it may still be a good trade to reenter later. Canadian is also looking good - I took long couple days ago and am still keeping it, but this is not a reco, just sharing; but if you are in simiolar trade or looking to enter, my initial target for USDCAD is 1.3620. Reco is to try long one of the best performing out there - USDCHF. If I get to take a good position, I will make a reco for this one. Good Luck Everyone, Rezo
btw, the reason for still to try to take long on USD/canadian is that we broke back the 1.3350 earlier low of this year. We broke the low doew, and now we are back in upside move above that level. So I think it is still good to buy at good entry.
ok, now I have to take back what I said about the USDCAD, bcose we suddenly fell below 1.3350... this is a surprising move. Yes there was a double top on 240 mins...
Sunday, November 09, 2003 Hi Everyone, EURUSD: I don't think there is something to worry about because of the Friday push back higher above 1.15. Market was vary oversold and needed this correction very much. This is very healthy for further move down, and therefore for now I am still on the sell side. This view may change if the upside move resumes, but for now this is a Friday position closing result. USDJPY: Flat for now. GBPUSD: Same here: flat as of week closing. Will need to see how things go in order to decide. USDCHF: We bounced back for 1.3780 area - the 61 retracement from the recent move down, but just as on euro, it doesn't look like anything more than a result of position closing after a very overbought situation. Long position still considered here in the beginning of market opening. Unless we see continuing USD weakening of course. EURGBP : I think this week may be a good time to reenter the shorts form couple weeks ago. We saw a retracement up to 6900 level and a good bounce back. Will be looking to short with same initial target as back then : 6770 EURJPY: Long time am waiting for a break here. In my opinion it will be break south. I will be entering on a break of this current serious support we are now at. There is never a definite level, and that is why we talk about areas, but this time this is a wide area. Its starting at spike to 125.00 and ending with current 126.00 level. I am going to put a sell order at 124.80 with 60 pip stop and initial target of 121.50. AUDUSD: Flat for now. USDCAD: Bearish candle on weekly charts, but little mixed picture. After correction, move north may resume. For now I am flat. This is it for now. I wish you all to have a great trading week, Kindest Regards, Rezo Shmertz
On the usdchf trade: stop: 1.3570 initial target: 1.3870 stop to entry level once we get to 1.3680 Good Day Everybody!