Stops used on E/G, no more than 15 pips so safe entries are critical. Stops used on others, 25-30 pips depending on how rangy the currency pair. The EUR/USD should drift lower sometime over the next few hours and USD/CHF higher but not after dropping to about 0980-85. An in trend buy is worth considering at that time with target of 1040. The EUR/USD should retrace to 4725ish before resuming down to 4650 area.
Note the change to EUR/USD expected daytrend high. The USD/CHF seems to want to drop a bit more but perhaps not much and the larger trend down on EUR/U and up on U/CHF could happen soon. I sold the E/G at 7917 as E/U drove it slightly higher than expected. Target is 7875ish and stop is 7931 maximum.
German Stocks Rise as Oil Pares Gains on U.S. Inventories By Stefanie Haxel Aug. 20 (Bloomberg) -- German stocks erased declines after a U.S. government report showed crude oil inventories gained more than forecast. ThyssenKrupp AG, Deutsche Boerse AG and Deutsche Postbank AG led rising shares. The benchmark DAX gained 39.38, or 0.6 percent, to 6,321.81 at 4:55 p.m. in Frankfurt after falling as much as 0.3 percent. The HDAX Index of the country's 110 biggest companies advanced 0.7 percent to 3,231.79. Crude oil for September delivery traded up 0.6 percent at $115.19 a barrel in New York, paring earlier gains of as much as 2.2 percent. Inventories increased 9.39 million barrels to 305.9 million barrels, the U.S. Energy Department said. Supplies were forecast to rise 1 million barrels.
The E/G trade didn't do as I thought so I'm out at -15 pips. The patterns is such that it still could drop but has become ambiguous as far as daytrading goes. It's worth watching for a drop but showing clear signs of downtrend need to make it safe. A better sellpoint was current price of 7924 with stop above 7938. Once again, in too early. If it goes up then re-analysis is needed. If down the target of 7800 still applies. E/U and U/CHF did retrace somewhat as I took a sell on E/U I exited at 0 pips when it resumed uptrend after small 20 pip retracement. Was away from keyboard during the drop and would have taken some profit on the position leaving the rest to see. Now uptrend on E/U continues with probable target in short term of just above 4800. Buy on dips and selling on peaks may be the strategy if the trend seems ready for a large swing retracement after previous weeks descent.
EUR/USD has risen nicely in uptrend and target for exit and reversal is about 4845-50ish. USD/CHF is nearing bouncepoint, currently at 0915. G/U is returning to a bouncepoint at 8700 an isn't expected to go much higher before a comfortable retracement of at least 50-60 pips. GBP/CHF and EUR/CHF are low so the USD/CHF could rise more than either EUR/USD or GBP/USD falls.
(RTTNews) - Oil prices have accelerated to the upside over the course of the trading session on Thursday, with the price of crude oil climbing back above $120 a barrel. The substantial price increase reflects renewed concerns about supplies. After seeing some strength earlier in the day, the price of oil has continued higher throughout much of the session. In its first day as the front-month contract, crude for October delivery is currently up $5.98 at $121.54 a barrel. The continued increase by the price of oil, which closed up by more than $1 a barrel in each of the two previous sessions, is partly due to concerns about rising tensions between the U.S. and Russia. With the U.S. angering Russia with the announcement of its missile shield deal with Poland on Wednesday, there is some concern that Russia could retaliate by cutting off energy shipments to Western countries. The price increase this morning also comes amid a notable decrease in the value of the U.S. dollar, which is pulling back well off its recent highs. After seeing modest strength on Wednesday, the U.S. dollar index is currently down about 1 percent. The drop in the value of the U.S. dollar comes following the release of some key economic data, including a report from the Conference Board showing a bigger than expected decrease in the leading economic indicators index. Concerns about the upcoming OPEC meeting are also contributing to the continued price increase, as Venezuela's top oil official has said that he will ask the cartel to cuts its production quota at its next meeting on September 9th. "If there is a trend or dynamic toward lower oil prices, Venezuela will consider the possibility of a cut in production," said Rafael Ramirez, Venezuela's Energy and Oil Minister. "This is the position that we will take at the next OPEC meeting." Oil Spikes Back Above $120 A Barrel Amid Renewed Supply Concerns Thursday August 21, 2008 11:11:00 EDT Ramirez said that the steep drop in oil prices that has been seen in recent weeks is proof that there is speculation in the market. He added that prices must be maintained at around $100 a barrel due to increased production costs. With the increases in the past three sessions, the price of oil has moved well off the three-month closing low that it set on Monday, but it currently remains more than $25 a barrel below the record high of $147.27 a barrel set in mid-July. For comments and feedback: contact editorial@rttnews.com Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved
The USD/SGD seems in a trend down and after bounce up should continue down. Sell entry is above 4080 preferably with stop at 4110 and target is 4025. RRR is good and win rate of trading system is fairly high( havn't quite figured out the math on that one yet).
The G/U trade concept worked. I didn't take the sell but later bought it up for only 18 pips before heading for rest. Closed trade due to volitility. It's much higher now I bought USD/CHF instead of G/U sell and went from B.E. of 0919 to exit 0943 based on a conservative interpretation of an Elliot ABC up. Trade had high win rate possibility despite not the greatest RRR. now, after some rest I've just scalped the U/CHF again for a few pips buy off 0850ish area. More down to go at some point soon perhaps.