Bought at 78 but bounce wan't high enough so took 15 pip loss. Re-entered at 161.40, current target is 161.75 area. Bought USD/CHF at 0926 with target of 0945+ Downtrend on USD/CHF may not be done so lower lows may happen in th next few hrs, and trend continuation on other majors is probabl after bounce. EUR/GBP should bounce up near 7955 for 20-25 pips before droping again. Then swing trend up should continue. U/J is near a bouncepoint at 109.02 currently. Target 109.25-30 area.
Partial is out of U/J and U/CHF. E/J trade has survived using 25 pip stop and target remains with stop moved to 15 pips. Note: Not trading with trend has cost missed profit and entering too early at less than ideal entries has cost one 15 pip stop and exposed other trades to more risk despite high enough win rate. More care is definately needed. Now the rest is out of U/CHf and U/JPY. Pattern on U/CHf could go higher to afrementioned target, U/J hit conservative target. EUR/JPY -15 USD/CHF +16 USD/JPY +22 EUR/JPY +6 and watching for re-entry buy
GBP/USD currently seems daytrade buyable at 8500 or slightly below. Larger expected trend is up possibly for 400-500 pips so buying with trend up on dips and selling on peaks makes sense. Or holding for the week if a good entry is had. GBP should bounce then possibly drop more before an ideal entry place for a buy is gained.
Entry buy at 6172 was taken with 25 pip stop and another entry at 6160 break even. Target remains high at 6200 or better although small bounce up first and slightly lower low may happen. Re-entry buy on E/J at 161.00 will be attempted if it gets there.
EUR/CHF did come lower but went up first, providing an exit or 2 pips on highest entry and 14 on the lower. It's dropped near 6100, retraced slightly and should go a bit lower before another sizable bounce up. EUR/JPY was left alone. Top of USD/CAD, A-B-C up before drop was missed although transparant. AUD/CAD has hit asignificant bouncepoint at 8925ish and although I entered a few pips late it should rise 100 or more this week.
Took 13 pips on AUD/CAD and wait for ABC down to finish. If that's misread and a lower entry is missed then breaking above 8975 will probably show uptrend. A re-entry of 8925-30 is the hope at this point. EUR/CHF may drop once more after an ABC up and solid bottom seems to be about 6085 area. A buy at current pirice of 6105 should yield about 25-30 pips before testing lower reaches.
EUR/CHF trade concept was basically right. Profit was 18 pips and re-entry buy is being considered. I missed the ABC down for re-entry on AUD/CAD before it went up further today. AUD/CHF shows a good buy at about 9260 and then after an ABC up another low of about 9200-9210. The later entry should be good for a 100+ pips swing up.
Buying the EUR/JPY at about 159.50-60 for a swing trade attempt shows a good RRR and, more importantly, good win potential based on strategy. Target is 160.40-50 for 80 - 100 pips with a 25-30 pip stop depending on entry. Target may not be hit until next week. and possibly the entry won't either however if it doesn't happen before weekend close. Re-evaluation is important. Also the CAD/JPY seems to be nearing a bouncepoint and could bounce from just below 203.00 to about 107.00 or higher. Entry at about 102.75-80 could yeild esveral hundred pips however allocating all capital for this trade concept would not be prudent. Taking a position and then closing a partial position of trade for other opportunities is the plan.
AUD/CHF buy concept was not fullfilled as entry hasn't been reached. The pair is expected to drop but another likley entry is to be determined. Currently AUD pairs seem to indicate that the AUD/USD will remain bullish for abit higher, currently 7050 and 7150 is a likely target. AUD/NZD is currently at 2230 and shows 70-100 pips of upside.
Oil Rises in New York as Gustav Threatens U.S. Gulf Platforms By Alexander Kwiatkowski Aug. 29 (Bloomberg) -- Crude oil headed for its biggest weekly gain in almost two months and natural gas rose as producers evacuated rigs before the arrival of Gustav, forecast to be the largest hurricane in the Gulf of Mexico since Katrina. Royal Dutch Shell Plc and ConocoPhillips started pulling workers from Gulf of Mexico platforms and cutting production in a region that pumps 26 percent of U.S. oil and 14 percent of gas output. Louisiana officials said they will start evacuating residents today in two counties around New Orleans that house refineries owned by Exxon Mobil Corp. and Valero Energy Corp. Crude oil for October delivery rose as much as $1.80, or 1.6 percent, to $117.39 a barrel on the New York Mercantile Exchange. It was at $117.34 a barrel at 1:31 p.m. London time. Prices are up 2 percent this week, the biggest gain since the week of July 4. European Economic Confidence Drops, Inflation Eases (Update2) By Fergal O'Brien Aug. 29 (Bloomberg) -- Europeans' confidence fell more than forecast this month as the economy teetered on the brink of a recession. An index of executive and consumer sentiment in the economic outlook dropped to 88.8 from 89.5 in July, the European Commission in Brussels said today. That is below the 89.3 median estimate of 26 economists surveyed by Bloomberg News. Inflation unexpectedly eased in August and a measure of consumer-price expectations declined. The reports signal the slump in economic growth is extending through the third quarter and a 20 percent drop in oil prices from a record $147.27 a barrel last month is easing inflation pressures. Consumer-price increases are still above the European Central Bank's limit, prompting policy makers including Axel Weber to indicate they are in no hurry to cut interest rates even as expansion slows. ``The euro-zone economic situation is deteriorating markedly,'' said Carsten Brzeski, an economist at ING Group in Brussels. ``Therefore, it is somewhat striking that some central bankers still consider interest rates to be accommodative.''