– 103 pips
Monthly Archives: October 2011
GBPUSD Update – Lightning Bolts To The Face
My GBPUSD trade is now in drawdown, with my 2ed short order not being triggered yet. I’ve opted to be patient, even if it means a loss. That’s the funny thing about FX. One minute you’re on top of the world, the next minute you’re being handed lightning bolts to the face from the FX gods. Such is life in the Foreign Exchange. I’m coming off of several recent win’s, should this be a loser, i’ll just eat my peas and move on.
EURUSD Outlook
With the EU on the minds of many I thought i’d provide a little analysis. As far as the long term outlook goes, we have untouched supply in the 1.5000’s. Personally I don’t think we’re headed there anytime soon. So if I’m correct and we are in fact not headed upward, there lies the question “Where is demand?”. Let’s answer that with the next chart…
So, where is demand? Looking at a close up view of the chart above we can see that the only level of significant demand, demand that has been untouched, lies in the range of 1.1800 to 1.2525. This also aligns with a recent bank target released publicly some weeks ago. Unfortunately I don’t remember which bank it came from so I can not provide a link to the report.
If we look to the daily chart, supply levels are revealed for potential short positions (Red Lines). This is in fact why I stated that I wanted nothing to do with going long the EURUSD today, and to be honest the first short prospect doesn’t look all that great either considering the consolidation we’re getting right below it. This can often mean the impending death of a supply or demand level. The best advice I can provide, just sit back and watch the show. A better opportunity will arise sooner or later.
The Monetary System You Love To Hate
For as long as I’ve been alive, I’m sure people have bitched about the way our system functions here in the USA. Prophecies of doom and gloom have clogged the airwaves and print media year after year, decade after decade. Yet these prophecies never seem to actually materialize. Hmm.. odd, no? Call it bullshit, even call it accounting fraud, but know that it works.
Visit this link. Many of you will not be capable of wrapping your brain around what is presented here, and in fact, your head will explode… Splattering tea(party) all over your nice rug.
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GBPUSD Sell
First target 1.5800. Will monitor price action at 1.5800 for reversal or continuation.
UPDATE 1:18 PM: Adding a short term short position at 1.5879. take profit is 1.5810. At 1.5810 my first short position stop loss will go to break even.
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A Greecey Mess
I don’t know about you, but i’m tired of this entire crisis. It’s like a soap opera. Next thing you know Merkel will be pregnant with Sarkozy’s baby. While I think we see the EURUSD eventually hit 1.4380 before the next longer term down turn, I have no interest getting long here. 1.4000 also concerns me as a potential reversal point.
Comments »Let’s Get High
High probability that is… Did you think this was going to be some OWS protester? 😉
As you will see in the postings to come, my method has been devised of four things.
– Swing Trading
– Support & Reisitance
– Supply & Demand
– Price Action
Credit where credit is due… Old school technical analysis, Sam Seiden, and Martin Pring, with my own twist on each to fit the spot Forex market.
Stay tuned…
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