EUR-USD

Monthly charts are bearish, weekly charts are bearish, on daily charts we are still bearish. Recent upward correction stopped majority of orders out with a decent profit from the last week. This time we’ll be looking at aggressive sell around 1.4450 with a stop above 1.4610.

GBP-USD

On Friday I was stopped out with a good profit.

Now, while monthly we are bearish, weekly charts call for a move up and so do daily charts, which already gave a strong upward bar.
If to look at 4 hour chart, you’ll see that trading session ended with a price hitting previous resistance level, making symmetrical tops. RSI and Stochastic are overbought. I’ll be selling aggressively with a tight stop of 20-30 pips looking to capture some pips if it bounces back down. S/L then will be trailed tightly with each new bar. With such a small risk It is almost a free trade.

But those who don’t like any risks should stay out, because mainly I’ll be anticipating a move up now with further opportunities to buy, unless of course situation changes.
Position: jump in and Sell as soon as session is open risk no more than 30 pips.
Otherwise keep out.

AUD-USD

My aggressive entry ended with a loss, and still weekly bar is battling at 200 SMA level. Well, this time no more aggression, I’ll be waiting for the market to give me further clues.

Truly yours,
Practical Trader

This entry was posted on Sunday, September 14th, 2008 at 10:08 am and is filed under Weekly market comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.