Sunday, February 28, 2010

Cable Falling wedge

Last week was a whirl. I got stuck at Cape Town airport on my way to George. It seems George was closed because of rain and fog. For non SA readers George is a town not a person.

On Thursday and Friday i was conducting a seminar in forex trading in Canary Wharf, London.
Tom and I had a very good week in the www.whichwaytoday.com trading room.

The cable has fallen in a wedge pattern which defined exact support on Friday afternoon.
I shall be looking for a long entry on weakness on Monday morning if the technical situation remains the same . I will report it here as it happens.

Have a great trading week.

Wednesday, February 17, 2010

cable and flu

I unfortunately suffered a relapse of the flu that struck me last week. In the four hour time frame, that i report here, there has not been a lot of opportunity. The cable looks as if it wants to break south but that 1.56 level has been teasing me for two weeks now.

I shall wait for it to break and test and then look for an entry. I was caught by the 1.56 level twice last week.

Good trading today.

Sunday, February 14, 2010

Holidays

I have been unwell with a severe bout of flu. Feeling much better today but its a holiday in the US and in China. Its hard to say if we will get a move or not this morning but i would expect that any price action activity will dry up after the conclusion of the London session.

I shall be on the lookout for a trade on the four hour chart.

Good trading.

Wednesday, February 10, 2010

Euro Yen

Its not been the easiest day in the forex markets. The euro yen trade I placed this morning has done nothing positive all day. In fact it has underperformed the euro $.

It is now trading at 123.37 which is 17 points above my short entry . This is a paper loss of about 6 points on a normal position size.

I dont like the trade anymore and have decided to scratch the trade. It the first loss I have made here but its a small loss.

Closing Euro Yen short at 123.37

Have a good evening. I am still under the weather from flu and i hope to be firing on all cylinders tomorrow.

Good Trading

Tuesday, February 9, 2010

Euro Yen

The last few days have not been easy for two reasons. Firstly all the major forex pairs have been charting out a corrective wave against the trend . Secondly i have picked up a bug and feel terrible. I probably got it on the plane back from London on Saturday night.

Is the corrective wave over and the trend down is about to start once more .

The Euro yen is showing a reverse divergence pattern and it has also produced a very high hit rate bar chart reversal pattern.

I am shorting it at 123.20 with a stop at 124.40. This is 120 points of risk and i am using a 1/3 of my normal size . This is a risk of 40 full points .

Good luck today.

Sunday, February 7, 2010

Euro$

I ended up doing nothing on this blog on Friday as the NFP report was announced. The Elliott count as presented many times showed that a bounce was probable. Market action was still showing that the Euro$ pair was falling after an initial break up. I decided to do nothing as both forms of analysis were out of tune.

No points lost or made.

I have been travelling and am back in Johannesburg this morning. A bit weary but ready to trade.
All the short term trades on the 15 min chart and below will be conveyed on the www.whichwaytoday.com site from 0630 GMT. Just go to the site and ask for a free trial.

If i see a trade on the hourly or four hourly chart i will post it here. Nothing as yet.

Trade well

Friday, February 5, 2010

Euro$

The analysis that i posted yesterday is still valid but the levels are miles out.
I still think that a bounce or corrective wave up in the Euro$ is going to happen soon.

I did not find any entry point and am going into the NFP report flat.

On www.whichwaytoday.com we have taken quite a few short term trades which are reported as they happen.

Good trading.

Thursday, February 4, 2010

Euro $



As of 2.10 pm GMT I have still have not initiated a open long position on the euro$. My analysis in the last post is still intact. Above I have included a divergence pattern which adds weight to the analysis. It is a trade based on the four hour chart and ideally the trade needs confirmation from a bar chart pattern/candle pattern on the four hour chart. This is still a few bars away and I may only get a signal tomorow.

If you have done my course you will recognise the pattern above as a Halle Berry. Its against the trend while Eva Mendez is with the trend. As always I am reporting short term trades at www.whichwaytoday.com

Lets be patient

Good Trading

Euro$


I feel that the wave 2 up in the euro $ is about to begin. This will be a wave 2 of C as explained in other posts. The rate decision and talk are about to commence. I am looking at a long position but wont do anything until after the news. Its very, very, against the trend but wedges always are.
Good Luck
I will post if i see anything.

Wednesday, February 3, 2010

CABLE

The cable is trading at 1.5980 . I entered at 1.6035 and the stop is at entry.
We are approaching the lower trendline of the channel I posted earlier this morning.
I am going to the gym which is always a good reason to bank a few points.

I am banking now at 1.5981
Thats 55 points on a 1/2 position. This is 27 full points and another winner.

Lets try again tomorrow. Off to the gym. I may trade again today at the US open.

Have a great trading day

Cable

The cable is going my way. I entered at 1.6035 and it is now at 1.5999. I wish to pull the stop to entry. Another free bet.

Good Trading

cable

I have just shorted the Cable at 1.6035 with a stop of 1.6090 . This is based on the Gartley i sent earlier and confirmation from the 30 min chart . It is based on a 1/2 position so i am risking 55/2 points .This is 27 full points .

Tuesday, February 2, 2010

Cable


For those of you who have been to my seminar, the Gartley pattern will be familiar.I am looking at the pattern on the hourly chart of cable above . Nothing done as yet . If I trade this pattern it will be a short position. REPEAT NOTHING DONE.
Good Trading

Euro$

The euro$ has risen from where i bought it a few hours ago. The move up is far from impressive and not the normal explosive break associated with a falling wedge.
Those who have done my seminars will be aware that there is a Eva Mendez trade building up in the opposite direction, which is short the Euro $ .

For this reason I dont want to hold the trade overnight and am closing the position at 1.3968.

This is 31 points of profit on a 1/3 position size ie 10 full points.

It is a small profit but a profit. Those of you who have followed this blog, will know that no losses have been booked in over one month of trading.

Lets try again in the morning

Euro$

The target on the euro$ trade is 1.4125. Its a swing trade which may last untill tomorrow if all goes well.

We report short term trades in forex and indices on www.whichwaytoday.com They are reported as they happen and frequently last for only a few minutes.

Good Trading

Euro $

The Euro dollar would seem to have made a falling wedge which is should break upwards. This is the end of w5 of w5 of 1 of C. Quite a mouthful I know.

For this reason I am buying the Euro$ at market 1.3937 with a 120 point stop on a 1/3 position size. I am risking 40 full points with the stop placed at 1.3817. Lets throw the dice.

Good trading.

Monday, February 1, 2010

cable

I have been stopped out of cable for no loss.


Lets try again tomorrow .

cable

I shorted the cable this morning at 1.5920 with a stop of 1.6005. Its gone well and the market is now trading at 1.5859
I now wish to pull the stop down to entry at 1.5920.

Another free bet. The target is 1.5780.

Good Trading

Cable

The cable has just made a 2 bar outside reversal on the four hour chart.

The trend is down and the next target is 1.5780.
The market is trading at 1.5920. I am shorting the cable at market with a stop of 1.6005 on 1/3 position size.

I am risking 85/3 full points . This is a risk of 28 full points .

Good trading