SentiMenFX's Daily Forex Journal

$GBPJPY 14 Jan 10

Hope So — Thu, 14 Jan 2010 01:16:47 +0000

Update: Closed the position with +110 Pips Profit In Bank.

Overall Bias: Bullish
Trend: H1

Estimate Period: 1-3 Days

Long Positions Preferred above 148.30 with Targets: 149.29
150.29 And
151.29 In Extension

Alternatively Look for Sale Below 148.30 With Target: 147.29 And
146.59 in Extension.

Click On Image for Larger View:

Good Luck!

$GBPJPY – 12 Jan 10

Hope So — Mon, 11 Jan 2010 16:28:05 +0000

UPDATE: Short Entry Triggered, and Touched Take profit at 146.80 with +145pips in profit.

According to my analysis, i have setup two critical points where i’ll most possible enter into a trade. First, the price is trading -100pips below our daily Range @ 149.45m, therefore the trend is most likely to get down further. I have marked 148.25 as my entry with a target @ 146.80. Stoploss will be decided according to my account and risk % i’ll be taking.

Click on Image for bigger View:

On the other hand if my short didn’t trigger @ down below and price reach back up above 149.00 i’ll then take a 25pips from 149.45.

ATTENTION: This is NOT a Trade Recommendation. The strategy calls for a Higher Risk Trade with Risk Reward Ration 1:1. Thus it is not recommend with any other combination of Stoploss/ Target Level.

Journal

Hope So — Mon, 07 Dec 2009 18:23:01 +0000

Update: closed 2lots(1/3) for +85pips leaving rest with stop at 1.6249(55point trailing stop) (http://twitpic.com/stcmz)

SHort GbpUsd at 1.6285×6

UPDATE: 1st target hits at 4783 , position from 4828, 4856 are clear with +118pips profit , leaving position 4883 targetting at 1.4680

Just keeping my trading log for the week, total $eurusd position

1.4828×7
1.4883×7
1.4854×4

All stop set at 1.4833 , i’ll hold the positions until this level

$UsdjpLong stoppedout -30

1.4916×6 stop 88.86

$EURUSD – Where the price might go?

Hope So — Mon, 07 Dec 2009 11:34:55 +0000

Euro/Dollar just broke through the support around 1.4848. That level has been quite strong support for last couples of weeks that finally broke through.

Providing the price continues its downside where might we find another support?

Looking at the Fib and the previous low on Early November meets at the same level which is between 1.4628-1.4680-5 Which is also 161.8% extension on the fib from the recent move.

(Click on image for larger view)

Hope So — Mon, 07 Dec 2009 00:02:51 +0000

$EURUSD – early on december 7

Hope So — Sat, 05 Dec 2009 06:41:52 +0000

UPDATE: Closed position at 1.4888 for +50 pips As the pips as been hanging around same level, sign of a reversal or a break above.

Following the NFP report on Last friday, the Dollar index recovered back its losses from July 09. The unemployment rate as dropped by 10.2% from the previous data. SO thats a clear bull signal and further gain on DXY is ahead.

The USDX Bull has affected other dollar pairs ranging between 200-250 pips. Where $EURUSD has been identified to one of the key levels, the price has been finding support above 1.48 before so we are here to wait and see a clear break of that level. However as per regular trading day one my long position were placed and now triggered.

The long as been triggered at 1.4828 on friday, price may retrace upto 38% around 100pips whats where i set my first target and then 1.4970 and 1.4990.

Will keep you updated as per market condition.

(click on image for bigger view)

$EURUSD-

Hope So — Thu, 03 Dec 2009 10:16:25 +0000

EURUSD looks weakening above 1.51 area. Thus Entered short at 1.5120

I will post updates as as market conditions.

(Click on image for larger view)

Update:

Closed Position at 1.5050 for +70 pips

$EURUSD – Forecast Nov 25

Hope So — Tue, 24 Nov 2009 22:30:40 +0000

From 4Hour chart the price has been ranging between 1.48-1.50 last two weeks. Hence we have an Range Opportunity, my stochastic is sending an Sell signal and also a downward divergence also noted together with the RSI.

Hence Entering at Market with stop above recent high. With a target around the prior low at 1.4800 to be reached by this friday.

Good Luck!

$GBPJPY daily classic – Triangle Pattern

Hope So — Mon, 23 Nov 2009 05:34:38 +0000

With a break of that support line, and closing below the line, i will enter short as my stochastic also at overbought area and signal and %K line are crossing and gaining some downward momentum, target area is retesting the support at 146.27-33 . However if the price pries to break above that resistance line and closes above that line, i will place a long with a target at 147.33 and 1.4758.

Click on image for larger view

$GBPUSD Weekly Forecast Nov 23-

Hope So — Sat, 21 Nov 2009 04:25:02 +0000

From Daily Perspective the technical and fundamental bias remained Bearish. Break of that recent Low @1.6459 may trigger further loss with next targets marked with the green line , 1.6330, 1.6115, 1.5765 simultaneously. Please note we’re also on a trend line support, which may bounce back off toward 1.67 for a retest.

Click On Image For Clear View

4 Hour Chart is pretty much the same, Bearish Perspective is intact. However my indicators all looks below the oversold area, We may see some retracement next week. So be cautious before entering new position.

Click On Image For Clear View

1H Chart clearly suggest the price may stall between the 70 pips range on the triangle drawn, breakout is expected on both direction. Break above 1.6541 may lead the price all the way upto 1.6606. Alternatively, break below the recent low, 100.0 level @ 1.6459 (Orange line (Resistance) may lead us directly to our next support at 161.8% fib . On Both case the Bearish Signal is valid only with the price below 1.6606 area.

Click On Image For Clear View

Keep Tuned next week with the price and see what the market does for update.