weekly trading signal and pattern 29.06.08
- on 06.29.08
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the second half of my usd/jpy trade (entry 108.25) from last sunday was cashed on thursday (106.80).
the expected carry trade correction came finally on thursday and the eur/jpy from my recommended entry here in this blog at 168.70 was cashed in 168.20. There is much more room to go down, but the meltdown, although not bad, was not that impressive, and that make me cash in. It seems still too many people dont want to let the carry trades easily die. Besides Thursday will be TANKAN report and i am afraid it will show sign of economic slowdon in Japan, so the carry trades will probably get a new boost.
eur/usd meet the daily channel from the highs from april 08 to june 08 at about 1.5780 at thursday and corrected some ten pips. The overall direction may be up aiming to the ECB rate decision on thursday, but then it could easily correct again due to take profits for a long US weekend (4th of july) and if trichet make any comments that this rate hike will probably be a one time hike. An interesting pair for this moment will be GPB/USD. Other than the EUR Bank of Englands KING made very clear that he dont think about rate hikes, but will not rule out cuts to come to stimulate the British economy, who gets more and more into deep problems (housing market etc.) The last 2 tradings days GBP/USD made good gains and it seems a bit overstretched now (stochastic, fundamentals). It closed slightly above the daily uptrend chanel (se charts) but i would say that a level of 1.9950-2000 with stops over 2.0050 is an excellent trading strategy for this week.
GAP strategy update:
no gap this sunday in pairs eur/jpy, gbp/usd and usd/chf, so all no trades. eur/usd opens 10 pips less than friday close, not worth a trade (in front of the 1.5800 resistance)
charts to this message as usual see http://forexmaster.over-blog.com
Have a good trading week!
Risk Disclosure: Trading foreign exchange carries a high level of risk, and for sure is not suitable for all investors. Before deciding to invest in foreign exchange you should carefully consider your level of risk appetite. The possibility exists that you take a loss of some or all of your initial investment. You should be aware of all the risks associated with foreign exchange trading, and its recommended to seek advice from an independent financial advisor. In no means there are made trading recommendations on this site, this is only for educational purposes. If you decide however to invest your money, its on your very own risk and you should only take only money what you can afford to lose.
Tags: economy, forex, Good Forex Broker, Interest, money, tradethe expected carry trade correction came finally on thursday and the eur/jpy from my recommended entry here in this blog at 168.70 was cashed in 168.20. There is much more room to go down, but the meltdown, although not bad, was not that impressive, and that make me cash in. It seems still too many people dont want to let the carry trades easily die. Besides Thursday will be TANKAN report and i am afraid it will show sign of economic slowdon in Japan, so the carry trades will probably get a new boost.
eur/usd meet the daily channel from the highs from april 08 to june 08 at about 1.5780 at thursday and corrected some ten pips. The overall direction may be up aiming to the ECB rate decision on thursday, but then it could easily correct again due to take profits for a long US weekend (4th of july) and if trichet make any comments that this rate hike will probably be a one time hike. An interesting pair for this moment will be GPB/USD. Other than the EUR Bank of Englands KING made very clear that he dont think about rate hikes, but will not rule out cuts to come to stimulate the British economy, who gets more and more into deep problems (housing market etc.) The last 2 tradings days GBP/USD made good gains and it seems a bit overstretched now (stochastic, fundamentals). It closed slightly above the daily uptrend chanel (se charts) but i would say that a level of 1.9950-2000 with stops over 2.0050 is an excellent trading strategy for this week.
GAP strategy update:
no gap this sunday in pairs eur/jpy, gbp/usd and usd/chf, so all no trades. eur/usd opens 10 pips less than friday close, not worth a trade (in front of the 1.5800 resistance)
charts to this message as usual see http://forexmaster.over-blog.com
Have a good trading week!
Risk Disclosure: Trading foreign exchange carries a high level of risk, and for sure is not suitable for all investors. Before deciding to invest in foreign exchange you should carefully consider your level of risk appetite. The possibility exists that you take a loss of some or all of your initial investment. You should be aware of all the risks associated with foreign exchange trading, and its recommended to seek advice from an independent financial advisor. In no means there are made trading recommendations on this site, this is only for educational purposes. If you decide however to invest your money, its on your very own risk and you should only take only money what you can afford to lose.
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