Bouncing Off the Bottom…
October 31, 2008
Another week has come and gone, and while the news is still dark for many of the world’s economies, there is at least a sense of some stability returning. One great example is with the Dow Jones stock market is finally showing some “normal” gains and losses day to day, as opposed to the wild 600-900 point swings that were causing investors heart attacks all the way around for the last several weeks.
That being said, there is still wide spread weariness. The panic may have run its course for at least the short term, but there’s no question that no one is out of the woods yet, and in most places things are going to continue to get worse before they get better. At least a steady and tempered understanding of this is far easier for the markets to handle than a back and forth manic switch between panic and unfounded optimism.
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USD/JPY Inside Bar Trade…
October 30, 2008
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Forex Profit Alert: October 30, 2008
October 30, 2008
There are no gap trades open at this time. However, make sure to show up at 5:00 pm ET on Sunday for the market to open. There could be some possible gap trades for next week.
The USD/JPY has a pending long pivot trade. This pair also created a new pivot low trade at the close of this session. The EUR/USD has a pending long pivot trade. The GBP/USD has a new pending short pivot trade and pending long pivot trade. There is a new pending long pivot trade in the USD/CHF. This pair also has a pending short pivot trade.
There are no movers trades for tomorrow.
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Support/Resistance at the Pip Level…
October 30, 2008
Lately, I have been watching the tick/pip charts on the four major pairs. I noticed that there were times when price would move to a point and then hit support or resistance and then break through to move either higher or lower.
In the past I have done a lot of testing and trading using support and resistance levels and I wanted to see if there was an edge that could be used to make money on a tick/pip chart.
So, in this trading lab report we tested how many “hits” of support or resistance would it take to be significant enough to trade off of it when this level was broken.
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+201 Pips and Finding More…
October 29, 2008
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Forex Profit Alert: October 29, 2008
October 29, 2008
There are no new gap trades open at this time.
The USD/JPY has a pending long pivot trade at this time. This pair should create a new pivot low at the close of this next session. The EUR/USD has a pending long pivot trade. The GBP/USD has a pending long pivot trade. There is a pending short pivot trade on at this time in the USD/CHF. This pair will create a new pivot high at the close of this next session. The GBP/USD and the EUR/USD should create new pivot lows during the next few sessions.
There are no movers trades for tomorrow.
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Double Inside Bar Trade Ready…
October 28, 2008
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Forex Profit Alert: October 28, 2008
October 28, 2008
There are no gap trades open at this time.
There is a pending long pivot trade in the USD/JPY. The EUR/USD has a pending long pivot trade at this time. The GBP/USD has a pending long pivot trade. There is a pending short pivot trade in the USD/CHF. This pair should create a new pivot high before the end of the week. If this occurs then we will need to place a trade.
There is one movers trade for tomorrow. The U.S. has their FOMC rate announcement tomorrow. It’s being released at 2:15 pm ET. The consensus is that the Fed will lower rates from 1.50% down to 1.00%.
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3 Inside Bar Trades…
October 27, 2008
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Forex Profit Alert: October 27, 2008
October 27, 2008
All three of the gap trades closed out during this past session. The USD/JPY and the GBP/USD gap trades were stopped out at a loss. The EUR/USD gap trade made twenty-three pips on the first leg, but the second leg was stopped out at breakeven.
There is a pending long pivot trade in the USD/JPY. The EUR/USD has a pending long pivot trade at this time. The GBP/USD has a pending long pivot trade. There is a pending short pivot trade in the USD/CHF. We could see a new pivot high develop in the USD/CHF over the next few sessions.
There are no movers trades for tomorrows session.
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