Forex Profit Alert: July 29, 2008

Oil went lower to close almost $3 dollars down for the day and the consumer confidence survey was better than expected. This gave fuel for the USD to move higher against the four major pairs. Due to this, the EUR/USD broke to the down side through our short pending pivot trade. The pivot trade made us a gross profit of 21 pips.

The pending short trades in the USD/JPY and the USD//CHF will most likely not be hit because they are far from the market. However, we will keep these trades pending until new pivot lows are created.   

We currently have five pending pivot trades.

Members login to view this content. (Not a member? Join today!)