EURUSD and GBPUSD are up; USDCHF is down. With equity futures bidding up so strongly over night as I wrote in my last post, there was little doubt the dollar was in for a drubbing today. I went long both the Euro and Cable and short the Swissy earlier today. They’re all in about 45 to 50 pips profit and all are profit stopped. I had to use both the USDCHF chart to decide to buy the first two and short the Swissy. It was the only definitive chart.
Someone emailed me the other day and asked me to please give signals in advance. First, I’m not a signal service. They don’t usually work, anyway because the market can change in an instant—start contracting whereas before it was expanding and vice versa, etc. Second, I hope that by showing why I did something (and actually showing I’m in the position—let’s lynch all these so-called gurus who only talk and don’t trade but are still out there pushing their signal services) that someone will be able to learn to trade on their own. Besides, often I do give levels I plan on buying or selling. You just have to stay alert and take the trade at those levels. If anyone has a pair they want me to specifically comment on, just post a comment here asking and I will.
Getting back to the Euro, it hasn’t found its way to a definitive close above 1.48. Heaven knows its bulls have pushed and pushed and pushed. As long as that’s the case, I’d prefer to be short, but the buy signals were just too compelling on the shorter term charts this morning. I’m keeping my stop close because I expect to be stopped out on all of these at a small profit. Should the Euro manage to start decisively closing above 1.4868 then I’ll start looking for long positions. Here are the hourly charts for both the USDCHF and EURUSD. The GBPUSD is too boring to throw up at this point:
None of the above are trade recommendations. Remember that trading involves substantial risk.
© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
Someone emailed me the other day and asked me to please give signals in advance. First, I’m not a signal service. They don’t usually work, anyway because the market can change in an instant—start contracting whereas before it was expanding and vice versa, etc. Second, I hope that by showing why I did something (and actually showing I’m in the position—let’s lynch all these so-called gurus who only talk and don’t trade but are still out there pushing their signal services) that someone will be able to learn to trade on their own. Besides, often I do give levels I plan on buying or selling. You just have to stay alert and take the trade at those levels. If anyone has a pair they want me to specifically comment on, just post a comment here asking and I will.
Getting back to the Euro, it hasn’t found its way to a definitive close above 1.48. Heaven knows its bulls have pushed and pushed and pushed. As long as that’s the case, I’d prefer to be short, but the buy signals were just too compelling on the shorter term charts this morning. I’m keeping my stop close because I expect to be stopped out on all of these at a small profit. Should the Euro manage to start decisively closing above 1.4868 then I’ll start looking for long positions. Here are the hourly charts for both the USDCHF and EURUSD. The GBPUSD is too boring to throw up at this point:
None of the above are trade recommendations. Remember that trading involves substantial risk.© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
No comments:
Post a Comment