Analysis of Weekly Charts
Due to the weekend rumour machine working over time re: the Irish Government’s money worries with the Euro, it is quite possible that there could be big gaps at the market open for all Euro related pairs. If it gaps below 1.3510 I will leave it alone and wait for the dust to settle during the London session.
| Gbp/$ | I am looking for a pullback to 1.6010 with a view to a long. Stop @ 1.5945 target 1.6195 I will do my usual method of taking 50% profit at 1.6100, stop to entry and balance to run, overall target 1.6200. Half stake short 1.6225 stop at 1.6315 Target 1.6010, stop to entry after 100 pips and profit taking along the way. |
| Euro/$ | Whichever order (this or chf/$) fires first, cancel the other order. I said last week that: Last year the Euro tanked around this time. The Euro woes have not gone away & Irish problems could resurface this week. Even though price has closed above 1-4000 I have a “gut feeling” that this may fall down . It fell 500 pips! Weekly the areas to consider for me are: Looking to short at 1.3990, stop at 1.4120 target 1.3655 Half stake Long at 1.3510 stop at 1.3435 Target 1.3810 This is riskier than I like BUT there are fibs, lots of emas support & resistance in there, so could hold. If it breaks this area then I will look for shorts during the week, a break and close below & then a pullback. |
| Chf/$ | I am only interested to short. 0.9990 is the area for me with my stop at 1.0075 & my initial target at 0.9855. I will scale out there & leave some balance to run, hoping to catch a bigger move to 0.9600 and below. There is a counter trend opportunity to long at 0.9610 area (but not for me). |
| $/Yen | Only interested in shorting but it looks bullish at the moment! So I will halve my stake to 0.5%: Main area is 82.90 Stop at 84.20, stop to entry at 82.10 balance to run. Target 81.10 |
| Aud/$ | Keep watching gold for clues, it pulled back last week. Price broke back down through 1.000 last week.I will be looking to short (half stake) at 0.9990 with my stop at 1.0175 target 0.9710 long at 0.9660 stop at 0.9585 Target 0.9990 |
| Aud/jpy | Long 80.10 Stop 79.40 Target 81.9584.20 short 78.6 fib and weekly 200 where I will put my stop above 85.00 |
| Euro/Gbp | Only interested to shorts. Order to Short at 0.8590 stop 0.8655 and target 0.8310. |
| Euro/Yen | Leaving this week due to correlation issues |
| Cad | Only looking to short. Weekly 1.0200 Stop at 1.0275 target 1.0035 Counter trenders will look to long (not for me) at 1.000 area. |
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Good luck with your trading this week.
