Week FEB 28 - March 25

Weekly Goal:

1:Pay myself as the market makes money available for me.
2: Carefree state of mind and continuously monitor and reevaluate my susceptibility for making errors.



Gold is looking again bullish with a nice move back above 100 day moving average 1107.40. Lets see if we are able to hold above 1120. Seems like investors are buying this commodity on the dips below 1090. See daily Chart.









EUR/USD

This pair is consolidating in a range 300-350 pips

Supports levels to watch are : 1.3594 / 1.3549 / 1.3500/ 1.3457(STRONG)

Resistance levels to watch are : 1.3601 / 1.3627/ 1.3691 / 1.3745 / 1.3820 (Strong with 200 SMA on the H4)

Ill be watching these levels on the H1 for entries on the Hourly candles for 10 - 20 pips in between the levels. A break below is 1.3457 will lead to a strong bearish push towards 1.3208. For a change in the trend the pair as to move above 200 SMA on the H4 chart, break the set trend line coming from 1.5140 high last year and hold above 1.3848 on the daily chart.

See hourly chart.










Usd/Jpy

Moving down a break of 88.54 will be watched and while moving up I will be watching 100 day MA and 89.51 level.


GBP/USD

Week ope around 80 pips below the last weeks closing price.
This pair is on the bonus round and might be targeting 1.5080 and is might be in a set for a rebound around there.


Support around 1.5080 / 1.5018
Resistance at 1.5188 / 1.5324 / 1.5473 / 1.5575

A rebound in the pair might lead to dollar weakness and will help EUR/USD move higher as well.


Dollar index is below 100 SMA and above 200 Sma on the Hourly chart.

I am watching

Support: 80.07 / 79.54

Resistence: 80.74 / 81.11 / 81.34 (Double tops).

Feb 21-26 Trading week

Gold: Opens above a key level for me: 1118.80
Week open price 1125.80


Oil : Above 80 but immediate support at 79.29 and then 77.65

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Weekly focus:
1:Money management.
2:Keeping thing/ approach simple.
3:Trend is my best friend.
4:Implementation of my trading method and building confidence.
5: Absolutely no expectations from the market.
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EUR/USD (Trading on H1 Chart)

EUR/USD opens week higher than the last weeks closing price: A bullish signal.

Bullish above: 1.3616 and or above 1.3657 (This is a 61.8% ret and previous resistance)

Above that I am watching 1.3714 and then the channel resistance and a resistance level 1.3788/1.3800).

However, selling the highs is another good approach as EURO zone is facing lot of challenges and a move above 1.3850 is the only confirmation of trend change.


USD/JPY (Trading on Daily Chart)

Support 91.27 and Resistance 92.27 (where 200 SMA is present on the daily chart)


GBP/USD

Last week the pair broke a key support level at 1.5575/1.5554 : Now should act as a Resistance. The pair is in the retracement. Looking to find entry on the resistance levels.

Equity Curve

Equity Curve

Gold Year 2010

Last year in the first quarter I was able to spot a good buying opportunity in gold around USD878.81 level since then gold moved up to USD1226.28 by last quarter in 2009.

After hitting some targets watched by some of the top investors gold kept on moving higher: Meaning giving bonus rounds to a lot of investors that entered at the right time. However, leaving a hole lot behind the game as well...which are waiting on the side lines to invest in this commodity this year.

This year started with a pressure on gold prices as a lot of investors entered the dollar market which brought the gold prices down (A pull back). Which I consider a great opportunity to enter in this commodity (Lower the price the better). Gold stock (Homestake mining) are looking to give investor good amount of gains this year as well. However, when the present pressure is released gold will again be a commodity that will offer its investors good amount of return by end of the year (Last Quarter).

Buying around USD1070/1080 is a very good price: USD1120 good price:

My target on the gold is around USD1500 this year.

Note:

This is a fundamental approach based on the information I attain by reading and listening to various perspectives of different investors around the world.

Technically USD1074 is a key level for me. If we can hold that I am bullish above that level.

Weekly Levels to be watched: FEB14-19

After a 3 week break from trading. I am back in the game ;)

EUR/USD:

Trend is my friend: Bearish trend trades only:
Short at: 1.3520 (1) and 1.3644 (2)
S/L 1.3565 (1) and 1.3665 (2)
T/P 1.3430 or lower depending on the situation

Support levels: 1.3584/1.3531/1.3425
Resistance Levels: Strong resistance at 1.3644/50 (Weekly fib level) and then
1.3705/1.3840/1.4000

USD/JPY:

I am bullish on the pair on the daily Chart:
I MISSED this opportunity in the recent relocation process. 88.50 up long

Dollar Index:

Double top on the daily chart: at 88.71
Support at 100 SMA and the level for me to watch is 79.77

I have been long on Dollar since it broke 78.17.