GBP/JPY Follow up (Chart of the week)

The pair continues towards its long term target.

AUD/USD Daily Chart

AUD/USD seems to bee on the bottom of the current channel with a possibility to retrace a little bit after a steep fall.

See H4 Technical Picture

Chart Of the Week May 16 - 21

GBP/JPY

The pair seems to be targeting 119.76 region (See Technical picture).

See Chart H4.

Week End May 9 - 14

EUR/ USD Continued a steady decline. 1.2334 is a ground 0.0 for the pair that is where in 2008 the pair stopped its decline and retraced upto 1.51 region.

Glod made fresh highs and it is holding strongly on to its current trend.


My trading:

This week I mostly traded with small lot size and specially positioning them.

I recorded over 620 pips in a week. My highest pip gain for a week in my trading career.

Once again its proven that commitment to patience and consistency pays for itself as the opportunities fold in front of you.

On the equity gain side gains of 2.4 percent.


Total Trades: 30

Wins: 22
Losses: 8

Win to Loss Ratio: 73.3%

EUR/USD week open

EUR/USD opens the week 178 pips higher then the last weeks closing price.

Week May 09 - 14

Gold is above 1191 and have retested that level on the daily chart. Also my first target on gold this year is hit 1207.

See daily chart.










USD/JPY see daily chart










GBP/USD back above a 1.4781 a Strong support level.
Resistance expected around 1.4933/40 and support 1.4781 and below that 1.4643.


EUR/USD expecting a selling pressure near 13000 if it retraces. However, the out look for this pair is very bearish. For me the fair price level for EUR is around 1.12 - 1.15/16 (Seeing the current EU debt conditions and drop in ratings of EU members). But we are far away from there.

Resistance: 1.2790, 1.2821, 1.2890 and then 1.3001

Support: 1.2603 and below that 1.2521 and then 0.0 level at 1.2327. If the pair breaks 1.2327 and hold as strong resistance on the daily or weekly chart then the nest target should be around 1.15 region.

Week Close (May 07)

A very sharp move in futures to currencies and major indexes.

Trading: I was trying to stay away from these big moves. Some places I missed the opportunity for entry and then decided its better to stay out rather getting eaten up by the market or in this case the markets just kept on going and going and going. Specially all major currencies had a pretty much straight fall (breaking lot of support levels). Dollar index rallied. Yen also gained a lot of strength against dollar in one day. Gold as usual broke and pushed above 1191 level.



Total traders 28
Losses 10
Profits 18

Total gain for the week: 3.44 percent

Win to Loss ratio: 64.2%

A very strong move

1:Gold breaks a strong resistance level at 1191.24 and moves above USD1200/ounce.

2: DJ and S&P have changed their direction and have turned into bearish territory with a strong move in late market action. At one point today Dow Jones was down by more than 9%, its worst fall since 1987, before starting to recover.

EUR/ USD May 4

EUR/USD First long term target hit at1.2969.
and market moved below it for a bonus round.

We are not trying to score tops and bottoms :)

WEEK - MAY 2 - 7

A very busy week for all the majors: Expecting a lot of movement.

EUR/USD opens the week higher Short term resistance going upwards should be 1.3341, 1.3388, 1.3414 and above that is 100 and 200 SMA on the H4 chart. On the down side 1.3266, 1.3208, 1.3141.

SEE H4 CHART









Gold as usual bullish out look on the daily chart. If the short term trend changes for a pull back Ill find opportunities to buy on the strong rebounds.


USD/JPY is hanging above 93.78. I have a long entry from last week on this pair with a very small stop loss on the daily chart. 100 and 200 SMA on the daily chart are converging for a bullish cross over as well

SEE DAILY CHART









GBP/USD Lets see what the UK elections bring to the table. 1.5252 is a strong support and 1.5390 resistance going up. For the moment on the H1 chart pair is finding resistance around 1.5353


SEE H1 CHART