Dec 5 0 Dec 10 2010

We have major Euozone issues and the differences between the "haves" and the "have-not's" are coming to the surface. It is more correctly the productive and non-productive countries - those that produce "have" and those that do not "don't have".

We have the following trade:

EURGBP short 0.8450 SL 0.8550 TP 0.8250

The one issue with this trade would be the possible re-focus of world markets on the USD, compliments of the "state of fiscal emergency" declared by the Governor.

Levaz

EURGBP short 0.8450 SL 0.8550 TP 0.8250

Order in play - let us see how it pans out.
Expected range for tonight is 0.8445 - 0.8380. We have to watch for a possible base forming at 0.8350 if focus shifts to the USD.

Levaz

EDIT: Thanks to Ruby for pointing an error in the Stop Loss which has now been corrected.
SL was listed as 8.550 where it should have been 0.8550

EDIT: (Dec 8 ): Looks like the trade is evolving nicely. Currently at 80 pips profit, peaked at 90 pips so far. Please move Stop loss to 0.8430 to protect at least 20 pips in case of any surprises.

EURGBP short 0.8450 SL 0.8550 TP 0.8250

Stop loss revised to 0.8430, we expect the pair to come close, but hopefully not take out our stop.

We also have the following trade for tonight:

GBPUSD long at 1.5750 SL 1.5670 TP 1.5975

Levaz

EURGBP short 0.8450 SL 0.8550 TP 0.8250

Trade is still in play. The Euro looks like it is bottoming out here. Let us hang on to our trade, we have at least 20 pips locked. So we do not loose anything at this point. We may see another spike towards our revised SL, but if it does not make it there, then we should be okay.

GBPUSD long at 1.5750 SL 1.5670 TP 1.5975

Trade picked up, and currently in modest profit of 20 pips. There is decent support at 1.5700 level, which may be tested yet again. I am going to stick this one out.

Tomorrow is Friday, generally, risk off with added pressure of possible monetary tightening by China followed by their CPI data.

Levaz

Update: The EURGBP came as high as 0.8404 and now is around 0.8375. We have a very good entry point, but the market has not gone for the kill as yet. Perhaps the Chinese rate decision and CPI will do that, but I am apprehensive of leaving the trade open with only 75 pips of profit.
The GBPUSD is also doing well, we are currently 70 pips in profit after reaching as high as 110 pips.
Trap at least 20 pips of profit here as well. those of you with weekend jitters, close your trade and walk away.