March 14 - 19, 12010

March 14
GBPJPY long at 136.88 SL 135.88 TP 144.00
EURGBP short at 0.9073 SL 0.9130 TP 0.9023

GBPUSD short at 1.5084 SL 1.5225 TP 1.4984

As the 1.5000 is a critical area for the GBP, there is bound to be resistance, even though this barrier has been crossed over several times just recently.

You may want to get out if it appears that the pair will bounce off the 1.5000 line.

Some of you may want to stay out of this trade as the risk:reward ratio is less than 1:1
Our stop is 140 pips and profit target is 100 pips.

No new trades today.

We are reverting back to our more conservative strategy so as to reduce the higher risk trades.
This also means that we will have much fewer trades than we have been having for the past few days. You can expect no more than 8 - 10 trades a month. But we will be more likely to get more winners this way.

Levaz

No new trades today.

There are some good possibilities coming up soon - GBPUSD, USDCHF, etc.
The traders among you may recognize that buying USDCHF at 1.0500 with a 100 pip stop is a pretty good bet with a target of 1.0800 - 1.1000.
Also, the GBPUSD is very near to the resistance of 1.5500, which would be a nice place to short with a 100 pip stop loss, targeting 1.5000-1.5100.
Conversely, if these stops are taken out then, it would be safe to reverse your trades, and aim at the next major point of support or resistance, using the stopped-out order entry points as your Stop and targeting 200 - 400 pips.

The above are ideas for you to digest and analyze - these are not trade ideas. We are waiting for our indicators to fall in line before we jump in.

Most pairs are close or already have hit their respective support resistance areas. We need to sit back and see where the market will lead in the next day or so.

Meanwhile, we still have the Smurf trade that is still in play. We are slightly concerned that the downtrend may be hampered for the interim, but we will still hold on to our trade.
Note that a brief test of the 1.3800 has already occurred, with the pair being shot down from those highs. There may be another test of the 1.3800, and if that makes any of your nervous, you can get out now with about 50 pips of profit. Our near term target is 1.3500-1.3550.

Let us see how this pans out.

GBPJPY short at 138.20 SL 140.10 TP 135.20

For those of you who can stick around for the Asian trading session, you may want to see if you can get a better price. We have a high of 138.85 for today however, the pair has been missing our highs by 10 - 20 pips for the past couple of days.

We have left a much larger SL setting than is required by our system, which is 138.65. However, seeing that our numbers showed the daily range "could" go as high as 138.85, we decided to give the trade more breathing space.

Levaz

Note:
This is traditionally THE MOST volatile of all pairs - those of you not comfortable with this pair can paper trade it, just to keep track of performance.

USDCHF long 1.0537 SL 1.0437 TP 1.0880

This may turn out to be a great trade. We have a solid bottom. Even with the SNB announcement today, there was not a total retrace on the move up, which leads us to believe that there is more USD strength (actually EUR weakness converts to strength for the USD, but not really!!). There may be further pressure on the USD, however, we also feel that the SNB may intervene shortly to protect the CHF and just used today to mislead the markets so as not to seem too predictable.

We face some initial resistance at the 1.0750 area, so some of you may want to get out around there. But our account will target the specified TP.

Levaz

PS - we already entered the trade earlier today at a much higher rate than suggested to you. So you have more room and less risk than us!!