Oct 10 - 15, 2010

Sorry, was away for our Thanks Giving Holiday. Now that we are well-fattened, we are ready to tackle the market yet again.

We are noticing over sold conditions against the USD so there is bound to be a bit of retracement. The Euro and Swiss Franc seemed to shake it off early though. We need to see if we can get in long positions against the USD at better levels. Ideally, we would like to be long ERUUSD around the 1.3350 (or 1.3500 if it is a shallow retrace) or GBPUSD long around 1.5750 or 1.5500 for sustained weakness of the GBP. We might want to steer away from long GBP orders for now as it seems to be getting hammered by both the CHF and the JPY.

For tonight, we have

EURCHF short at 1.3367 SL 1.3478 TP 1.3100

You may want to place your SL at 1.3500 which is only 22 pips more but that will ensure we ONLY get taken out on a sustained move above. The pair has bounced at the 1.3490 level a couple of times.

You may also want to short the GBPCHF at 1.5248 SL 1.5476 TP 1.5035 This is a higher risk trade with low risk:reward - so please consider well before entering the trade.

You may want to look at EURJPY (the dreaded pair) shorts, as the pair looks like it wants to test the bottom. Especially, if the EURCHF pressure keeps mounting AND the Euro looses favor against the USD for the technical retracment after the recent highs. I will keep you posted on these if I see some more firm results in the equations.

Levaz

Levaz wrote:EURCHF short at 1.3367 SL 1.3478 TP 1.3100

Trade is in play - we will let it be as is.

short the GBPCHF at 1.5248 SL 1.5476 TP 1.5035

This trade has also been picked up.

No new trades while we have these two in play.

Levaz

Levaz wrote:EURCHF short at 1.3367 SL 1.3478 TP 1.3100
short the GBPCHF at 1.5248 SL 1.5476 TP 1.5035

Both trades are still active. We will stick to them.

Levaz

Levaz wrote:EURCHF short at 1.3367 SL 1.3478 TP 1.3100
short the GBPCHF at 1.5248 SL 1.5476 TP 1.5035

The ERUCHF trade got stopped out by just (1) pip and then the pair retraced. That is simply terrible!!

The GBPCHF is still in play and we will stick it out for now.

Levaz