Oct 17 - 23, 2010

Levaz wrote:

Levaz wrote:short the GBPCHF at 1.5248 SL 1.5476 TP 1.5035

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

The pair has dropped as low as 1.5165 and is now around 1.5205. Move the SL to break even or lock in 5 - 10 pips, just in case.

Levaz

Levaz wrote:

Levaz wrote:

Levaz wrote:short the GBPCHF at 1.5248 SL 1.5476 TP 1.5035

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

The pair has dropped as low as 1.5165 and is now around 1.5205. Move the SL to break even or lock in 5 - 10 pips, just in case.

Levaz

My trade just closed at break even. Sadly, I expect the pair to drop some tonight.

Let us move on, even though I am still smarting from the EURCHF rip off!!!

I have two trades for tonight, pick one and stick to it.

EURJPY short at 114.00 SL 115.00 TP 112.00
GBPUSD long at 1.5805 SL 1.5705 TP 1.6000

I have both pending orders on my system, but I would really prefer for you to pick only one.
If you are aggressive (to be read as impatient), you can enter the respective trade at current pricing, but keep the SL and TP as indicated in my trades. I do NOT recommend entering at this prices as there is uncertainty in the market - more QE from USA and UK, Euro is in trouble, AUD, JPY and CHF are heavily over bought - nowhere to really go. This means extreme volatility until something gives.

Levaz

Levaz wrote:EURJPY short at 114.00 SL 115.00 TP 112.00

Did not get picked, pair came as high as 113.64 before dropping like a rock.

There have been a lot of sovereign interest in the USD (vs. CAD), and some USDJPY buying (by whom, I do not know for sure), meaning more downside potential for both EUR and GBP.

GBPUSD long at 1.5805 SL 1.5705 TP 1.6000

This one just died on us. Sorry about this one guys, I thought the dumping of EURUSD and EURGBP would keep this pair up.

I am still going to try the ERUJPY, which I have now sold at market prices rather than waiting for the best position of 112.83 with a SL at 114.00 TP 110.70. So if you decide to get in at current level (just below 112), keep the SL and TP constant.

Levaz

Levaz wrote:I am still going to try the EURJPY, which I have now sold at market prices rather than waiting for the best position of 112.83 with a SL at 114.00 TP 110.70. So if you decide to get in at current level (just below 112), keep the SL and TP constant.

Trade is still alive, and the important long term pivot point has held for now. We will stick this trade out.

Levaz

As a side note, the extreme volatility in the majors is sometimes taken as a sign of impending shifts in trend directions, so be on the look out. US is downplaying the chances of QE part 2. The stock market is looking for one and will correct if they are disappointed. That will not be till the Nov FOMC meeting though. So we have a couple of rough trading weeks ahead of us.

EURJPY short 112.83 SL at 114.00 TP 110.70

We are still in trade, with a very close call with the high coming in at 113.92. I am still going to stick it out, but as a precaution against current market volatility, I am moving my SL to 115.00. You do not have to follow suit. If you want to leave your SL at 114.00 that is okay too. Just remember to sell at 114.00 when the downward pressure resumes so that you can recover your losses.

I know I do not recommend entering more trades while we have existing ones running, but we have a fresh crossover on the GBPUSD.

GBPUSD short at 1.5830 SL 1.5880 TP 1.5550

The above entry point is the safest of all entry points, which also means that it may not even get picked up. If you really want to be in this trade, you may want to consider the following entry points: 1.5819, 1.5794, 1.5767 or 1.5745. Note that the risk increases with every lower entry point selected. My Sell limit order is set at 1.5830 and I may consider entering at 1.5800 if I do not see strength in the Asian market.

Levaz