Target smashed for 120 pips!

The Euro smashed through the targets we set earlier today for a 120+ pip run that has more than paid for the holidays!

Now that both targets have been achieved we prefer to take most of our profits and hold just a small position now that consolidation or a retracement is very likely at these levels.

Cable and the Jappy

We are also postioned long on Cable (GBPUSD) and the Jappy (USDJPY). Cable has the potential to unwind some of the massive decline it went through prior to Christmas and is showing signs of strength today.

The Jappy has been powering ahead and today seems to be leaving 114.00 behind it. An alternative to going long on these individual pairs, is to buy the the GBP against the JPY. The daily chart show a large consoilidation area from which price is attempting to break free and run.

As the GBPJPY has a large daily range it has plenty of volatility to satisfy intra-day traders.

And the Euro moves on....

Our first target was rapidly reached on Christmas eve and has the potential to make a further move.

Looking ahead with the Euro

We are always on the look out for emerging trends in any time frame and the Euro put in a profitable run this morning as it pushed back up through 1.44.

The chart suggest we could see a further bounce, and, considering how far and fast the last decline was then a strong rally is very possible.

Enjoy your holidays and Santa's goodies and we wish you all the best for Christmas and a prosperous pip profiting New Year!

Pre Christmas pips

We had an excellent mornings trading during the last session before we Forex traders can switch of our screens and indulge in some Christmas delights!

The USDJPY pair that got moving last Friday, followed through this morning and rewarded us with some relatively easy pip profits.

Is there more to go? We believe there is every possibility that now the major blue resistance lines are being taken out one by one that there could be some more pips left in this run.

Down we go

Cable tried a rally this morning and then resumed it's trend as the news told us the MPC voted strongly in favour of the last rate cut, surprise, surprise.

The chart is telling us that $2.00 is now highly likely.

200+ pips...

The Euro obliged in style with the move that started out Thursday and ran another 200+ pips on Friday.

There were several low risk entries that we took along the way and the question now is, do we hang in there or take our profits?

My students know the answer to that question! - let me know what you think.

The US$ Index shows the sharpest and shortest rally of the year, showing us the US$ is not yet ready to be written off.

Taking a longer view

The Forex market can't quite make up its mind if the interest rate conundrum is good or bad for the US$. Adding $50bn of liquidity just might keep the party buzzing for a little longer.

We are taking an each way view right now and the Euro is at a potential turning point. The chart shows a classic Head & Shoulders forming and, if the lower neckline breaks, we could see the Euro re visit the 1.42 region.

Howver, these patterns are notoriously unreliable and they fail more often than they follow through, so the alternative scenario is to watch how price reacts in the region of the right shoulder. An upside break of the red line above the shoulder will suggest a test of the previous highs with the US$ bears back in charge.

Scalping Videos

When the markets have had an exciting day and you've missed the move, don't right off the late afternoon session.

As you will see there are frequently opportunities that produce some good scalping trades - take a look by clicking here

And the market wanted more...

The US interest rate statement came out with the widley expected quarter point cut but by the eaction of stock and currency markets that wasn't enough to satisfy them. A quarter point was so well discounted and a good many commentators predicted a half point cut so markets sold off.

You may think it strange to show the main US index the ES futures, that is based on the S&P500, but the USDJPY has an interesting correlation with it.

The question now is what will happen overnight and tomorrow, a bounce back or continuation of the rapid collapse. 1500 is a key number on the ES and 111.00 with the USDJPY.

Right on target

The Euro each way bet paid off today moving up strongly for a very acceptable day trade profit of almost 90 pips.

The target of 1.4733 was determined as soon as the trade was enterred, risk was minimal and a stop loss was quickly raised to become a profit stop.

Forex Traders Workshop delegates know how to find these moves and, most importantly how to manage the trade for maximum profit whilst minimising risk.

Each way bet

Currency traders are often faced with a dilema. Will it go up or go down?

The Euro vs USD is in a channel this morning and it will break either one of the blue lines. We are positioned for either eventuallity.

Cable profits for the taking

As expected Cable declined to the next support level at the 2.02 region as shown on the chart. These levels are found by a simple calculation that we use daily and teach to students.

This 2.02 level is also a key number, and now that the BOE have announced the latest mini rate cut we are taking partial profits on our short positions.

There is an old market adage 'Buy the rumour, sell the fact' the rate cut was widely expected so it came as no suprise to the market and markets need suprises to create volatile moves! Cable had already made it's move in advance as highlighted days ago.

$ Bulls in charge

Cable is weakening as the chart shows and we are looking for lower levels in the days ahead.

Aussie and Cable under pressure

Retail figures and building approvals both worse than expected put the AUDUSD pair under selling pressure overnight. The chart shows that lower levels could be seen and so we are now looking for further weekness.

Despite rallying yesterday, Cable is correcting this morning. We are watching closely for further weakness.

Dollar Strength??

Cable attempted a break out higher this morning and has now attempted a downside break.

The main pairs are indicting dollar strength today with a potential multi cent move for the USDGBP pair if it follows through.