Yen

The analysis shows a resistance (MOB) and fib reversal although beware we do have a tramtrack. If you are not already short on this at the Metastock entry signals then look at your entry stop loss technique for an entry point. The 200MA with the figure will be a good limit but I would scale out before then.

Happy Trading.

Carry Trades

Goldman Sachs said they are now going to unwind there carry trades but at present there seems to be no give.

The EurUSD and GbpUSD could well see further moves higher. The Cable hit a key resistance yesterday and retraced so we may see some consolidation and / or retracement before we continue the upward journey but the USD weakness does not seem to have disappeared just yet.

Happy Trading.

Cable

Congratulations to Peter for making his first profit over $1000 in a day on one trade which was Cable. He waited for a breakout as I mentioned previously and has profited well from being patient. Hope more of you also did well yesterday. I was out yesterday so missed the precise entry point due to slippage but still made some profit.

One thing to remember is with breakouts do not over extend your risk by assuming new highs will continue towards the sky. Always use good money management rules.

Happy trading.

Monday Morning Blues

Good morning everyone,

Now we have NFP out the way we can concentrate on technicals again.

The GBPJPY has blue XTL on different time frames. This is worth looking at on buying the dips.

The EURUSD also has blue XTL. Use an entry stop loss technique if you are going ot trade this pair.

The GBPAUD looks set for a continuation.

The GBPUSD needs a breakout for a continuation.

Good luck today.