Fib Reversal Level

A few of you have asked how The Student (who Javid had trained almost 3 years ago) has been doing. Well, he has provided an update for us below.

Hello traders! been a very long time since i last spoke to you guys, hope everybody had a nice christmas and welcomed the new year with a resolution to make more pips in 2008 than in 2007! well thats my one.

As most off you know i am a student and so my time is divided between trading, studying and then all the other things 21 year olds do but trading is the one thing that is going to benefit my future.

I have been testing a new strategy over the last 2 months and am now in a position to actually trade it, its a day trading strategy and i do not mind spending a bit of time at the computer in order to make the pips.

Last year in October made £10000 in three weeks, that covered my costs through to January. Upon looking at those winning trades again i noticed that i could have made much more if I followed a simple rule, letting my profits run! I'd see the money in the account from a trade and made decisions in order to protect that money. They turned out to be bad decisions as i lost out on larger profits. Now for 2008 i have adjusted my exit strategy so that the profits keep running and i exit the trade when my stop is triggered. Lets see what i can do this year??? Next update will be in a couple off months as i am in my final year and have many deadlines due in march.

Happy trading.

Kalam
a.k.a The Student

Thanks Kalam. We will try to get Turkey Catcher to provide an update soon.

We are off to the London art fair today so the analysis is brief. The Euro Dollar is in the buy zone but it is at a fib reversal area. We do have a mini divergence happening with MACD. If we break that and then the next resistance (all time high) then we have potential for further strength. If we fail here then we could see weakness or perhaps range bound characteristics.

We are standing aside on the Yen for the time being but are ready to jump on to the bandwaggon should an intervention take place.

We were triggered into a short yesterday on the NZDJPY. This cross is in our sell zone. It has also hit a fib breather level.

Bernanke will be chirping today so watch out for that.

Ok, good luck to you all and have a great day.

Forex Analysts
Anne Chapman & Javid Shaik