Thursday, October 8, 2009

Thursday 08 October

I'm a little bit late today because I could not see anything I wanted to trade earlier.
Strong moves up in equities and good Aussie employment news powered up the commodity currencies and pulled up EURUSD with it overnight.   Gold chipped in and provided extra power to crush the USD.
Crude is not having any of it so far and is stuck at the 50fib of the last swing hi/lo which is tempting me short.
Cable has just broken 1.6050 but I am still bearish.
I also like the daily double top on EURGBP .... but I am going to sit on my hands and wait for the BoE and ECB rate statements in a couple of hours.
Here is the weekly and daily charts:

USDJPY banked Wed addition (89.15) @ 88.25 (+2.25%)
CRUDE short 70.30 stop 70.60 - addition
EURGBP short 92.10 stop 92.35 off daily dbl top
CRUDE banked 50% @3xR 69.40 (+1.5%)
EURNZD short 1.9951 stop 1.9996 - addition
CRUDE stopped out balance (-0.5%)
CRUDE stopped out balance Weds short (-0.5%)
GBPJPY  Weds short stopped out (-1.0%)
EURJPY Weds short stopped out (-1.0%)
CRUDE short 72.00 stop 72.35 - top of channel
GBPUSD short 1.6090 stop 1.6130, off prev high daily trendline & 50fib

GBPUSD daily chart:

Open Positions:
GBPUSD short 1.6399 (23Sep) & 1.6090 targets 1.58, 1.5530, 1.5250
GBPJPY short 148.45 (24 Sep)  targets 141, 140.60, 139
EURNZD short 2.0320 & 1.9951
USDJPY short 89.48
EURGBP short 92.10
CRUDE short 72.00

PS - Please no more messages about why I have not bought any gold.  Gold is for goldbugs, tinhatters and Trader Dante.  Armageddon is not coming and when it does Gold won't help you. 
Trader Dante -

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