Wednesday, October 7, 2009

Wednesday 07 October

Sterling looks toast today and EUR, CHF and the commodity currencies,  like gold, are stubbornly bullish and a buy on dips.   USDJPY takes her sweet time getting to my targets but looks to do it today.
I am hoping GBPJPY breaks 140 today and wishing I added to this trade :)

The S&P looks to be breaking out from a bullflag to retest the highs, taking out the 61.8fib, daily chart:.
Gold is back at the highs - Not good for the USD

Alternatively the S&P could just be retesting the underside of a support line that it broke before continuing down further ... hmmmm
Scenario three of course is that we just sit here today and wait for earnings season to kick off tonight with Alcoa ....

Here is a 4hr crude chart, I am waiting for it to show its hand.  A weak dollar should pop it out of this channel but it doesn't want to go.  I have not placed any new trades today, I really am waiting to see.  I just don't get Gold.

It looks as though we may have a double bottom or at least some support in the dollar index ... 1 hr chart:

USDJPY (05 Oct) banked 50% @3xR 88.58 (+1.5%)
GBPCHF (02 Oct) closed balance 1.6370 (+1.7%)
NZDJPY (04 Oct) closed balance 64.90 (+1.16%)
GBPUSD short 1.5895 stop 1.5925 - addition
USDCAD (Tues) balance closed 1.0560 (+0.95%)
CRUDE short 71.20 stop 71.55 target 70 (50fib)
USDJPY short 89.15 stop 89.35, addition @ 61.8fib retracement
GBPJPY short 141.95 stop 142.35, addition off 142 and prev support
EURJPY short 130.50 stop 130.80 target 129
GBPUSD (today) stopped out (-1.0%)
CRUDE short banked 50% @3xR 70.15 (+1.5%)
USDJPY addition banked 50% @3xR 88.55 (+1.5%)

Open Positions:
GBPUSD short 1.6399 (23Sep) + 1.5895 targets 1.58, 1.5530, 1.5250
GBPJPY short 148.45 (24 Sep) & 141.95 targets 141, 140.60, 139
EURJPY short 130.50
EURNZD short 2.0320
USDJPY short 89.48 & 89.15

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