Thursday, February 11, 2010

Thursday 11 February

I don't really have any firm conviction as to which way the markets go today so I'm just sticking to rules for shorter term trades.  I show sterling as the weakest of all this morning so I am selling some small positions but I am aware support is close by.  Cable is sitting above strong resistance at 1.5550 and the bottom line of the descending channel and GBPJPY coming up on rising trendline support so it is possible these are very short lived trades!
Would have loved to have been short GBPAUD but that train left without me last night.

Crude is interesting.  Despite lacklustre sideways markets elsewhere it has rallied over $5 from the lows to test the 75 round number.  Not quite at trendline resistance but a 61.8fib, 38 and 100% fib expansion of the last swing are there.  It might be a nice cheeky short.
This is the 4hr chart.  I might take a short here and see where we go.  US employment news later in the US session.  Greek news event possible all day!

CABLE short 1.5597 stop 1.5627, first target 1.5530 (half position)
GBPJPY short 1.4027 stop 1.4054, first target 1.3960 (half position)
GBPCHF short 1.6620 stop 1.6650 first targets 1.6545 (half position)
Out flat on all my sterling trades ... I think I better leave this, the Greek comments are starting to drive me crazy.

EURUSD long 1.3665 stop 1.3645, a scalp off the bottom of the channel (red) and the 100fib expansion level (half size)

Stopped out (-1R)

CRUDE short 74.88 stop 75.18, break and retest of 75.00
Stopped out (-1R).  This should not have happened.  Poor trade management by me.

No comments:

Post a Comment