Tuesday, March 9, 2010

Tuesday 10 March 2010

Cable broke through the 1.50 and weekly 50fib level so Sterling seems set for lower and I won't be a buyer after all. Nothing does head fakes like cable though.
EURGBP worried me because of the gap between the tail of the weekly shooting star and the trendline.  A suckers gap is what it will be if we get above 0.9146 and it goes to touch the trendline.
Other currencies are mixed with stronger dollar and yen the theme, the continentals the weakest and the commodity currencies the strongest for now ... ;)
I am selling GBPAUD (weakest vs strongest) on a break of the lows.

Trendline break means if 80 goes then 78 is next target. 
Gold and silver have just broken similar trendlines which give me confidence holding short for now.

EURJPY closed 50% @3xR 122.30 (+1.5R)
EURGBP balance stopped out (-0.5R)
CRUDE short addition 81.40 stop 81.70 target 80.50 countertrend
GBPJPY short 134.70 stop 135.10 break of support and hourly bearish engulfing
GBPAUD short 1.6490 stop 1.6540 target 1.6340 / 1.6180
CRUDE short addition, closed 50% @3R 80.50 (+1.5R)
CRUDE short again @81.00 stop 81.40 target 80
EURUSD closed 1.3545 target (+3R)
CRUDE short again stopped out (-1R)
CRUDE addition balance stopped out BE
CRUDE original short balance closed 81.40 (+0.85R)
USDCAD stopped out (-1R)
GBPAUD closed 50% @3R 1.6340 (+1.5R)

Open trades:
USDJPY short 90.50 stop 90.80
EURJPY short 123.50 stop 1.2390 - 1/2
GBPAUD short 1.6490 stop 1.6540- 1/2


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