Wednesday, March 10, 2010

Wednesday March 10

Everyone is talking about the Euro and Greece but real money is busy selling sterling too.  It looks more like the weekly hammers on cable and GBPCHF will not work this week and likewise for the shooting star on EURGBP.
I like gold short off this level but I won't trade against the daily candle, will wait. 

GBPAUD short 1.6360 stop 1.6410 target 1.6210 addition triggered on break of yesterdays low.
GBPJPY short 134.60 stop 1.3490 target 1.32 (will cut if does not break 134)
EURJPY short 122.20 stop 122.60 addition
CRUDE short 81.25 stop 81.65 target 80 (again!)
EURJPY addition stopped out (-1R)
GBPJPY closed break even, could not hold below 134
USDJPY stopped out 90.20 (+1R)
EURGBP long 0.9105 stop 0.9085 hrly inside bar target 92
CABLE short 1.4932 stop 1.4962, break and retest of yesterdays low
CRUDE short stopped out (-1R)
CABLE short stopped out (-1R)
CRUDE long 82.00 stop 81.75 TP 83/85
CRUDE closed 50% target 83.00 (+2)
CRUDE balance stopped out (-0.5R)
GOLD short 1117 stop 1122 4hr LL doji, target daily low and 1100
GBPAUD addition closed 1.6335 (+0.5R) hourly HL & TL reversal
GBPAUD balance closed 1.6335 (+1.55R)

Open trades:
EURGBP long 0.9105 stop 0.9085
GOLD short 1117 stop 1122

JPY crosses have broken up through major levels (CADJPY AUDJPY USDJPY) or big trendline resistance (EURJPY) and I missed the boat a bit because of my bias.  I will look to buy on re-tests.
Not my best day but not to fear:


  1. Hey nic - great blog, really really good stuff

    just wondered, on your EURUSD short what made you change your target from 1.3475 to 1.3540, bith good levels, and obviously good call in hindsight, just wondered what the thinking was?


  2. Hi Mathew
    I was using fib levels for exit targets and I realised I had put the fib on the wrong candle. When I put it on the right one then it lined up with the SR level so I moved my target.
    Hope your weeks going OK