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Nice scalp/daytrade move overnight as expected with the price action testing the first Chikou (where I placed the ‘caution’ point). Some members seem to have taken some nice pips – up to 99 as it appears on comments, so congratulations to all members. Maximum move was circa 133 pips.

26/2. Euro could be trying to form a basing pattern here with a double bottom on the daily which converts to a Tweezer on the weekly. Now also look at the 4H and we can see something that looks like a ‘3 drives to the Bottom’ pattern. So there is a possibility the bulls may try to force a move higher. This may be tradable but only with caution and perhaps for the more experienced members who can scalp in and out until more confirmation is found or a reversal pattern appears. (E.g. something like a 123 pattern on the daily (higher low)).  I have updated the chart with a vague possibility but this should only be traded with extreme caution by experienced day traders, or scalpers because the down move has been so strong, and the Eurozone countries do not appear to be out of the woods yet with the Greek problem. FYI – Daily Kijun 3817. Chikou 3654, 3860.

I have started this post so that there is a record for members education on Kijun Sen/Tenkan Sen

16/2. The low of the Morning Star on the daily chart did not hold support and the 4 following black candles have bullish overtones.  That is to say I am considering that the first three have long lower tails and the forth is a Spinning Top formed within the previous candle (Harami). This could mean the bulls may try to force the price higher, which also means there may be some opportunities north for experienced day traders/scalpers.

17/2. Day Trader and scalping members took some profits (maximum 156 pips) from the Euro based on the chart set-up given yesterday. With yesterdays candle providing a second Morning Star pattern there would appear some possibility for continuation in the short term. I have put this on a separate post now for record purposes. Result shown below

16/2. First chart

17/2 – 2nd Chart (Result – maximum 156 pips)

One for Roderick.

Well we finally got there after a minor diversion which some even managed to take advantage of when they went short again from the yellow box shown in the previous chart. Our final personal positions got closed at the given TP 3800 and that gave us another 140 pips. I havent counted any from the add on order, but I know from comments many have got up to 300 pips from that move. Well done everyone, I’m really happy  that our members picked up the ball and ran with it. If you still have some positions in place start to be a bit cautious now with NFP looming. Daily thoughts will follow on ASAP

That was a perfect Bearish engulf against the 4H Kumo.

I mentioned on thoughts yesterday Read more…

Current price is 1.3926. and we had a few of our orders on TP at 1.3940 (+200 pips) which got hit over lunch (NZ) time. Still looking good for our target 1.3800 and perhaps more, and we are hanging in with some for the long haul. For those who cleared all their orders out earlier we can look for a possible retrace/reversal in the 4000-4050 area

Nice move down after a mild roller coaster on the FOMC. Many members have already taken profits (max +150 pips or +76 off second entry). We got a few off at 1.4000 as this seems to presently be a support level. Still no reason not to expect the price to go .3800 or lower if 4000 can be penetrated. Stay vigilant, and if that breaks the continuation is on. Current price 1.4016

It seems from comments that many members have been taking some very good profits off the Euro trades. We took some off at +100 pips to give a buffer against the FOMC announcement in about 9 hours. Late entrants had opportunities of up to +45 pips, and some members report closing off completely until after the event. It appears the fun and games have already begun.

Email broadcast for late entrants

Date: Tue, 26 Jan 2010 04:30:54 -0500. Euro
Short at 1.4066 where there is a swing point formed
Stop at members discretion or maximum 1.4196
Target still 1.3800 or maybe lower.

We always like taking some profits as we go , so we’ve taken a few off at +60.

Read more…