As The Week Opens Jan 16 2011
The 2nd trading week of the year ended very bullish for cable. But the USD is not that weak…yet. There is room for the GBPUSD to correct lower. As the market opened today, cable tried to go higher but is succumbing to sellers defending 1.5900. That level is only a matter of time though. I like how 50 put it during his webinar chat today: A move lower is high probability if 1.59 holds but...
My 1st New Year Review of GBPAUD
2010 saw me add a new currency pair into my portfolio for the first time in 4 years. I, like many traders, couldn’t keep from noticing the Australian dollar and its performance during 2010. Since the start of the new year however, the Australian dollar has weakened as the technicals finally played catch up. The GBPAUD was crying for a retracement even as it continued to move...
GBPUSD At Year End 2010
I sat quietly on the sidelines last week. I took pictures of the daily chart on Jan 3 to see where what levels I had on my charts at year end and how the new year was shaping in regards to the long term trend and the price action of the past year. Though price action seemed bullish, it was when I took a look at the monthly and weekly charts that I gained much better perspective. From...
The only trend that matters in 2011 is the long term trend.– That is my prediction for 2011. I traded into the new year. And now that it is 2011, I’m taking the week off. A very interesting week to be on sidelines but a nice vantage point to see in which direction trading in 2011 might kick off. PREDICTION A: The consumer will disappear. The saver will...