Wednesday, August 31, 2005

Big jump

Well market got a kick - but in the wrong direction. Stops hit, eur/usd (-50), usd/chf (-56). After last 2 day's sup/res levels were broken it seemed logical to reverse positions. Went long eur/usd @1.2265 (+32). And since chf was stronger today went short usd/chf with 2 positions, @1.2633 (+68) and 1.2621 (+36) - total 136 pips for all 3 positions. So with a bit of luck I covered the loss plus a few extra pips. Didn't try to "ride the profits" because I like to trade with the daily trend and this jump puts us right back into the range on a daily chart - no trend.

Eur/usd 30 min chart - First blue triangle shows manualy closed (buy) previous short position.

Usd/chf 30 min chart - Red circle = s/l hit. Then 2 shorts - closed lower manualy.

Boring

Nothing is happening. Price is hanging on the trendline. This market needs a kick in the A$$.

Tuesday, August 30, 2005

False breakout?

Looks like false breakout but price is still near trendline. I have another sell order just below today's support @1.2160 (and buy usd/chf @1.2755) in case there will be another push lower.

EUR/USD Breakout

Lower trendline was broken. Below is a 15min chart showing trendline (yellow), entry price - short @1.2200 and s/l @1.2250. We are still above 50 day MA so this breakout needs confirmation.
I'm also long usd/chf @1.2708, s/l @1.2652

Monday, August 29, 2005

EUR/USD daily

The daily situation is still unchanged (see daily pic below). Price is trapped between ascending and descending trendline. But trendlines are coming closer and we will see a breakout this week. And there's NFP on Friday which should also give some direction.

Friday, August 26, 2005

Usd/chf closed (+60)

Usd/chf stopped @1.2600 (+60)

Waiting for action

More range trading overnight and early Europe. Nothing really happened.
Still short usd/chf.

Thursday, August 25, 2005

Closing half usd/chf

Closed 50% of usd/chf @1.2555 (+105)
Moving stop to 1.2600

EUR/USD daily


Resistance @1.2255 was broken yesterday but it wasn't very convincing breakout. Maybe this level lost it's significance because it was broken several times this month. We are now caught in beetwen 2 MA lines and also 2 trendlines - longer term downline and shorter term upline. There's aprox 100 pips to either side and it will get interesting as we get there. For a confirmed medium term uptrend we need to first clear 1.2400 and then make a new high above 1.2485.

Usd/chf stop moved to 1.2630.

Wednesday, August 24, 2005

No follow through

That was not a breakout I was expecting. Long eur/usd stopped @1.2230 (-40). Then it reversed back up. I removed buy order and will wait to see what will happen next.
Still short usd/chf. Stop @1.2720

Resistance broken

Shorts have been closed @1.2260. Average result -35.
Buy order filled @1.2270. I have another buy order @85 if uptrend will get some strength.
Also sold usd/chf @1.2660.

Buy order

I have a limit buy order @1.2270 just in case 1.2255 resistance get broken.

Non event

Nothing happened yesterday. Price held in tight range. 1.2190 Support was broken today before London session but price rallied back up after good EU numbers. Now we wait for US numbers today.
First support now slightly lower @1.2160-80 and more important @ 1.2125. If that one goes I'll probably add another small short position.

Tuesday, August 23, 2005

EUR/USD

Eur/usd held in narow range yesterday afternoon, 1.2240-1.2220 and is now testing 1.2255 resistance. S/L @1.2260 still holds (so far) but price came very close - within 5 pips. Support now @1.2190 was already tested and rejected today.

Monday, August 22, 2005

USD/CHF closed

Closed usd/chf @1.2700 (+30). It was getting close to my s/l.
Eur/usd still open. Price is pushing higher for a test of 1.2255.

Friday, August 19, 2005

Short eur/usd, long usd/chf


Sell order @1.2240 was filled while I was away. Adding to shorts on a way down. Average price now 1.2225. All stops @1.2260.
Long usd/chf @1.2670. Stop already @1.2680 (+10).

With support 1.2255 broken we may be on a way to 1.2000 (psychological) and possibly test of recent lows @1.1870. But in this times of low liquidity (holidays) dealers are pushing price up and down violently in search of stops and some action. Today was a good example of that. Be careful.

EUR USD daily


When resistance @1.2255 (multiple July top) was broken on Aug 3rd I turned bullish on eur/usd. Went long after break @1.2280 and made profit by partially closing on the way up (won't give details since those trades are already closed now).
But since the price was not able to clear 1.2500 and especially now that previous resistance/now support 1.2255 was broken I'm now bearish.