Trade of the Day

Thursday, April 1 - 06:00:00 GMT

EURUSD H1 Chart - Trade of the Day 

EURUSD D1 Chart - Trade of the Day

EURUSD Long - Market order or pending

Entry: 1.4175

Stop: 1.4115

Target 1: 1.4250

The H1 chart is demonstrating an upwards bias, with a likely penetration of yesterday's high and a retest of last weeks high.  Upon reviewing the daily chart, it appears as if today's candle will have a bullish bias - confirming the entry.  I will update upon further analysis.

The two other trades are still open.

Wednesday, March 31 - 00:00:00 GMT

USDJPY Short - Pending or market order, depending on price upon viewing.

Entry: 83.291
Stoploss: 84.100
Initial Target: 80.000

USDJPY 4HR Chart - Daily Trade

The possibility for a large retracement here is too good to pass up.  Divergence is present, and the pair is nearing pretty remarkable resistance.  The risk/reward ratio on this setup is heavily in our favor.  The pair could extend beyond 80.00, though it is only my initial target.  I will take early profits, or move my profit target downard if need be.  I can only hope it doesn't retrace before the order gets hit!

UPDATE 2:


I have removed the limit order and entered at market, with the target levels still the same.  It appears that price is beginning to move downwards.  Be wary, the pair might "technically" be in an uptrend, by looking at the H1 chart - However, I am still confident that the Elliot Wave count will give some good pips, if not all of them.  Market order went through at price 82.76


UPDATE 1:

USDJPY 1HR Chart - Trade of the Day UPDATE 1

As you can see from the chart above, the price moved within 9 pips of our entry before falling 65.  This should give indication to the strength of resistance up in this price range.  I am keeping the entry above market, in anticipation of another retest of the 0.618 fib.  Otherwise, I will enter market or place a sell stop below market upon further confirmation of the downward impulse.  Good luck to all.








Tuesday, March 30 - 00:00:00 GMT

USDCHF Short* - pending or market order, depending on price upon viewing.
*Valid until the end of the week, or until further updates.

ENTRY: 0.9200
STOP: 0.9315 (-115 pips)
TARGET: 0.9000 (+200 pips)

USDCHF - 4HR Chart - Trade of the Day 3/29/2011

Part 1: Daily Chart Elliot Wave Count

USDCHF - Daily Chart - Wave Count

The longterm downward impulse of the USDCHF is represented by the yellow lines. My current count on the daily chart marks the end of wave III all the way back in March 2008, and the end of wave IV (start of current wave V) in June of 2010.  Wave four retracement follows ABC (green) wave count at the largest degree, with smaller degrees also noted.  Daily Elliot analysis suggests the continuation of wave V in the overall downtrend on the pair.

Part 2 to follow.