What This Blog Is About

This blog is my trading journal. It contains my reasons for entering a trade and if I decide to put the trade on, my entry and exit strategy. My trade results will be recorded on my Yahoo Group site. A link to that site is provided below.
Do Not attempt to trade real money based on anything you see or read on this blog. It is intended only as a learning tool for my readers and myself.
If you are interested in learning to trade the Forex and Options markets, I encourage you to open a “demo” or “practice” account, use this account to follow my trading plans. Remember, Do Not use real money or trade in a real account based on the information in this blog.
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Thursday, October 30, 2008

Curriencies

October 30, 2008

GBPUSD – Is moving lower on the daily, weekly and monthly offering a triple foundation!!! Currently it is counter cycling to that trend on the 8 hour chart. The first counter cycle lasted 12 trading days, from September 10 at 2200 to September 24 at 1400. The second ran for 81/2 trading days from October 9 at 0600 to October 19 at 2200. To date the current counter cycle has been in effect from October 23 at 2200, about 5 trading days.

The previous 2 reversals were signaled by a tic lower on the 8 hour fast line with the entry being signaled on the 4 hour chart in a failure swing.

EURUSD – A similar situation to the GBP above, watch this in tandem with it.

USDCHF – Watch this pair in conjunction with the GBP and EUR.

USDJPY - Is cycling lower on the daily chart with the weekly and monthly supporting the move lower. Currently, it is counter cycling to that trend. This counter cycle is stronger in magnitude then previous counter cycles. The previous 2 counter cycle reversals are difficult to pin point other than the traditional “The Yen Likes to Trend” rule. The 4 hour chart has already started to flatten, if price action starts to trend lower, look for an entry.

Bob
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