Forex Signals for 08/02/2010

Recap

Hello everyone,

Hope we all had a great week-end. Last week he didn’t have many trades mainly due to heavy news hitting the market.

We saw a strong US dollar throughout the week confirming the case that the world economy is once more in troubles waters. This week some main events will be the inflation reading and the speech of Mr. Kings, governor of the BOE, which will be decisive for the pound.

If my view on the US dollar is still bullish and the reports from the UK comes out very dovish, then we may see a massive fall in the pound for the coming week.

We will have one trade for now. If there are any movements in the market I will post them on the website.

I will send my reversals later today (the right one this timeJ). Stay tuned.

Today’s Signal:

EUR|USD – Buy – 0 | SL 0 | TP 0

Sell Only– 0 | SL – 0 | TP – 0

AUD|JPY – Sell Only – 0 | SL – 0 | TP – 0

Buy – 0 | SL – 0 | TP – 0

USD|JPY – Buy – 0 | SL – 0 | TP – 0

Sell – 0 | SL – 0 | TP – 0

AUD|USD – Buy Only– 0.8621 | SL 0.8564 | TP 0.8737.

This trade may be a little bit risky. At the moment a bullish pin bar is present on all the commodity currencies and gold. Even if we are still US bullish at the moment, we may experience a retracement in price before trend starts to head back down again. Risk only 0.5% of you account on this trade.

NOTE: For those who are thrill seekers, you may decide not to bring SL to BE once half target is reached and let profit run until final target is reached. On the other hand for those more cautious, do not be afraid to bring your SL to BE when you reach half way to target and take partial profit half way.

IMPORTANT: I will be sending two possible scenarios from tomorrow. Buy and sell orders on most of the majors and the Yen pairs. If for example buy order is triggered, cancel sell order and vice versa.

PSS: There may be changes i the trade posted throughout the day, if trade does not look favorable, I will advice all of you ASAP through twitter.

TRADE MANAGEMENT:

Bring Stop Loss to break-even as soon as you reach half way to profit target and take partial profit at this point.

Happy trading

Ash Naeck