Forex Signals for 11/02/2010

Recap

Hello everyone,

We had some dovish comments yesterday in the UK where governor King said that growth in the UK will be slower than expected.

Today we have the meeting of the French president and the German chancellor in regards to the bail out of Greece. This will be bullish for the Euro if something positive come out of this meeting.

Our 2 trades of yesterday AUD/USD and USD/CAD were loses though our view was right for the short term.

Investors are cautious at the moment with stock crashing down at the start of the week but with no bullish rally in the USD. This may be a sign of weakness for the dollar at the moment.

Australian Payroll came out today with a more that positive number bringing risk back on the table. We will need to be a bit cautious at this point.

I do not have any trades open at that time. Had a GBP/USD sell a bit later yesterday but due to heavy news I was reluctant to post it and funnily it turned out to be a good trade due to the dovish comments og governor King

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– | 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

USD|CAD – Buy Only– .0 | SL .0 | TP-.0

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