Forex Signals for 12/02/2010

Recap

Hello everyone,

Hope we are all doing well.

What a week we had in the currency market with some crazy price action. The EU may be bailing out Greece at this point still unclear on the next move at this point.

Traders’ anticipation on a final decision on the bailout faded throughout the week with all the speculation flocking the market. At this point we are seeing some retracement to the upside in most of the major pairs. I still favor a bullish US dollar for the shorter term though we are seeing some strengthening of the EURO, GBP etc…

I expect next week to be bullish EURO, GBP etc…

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

Today’s Signal:

EUR|USD – Buy Only – 1.3607 | SL 1.3545 | TP 1.3750

Sell – 0 | SL –0| TP – 0.

EUR|JPY – Sell – 0 | SL – 0 | TP – 0

Buy Only– 122.15 | SL – 121.54 | TP – 123.38

USD|JPY – Buy – 0 | SL – 0 | TP – 0

Sell – 0 | SL – 0 | TP – 0

USD|CAD – Buy Only– 89.14. | SL- 88.52 | TP- 90.35

Important: Those trades are medium term trades. They can take up to 2 or 3 days to hit. Those who are not comfortable keeping a position open over the week-ends do not take the above trades. I will keep all of you updated if there are any changes to the trades or when the trades should be closed.

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