Forex Signals for 17/02/2010

Recap

Hello everyone,

Hope we had a good day yesterday,

We saw some strong up move in stock and risk taking yesterday with the Euro looking strong after the German news.

Most of our views were correct except for USD/CAD that got us a loss. None of the other trades got triggered at this point. I was trying to be too cute and enter on the lowest dip possible but missed out on the big move.

Here is a post made yesterday on ForexFactory, http://www.forexfactory.com/showthread.php?t=10378&page=13314 member name AshForex, my parameters changed later during the day and entry was made 1.5649 for a 120 pips profit.

I always get emails asking me for proof so here we go,

I did a big mistake when sending the USD/CAD trade, I somewhat looked at this pair thinking we could go through a momentary retracement before heading back down again as CAD was clearly strong. My analysis was wrong and we had a loss of 36 pips on this trade.

The pound will go through a retracement today before heading back up. Investors are coming out of their shell at taking more risk since yesterday with gold and Oil heading north. Watch out for oil pushing the pound further up if trend persists. Expecting this pair to head down to maybe between the 1.5705 level to 1.5660 level due to the ranging market the pound is experiencing, before starting to look for further gain upwards.(will keep you posted via twitter today of the latest development).

I am looking for a buy in the Aussi today at the start of the UK session. Will update any post via twitter,please stay tuned.

AUD/USD is looking strong at this point along with the Kiwi and Loonie.

Today’s Signal:

EUR|USD – Buy Only – 0 | SL- 0 | TP- 0 Sell Only– 0 | SL –0| TP – 0.

Important Note: Order still active, no change

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GBP|USD– Sell Only – 0 | SL – 0 | TP – 0

Buy Only –0 | SL – 0 | TP – 0

Important Note: Order changed, new parameters shown above

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EUR|JPY – Buy Only – 0 | SL – 0 | TP – 0 Sell – 0 | SL – 0 | TP – 0

Important Note: Order changed, new parameters shown above

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USD|CAD – Buy Only– 0 | SL 0 | TP-0

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