Also of note is the previously mentioned target level of 1453.50 in gold used as an exit in my previous trade. It has now become a very strong support level again and will be watched closely over the next few weeks along with 1444.50 and 1423.50
Thursday 14 April 2011
Crude Oil Update
Just a quick update on the crude setup I gave yesterday- the first target has been hit at 107.85 for a nice winner of over 100 ticks. Second target of the 108.75 area is still in play and we will see if the price gets there.
Also of note is the previously mentioned target level of 1453.50 in gold used as an exit in my previous trade. It has now become a very strong support level again and will be watched closely over the next few weeks along with 1444.50 and 1423.50
Also of note is the previously mentioned target level of 1453.50 in gold used as an exit in my previous trade. It has now become a very strong support level again and will be watched closely over the next few weeks along with 1444.50 and 1423.50
Wednesday 13 April 2011
One Trade Completed, Another One Starting
Hi guys,
Firstly I would like to say the usd.cad setup from my last post is no longer valid for the time being as yesterday the price traded very close to the entry level and then had the fast selloff we were looking for. Essentially it has happened a little 'too soon' and without us. The level is still a good one and I will keep you informed if it comes back into play over the next few weeks.
There was also a great setup in gold yesterday, which I would like to show you.
Previous daily double top resistance at 1444.50 was being retested from above and acted as strong support. The target area was 1453.50 as that is an excellent resistance level where price was likely to stall. This was a very fast and easy trade- I was in and out of this in about 30 minutes. I wish all trades were like this!
Looking ahead crude oil is at an excellent level for a bounce right now. I am long from 106.62 when it sold into the level yesterday, with a main target of 108.77. There is also a second possible target for exiting 50% at 107.85 for more aggressive traders. The price has slighly traded through the level right now, making the bounce quite 'messy'. Be a little cautious with this trade, it is more risky than the previous setups I have outlined due to the huge volatility in crude recently.
Firstly I would like to say the usd.cad setup from my last post is no longer valid for the time being as yesterday the price traded very close to the entry level and then had the fast selloff we were looking for. Essentially it has happened a little 'too soon' and without us. The level is still a good one and I will keep you informed if it comes back into play over the next few weeks.
There was also a great setup in gold yesterday, which I would like to show you.
Previous daily double top resistance at 1444.50 was being retested from above and acted as strong support. The target area was 1453.50 as that is an excellent resistance level where price was likely to stall. This was a very fast and easy trade- I was in and out of this in about 30 minutes. I wish all trades were like this!
Looking ahead crude oil is at an excellent level for a bounce right now. I am long from 106.62 when it sold into the level yesterday, with a main target of 108.77. There is also a second possible target for exiting 50% at 107.85 for more aggressive traders. The price has slighly traded through the level right now, making the bounce quite 'messy'. Be a little cautious with this trade, it is more risky than the previous setups I have outlined due to the huge volatility in crude recently.
Friday 1 April 2011
New USD/CAD Setup and Update
Hi guys,
The dollar yen has moved higher so the setup I outlined did not trigger, so we move on. The 1423 level I talked about in gold has been very strong with multiple bounces as support and resistance. It will remain a key level to watch for the next few months.
The dollar canadian pair has been moving slowly lower over the last few weeks. If we get a breakout to the downside we are looking to sell a retracement to the 0.9667 level. This will be an excellent short term entry point.
The dollar yen has moved higher so the setup I outlined did not trigger, so we move on. The 1423 level I talked about in gold has been very strong with multiple bounces as support and resistance. It will remain a key level to watch for the next few months.
The dollar canadian pair has been moving slowly lower over the last few weeks. If we get a breakout to the downside we are looking to sell a retracement to the 0.9667 level. This will be an excellent short term entry point.
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