2010-01- 04/05 Morning session commentary

4.01
I started with failed trade on EU, as it broken initially a bit lower with nice confirmation on GU. This trade was worth -10 pips.

Soon after SL on my EU position was hited price on both EU and GU retraced to previos levels from before 8:00am. I read it as a clear bounce of GU from daily low and decided to trade long in spite of lack of clear setup [as you can read I was expecting long trade off red support on GU that day, that's why I decided to enter early]. GU rallied initial 20 pips very quickly, and charged higher hitting my planned target for second half at daily high [+ 60 pips for second half].




5.01
This was very moody day.
My first trade was based on my market overview for EU and confirmation on EJ [-9 pips]. Unfortunately it was a looser, second was another approach to trade my prognosis, this time I bought GU [-13 pips].

2010-01-05 Morning session preparation

EU: there is channel broken up on 30M chart, great for long, especially above 1.4450. important resistance [bottom of Asian channel] @1.44 if price retrace to this area, I would wait and eventually trade short below this level.[If traded long - there is plenty of room up on daily chart]

EJ: yesterday struggled with new highs, however not potential seller yet. Strong resistance above 133.50, so beware if you trade long. Whatever direction of trade you should be careful. Reversal on daily [middle of leg up in flat channel] is possible.

GU: This pair is on a nice buy setup but 1.6240 may be limit for what it may do today, however above that level there is plenty of room to rise.

GJ: has good potential to fall 300 pips within two days and even more within two weeks. for buy signals stick with either GU or EJ.