Finetuning

Hi, I'm back now with a new focus and doing some fine tuning on my trades. I'm no longer on the 10pip scalping theory but am looking at more quality trades to lessen the amount of time I spend trading albeit the emotional roller coaster ride than comes with scalp trading.

I find that I can trade comfortably well when I've identified the support and resistances for the week and day and my new goal is to gain at least 100pips a week.

Last week, I fell short of 1 pip over 4 trades. 3 good ones and 4 bad ones.

EURUSD Daily

The Daily Pivot is at 1.3599 and the market is currently trading at 1.3676.

Now we all know that today is the 2nd day stocks have rallied now that all banks have guaranteed all deposits. Frankly, I think this is a last shot to boost investors' confidence and while I should be cheering, I think we have not seen the bottom.

I think we will see more volatility in November but that's for another story.

I attach the daily chart. If the market can hold above 1.3660, we will see an upclose above 1.3712.

Euro traded +182 on Monday's opening

The Euro traded 182 pips open Monday's opening as Euro Rises Most in 3 Weeks as European Leaders Guarantee Banks.

On hiatus

Aite, I'll be away till the 26th and to save you from all the hoobabaloo, let's just say that my internet connection is limited. I should post this under "Fundies" but let's just say that the market was shot this week and we would probably see a technical rebound on Monday as the FED tries its best to inject confidence into the market.

McCain is following in the footsteps of Hilary Clinton ... blah .. blah.... blah so we could almost know who is going to be President next.

Till then, I'll be back full time on 27th October and may the pips be with us all.

EURUSD Daily

I was right about Monday and I was half right about Tuesday (yesterday).

Yesterday, the market opened at 1.3515 and had an upclose at 1.3571, I said it will be an upclose above 1.3643. It did reach as high as 1.3741 but the high was not sustainable.

DAILY CHART



Today, the market opened at 1.3570 and the daily pivot is at 1.3598.

I believe the market will try to trade at 1.3648 but it may not be sustainable and will probably trade down to 1.3454. Not much fundies coming out today except for the

Pending home sales for the US at 10am

so we may not see too much surprising moves between now and then.

UPDATE @ 4.28pm
The $ weakened when the London session opened by approx. 123 pips. UK is receiving a bail out plan of 50bn pounds. Can't get into details that much as I have a flight to catch.

EURUSD Daily Update

The market fell, yesterday. Fundies wise, there was panic in the European markets and people are looking to the dollar and yen as a safe haven.

Technically, the market yesterday opened at 1.3645 and closed at 1.3516.

I wasn't available to track this pair till now but it opened at 1.3515 and is now trading at 1.3583 and the daily pivot is at 1.3543.

The fundies coming out today at 6.30pm (German Factory Orders) may not disrupt the market that much but watch out for

• 9.30pm - ECB Trichet speaks
• 11.00pm - FOMC Member Stern speaks.

We can expect the market to have an upclose today above 1.3643.

On the weekly basis, 1.3983 will be a nice resistance to look at. The monthly pivot is at 1.3942.

I attach the daily and hourly chart captured at 3.33pm. The latest candle is today's so it is still fluctuating.

DAILY CHART


HOURLY CHART

EURUSD: 10.02am

This was taken at 10.02am on the hourly chart so the new candle is about 2 minutes' worth.

This pair hit a new low when it opened at 1.3645 so looks like we are heading south today. The daily pivot is now at 1.3653 so this will determine pretty much where this pair wants to go today.

The QQE is currently at 33.08 and is trading below the MA6.

Watch out for 1.3609. If it closes a true body below that area, we will see a fall. It it trades above 1.3653, we will see an upclose.

1.3698, 1.3710, 1.3749.





10.18am - Market Indices

News Update:
2.44pm Euro Falls to 13-Month Low as Credit Crisis Spread...