Posted by: joetradingplace | May 4, 2012

Daily Analysis (forex) 04-05

Euraud

Price broke out the daily TL, it pulledback and formed a minor support, as long as the minor support holds, we were prepared to go long, bought at 2840, SL just below the minor support.  1st target reached (+40) as shown by chart below, we just been stopped out for the last 2 positions at BE.

Eurjpy

We have been bearish this pair since last week, our short from 106.00 was shaken out by the big spike up, but bulls failed to sustain price above 106.00 level.  Price started to move lower and bears showed a stronger hand, as they formed bases of resistance as the market dropped. We sold again today at 105.25, when the small red TL was broken.

1st and 2nd targets were reached as shown by the chart below. Sl has been moved to lock in +25pips on the remaining position.

 

Gbpjpy

We have been bearish this pair since last week, our short from 130.20 was shaken out by the big spike up, but bulls failed to sustain price above 130.00 level.  Price started to move lower and bears showed a stronger hand, as they formed bases of resistance as the market dropped. We sold again today at 129.60, but unfortunately our first target was missed by the spread, the market then pushed higher and stopped us for -15 pips on 3 positions…it then dropped again…bugger..lol

 

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