PearsonFX Trades

here are two more

Hi Zack
With an all time high on this pair and still going up, can you see an end to the top yet, because of the all time high it is difficult to assess
Tom

Difficult to assess by looking at just Eur/Gbp....But I have Euro coming down....which should drop it a little bit...but GBP is gonna be weak probably most of today...so I am seeing probably ranging for a bit...this pair moves slow...of course each pip is double $...I hope you all accounted for that if you are in it...I am holding this trade until it gets to .7850....if it takes til next friday so be it....but this is a good opportunity

Zack

PS because of the ALL TIME High...I wouldn't consider it wise to hedge this pair especially with its history of slow movements

I got in yesterday at 7970, will sit it out too, at least with the slow movement it is not a major concern
Tom

Zack,

I see the charts but why do you think there is going to be a Break-out to the upside you dont explain ? Regards

There is a continuation pattern on both charts, if you look at the chart written in yellow, hope that helps.

Hi,

No FX Trader Can't see it ! Would you be able to post a chart an illustrate thanks...

Morse....I think I see the problem now.....

You need to understand what exactly price patterns look like....the only way is for you to do a little research on your own. I drew the patterns pretty clearly, the only thing I didn't draw was a line indicating the strong uptrend before the consolidation.

http://www.tradingpricepatterns.com/introduction/

Here is a website to read about different patterns and understand the psychology and history behind it. The Link is for the Introduction of the tutorial....on the left side you can click one by one and move down the list, or just pick and choose the ones you would like to look at.

Zack

Looking at your charts on the g.j, it looks good overall. I think we will see the bulls make a run for it soon, but I think its still to early to call right now with the news coming out regarding the interest rates. I am hoping the bears will have a final run before we see the bulls takeover. In that final run I am hoping to close earlier sells (if that happened it would be perfect, but not sure how low we will go if we even do so) and then setup a long anticipating the bulls to takeover from that point. Of course that is what I am hoping, we see what happens. :-)

forexnoob101

Hello Everyone,

GBP/USD Will be weak tonight.

Long to 1.9794 or 1.9841
Please make sure that you exit these trades before the close of the next two 4 hour candles. This means with or without loss at 12 AM EST.

I will Short at 1.9794 low $$ per pip.
I will Short at 1.9841 Normal size.

Targets for the shorts: as usual look for the 50-100 pips that you are most comfortable with. Or if you want to hold it for longer, 1.9500 or 1.9400 should be easily accessible over the next few days.

Psychology behind decision: This morning Euro rallied with Oil, typically GBP rallies alongside euro...unfortunately we did not see this...you might have considered it a rally...I don't...Euro's 100+ pip move compared to cable's 20-30 is not following it. GBP is Weak.

EUR/USD Will also be weak

I will not take any long positions here. However Longs off of 1.5800 are possible, use low $$ per pip.

I will sell off of 1.5846. At 12 am EST if no upwards movement has been attained. I will Sell at current market price, or 1.5800.

Targets for Shorts, I will be looking for the usual 50-100 pips. Longer term holders should look for 1.5700 and as low as 1.5350 over the next few days.

Psychology behind decision: Eur/Usd rallied this morning in response to Oil spiking up to $112+ Indicators are pointing to strong sells. Euro being strong may give a little rise with GBP before it falls. Euro is still on path for setting a new high. Unfortunately a correction is needed beforehand...this correction should be disguised more than anything as a dollar rally.

EUR/GBP

No Long Positions.

Eur/Gbp reached new record highs with the rise in oil.

I am already Short on this pair, however if you are not short already you can short at .8015.

Targets are the usual 50-100 pips from entry. I am personally looking for .7850, but this target may become lower/higher depending on when the euro correction comes to a halt.

Psychology behind decision: Over the next few days you should see eur/gbp fall with both eur and gbp falling. Once Eur has bottomed out i would close the position, as Eur/Gbp will once again form a newer all time high most likely around .8100.

USD/JPY

I will Long low $$ per pip at 101.80

I will also set a pending order, Buy Stop at 103.10.

Targets: 50-100 pips. Overall 106-108.00 should be easily reached over the next few days, once the pending order is activated.

Psychology behind decision: USD/JPY has put it self into a 4 hour flag pattern. Because of the initial uptrend before hand this is used as a bullish continuation patter. Once the top resistance of this flag is broken a strong breakout will occur. Because this is on the 4 hour charts, you must be patient with it until the key resistance is broken. even on 4 hour charts breakouts occur quickly.


This is my overall position for the current market trends are as follows. The US dollar will be rallying over the next few days and possibly for the first part of next week. Once the dollar rallies it will peak, and it will set record lows. This will fuel the fires for both a eur and gbp sell off then shoot up for record highs on euro, and above 2.0000 for GBP.

If you have another pair that you would like my input on that is not above....let me know and I will post what I have for that pair.

ALSO NOTE THAT INTEREST RATE STATEMENTS ARE COMING OUT TONIGHT DURING LONDON....I DO NOT TRADE NEWS, THEY ARE NOT A CONCERN TO ME, BUT IF YOU FEEL THAT THEY WILL INFLUENCE YOUR TRADING BY ALL MEANS STAY OUT OF THE MARKET....A MISSED OPPORTUNITY IS MONEY NOT LOST

Please use correct money management and do not place yourself in a tight situation. I will be here tonight. Just giving you a heads up of whats going on

Zack

Hey zack could you include geppy into analysis.

Thanks Zack this also in line with my entry points for the above pairs, its nice to see that sometimes you have same entry points, this gives me more confidence on the coming trades.

Hey guys,

I wanted to post my theory on gbp.jpy. In no way am I going against what Zack says, as this is only my theory and I have nothing but the upmost respect for Zack, and asked him if it was okay if I posted my charts on here. I would not take any trades against what I am saying, just wanted to hear every ones thoughts. After all this forum/journal is all about "Traders helping Traders" Would love anyones input. So lets get started...

Chart #1
My first chart shows overall what I think of gbp.jpy. As you can see overall we have been in an uptrend, and anyone that stuck with the trend on a long term basis would have made more then a few pips. I think overall in the big picture we will see this trend continue.

Chart #2
On this chart you are able to see the head and shoulders pattern that brought us to our current downtrend movement.

Chart #3
My third chart which is a closer view shows that we have been in a downtrend lately. As you can see we have seen consolidation at the 23.6 level, 38.2 level, and right now we are at the 50.0 level where we are still seeing consolidation right now. Notice that our recent highs a few weeks ago in the area of 204's were our lows back in late January. We saw it holding at that price and slowly move downwards. I believe this short trend will continue and with tomorrow's news concerning the interest rate cut for the gbp only supports my idea for this.

All comments, concerns are welcome. Thank you.

forexnoob101

Good Morning Everyone....

Will post trade opportunities in a few minutes...waiting on the 4 hour candle close for G/J....

If you got in at 199.00 you should be looking good already

Stay tuned.

As for Eur/Usd and Gbp/Usd upper targets were not reached....it MAY reach them with the interest rate announcements but I am short now.

Zack

I am long at 199.70 on G/J

ALL SHORTS THAT DID NOT REACH PROFIT I CLOSED AT A LOSS

Pearson, I took the advise on 3 of your trades yesterday, and all three were profits.. I may not stick to every detail or every target, because I apply my stratigies with your thinking and it works for me. I don't always shoot for your posted targets, to get in or out, but your directional thinking is very sound.. Good stuff.

wasted 100 pip on each position ..... but dont be sorry as it will be a good overall trade.

Good Morning Y'all...

Short Euro 1.5774

Short GBP/USD - 1.9756



How did everyone do last night with GBP/USD and EUR/USD???

Should have gotten at least 100 pips if you used the 1.9841 entry I gave....my charts went to 1.9842

Zack

Hi Zack,
are you still long in u/jpy, and what is your target
Tom

Morning Tom,

Yes I am still long....I am ultimately looking for targets near 105-106....

For GBP/JPY ultimately as high as 208-211...

DOW performed really well today which went along with my theory of a dollar rally....let's see if the same happens today...

We have a lot of patterns that are continuations of the trends that took place during the US session today. Market has been kind of slow so far so we should see some breakouts shortly before London opens, in my opinion....If not I think London may bring the continuations

Zack