With today being the last trading day of April,
I’m going to sit it out and resume trading next week.

If you must trade today, all three pairs are worth
BUYING.

I have attached charts for the Euro and JPY, showing the
potential opportunities today. These are not G7 trades
but offer perhaps the best options for today.

JPY: Buy near 94.00, stops below 93.70, OR
wait for another spike low. Potential target 94.70

Good luck and see you next week

P.S. Please note that the email admin@thetradersclub is now back up and running. We have 10 other accounts we manage..and did not realize this had been offline for some time now…please accept our apologies if you tried to get hold of us and we did not reply ;-(

As the weekly reversal level has finally been taken out by the
Euro, there will be no G7 setups until next week on any of the pairs.
 
However, ANYTHING can happen today, as it is the end of the
week, and we might get sudden dramatic reversals on any
of the pairs. Trade at your peril, BUT there could be some
interesting opportunities:
 
Watch for a bounce on GBP at the current 5340 level. Watch the
Euro for a dramatic spike low – the weekly break lower to a new
12 month low looks suspiciously like a potential weekly “bully”
fake breakdown. JPY is still short for the week according to
the G7 rules, and we may be topping at the current level – although
I am not interested in JPY at the moment due to the recent
price action.

Here’s the link to today’s Forex video report:

www.forex-science.com/daily.html

Speak soon,

James.

Here’s the link to today’s Forex video report:

www.forex-science.com/daily.html

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Well, I hope everyone had a good Easter break! After a few days off from trading over the holidays, I’m back at the trading desk and ready to review some more trades that I’ve taken. Here is the trade I took yesterday.

The trade was on the GBPUSD and was long. The entry signal was the large bullish candle that I’ve circled on the chart below. This candle came off the 38.2% Fibonacci. The candle was however quite large and luckily for me happened whilst I was away having lunch. I say lucky as it allowed me to get in at a better price on the retracement. Normally this wouldn’t have been the case, I would have gotten in with a half sized position due to the large stop required, but I guess sometimes lady luck smiles on you! I entered the trade on the close of the second bearish candle in the chart after it failed to make it past the resistance/support level of the 38.2% Fibonacci(1.5156). I’ve circled and marked this region on the trade as retracement. Because I got into the trade at a much better price than if I had gotten in on the first trade signal, I was able to take a full size position and keep a small stop loss. I set my original target profit to the 78.6% Fibonacci and let it run. Unfortunately, I had to go out and wasn’t able to stick around to watch the trade, and so I modified my take profit to the potential resistance point 12 pips below the Fibonacci 1.5240). The trade ended for me at this point with a profit of 84 pips. All in all, a nice welcome back from the holidays!

March 29th, 2010
On last Thursday’s 1.3265 low, the 5th Wave decline in EUR/USD is almost exactly 60%
of Wave-1 and amidst widespread Bearish sentiment on the Euro (which is a positive
and not a negative at this moment) there is now potential for a significant recovery.
A Fibonacci 38% retracement of the 5-wave sequence from 1.5145 – 1.3265 would yield a
corrective recovery back toward the 1.3980 level, whilst a Fibonacci 61.8%
retracement would herald a recovery as high as 1.4430.
Bottom Line: Amidst an extremity in Bearish sentiment and a completed Elliott
Wave structure, whilst now holding last Thursday’s 1.3265 low the Outlook for EUR/USD
is Bullish; for a corrective recovery back toward the 1.4000 level (at least) over
coming weeks.
If you would like to request a Special 3-Month Extended Trial of my Daily FX
Forecasting/Trading service, then Email me at: maxgm@xtra.co.nz