Tuesday, January 30, 2007

Forex strategy

Hello Traders,

Important today:

GBP - M4 Money Supply
CAD - Industrial Product Price and Raw Materials Price Index
USD - Consumer Confiedence
NZD - Trade Balance

REMEMBER TOMMOROW US RATE DECISION !!!

EUR-USD - Stop-profit for rest our short position as bounce is bigger than I expected. So bears did not take a chance for move twds 1,28 and lower, still range in play.

Strategy: Stand aside for now.

GBP-USD - As I wrote yesterday, support holds so i took long from 1,9570 and tokk bigger profit than 50 pips. Closed my long here at 1,9650. Possible at this moment move higher twds 1,9675-80 or even above 1,97. In my opinion the best strategy is a wait for GBP or even US data and stand aside for now.

Strategy: If GBP data will be below forecast try to sell near 1,9655-75 with tight sl.

USD-JPY - holding rest long position, disapointing JPY data earlier today could push this pair higher...

NZD-USD - NZD holds ground and main support near 0,6920, important could be todays NZD trade data later today, if You are holding short ( but daytraders propably closed position yesterday as i wrote with small minus , I lost 27 pips ) exit now or move sl higher above 0,7010 and wait for US and NZD data.

USD-CAD - Holding long but i will change sl and tp...

Strategy: move sl up to 1,1805 and tp 1,1868

Good Luck

Piotr

More details, write: piotr.wilczynski@finexo.de

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