Trade still Valid

Trade plan below is still valid for next 12 hours, although you may want to wait for entry @ 1.4100 instead of 1.4105

Long EUR/USD Trade (next 23 hours)

Firstly sorry for not updating have been running around like a clown recently, however I have still been updating all Power Level trades on the thread @ forex factory..

I will be looking to buy from a bounce of 1.4105 PL within the next 23 hours. With a target of 1.4300 or higher (to be held for 1-2weeks).

Reasons for my plan:
1) Power Level @ 1.4105
2) We have broken the orange decending trendline since June. So I would now expect a retrace/retest before moving higher. If this happens within 23 hours, it will correspond nicely with the power level.
3) If you look at history, Price has respected this level nicely.
4) Strong psych level.
5) Weekly PA looks bullish to me now...
6) Monthly PA is starting to turn bullish.
7) Excellent Risk:Reward can calculated here, depending on how you position yourself and manage your trade...

Fingers crossed!

AUD/USD

Took a short AUD/USD position just now (0.8046).

100 pip SL.
500-700 pip TP

I will post a chart with my reasoning later on tonight. But it is based on my pressuposition that we will form a pinbar on the monthly mid-week. I may be totally wrong, so a safer option would be wait for a monthly close to be sure.

Edit: Here is the chart...

Outlook on EUR/USD

We are at an interesting area with price approaching the End of Month. Looking at a monthly chart (below) we are forming a spinning top should price close between 1.4080 - 1.3950. I would be expecting price to either maintain the above range until the week ends, at which point I will look for long-mid term shorts.

On the otherhand, we may get a strong bullish move coming into this week, which will likely continue into mid July.

I believe we will see another sell off in the equity markets, and if we get the spinning top on the monthly chart, it may be an excellent opportunity to position ourselves to capture a run south.

I will update my view on Tuesday/Wednesday.

Wrap up of last week

The Green Trendlines came into play several times. All my Power Level trades are documented on the WisdomFX Journal on ForexFactory (link on right of this page).

This weeks Trading Plan

I will only be trading EUR/USD this week. Focussing on Power Levels on 15m timeframe and keeping an eye on higher time frames too.

Power Levels for this week are:

1.4172

1.4156

1.4099

1.4059

1.4031

1.3990

1.3941

1.3895

1.3880

1.3840

1.3826

1.3779

Above the Green Trend Lines I am bullish, Below I am bearish, In between I am a scalper.

Blue Lines are this weeks Power Levels. Dark Green Dashes are 22 pip deviations from the Power Levels I use to manage my trades with (Entries, Exits, Protective Stops etc.)

E/U opportunity to short

IF we break the Lower trend line, Look to short @ 1.3900 on a retrace, with a 20-40 pips Stop Loss.

Profit targets should be around 1.3800 and 1.3750.

fuck it.. closed 100% @ 0.8023

Off to bed... profits came real quick

News Spike

News gave us a break of 0.8000..

Took off half my position..

SL now @ Break Even.

Only 30 pips left till TP LEvel :D

AUD/USD Long

Sorry guys, This is being posted after the fact, I dont like to do this, as its too easy to call winners after they have been made. I have just been flat ou this week...

Reason for entry, as a Break out of Hour Trendline... Daily chart is also starting to look bullish. I plan on looking to take profit around 0.8050 on this trade. If your not in this trade yet, I would wait to enter on a retest of the trendline (if it occurs) if not then wait for the next setup.

Closed last part of my AUD.USD Short @ 0.7914...

No more trades this week, apart from power level trading...

A/U Update

Took 33% off @ 0.7950 last night.

Took 33% off @ 0.7908, just now.

SL @ +1 pips on remaining 33%.

Will look to cover final 33% of position @ 0.7700 or 0.7500 or get stopped out...


There were also some good power level trades last night, I took 2 trades... Details are on the WisdomFX Journal (link is on the right hand side of my blog)...

AUD/USD Update

Got my higher entry as anticipated...

I will not look to close my first entry @ 0.8019 for a couple of pips profit, to reduce my risk on this trade. (The Green line @ 0.8000 is the current TP for this trade, I may close a few pips shy of this though depending on PA.

Once I get a good chance to do this, I will leave my 2nd position open, to run down for atleast 150 pips, or taken out @ break even...

UPDATE: Closed my first position SL now @ +1 pips.... Going to bed.. TP is currently @ 0.7500, I will review Price Action around 0.7900 if we get there, to decide on wether to take partial profits... Good Night.

SHORT AUD/USD

You may be able to get a better entry @ 0.8043ish if you wait abit though...

Stops above 0.8075

TP @ 0.7500

Will Trail Stop @ BE after/if we break 0.7850

My Chart (E/U)

E/U Intra-Week Update

Still waiting on 1.3700 to book profits on remaining 50% of my short position.

Then looking to Buy E/U @ 1.3650-1.3635 area, and hold to 1.4000, if not higher.

This weeks Power Levels for Precision Trading E/U

Here we go...

1.4221
1.4172
1.4156
1.4099
1.4031
1.3977
1.3904
1.3887
1.3826
1.3779

All the best.

Intra-Week Trade Update

E/U Shorts from last week are looking good... Have covered Half my position, and moved my SL to break even now... Will look to take the rest of @ 1.3700 or 1.4050...

I did not take the U/J Trade, I wanted entry @ 97, price came within 20 pips before going back north...

AUD/USD: Still in this trade, closed for break even.

No new intra-weekly trades this week, although E/U Looks goodfor a short @ 1.3950.

E/U Power Levels will be posted when I get them....

E/U Power Levels for Precission Trading

Here are this weeks E/U Power Levels for Precission Trading!

1.3707
1.3753
1.3825
1.3884
1.3935
1.4002
1.4046
1.4099

Remember 2 trades per level before they start getting exhausted! Stay Disciplined!

Intra-Week Trades

AUD/USD:
Anyone who entered of my call last week to go long @ 0.7900 would have made an easy 200 pips. With only a 10 pip Draw Down. This week I am looking to go short @ 0.8010 for 200+ pips.

EUR/USD:
Looking to go short @ 1.4100 area, for a gain of +300-500 pips.

USD/JPY:
Looking to buy @ 97.00 for +300 pips or so...

Those are my intra-week views for the 2nd week of June 2009.

Trade Update

USD/CAD Trade closed for +1 pips right now... Taking too long to break north...

Instead: Went long EUR/USD @ 1.4172.
SL @ 30 Pips, will move to BE after price hits 1.4200, and let this ride up to 1.4350 region, trailing my stop up along the way.

USD/CAD - Entered

Long position entered @ 1.0926

SL below the low.

E/U Precission Trades

Trade #1: Short @ 1.4155 with half a position for +12pips & 0.49%

Trade #2: Long @ 1.4157 with full position, half taken off for +26 pips, other half for +20 pips for a gain of 1.84%

Total gain today: 2.37%

USD/CAD: Keeping an Eye Out

If we get a nice Daily pinbar here I will look to go long, targeting 1.1500..

Will confirm if I take this in around 14 hours.