Week Ending Review

EUR/USD stopped at 13505 after an entry at 13492 and SL at 13522. You should have booked profits at around 13461 and moved stop to 13505. Bias for this pair has been to the downside…the short term bias may change. I still like the 13400 and 13000 to the downside. The down trendline was penetrated at 13540. It looks like this is holding, so now watching for price to reach 13700 and even 13800, both are key resistance levels.

GBP/USD stopped at 15418 after an entry at 15460 and SL at 15475. Profits were taken 15389 and SL moved to 15418. My bias has been to the downside and still is. I’d expect this rebound heading up to slow down and then the pair to continue further to the downside. My targets are still 15350 for a double bottom and then a clear path to 15300. If the upside prevails above 15475 (as of this writing price is 15 pips away) my upside target is 15560 to 15650, both are pivot calcs and levels of resistance.

USD/JPY stopped me at 9170 for a 22 pip loss. The entry was 9192. Bias is still to the upside with targets at around 9200 and 9250. If support at 9135 does not hold, then I'm looking for my downside targets to be around 9080.

USD/CHF worked well this week in reaching the upside target of 10790 and stopping second have of order at 10768. Initial entry was at 10670. After the stop the re-entry would have been around 10810 which would have been good for another 80 or 90 pips. Bias is still to the upside. Closed today at support.

EUR/JPY kicked my butt for the end of the week. Took two 35 pip loses on two short positions. Bias is still to the downside though. The rebound is at resistance with RSI, MACD and STOCH indicating the downtrend is still strong. My targets to the downside are still 12075 and 11600.

As for the Dollar all indicators are still strong to the upside. Remember to keep the direction of the Dollar Index in mind when trading the Dollar pairs. This will play a role in how big my orders are. But hey…that’s just how I do it.