CRAPPY CONNECTION. RANGING PERIOD

Tuesday, December 2, 2008

Sorry for the long period of no update on this blog. It seems that internet connection is really bad. At the office I am using Streamyx. Connection is crappy as usual. At home I am using Celcom 3G. Its better but its slow. Maybe my home is not well covered by the 3G network.

As for forex, EurUsd, GbpUsd, AudUsd, EurJpy and GbpJpy is heading up now but not to worry, there is still time. On the long term only EurUsd looks good for a long trade. I am currently holding long EurUsd @ 1.2640 with a stop loss of 50 pip. This is a long term trade, hopefully the move upwards will take a long time and lots of pips on the way.

As for the other pairs, it is heading up but its not an uptrend yet. They will be entering the ranging period now. So there will be plenty of chances for entry. If all these pairs maintained their direction we will see a change in trend in the longer term trades.

I will list key levels for guidelines. These key levels are good for both sell and buy position. Treat them as guidelines for entry in either direction.

EurUsd : 1.2670
GbpUsd : 1.5050
AudUsd : 1.6450
EurJpy : 119.20
GbpJpy : 141.50

These key levels are always changing. Since most of these pairs are entering the ranging zone so you can use these key level for this whole week. As for me I will be looking for a long trade from these levels that is if the current direction stays.

Good things are simple things. If you have a system, make sure it is simple. With simple indication you can make clear decision.