Sunday 13 February 2011

The Week Ahead (w/c 14th February 2011)

* Please note this is not trade advice... just thoughts of what I might do next week. *

My attempt to buy EUR/USD got stopped out at breakeven at the end of last week... I may have moved my stop too quickly. If price remains above 1.3500 I will be looking to buy again on Monday.


GBP/USD ended the week just above 1.6000 and may well be a potential buy if price continues to move up from here.


USD/CHF and USD/JPY have both retraced 100% of their last leg down which is normally a sign of weakness in the trend. If this is true it signals USD strength which may mean I will have to revise my strategy for both my EUR/USD and GBP/USD setups.

USD/CHF and USD/JPY appear to have found resistance... after several weeks without much direction I have a feeling that this week will show us the way forward:



We also have a possible trade on AUD/USD. Price remains above 1.0000 and last Friday saw this level retested after breaking out on the 1st February. Friday's candle formed a small "hammer" and may signal an attempt to move up again.

1 comment:

Unknown said...

Hi Dan,

I just wanted to say thanks for sparing the time to share your experience. It really has been an eye opener for a struggling trader.

Thanks again.

Darrel