Good morning all

I trust you had an enjoyable weekend.

New Home Sales at 3.00pm in the States worth keeping an eye on. Wall St & Oil are making new highs by the day and that’s why we are going to stay with the trend as much as possible.

USD weakness is set in again and we should be looking to sell USD until the trend changes.

We are predominantly looking for my little silver cross trade with the 4 hr trend.

CABLE

• Asia were lucky enough to buy CABLE off the 4hr support at 1.6365 region.
• The Silver cross is looming and for safety we should wait for a break of the resistance around the 60min 50ma at 1.6475 and then look for the 123 on the 15min chart for a potential long trade.
• That will confirm the silver cross and golden cross that we are looking for.

GBPJPY

• Similar to CABLE and looks supported with the 4hr MA´s.
• Safest trade here would be to wait for the break of the 60min 50ma at 156.15 and look for a 123 on the 15min chart.
• That will confirm the Golden Cross of the 60min MA´s for an upward move.

Verdict

• Lets keep things simple again this week.
• Rule 1 - Trade with the trend and do not go against it.
• Rule 2 - Look for retracements and then silver/golden crosses with the 4hr trend
• Lets enjoy the week and above all make safe pips.

Dan

July 27th 2009 Posted to GBP, JPY, Live Room Review, Uncategorized, forex | Comments (0) |  Email This Post