Weekly trading signal and pattern 23-30.06.08

Weekly trading signals and pattern, updated every sunday night for the coming week.

USD/JPY

well, the high last monday was at 108.58. only to break then down to about 107.25 at friday afternoon, 2 pips away form my given entry point. I did take the trade at this .58 level, and i hope that you did, too. I took profit of the main part before the weekend (at 107.30) and keep the rest opened with my stop loss now at 118.10 (pivot point)

EUR/JPY

similar story here, we missed the 168.40 entry level, but reached our aggressive 167.70 entry level. If you took this trade and sold about 166.80 (like i did) you made at least 85 pips before the weekend.

GBP/JPY

Gbp/jpy reached after amazing british retail sales on thursday 213.35, shy 15 pips away from my entry. anyway, thats forex. a non trade here

In the moment this market is boring rangebound, now alrwady for quite some time. There will be soon a breakout, and the breakout probably will be rather explosive. I still prefer the carry trades to correct soon, but the extreme oversold conditions like last week with all daily cci way above 100/200 and daily trendlines in reach are now gone. so we have to wait now for good new entries. Only entry for now: EUR/JPY 185.70 sell

 

I will update from today on also gap trades every sunday, a decent forex strategy ( http://bestinvestment4u.blogspot.com/2008/04/trading-gaps-in-forex-not-trendy-but.html)

(http://1stonforex.fxstreet.com/2006/10/gaps_on_forex_c.html)

all 4 pairs which had a significant gap (at least 15 pips) filled the gap in 2 hours time

EUR/USD friday close    1,5609    sunday open 1.5622

USD/CHF                     1,0358                        1,0344 

EUR/JPY                     167,52                        167,38 

 

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