Forex Market - 16th Feb 2010

Posted on February 16th, 2010 by James Alliss.
Categories: News, Forex.

Today was one of my most profitable ever! I could see risk appetite had returned to the markets so was very confident that GBP/USD and EUR/USD would show bullish price action today. I traded both and made over 200 pips!

I mentioned EUR/USD in my previous post ” I therefore believe the pair will now make its way up to 1.3950 over the coming days.  I always trade what I post and I am taking this pair long on a break of 1.3710. I’m not disclosing my stop here but it’s close enough to offer excellent risk reward.”

I didn’t get in @ 1.3710, I actually got in @ 1.3585 on 12th Feb as this was a major low from the previous day. I had the position open since then and closed it today for +132 pips. All my trades can be verified by clicking here.

I still believe EUR/USD will make its way up to around 1.3950 so will look at trying to get back in on a retracement. GBP/USD looks set to make its way to 1.5900 so again I’ll look for a retracement to take it up to there.

POTENTIAL TRADE ALERT!!!!

Now, I’m very excitied to share this next setup with you. This is not advice, this is just my own personal view on how I see things.

USD/JPY looks poised to make a big drop down. Look at the price action, we have had a nice move down and price has been consolidating for days showing a bearish flag formation. Today we just about hit the 50 day SMA and a natural resistance point @ 90.50. As far as I’m concerned this is screaming a short position but NOTHING is GUARANTEED!!! Take a look for yourself and make your own trading decisions. Remember to trade what you see.

Good Luck.

James Alliss.

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