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Thursday, 25 February 2010

What Forex world looks like this morning.

Looking at my charts this morning there had been some good moves overnight and into this mornings trading session. Open trades have either been managed down to b/e or have closed out after hitting all targets.

Here's how things look as of 12noon GMT today, and how I read them.



Starting from the top left:-

EJ - Direction short. Weekly & daily ATR done. Need to see a retracement back up past the 65% levels.

EU - Direction short. Last postion of swing trade still open and waiting for T3 to be hit. Daily ATR still has potential. Need current live 4hr bar to complete bearish to then look for scalp short.

GC - Ideal bar trade now pending for swing entry. Daily ATR all but done for scalp entries short.

GU - Direction short. Last position of swing trade still open and waiting for T3 to be hit. Daily ATR >65%. No scalp option until retrace above 65%.

GJ - Direction short. All 3 targets now hit. Weekly and daily ATR's have been done. Need to see retrecements above 65% for any new entries.

CJ - Direction short. Weekly and daily ATR's have been done again. So similar scenario to GJ. Need to see retracements above 65% before looking for any new trades.

And that's how my land lies. Yours may look a touch different, or it may look the same.

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