Hi all,
Ha Ha...What a day yesterday!! Must have been a historic day with all the crosses seeing some huge historic falls yesterday. And there seems no sign of a let up. We have had a good retracement in all the crosses and they seem to be ready for the next fall down. Yesterday was a dream for all traders as all you had to do was short, wait for retracement, short again and so on and i am sure that many traders would have made atleast 600 pips yesterday. As for today, it remains to be seen whether the lows of Feb - March are broken by the crosses. The low for GJ at that time was around 221 and that would act as a huge huge support for the down move. When would this wild swinging end? Your guess is as good as mine. One of the most important lessons that the market teaches you is that you should not try to outguess the market. Just go with the trend and do what the market does and not what it plans to do. Below are the supports and resistances for the JPY crosses for today (though considering the fall yesterday, i do not know how valid these would be ..:-)) :-
USDJPY - Important support at 113.26. If that is broken, next support is at 112.55 which is a very strong support and the final major support is at 111.90. On the topside, the resistance is at 114.12 and then at 114.90.
EURJPY - Important support at 151.50. If that is broken, next support is at 150.93 and the final major support is at 149.90. On the topside, the resistance is at 153.15 and then at 154.70.
GBPJPY - Important support at 222.80. If that is broken, next support is at 221.80 and the final major support is at 220.75.On the topside, the resistance is at 225.00 and then a major resistance at 226.68.
Happy Trading!!!
Thursday, August 16, 2007
Wednesday, August 15, 2007
Supports and Resistances for August 16, 2007
Hi all,
So, the fall continues!! There does not seem to be any great respite for the crosses. Yesterday, there was a rectracment for about 250 pips which was long overdue but by the end of the US session the crosses were back to where they started the day. With this lack of strength, it now looks more likely that there will be a further fall in the crosses. The hourlies are pointing up while the 4H is pointing down which shows that there will be a bit of rectracement before the fall resumes. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 116.40. If that is broken, next support is at 116.20 which is a very strong support and the final major support is at 115.80. On the topside, the resistance is at 116.72 and then at 117.20.
EURJPY - Important support at 156.25. If that is broken, next support is at 155.90 and the final major support is at 155.50. On the topside, the resistance is at 157.05 and then at 157.80.
GBPJPY - Important support at 231.25. If that is broken, next support is at 230.70 and the final major support is at 229.75.On the topside, the resistance is at 232.23 and then a major resistance at 232.80.
Happy Trading!!!
So, the fall continues!! There does not seem to be any great respite for the crosses. Yesterday, there was a rectracment for about 250 pips which was long overdue but by the end of the US session the crosses were back to where they started the day. With this lack of strength, it now looks more likely that there will be a further fall in the crosses. The hourlies are pointing up while the 4H is pointing down which shows that there will be a bit of rectracement before the fall resumes. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 116.40. If that is broken, next support is at 116.20 which is a very strong support and the final major support is at 115.80. On the topside, the resistance is at 116.72 and then at 117.20.
EURJPY - Important support at 156.25. If that is broken, next support is at 155.90 and the final major support is at 155.50. On the topside, the resistance is at 157.05 and then at 157.80.
GBPJPY - Important support at 231.25. If that is broken, next support is at 230.70 and the final major support is at 229.75.On the topside, the resistance is at 232.23 and then a major resistance at 232.80.
Happy Trading!!!
Tuesday, August 14, 2007
Supports and Resistances for August 15, 2007
Hi all,
So, as indicated, all the pairs seem to be going on the downside with the risk aversion trend dominating everything else. As indicated a couple of weeks back, the effect of the weak dollar has started reflecting on the various economies as a result of which the economic news from the countries, esp countries like GB, has been shown to be weak This has led to correction in the value of the various currency pairs though they were at historic levels just a couple of weeks ago. More news is slated for today both from GB and US and this should be very interesting. Still, there does not seem to be any respite for the carry trades and i guess today should be a down day as well. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.22. If that is broken, next support is at 117.01 which is a very strong support and the final major support is at 116.80. On the topside, the resistance is at 117.52 and then at 117.87.
EURJPY - Important support at 158.54. If that is broken, next support is at 157.82 and the final major support is at 157.45. On the topside, the resistance is at 169.02 and then at 159.38.
GBPJPY - Important support at 233.68. If that is broken, next support is at 233.02 and the final major support is at 232.42.On the topside, the resistance is at 234.53 and then a major resistance at 235.84.
Happy Trading!!!
So, as indicated, all the pairs seem to be going on the downside with the risk aversion trend dominating everything else. As indicated a couple of weeks back, the effect of the weak dollar has started reflecting on the various economies as a result of which the economic news from the countries, esp countries like GB, has been shown to be weak This has led to correction in the value of the various currency pairs though they were at historic levels just a couple of weeks ago. More news is slated for today both from GB and US and this should be very interesting. Still, there does not seem to be any respite for the carry trades and i guess today should be a down day as well. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.22. If that is broken, next support is at 117.01 which is a very strong support and the final major support is at 116.80. On the topside, the resistance is at 117.52 and then at 117.87.
EURJPY - Important support at 158.54. If that is broken, next support is at 157.82 and the final major support is at 157.45. On the topside, the resistance is at 169.02 and then at 159.38.
GBPJPY - Important support at 233.68. If that is broken, next support is at 233.02 and the final major support is at 232.42.On the topside, the resistance is at 234.53 and then a major resistance at 235.84.
Happy Trading!!!
Monday, August 13, 2007
My account statement
Hi,
Professional traders dont reveal their account statements but i have seen that many comments have been passed in this blog and in forums about how i trade. So i have been forced into a situation where i need to show my account statement to prove myself. Attached is the statement for the past 3 mnths in one of my mini account that i have. Judge by yourself.
Professional traders dont reveal their account statements but i have seen that many comments have been passed in this blog and in forums about how i trade. So i have been forced into a situation where i need to show my account statement to prove myself. Attached is the statement for the past 3 mnths in one of my mini account that i have. Judge by yourself.
http://www.geocities.com/ns_karthik/Statement1559458-karthik.htm
Happy Trading!!
Supports and Resistances for August 14, 2007
Hi all,
The market still looks as if it is highly unstable. The volatility is huge with the crosses suffering the brunt of it. But things now seem to be looking good for the downside. Some of the major supports have been broken. These supports have not been smashed by the prices but rather have been slowly, steadily and systematically taken down and i feel that those supports should now act as resistances. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.80. If that is broken, next support is at 117.55 which is a very strong support and the final major support is at 117.25. On the topside, the resistance is at 118.12 and then at 118.45.
EURJPY - Important support at 160.20. If that is broken, next support is at 159.80 and the final major support is at 159.35. On the topside, the resistance is at 1602.58 and then at 161.00.
GBPJPY - Important support at 236.70. If that is broken, next support is at 235.60 and the final major support is at 234.86.On the topside, the resistance is at 237.53 and then a major resistance at 237.94.
Happy Trading!!!
The market still looks as if it is highly unstable. The volatility is huge with the crosses suffering the brunt of it. But things now seem to be looking good for the downside. Some of the major supports have been broken. These supports have not been smashed by the prices but rather have been slowly, steadily and systematically taken down and i feel that those supports should now act as resistances. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 117.80. If that is broken, next support is at 117.55 which is a very strong support and the final major support is at 117.25. On the topside, the resistance is at 118.12 and then at 118.45.
EURJPY - Important support at 160.20. If that is broken, next support is at 159.80 and the final major support is at 159.35. On the topside, the resistance is at 1602.58 and then at 161.00.
GBPJPY - Important support at 236.70. If that is broken, next support is at 235.60 and the final major support is at 234.86.On the topside, the resistance is at 237.53 and then a major resistance at 237.94.
Happy Trading!!!
Sunday, August 12, 2007
Supports and Resistances for August 13, 2007
Hi all,
After a tumultous last week, we hope to see a nice steady and much more predictable week this time around. As of this writing, the market seems to have settled down and things look good for longs though it is only during the London session that the correct direction will be known. As you guys might have read, the central banks are also acting to keep the market stable. This has been in 2 ways by the market with one part considering it as good as it is assuring to know that banks would act and not allow the markets to tumble uncontrollably while on the other hand, the fact that the banks had to interfere shows that something is not right with the markets. In any case, things should slowly start to settle down and in abt 3-4 weeks time, everything should be back to normal. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 118.21. If that is broken, next support is at 117.95 which is a very strong support and the final major support is at 117.70. On the topside, the resistance is at 118.35 and then at 118.70.
EURJPY - Important support at 161.72. If that is broken, next support is at 161.20 and the final major support is at 160.85. On the topside, the resistance is at 162.50 and then at 163.20.
GBPJPY - Important support at 239.05. If that is broken, next support is at 238.50 and the final major support is at 237.46.On the topside, the resistance is at 239.83 and then a major resistance at 240.65.
Happy Trading!!!
After a tumultous last week, we hope to see a nice steady and much more predictable week this time around. As of this writing, the market seems to have settled down and things look good for longs though it is only during the London session that the correct direction will be known. As you guys might have read, the central banks are also acting to keep the market stable. This has been in 2 ways by the market with one part considering it as good as it is assuring to know that banks would act and not allow the markets to tumble uncontrollably while on the other hand, the fact that the banks had to interfere shows that something is not right with the markets. In any case, things should slowly start to settle down and in abt 3-4 weeks time, everything should be back to normal. Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 118.21. If that is broken, next support is at 117.95 which is a very strong support and the final major support is at 117.70. On the topside, the resistance is at 118.35 and then at 118.70.
EURJPY - Important support at 161.72. If that is broken, next support is at 161.20 and the final major support is at 160.85. On the topside, the resistance is at 162.50 and then at 163.20.
GBPJPY - Important support at 239.05. If that is broken, next support is at 238.50 and the final major support is at 237.46.On the topside, the resistance is at 239.83 and then a major resistance at 240.65.
Happy Trading!!!
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