Hi All,
I am back after a week when my system went pop. Now i have replaced my system with a new one and am back on. The past week was a nice ranging week and i do expect the coming week to be so as well. But there are some huge news coming out this week and it could swing the carry trades in either way. The Tenkan got released today and i expected it to have a huge impact but it seems to have fizzled out. Now the other major news is the GB rate announcement with conflicting expectations in the market about it. There are some who expect it to be unchanged but at the same time, there are rumors going around about a rate cut. I personally dont feel that there would be a rate cut but the GB bank is used to springing up surprises and they are also known to be very dynamic. With Fed, usually the ones who spring the least surprises, themselves cutting rates by 0.5, anything could happen with the GB bank. Lets see though.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.65. If that is broken, next support is at 114.45 which is a very strong support and the final major support is at 114.05. On the topside, the resistance is at 115.08 and then at 115.65.
EURJPY - Important support at 163.88. If that is broken, next support is at 163.45 and the final major support is at 163.05. On the topside, the resistance is at 164.15 and then at 164.60.
GBPJPY - Important support at 234.25. If that is broken, next support is at 232.85 and the final major support is at 232.00.On the topside, the resistance is at 235.20 and then a major resistance at 236.00.
GBPUSD - Important support at 2.0385. If that is broken, next support is at 2.0273 and the final major support is at 2.0203.On the topside, the resistance is at 2.0496 and then a major resistance at 2.0566.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com.
Happy Trading!!!
Sunday, September 30, 2007
Thursday, September 20, 2007
Supports and Resistances for September 21, 2007
Hi All,
Well, a typical day yesterday with the crosses full of confusion on which direction they need to go. This has been typical for the crosses for the past 2 mnths. Long gone are the days of massive trends when all you need to do was place a trade in the direction of the trend and just sit back and enjoy the profits. Even if they went against your trade a bit, you would always know that they would eventually come back. Nowadays, the crosses are full of short term trends which last only for 2-3 days at a time and you need to think on your feet to keep adjusting your trades according to the trend. Literally, a nightmare for long term traders. I, for one, truly believed that a direction would emerge once the rate announcement was made but that does not seem to be the case. As for today, i believe it would be a good day for longs but today is a Friday and no one really knows what would happen on a Friday. Lets see though. Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.85. If that is broken, next support is at 114.45 which is a very strong support and the final major support is at 114.05. On the topside, the resistance is at 115.25 and then at 115.65.
EURJPY - Important support at 161.40. If that is broken, next support is at 160.85 and the final major support is at 160.48. On the topside, the resistance is at 162.10 and then at 162.60.
GBPJPY - Important support at 230.55. If that is broken, next support is at 229.65 and the final major support is at 228.90.On the topside, the resistance is at 231.30 and then a major resistance at 231.90.
GBPUSD - Important support at 2.0069. If that is broken, next support is at 2.0004 and the final major support is at 1.9963.On the topside, the resistance is at 2.0135 and then a major resistance at 2.0176.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Well, a typical day yesterday with the crosses full of confusion on which direction they need to go. This has been typical for the crosses for the past 2 mnths. Long gone are the days of massive trends when all you need to do was place a trade in the direction of the trend and just sit back and enjoy the profits. Even if they went against your trade a bit, you would always know that they would eventually come back. Nowadays, the crosses are full of short term trends which last only for 2-3 days at a time and you need to think on your feet to keep adjusting your trades according to the trend. Literally, a nightmare for long term traders. I, for one, truly believed that a direction would emerge once the rate announcement was made but that does not seem to be the case. As for today, i believe it would be a good day for longs but today is a Friday and no one really knows what would happen on a Friday. Lets see though. Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.85. If that is broken, next support is at 114.45 which is a very strong support and the final major support is at 114.05. On the topside, the resistance is at 115.25 and then at 115.65.
EURJPY - Important support at 161.40. If that is broken, next support is at 160.85 and the final major support is at 160.48. On the topside, the resistance is at 162.10 and then at 162.60.
GBPJPY - Important support at 230.55. If that is broken, next support is at 229.65 and the final major support is at 228.90.On the topside, the resistance is at 231.30 and then a major resistance at 231.90.
GBPUSD - Important support at 2.0069. If that is broken, next support is at 2.0004 and the final major support is at 1.9963.On the topside, the resistance is at 2.0135 and then a major resistance at 2.0176.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Tuesday, September 18, 2007
Supports and Resistances for September 19, 2007
Hi All,
Well, a great day yesterday with the biggest surprise being the fact that the usually conservative Fed turned radical and cut the interest rates by 50 basis points rather than the expected 25 basis points. This has provided a fillip for the stock markets and hence they flew yesterday and the flight has continued with the Japanese stock market as well. Now we need to wait for the small matter of the Japanese rate statement, which i expect would not change anything, to get out of the way before we continue the upward journey in the crosses. But the cut in the interest rates is not good for the dollar and so i expect the EU and the GU to continue their upward journey. Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.65. If that is broken, next support is at 115.15 which is a very strong support and the final major support is at 114.80. On the topside, the resistance is at 116.03 and then at 116.40.
EURJPY - Important support at 161.25. If that is broken, next support is at 160.90 and the final major support is at 160.00. On the topside, the resistance is at 162.10 and then at 162.60.
GBPJPY - Important support at 232.80. If that is broken, next support is at 232.00 and the final major support is at 231.20.On the topside, the resistance is at 233.60 and then a major resistance at 234.32.
GBPUSD - Important support at 2.0053. If that is broken, next support is at 1.9950 and the final major support is at 1.9885.On the topside, the resistance is at 2.0156 and then a major resistance at 2.0221.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Well, a great day yesterday with the biggest surprise being the fact that the usually conservative Fed turned radical and cut the interest rates by 50 basis points rather than the expected 25 basis points. This has provided a fillip for the stock markets and hence they flew yesterday and the flight has continued with the Japanese stock market as well. Now we need to wait for the small matter of the Japanese rate statement, which i expect would not change anything, to get out of the way before we continue the upward journey in the crosses. But the cut in the interest rates is not good for the dollar and so i expect the EU and the GU to continue their upward journey. Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.65. If that is broken, next support is at 115.15 which is a very strong support and the final major support is at 114.80. On the topside, the resistance is at 116.03 and then at 116.40.
EURJPY - Important support at 161.25. If that is broken, next support is at 160.90 and the final major support is at 160.00. On the topside, the resistance is at 162.10 and then at 162.60.
GBPJPY - Important support at 232.80. If that is broken, next support is at 232.00 and the final major support is at 231.20.On the topside, the resistance is at 233.60 and then a major resistance at 234.32.
GBPUSD - Important support at 2.0053. If that is broken, next support is at 1.9950 and the final major support is at 1.9885.On the topside, the resistance is at 2.0156 and then a major resistance at 2.0221.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Monday, September 17, 2007
Supports and Resistances for September 18, 2007
Hi All,
So, as predicted, the crosses went down yesterday and today, for most of the day, the crosses should be ranging else it would go down. I do not see the crosses going very high from this point. Also, i do not expect the Fed to do much more than cut the rates by 0.25 which would again disappoint the markets. All in all, everything looks set for a drop in the crosses along with a big drop in GU as well. This is something which i am saying thru my gut feel though i could have taken the safe route and not predicted anything cos in this market, nothing is for sure. Anyway, all in all, it should be a good week for trading as todays rate announcement should atleast give a short term direction.Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.80. If that is broken, next support is at 114.60 which is a very strong support and the final major support is at 114.35. On the topside, the resistance is at 115.03 and then at 115.30.
EURJPY - Important support at 159.10. If that is broken, next support is at 158.65 and the final major support is at 158.25. On the topside, the resistance is at 159.65 and then at 160.10.
GBPJPY - Important support at 228.10. If that is broken, next support is at 227.20 and the final major support is at 226.56.On the topside, the resistance is at 228.90 and then a major resistance at 230.00.
GBPUSD - Important support at 1.9872. If that is broken, next support is at 1.9807 and the final major support is at 1.9745.On the topside, the resistance is at 1.9914 and then a major resistance at 1.9981.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
So, as predicted, the crosses went down yesterday and today, for most of the day, the crosses should be ranging else it would go down. I do not see the crosses going very high from this point. Also, i do not expect the Fed to do much more than cut the rates by 0.25 which would again disappoint the markets. All in all, everything looks set for a drop in the crosses along with a big drop in GU as well. This is something which i am saying thru my gut feel though i could have taken the safe route and not predicted anything cos in this market, nothing is for sure. Anyway, all in all, it should be a good week for trading as todays rate announcement should atleast give a short term direction.Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.80. If that is broken, next support is at 114.60 which is a very strong support and the final major support is at 114.35. On the topside, the resistance is at 115.03 and then at 115.30.
EURJPY - Important support at 159.10. If that is broken, next support is at 158.65 and the final major support is at 158.25. On the topside, the resistance is at 159.65 and then at 160.10.
GBPJPY - Important support at 228.10. If that is broken, next support is at 227.20 and the final major support is at 226.56.On the topside, the resistance is at 228.90 and then a major resistance at 230.00.
GBPUSD - Important support at 1.9872. If that is broken, next support is at 1.9807 and the final major support is at 1.9745.On the topside, the resistance is at 1.9914 and then a major resistance at 1.9981.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Sunday, September 16, 2007
Supports and Resistances for September 17, 2007
Hi All,
Been a bit busy over the last few days and hence could not post. Over the last few days, the crosses have had a nice run up an down which has been the pattern towards the end of the week over the past 2 weeks. The crosses keep going up over the first 3 days of the week and then start going down over the last 2 days. With the Fed rate announcement scheduled for tomorrow, we should finally be able to get some short term direction from tomorrow. As for today, it should be ranging, with a bit of profit taking towards the end of the day as many traders would not want to risk it just before the rate announcement. I personally feel that either the Fed would not cut the rates at all or if at all, would cut it by .25 both of which would disappoint the stock markets and would lead to the stocks and the crosses going down. The Fed is known to be quite conservative and hence this feeling of mine. The market has already priced in a .25% cut and so anything equal or less would lead to a drop.Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.03. If that is broken, next support is at 114.70 which is a very strong support and the final major support is at 114.40. On the topside, the resistance is at 115.42 and then at 115.70.
EURJPY - Important support at 159.70. If that is broken, next support is at 159.00 and the final major support is at 158.65. On the topside, the resistance is at 160.20 and then at 160.60.
GBPJPY - Important support at 231.22. If that is broken, next support is at 230.40 and the final major support is at 229.65.On the topside, the resistance is at 231.85 and then a major resistance at 232.80.
GBPUSD - Important support at 2.0051. If that is broken, next support is at 2.0009 and the final major support is at 1.9945.On the topside, the resistance is at 2.0117 and then a major resistance at 2.0182.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Been a bit busy over the last few days and hence could not post. Over the last few days, the crosses have had a nice run up an down which has been the pattern towards the end of the week over the past 2 weeks. The crosses keep going up over the first 3 days of the week and then start going down over the last 2 days. With the Fed rate announcement scheduled for tomorrow, we should finally be able to get some short term direction from tomorrow. As for today, it should be ranging, with a bit of profit taking towards the end of the day as many traders would not want to risk it just before the rate announcement. I personally feel that either the Fed would not cut the rates at all or if at all, would cut it by .25 both of which would disappoint the stock markets and would lead to the stocks and the crosses going down. The Fed is known to be quite conservative and hence this feeling of mine. The market has already priced in a .25% cut and so anything equal or less would lead to a drop.Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.03. If that is broken, next support is at 114.70 which is a very strong support and the final major support is at 114.40. On the topside, the resistance is at 115.42 and then at 115.70.
EURJPY - Important support at 159.70. If that is broken, next support is at 159.00 and the final major support is at 158.65. On the topside, the resistance is at 160.20 and then at 160.60.
GBPJPY - Important support at 231.22. If that is broken, next support is at 230.40 and the final major support is at 229.65.On the topside, the resistance is at 231.85 and then a major resistance at 232.80.
GBPUSD - Important support at 2.0051. If that is broken, next support is at 2.0009 and the final major support is at 1.9945.On the topside, the resistance is at 2.0117 and then a major resistance at 2.0182.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Tuesday, September 11, 2007
Supports and Resistances for September 12, 2007
Hi All,
The crosses appeared to break some barriers yesterday but guess what, they seem to be bearish again. All my indicators show that the crosses are bearish and for all that you know, we might be back to the levels which we started off yesterday morning. The crosses surely do not seem to know where to go. The days when the crosses were in huge trends, which made them a treat to trade, seem to be long gone. It really does look hazy now and there does not seem to be anything in sight which would make the crosses get back into a trend, one way or the other. The US Fed rate announcement next week could help a bit but even that would be temporary i believe. So for today, it seems bearish but you never know with the crosses. Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.01. If that is broken, next support is at 113.62 which is a very strong support and the final major support is at 113.30. On the topside, the resistance is at 114.42 and then at 114.77.
EURJPY - Important support at 157.65. If that is broken, next support is at 156.90 and the final major support is at 156.30. On the topside, the resistance is at 158.40 and then at 158.85.
GBPJPY - Important support at 231.35. If that is broken, next support is at 230.40 and the final major support is at 229.65.On the topside, the resistance is at 232.00 and then a major resistance at 232.70.
GBPUSD - Important support at 2.0296. If that is broken, next support is at 2.0255 and the final major support is at 2.0229.On the topside, the resistance is at 2.0336 and then a major resistance at 2.0362.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
The crosses appeared to break some barriers yesterday but guess what, they seem to be bearish again. All my indicators show that the crosses are bearish and for all that you know, we might be back to the levels which we started off yesterday morning. The crosses surely do not seem to know where to go. The days when the crosses were in huge trends, which made them a treat to trade, seem to be long gone. It really does look hazy now and there does not seem to be anything in sight which would make the crosses get back into a trend, one way or the other. The US Fed rate announcement next week could help a bit but even that would be temporary i believe. So for today, it seems bearish but you never know with the crosses. Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 114.01. If that is broken, next support is at 113.62 which is a very strong support and the final major support is at 113.30. On the topside, the resistance is at 114.42 and then at 114.77.
EURJPY - Important support at 157.65. If that is broken, next support is at 156.90 and the final major support is at 156.30. On the topside, the resistance is at 158.40 and then at 158.85.
GBPJPY - Important support at 231.35. If that is broken, next support is at 230.40 and the final major support is at 229.65.On the topside, the resistance is at 232.00 and then a major resistance at 232.70.
GBPUSD - Important support at 2.0296. If that is broken, next support is at 2.0255 and the final major support is at 2.0229.On the topside, the resistance is at 2.0336 and then a major resistance at 2.0362.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Monday, September 10, 2007
Supports and Resistances for September 11, 2007
Hi All,
Another highly volatile but ranging day yesterday. The crosses made all the way down and then came back up again and then finally ended almost where they began their day. The market is still undecided on what it needs to do and as for now, it seems to be caught between a good support as well as a resistance and there needs to be as breakout beyond any of those to see a good direction. But with the Fed rate decision scheduled for next week, the market would not want to be caught out in any direction before that and so till the Fed and the market makes up its mind, i feel that the ranging would continue. There needs to be some news to make the crosses break their range.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 113.32. If that is broken, next support is at 112.87 which is a very strong support and the final major support is at 112.50. On the topside, the resistance is at 113.90 and then at 114.20.
EURJPY - Important support at 156.46. If that is broken, next support is at 155.70 and the final major support is at 155.10. On the topside, the resistance is at 157.15 and then at 157.80.
GBPJPY - Important support at 230.04. If that is broken, next support is at 228.80 and the final major support is at 228.10.On the topside, the resistance is at 231.27 and then a major resistance at 232.05.
GBPUSD - Important support at 2.0263. If that is broken, next support is at 2.0246 and the final major support is at 2.0221.On the topside, the resistance is at 2.0289 and then a major resistance at 2.0315.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Another highly volatile but ranging day yesterday. The crosses made all the way down and then came back up again and then finally ended almost where they began their day. The market is still undecided on what it needs to do and as for now, it seems to be caught between a good support as well as a resistance and there needs to be as breakout beyond any of those to see a good direction. But with the Fed rate decision scheduled for next week, the market would not want to be caught out in any direction before that and so till the Fed and the market makes up its mind, i feel that the ranging would continue. There needs to be some news to make the crosses break their range.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 113.32. If that is broken, next support is at 112.87 which is a very strong support and the final major support is at 112.50. On the topside, the resistance is at 113.90 and then at 114.20.
EURJPY - Important support at 156.46. If that is broken, next support is at 155.70 and the final major support is at 155.10. On the topside, the resistance is at 157.15 and then at 157.80.
GBPJPY - Important support at 230.04. If that is broken, next support is at 228.80 and the final major support is at 228.10.On the topside, the resistance is at 231.27 and then a major resistance at 232.05.
GBPUSD - Important support at 2.0263. If that is broken, next support is at 2.0246 and the final major support is at 2.0221.On the topside, the resistance is at 2.0289 and then a major resistance at 2.0315.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Sunday, September 9, 2007
Supports and Resistances for September 10, 2007
Hi All,
Hope all you guys had a great weekend. This was the weekend for shorts and all those who had shorts open over the weekend should have made good money when the market opened today. Now the market should go up to fill in the weekend gap and once that is completed, it should start going down again. The American session should be very interesting to see if the fall continues or the stocks make a come back today. Today should be a day for the shorts with the retracement accompanying them. I get my S and R using murray maths, history and fibs as well. I give S and R based on the normal daily range for the crosses and there would be occasions when the daily range gets exceeded. At that time a new set of S and R would come into the picture. In other words, the S and R would depend on the price level of the currency pairs.
Since i cannot anticipate huge moves everyday, thats why i cannot give S and R to cover all moves and that is the reason when somedays, the prices go beyond my S and R.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 112.50. If that is broken, next support is at 111.60 which is a very strong support and the final major support is at 110.74. On the topside, the resistance is at 113.15 and then at 114.06.
EURJPY - Important support at 155.41. If that is broken, next support is at 155.00 and the final major support is at 154.14. On the topside, the resistance is at 155.80 and then at 156.69.
GBPJPY - Important support at 229.00. If that is broken, next support is at 228.05 and the final major support is at 226.10.On the topside, the resistance is at 229.70 and then a major resistance at 231.00.
GBPUSD - Important support at 2.0256. If that is broken, next support is at 2.0194 and the final major support is at 2.0155.On the topside, the resistance is at 2.0318 and then a major resistance at 2.0357.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Hope all you guys had a great weekend. This was the weekend for shorts and all those who had shorts open over the weekend should have made good money when the market opened today. Now the market should go up to fill in the weekend gap and once that is completed, it should start going down again. The American session should be very interesting to see if the fall continues or the stocks make a come back today. Today should be a day for the shorts with the retracement accompanying them. I get my S and R using murray maths, history and fibs as well. I give S and R based on the normal daily range for the crosses and there would be occasions when the daily range gets exceeded. At that time a new set of S and R would come into the picture. In other words, the S and R would depend on the price level of the currency pairs.
Since i cannot anticipate huge moves everyday, thats why i cannot give S and R to cover all moves and that is the reason when somedays, the prices go beyond my S and R.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 112.50. If that is broken, next support is at 111.60 which is a very strong support and the final major support is at 110.74. On the topside, the resistance is at 113.15 and then at 114.06.
EURJPY - Important support at 155.41. If that is broken, next support is at 155.00 and the final major support is at 154.14. On the topside, the resistance is at 155.80 and then at 156.69.
GBPJPY - Important support at 229.00. If that is broken, next support is at 228.05 and the final major support is at 226.10.On the topside, the resistance is at 229.70 and then a major resistance at 231.00.
GBPUSD - Important support at 2.0256. If that is broken, next support is at 2.0194 and the final major support is at 2.0155.On the topside, the resistance is at 2.0318 and then a major resistance at 2.0357.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Thursday, September 6, 2007
Supports and Resistances for September 7, 2007
Hi All,
Crazy couple of days so far with the crosses ranging but with no reason for their rise or fall. The markets continue to be unsure of where to go and what to do and they seem so confused that even the fundamental reasons which used to drive them up or down do not seem to be having the same effects now. We still have the sub prime and housing issues but they dont seem to be going down. We have the stock markets going up which should drive the crosses up but that aint happening as well. So we are caught in a tight range and i do expect the crosses to be ranging today as well. I do not see any reason for a breakout today (though you never know).
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.23. If that is broken, next support is at 114.92 which is a very strong support and the final major support is at 114.04. On the topside, the resistance is at 115.58 and then at 116.00.
EURJPY - Important support at 157.41. If that is broken, next support is at 157.05 and the final major support is at 156.62. On the topside, the resistance is at 157.73 and then at 158.20.
GBPJPY - Important support at 232.35. If that is broken, next support is at 231.84 and the final major support is at 231.05.On the topside, the resistance is at 233.12 and then a major resistance at 233.95.
GBPUSD - Important support at 2.0164. If that is broken, next support is at 2.0134 and the final major support is at 2.0088.On the topside, the resistance is at 2.0212 and then a major resistance at 2.0259.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Crazy couple of days so far with the crosses ranging but with no reason for their rise or fall. The markets continue to be unsure of where to go and what to do and they seem so confused that even the fundamental reasons which used to drive them up or down do not seem to be having the same effects now. We still have the sub prime and housing issues but they dont seem to be going down. We have the stock markets going up which should drive the crosses up but that aint happening as well. So we are caught in a tight range and i do expect the crosses to be ranging today as well. I do not see any reason for a breakout today (though you never know).
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.23. If that is broken, next support is at 114.92 which is a very strong support and the final major support is at 114.04. On the topside, the resistance is at 115.58 and then at 116.00.
EURJPY - Important support at 157.41. If that is broken, next support is at 157.05 and the final major support is at 156.62. On the topside, the resistance is at 157.73 and then at 158.20.
GBPJPY - Important support at 232.35. If that is broken, next support is at 231.84 and the final major support is at 231.05.On the topside, the resistance is at 233.12 and then a major resistance at 233.95.
GBPUSD - Important support at 2.0164. If that is broken, next support is at 2.0134 and the final major support is at 2.0088.On the topside, the resistance is at 2.0212 and then a major resistance at 2.0259.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Tuesday, September 4, 2007
Supports and Resistances for September 5, 2007
Hi All,
Nice day yesterday with the crosses going all the way down and then back all the way up so that they ended the day where they began from. The crosses still seem undecided on which direction to take. The fundamental reasons still persist which want the market to go down while the technicals want the market to go up. This unclear situation should continue through and hopefully in about 2 weeks time , we should have a clear direction.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.87. If that is broken, next support is at 115.60 which is a very strong support and the final major support is at 115.43. On the topside, the resistance is at 116.42 and then at 116.68.
EURJPY - Important support at 157.71. If that is broken, next support is at 157.00 and the final major support is at 156.40. On the topside, the resistance is at 158.45 and then at 158.90.
GBPJPY - Important support at 233.45. If that is broken, next support is at 232.80 and the final major support is at 231.95.On the topside, the resistance is at 234.40 and then a major resistance at 235.02.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Nice day yesterday with the crosses going all the way down and then back all the way up so that they ended the day where they began from. The crosses still seem undecided on which direction to take. The fundamental reasons still persist which want the market to go down while the technicals want the market to go up. This unclear situation should continue through and hopefully in about 2 weeks time , we should have a clear direction.
Below are the supports and resistances for the JPY crosses:-
USDJPY - Important support at 115.87. If that is broken, next support is at 115.60 which is a very strong support and the final major support is at 115.43. On the topside, the resistance is at 116.42 and then at 116.68.
EURJPY - Important support at 157.71. If that is broken, next support is at 157.00 and the final major support is at 156.40. On the topside, the resistance is at 158.45 and then at 158.90.
GBPJPY - Important support at 233.45. If that is broken, next support is at 232.80 and the final major support is at 231.95.On the topside, the resistance is at 234.40 and then a major resistance at 235.02.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Monday, September 3, 2007
Supports and Resistances for September 4, 2007
Hi All,
Yesterday was a ranging day for the crosses. All the crosses moved within very tight ranges which provided very little opportunity for the swing traders. Only those who are good at scalping, the very few of them, could have had a profitable day yesterday. With a ranging day yesterday, it makes today very interesting as there should be a breakout in either direction today and if it comes, it should be quite strong. With some important news to be realeased today, it should be quite interesting. Lets watch out.Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.85. If that is broken, next support is at 115.60 which is a very strong support and the final major support is at 115.43. On the topside, the resistance is at 116.0 and then at 116.40.
EURJPY - Important support at 157.81. If that is broken, next support is at 157.41 and the final major support is at 156.95. On the topside, the resistance is at 158.10 and then at 158.60.
GBPJPY - Important support at 233.70. If that is broken, next support is at 232.90 and the final major support is at 232.20.On the topside, the resistance is at 234.40 and then a major resistance at 235.02.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Yesterday was a ranging day for the crosses. All the crosses moved within very tight ranges which provided very little opportunity for the swing traders. Only those who are good at scalping, the very few of them, could have had a profitable day yesterday. With a ranging day yesterday, it makes today very interesting as there should be a breakout in either direction today and if it comes, it should be quite strong. With some important news to be realeased today, it should be quite interesting. Lets watch out.Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.85. If that is broken, next support is at 115.60 which is a very strong support and the final major support is at 115.43. On the topside, the resistance is at 116.0 and then at 116.40.
EURJPY - Important support at 157.81. If that is broken, next support is at 157.41 and the final major support is at 156.95. On the topside, the resistance is at 158.10 and then at 158.60.
GBPJPY - Important support at 233.70. If that is broken, next support is at 232.90 and the final major support is at 232.20.On the topside, the resistance is at 234.40 and then a major resistance at 235.02.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Sunday, September 2, 2007
Supports and Resistances for September 03, 2007
Hi All,
Hope all you guys had a nice weekend. Now the new week brings with it new opportunities. Will it be bullish or bearish? For any good trader, it really should not matter. I feel that it would always be best to close all your open trades before the weekend unless you are a long term trader. This could mean that you might have to close it with a loss but so what? When we dont know what is going to happen next minute how do we know what might happen in 2 days time. So close it over the weekend, enjoy your weekend and adapt yourself to whatever the currency does in the new week rather than sitting and praying and fretting and fuming over the weekend trying to find what way the trend would go in the coming week and praying that it goes in the direction of ur trade. Always follow the market and dont try to predict what the market is going to do. This is much easier.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.58. If that is broken, next support is at 115.25 which is a very strong support and the final major support is at 114.84. On the topside, the resistance is at 115.97 and then at 116.40.
EURJPY - Important support at 157.81. If that is broken, next support is at 157.41 and the final major support is at 156.95. On the topside, the resistance is at 158.26 and then at 159.05.
GBPJPY - Important support at 232.81. If that is broken, next support is at 232.06 and the final major support is at 231.20.On the topside, the resistance is at 234.12 and then a major resistance at 235.02.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Hope all you guys had a nice weekend. Now the new week brings with it new opportunities. Will it be bullish or bearish? For any good trader, it really should not matter. I feel that it would always be best to close all your open trades before the weekend unless you are a long term trader. This could mean that you might have to close it with a loss but so what? When we dont know what is going to happen next minute how do we know what might happen in 2 days time. So close it over the weekend, enjoy your weekend and adapt yourself to whatever the currency does in the new week rather than sitting and praying and fretting and fuming over the weekend trying to find what way the trend would go in the coming week and praying that it goes in the direction of ur trade. Always follow the market and dont try to predict what the market is going to do. This is much easier.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.58. If that is broken, next support is at 115.25 which is a very strong support and the final major support is at 114.84. On the topside, the resistance is at 115.97 and then at 116.40.
EURJPY - Important support at 157.81. If that is broken, next support is at 157.41 and the final major support is at 156.95. On the topside, the resistance is at 158.26 and then at 159.05.
GBPJPY - Important support at 232.81. If that is broken, next support is at 232.06 and the final major support is at 231.20.On the topside, the resistance is at 234.12 and then a major resistance at 235.02.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Wednesday, August 29, 2007
Supports and Resistances for August 30, 2007
Hi All,
Lol. So the trend changes again. This is a nightmare for long term traders and a dream come true for swing traders and scalpers. The market does not seem to know which direction it has to go. On the one hand, the technicals and the fundamental rate difference favor the longs. On the other hand, there are the sub prime issues and others which favor the shorts and the market does not know what to do. Each news and each statement is being studied closely to see which of these is more serious. This would continue through till September when the news with regard to August (which was when the sub prime issues cropped up) would get released and that would tell us the true picture of how serious this issue is. Also, with rate cuts and hikes expected, things would start becoming clear next month. Till then, this kind of trading would continue. As for today, let me stick my neck out and say that today is a day for longs. So bulls can enjoy and traders can hunt with the bulls. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.63. If that is broken, next support is at 115.39 which is a very strong support and the final major support is at 114.84. On the topside, the resistance is at 116.29 and then at 116.86.
EURJPY - Important support at 157.81. If that is broken, next support is at 157.03 and the final major support is at 156.25. On the topside, the resistance is at 158.59 and then at 159.12.
GBPJPY - Important support at 232.81. If that is broken, next support is at 232.06 and the final major support is at 231.25.On the topside, the resistance is at 234.38 and then a major resistance at 235.94.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Lol. So the trend changes again. This is a nightmare for long term traders and a dream come true for swing traders and scalpers. The market does not seem to know which direction it has to go. On the one hand, the technicals and the fundamental rate difference favor the longs. On the other hand, there are the sub prime issues and others which favor the shorts and the market does not know what to do. Each news and each statement is being studied closely to see which of these is more serious. This would continue through till September when the news with regard to August (which was when the sub prime issues cropped up) would get released and that would tell us the true picture of how serious this issue is. Also, with rate cuts and hikes expected, things would start becoming clear next month. Till then, this kind of trading would continue. As for today, let me stick my neck out and say that today is a day for longs. So bulls can enjoy and traders can hunt with the bulls. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.63. If that is broken, next support is at 115.39 which is a very strong support and the final major support is at 114.84. On the topside, the resistance is at 116.29 and then at 116.86.
EURJPY - Important support at 157.81. If that is broken, next support is at 157.03 and the final major support is at 156.25. On the topside, the resistance is at 158.59 and then at 159.12.
GBPJPY - Important support at 232.81. If that is broken, next support is at 232.06 and the final major support is at 231.25.On the topside, the resistance is at 234.38 and then a major resistance at 235.94.
If you want to join my trading group/managed accounts, pls mail me at kartram.77@gmail.com
Happy Trading!!!
Tuesday, August 28, 2007
Supports and Resistances for August 29, 2007
Hi All,
So we are back to being bearish again. The tide seems to have turned yesterday and we had a good huge correction yesterday. How long would this go, whether it is short term or long term, no one can really say but there does not seem to be any news on the horizon which would change the fundamental picture drastically anytime soon. It is a tough thing to trade for the long term investors. The crosses were usually the ones which had a nice long trends going in one direction or the other but now we see them switching trends every week which would be tough on them. But this kind of volatility is a dream for swing traders and scalpers. So all those traders out there, join the bears and enjoy your trades. The main idea of trading is to trade what you see and go along with the markets rather than try and outgues it. If the market falls, go with it, if it rises, go with it as well.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 113.64. If that is broken, next support is at 113.15 which is a very strong support and the final major support is at 112.50. On the topside, the resistance is at 114.03 and then at 114.70.
EURJPY - Important support at 154.40. If that is broken, next support is at 153.20 and the final major support is at 151.90. On the topside, the resistance is at 155.10 and then at 156.20.
GBPJPY - Important support at 226.90. If that is broken, next support is at 225.10 and the final major support is at 224.10.On the topside, the resistance is at 228.05 and then a major resistance at 229.74.
Happy Trading!!!
So we are back to being bearish again. The tide seems to have turned yesterday and we had a good huge correction yesterday. How long would this go, whether it is short term or long term, no one can really say but there does not seem to be any news on the horizon which would change the fundamental picture drastically anytime soon. It is a tough thing to trade for the long term investors. The crosses were usually the ones which had a nice long trends going in one direction or the other but now we see them switching trends every week which would be tough on them. But this kind of volatility is a dream for swing traders and scalpers. So all those traders out there, join the bears and enjoy your trades. The main idea of trading is to trade what you see and go along with the markets rather than try and outgues it. If the market falls, go with it, if it rises, go with it as well.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 113.64. If that is broken, next support is at 113.15 which is a very strong support and the final major support is at 112.50. On the topside, the resistance is at 114.03 and then at 114.70.
EURJPY - Important support at 154.40. If that is broken, next support is at 153.20 and the final major support is at 151.90. On the topside, the resistance is at 155.10 and then at 156.20.
GBPJPY - Important support at 226.90. If that is broken, next support is at 225.10 and the final major support is at 224.10.On the topside, the resistance is at 228.05 and then a major resistance at 229.74.
Happy Trading!!!
Monday, August 27, 2007
Supports and Resistances for August 28, 2007
Hi All,
It was a boring day yesterday with not much action till the US session. The traders expected the existing home sales to lead to action but it came in as expected. The stock market fell yesterday and this led to a good retracement in the crosses. It should be an interesting day today. The lower time frames are pointing downwards but the 4H is still bullish. It is a bit confusing now and the best thing to do (if you are not sure what to do ) is to wait for the London markets to open. They usually favor the European currencies and with them coming back after a holiday, we might see the crosses rise or they might choose to go with the current trend. We need to wait and see. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.55. If that is broken, next support is at 115.25 which is a very strong support and the final major support is at 114.82. On the topside, the resistance is at 116.00 and then at 116.40.
EURJPY - Important support at 157.64. If that is broken, next support is at 157.05 and the final major support is at 156.25. On the topside, the resistance is at 157.80 and then at 158.41.
GBPJPY - Important support at 232.00. If that is broken, next support is at 231.37 and the final major support is at 230.80.On the topside, the resistance is at 232.33 and then a major resistance at 233.50.
Happy Trading!!!
It was a boring day yesterday with not much action till the US session. The traders expected the existing home sales to lead to action but it came in as expected. The stock market fell yesterday and this led to a good retracement in the crosses. It should be an interesting day today. The lower time frames are pointing downwards but the 4H is still bullish. It is a bit confusing now and the best thing to do (if you are not sure what to do ) is to wait for the London markets to open. They usually favor the European currencies and with them coming back after a holiday, we might see the crosses rise or they might choose to go with the current trend. We need to wait and see. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.55. If that is broken, next support is at 115.25 which is a very strong support and the final major support is at 114.82. On the topside, the resistance is at 116.00 and then at 116.40.
EURJPY - Important support at 157.64. If that is broken, next support is at 157.05 and the final major support is at 156.25. On the topside, the resistance is at 157.80 and then at 158.41.
GBPJPY - Important support at 232.00. If that is broken, next support is at 231.37 and the final major support is at 230.80.On the topside, the resistance is at 232.33 and then a major resistance at 233.50.
Happy Trading!!!
Sunday, August 26, 2007
Supports and Resistances for August 27, 2007
Hi All,
So another new days today. I expect the volatility to be less toda atleast until the start of the NY session as today is a bank holiday in the UK. But todays news should provide great volatility at the beginning of the NY session with Trichet speaking and also the existing home sales news also to be released. The existing home sales should provide the short term direction as it would be directly related to the interest rates and housing credits problems. I still maintain the stance that the overall direction i bullish though we may have the occasional retracements. All in all, an interesting day ahead.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 116.18. If that is broken, next support is at 115.88 which is a very strong support and the final major support is at 115.60. On the topside, the resistance is at 116.45 and then at 116.80.
EURJPY - Important support at 158.54. If that is broken, next support is at 157.75 and the final major support is at 157.07. On the topside, the resistance is at 159.40 and then at 159.91.
GBPJPY - Important support at 234.50. If that is broken, next support is at 233.60 and the final major support is at 232.80.On the topside, the resistance is at 235.23 and then a major resistance at 236.00.
Happy Trading!!!
So another new days today. I expect the volatility to be less toda atleast until the start of the NY session as today is a bank holiday in the UK. But todays news should provide great volatility at the beginning of the NY session with Trichet speaking and also the existing home sales news also to be released. The existing home sales should provide the short term direction as it would be directly related to the interest rates and housing credits problems. I still maintain the stance that the overall direction i bullish though we may have the occasional retracements. All in all, an interesting day ahead.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 116.18. If that is broken, next support is at 115.88 which is a very strong support and the final major support is at 115.60. On the topside, the resistance is at 116.45 and then at 116.80.
EURJPY - Important support at 158.54. If that is broken, next support is at 157.75 and the final major support is at 157.07. On the topside, the resistance is at 159.40 and then at 159.91.
GBPJPY - Important support at 234.50. If that is broken, next support is at 233.60 and the final major support is at 232.80.On the topside, the resistance is at 235.23 and then a major resistance at 236.00.
Happy Trading!!!
Where are GBPJPY and other crosses headed to?
Hi All,So just 2 weeks back, we had this great fall in all the crosses and the crosses feel to record lows. Now last week, we ended up with a big rise. Now where do the crosses go from here? Two weeks back, i had said that the crosses would rise in September but that seems to be happening sooner than i expected. With all this, and with my analysis, it looks as though the crosses would rise to their pre-August levels by the end of September. The GJ should rise to 250 or even more within the next 5 weeks (end of September). Likewise with the other crosses. Of course, there would be the rectracements, but these retracements would not last for more than a couple of days and should not take Gj, for example, below 230 once it manages to crosses 235.
So all those who are interested in long term investments can load up their longs. The weekly technicals have started moving up already. What about the fundamentals, some may ask. What about sub prime, interest rates etc etc? All these existed even before May and these would continue to exist. The US economy has not become so weak overnight. We had a huge correction just for a week and now the normal service has been restored for longs. Does that mean that the economy was weak only for a week? No.
Every country has its fundamental problems with its economy and its just that these get exaggerated when things start going on. When the currency starts falling, people start looking around for reasons to attribute to the fall and they come up with variety of reasons. The same problems which existed during the fall did exist 3 mnths before the actual fall came and they continue to exist even now. But where have all factors and reasons gone when the currencies were falling?
It is all a question of basic rise and fall of currencies as a cycle over a period of time. When the GBP was rising to record highs, i had written that it would have to fall back to its original price of around 1.96 sometime soon and it did within 45 days. Now it is slowly going back up again. No country can afford to have either a weak currency or a very strong currency as well. If we take GBP and USD, lets assume that GBP is rising during a mnth as economic news out of USA is very weak and news out of GB is very strong. So the GBPUSD continues to rise but then this would slowly start affecting the economy of the respective countries. Importers and exporters would be the first to start feeling this effect as they start getting less and less GBP and more and more USD. This creates an imbalance and this starts reflecting in all spheres of life like cost of various products, profits etc. This effect would slowly begin to show in the economic news that are released over the next mnth or so. These economic news would show that economy of GB is weakening due to the weak USd and the economy of USA is strengthening due to this imbalance. Once such economic news started filtering out, the correct would take place which would correct the imbalance.
This is exactly what happened for the GBPUSD over the months of June, July and August. In June and part of July, GB was strengthening and USD was falling. This started affecting the economies and created imbalance and this was reflected in the news released from GB and USA in the later part of July and beginning of August which showed bad results from GB and quite good results from USA and this led to a correction in the pair to correct the imbalance.
Same principle would apply to the crosses as well and you can see the effect of all this in the forthcoming weeks and this imbalance would be set right by the end of September. So may the bulls enjoy!!!
If you are interested in joining my trading group/ managed accounts, pls mail me at kartram.77@gmail.com
So all those who are interested in long term investments can load up their longs. The weekly technicals have started moving up already. What about the fundamentals, some may ask. What about sub prime, interest rates etc etc? All these existed even before May and these would continue to exist. The US economy has not become so weak overnight. We had a huge correction just for a week and now the normal service has been restored for longs. Does that mean that the economy was weak only for a week? No.
Every country has its fundamental problems with its economy and its just that these get exaggerated when things start going on. When the currency starts falling, people start looking around for reasons to attribute to the fall and they come up with variety of reasons. The same problems which existed during the fall did exist 3 mnths before the actual fall came and they continue to exist even now. But where have all factors and reasons gone when the currencies were falling?
It is all a question of basic rise and fall of currencies as a cycle over a period of time. When the GBP was rising to record highs, i had written that it would have to fall back to its original price of around 1.96 sometime soon and it did within 45 days. Now it is slowly going back up again. No country can afford to have either a weak currency or a very strong currency as well. If we take GBP and USD, lets assume that GBP is rising during a mnth as economic news out of USA is very weak and news out of GB is very strong. So the GBPUSD continues to rise but then this would slowly start affecting the economy of the respective countries. Importers and exporters would be the first to start feeling this effect as they start getting less and less GBP and more and more USD. This creates an imbalance and this starts reflecting in all spheres of life like cost of various products, profits etc. This effect would slowly begin to show in the economic news that are released over the next mnth or so. These economic news would show that economy of GB is weakening due to the weak USd and the economy of USA is strengthening due to this imbalance. Once such economic news started filtering out, the correct would take place which would correct the imbalance.
This is exactly what happened for the GBPUSD over the months of June, July and August. In June and part of July, GB was strengthening and USD was falling. This started affecting the economies and created imbalance and this was reflected in the news released from GB and USA in the later part of July and beginning of August which showed bad results from GB and quite good results from USA and this led to a correction in the pair to correct the imbalance.
Same principle would apply to the crosses as well and you can see the effect of all this in the forthcoming weeks and this imbalance would be set right by the end of September. So may the bulls enjoy!!!
If you are interested in joining my trading group/ managed accounts, pls mail me at kartram.77@gmail.com
Wednesday, August 22, 2007
Supports and Resistances for August 23, 2007
Hi All,
So, as expected, the crosses did rise today though a bit sooner than i thought. I thought that the rise would begin once the rate statement has been made but it looks as though that it chose to do it a bit sooner. The longs seem to be very strong now and the momentum seems to be on the upper side. But a word of caution though. I was looking at my charts and the charts indicate a dip. But the fundamentals are usually stronger than the technicals and as the fundamentals differ a bit from the technicals, it is better to \wait for the resistances to be broken or for the news to get released before entering into the market. Patience is the key here. There are always pips to be made both long and short. So there is no hurry. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.84. If that is broken, next support is at 115.50 which is a very strong support and the final major support is at 114.90. On the topside, the resistance is at 116.02 and then at 116.40.
EURJPY - Important support at 157.00. If that is broken, next support is at 156.40 and the final major support is at 155.40. On the topside, the resistance is at 157.83 and then at 158.35.
GBPJPY - Important support at 230.44. If that is broken, next support is at 229.66 and the final major support is at 228.54.On the topside, the resistance is at 231.23 and then a major resistance at 234.25.
Happy Trading!!!
So, as expected, the crosses did rise today though a bit sooner than i thought. I thought that the rise would begin once the rate statement has been made but it looks as though that it chose to do it a bit sooner. The longs seem to be very strong now and the momentum seems to be on the upper side. But a word of caution though. I was looking at my charts and the charts indicate a dip. But the fundamentals are usually stronger than the technicals and as the fundamentals differ a bit from the technicals, it is better to \wait for the resistances to be broken or for the news to get released before entering into the market. Patience is the key here. There are always pips to be made both long and short. So there is no hurry. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 115.84. If that is broken, next support is at 115.50 which is a very strong support and the final major support is at 114.90. On the topside, the resistance is at 116.02 and then at 116.40.
EURJPY - Important support at 157.00. If that is broken, next support is at 156.40 and the final major support is at 155.40. On the topside, the resistance is at 157.83 and then at 158.35.
GBPJPY - Important support at 230.44. If that is broken, next support is at 229.66 and the final major support is at 228.54.On the topside, the resistance is at 231.23 and then a major resistance at 234.25.
Happy Trading!!!
Tuesday, August 21, 2007
Supports and Resistances for August 22, 2007
Hi All,
Phew..Yesterday was a very choppy day for trading. Except for those who are masters at scalping, it would have been very difficult for anyone to make much money yesterday. Though the range for the day was good and high as well, there was no sense of direction to the movement. Swing traders rely on trends to develop so that they can trade in the direction of the trend, but yesterday the crosses were moving up and down repeatedly with no sense of direction screwing up the indicators as well. Just take out a chart of yesterday and see the price movement as well as how the indicators responded to that and then u will understand what i mean. So unless, you are good at scalping (which very few are), pls stay out of the market until a good trend develops. The market would be great for longs in September and i suggest that you all save up your money for that period and not waste it now.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.05. If that is broken, next support is at 113.72 which is a very strong support and the final major support is at 113.25. On the topside, the resistance is at 114.84 and then at 115.60.
EURJPY - Important support at 153.50. If that is broken, next support is at 153.10 and the final major support is at 152.40. On the topside, the resistance is at 154.23 and then at 154.65.
GBPJPY - Important support at 226.56. If that is broken, next support is at 225.25 and the final major support is at 224.60.On the topside, the resistance is at 226.92 and then a major resistance at 228.13.
Happy Trading!!!
Phew..Yesterday was a very choppy day for trading. Except for those who are masters at scalping, it would have been very difficult for anyone to make much money yesterday. Though the range for the day was good and high as well, there was no sense of direction to the movement. Swing traders rely on trends to develop so that they can trade in the direction of the trend, but yesterday the crosses were moving up and down repeatedly with no sense of direction screwing up the indicators as well. Just take out a chart of yesterday and see the price movement as well as how the indicators responded to that and then u will understand what i mean. So unless, you are good at scalping (which very few are), pls stay out of the market until a good trend develops. The market would be great for longs in September and i suggest that you all save up your money for that period and not waste it now.
Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.05. If that is broken, next support is at 113.72 which is a very strong support and the final major support is at 113.25. On the topside, the resistance is at 114.84 and then at 115.60.
EURJPY - Important support at 153.50. If that is broken, next support is at 153.10 and the final major support is at 152.40. On the topside, the resistance is at 154.23 and then at 154.65.
GBPJPY - Important support at 226.56. If that is broken, next support is at 225.25 and the final major support is at 224.60.On the topside, the resistance is at 226.92 and then a major resistance at 228.13.
Happy Trading!!!
Monday, August 20, 2007
Supports and Resistances for August 21, 2007
Hi All,
So yesterday did indeed turn out to be good for the longs as expected. I would say that today also it would be good for the longs and the price of GJ for example should reach around 231 today. There are huge resistances in between (as specified below and these need to be broken for it to reach the specified targets. All these do not mean that the carry trades are going to resume and that everything is going to be fine with them. After touching the specified targets, there could again be a correction in the crosses sometime later this week and maybe the beginning of next week and the big rise would start either during the end of August or the beginning of September. Next month would be a good month for the longs in the crosses. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.75. If that is broken, next support is at 114.04 which is a very strong support and the final major support is at 113.50. On the topside, the resistance is at 115.57 and then at 115.80.
EURJPY - Important support at 154.68. If that is broken, next support is at 153.70 and the final major support is at 153.10. On the topside, the resistance is at 155.66 and then at 156.28.
GBPJPY - Important support at 227.60. If that is broken, next support is at 226.50 and the final major support is at 225.00.On the topside, the resistance is at 229.40 and then a major resistance at 231.10.
Happy Trading!!!
So yesterday did indeed turn out to be good for the longs as expected. I would say that today also it would be good for the longs and the price of GJ for example should reach around 231 today. There are huge resistances in between (as specified below and these need to be broken for it to reach the specified targets. All these do not mean that the carry trades are going to resume and that everything is going to be fine with them. After touching the specified targets, there could again be a correction in the crosses sometime later this week and maybe the beginning of next week and the big rise would start either during the end of August or the beginning of September. Next month would be a good month for the longs in the crosses. Below are the supports and resistances for the JPY crosses for today :-
USDJPY - Important support at 114.75. If that is broken, next support is at 114.04 which is a very strong support and the final major support is at 113.50. On the topside, the resistance is at 115.57 and then at 115.80.
EURJPY - Important support at 154.68. If that is broken, next support is at 153.70 and the final major support is at 153.10. On the topside, the resistance is at 155.66 and then at 156.28.
GBPJPY - Important support at 227.60. If that is broken, next support is at 226.50 and the final major support is at 225.00.On the topside, the resistance is at 229.40 and then a major resistance at 231.10.
Happy Trading!!!
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