Show Buttons
Share On Facebook
Share On Twitter
Share On Google Plus
Share On Linkdin
Share On Pinterest
Share On Reddit
Share On Stumbleupon
Hide Buttons

Weekend Trading Update. Cable And Ozzy Move Lower, Euro Breaks 134.

Cable And Ozzy Move Lower, and Euro Breaks 134 this week. We have seen a pretty sustained move down on Ozzy Dollar this week with Thursday and Friday seeing the biggest falls. We did have a little 25 pip bounce on Ozzy at the 104 level, but the trend is down so we may see another push down on Monday before a bit of profit taking takes place either late Monday or early Tuesday.

My target on Ozzy for next week is 10377. I think we will see a bounce at that level, whether it will continue up or not from that area depends on what the price action is doing at the time. I will be taking a long position in Ozzy at that level as i see that trade as good value at that price.

Ozzy has been rising since the October low at the 10150 level mainly due to traders hedging Euro short positions in my opinion, as the rollover charges you get paid for buying AUD will cover the charges you are paying to keep Euro shorts open. Now the Euro has taken out most of those short positions and the market is net long Euro, the AUD hedge trade is no longer needed, hence the sell off from 10590. Weakness in Euro will see more short positions added which will see AUD rise again.

Cable has been moving down steadily from the 16300 level and currently sits at the 15800 level. That’s a 500 pip move in 3 weeks. Cable weakness is on the back of a flow of poor data out of the UK, plus the speculation of a possible downgrade in the pipeline, and further QE. Cable hit my target at 15750 and we have seen a nice bounce from that level. If the price continues down next week and breaks the 15750 area i think we could see a move down to the 156 level, and then 15550 after that. I know it sounds like i am just picking round numbers, but i am not. I can back up all of these moves with charts and price action, but i am not going to share that here, that info is what i will be teaching you if you decide to take my Forex training course. My price targets are extremely accurate, and that is what my training course is all about. Entering and exiting the market at the correct level.

Euro has finally broken out of its sideways trading range and broken the 134 level currently sitting at 13460. Goldman Sachs have a target of 137 for Euro Dollar so we could see it go there in the next couple of weeks. My immediate target on Euro Dollar is 13502. I will be looking for a shorting opportunity at that level, if price action gives me what i am looking for.

I have had a pretty good week this week, but i have also been busy with other stuff so i have not taken as many trades as normal. Trading Forex is all about a work life balance, and although i would love to sit in front of my trading station all day and bank pips, i do have a life outside of trading and this week i have decided to enjoy it a bit more. As we get into spring and summer i will probably be taking less trades than normal. I like to enjoy the summer months and spend some of the money i have banked over the winter.

Here are my trades for Thursday and Friday.

4 trades on Thursday as follows.

AUD short at 10514 down to 10594 for 20 pips.
Euro short at 13388 down to 13367 for 21 pips.
Cable long at 15770 up to 15807 for 37 pips.
AUD long at 10455 up to 10472 for 17 pips.

2 trades on Friday.

Cable short at 15825 down to 15750 for 75 pips.
Cable long at 15750 up to 15805 for 55 pips.

Total trades for the week 11. Total pips 459.

Have a great weekend, and if you are trading next week have a good one. 🙂

Leave a Reply