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ForexTools
08-01-2011, 11:40 AM
Candlesticks and Ichimoku Trade Ideas Performance Update

After early rally to 1.6440, we bought cable again on the subsequent pullback and a long position was entered at 1.6270, sterling did find renewed buying interest at 1.6261 (just below previous support at 1.6262) and staged an anticipated rally, our indicated target at 1.6370 was met quickly (with 100 points profit) and the pound eventually rose to as high as 1.6477 today.
We also bought euro after seeing early rise to 1.4537, however, the retreat from there turned out to be stronger than expected, our long position entered at 1.4405 was stopped at 1.4370, price then tumbled to as low as 1.4230 before finding good support there, then staged a strong rebound towards end of last week.
A long position was also entered in Swissy as we were trying to pick the bottom, however, once support at 0.7990 was penetrated, the greenback nose-dived (our long entered at 0.7940 was quickly stopped at 0.7905) to as low as 0.7851 (fresh record low) today before rebounding.
Once again, we ventured long in USD/JPY at 77.20 for a much-needed correction, although the pair rebounded once from 77.01, dollar subsequently dropped to as low as 76.70 (our long was stopped at 76.95) last Friday before staging the long awaited rebound to 78.05 today.

In short, 4 positions were entered among all 4 currency pairs with total profit of 5 points and the positiona are listed below:


27 Jul: EUR/USD - Long at 1.4405, exited at 1.4370 (- 35 points)



29 Jul: GBP/USD - Long at 1.6270, exited at 1.6370 (+100 points)



29 Jul: USD/CHF - Long at 0.7940, exited at 0.7905 (- 35 points)



29 Jul: USD/JPY - Long at 77.20, exited at 76.95 (- 25 points)

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