FOREX GBP/USD 15th January 08 part 3

GBP has followed the statistical UP day on Tuesday forwarned by the 'rise' in Wednesday's low....

Price breakout and heading towards the Weekly 50% level, and expectation that it will move towards Wednesday highs tomorrow...

FOREX GBP/USD 15th January 08 part 2

Since my earlier report, GBP has been rising upwards, and this was forewarned by the rises in tomorrow's ranges (higher lows).....

Tuesday has a random length:- but there are certain levels, that traders should not be trading against:- above 5-day 50% level and don't short heading towards 3-day highs and certainly don't short above 1.9639 (breakout)

1.9369 is still viewed as a valid resistance zone in the overall downtrend, but a break of this high and the view is the market is heading back towards Weekly 50% level +

DOW E-mini 15th January 2008

US markets supported around Janaury lows, but my view is the markets are range bound between the Weekly tops and bottom (circled above).......

We have seen how volatile the Australian market has been today, and it could just as well be the same in the US...

Below 5-day lows and expectation is going down into Tuesday's lows, and above the 5-day 50% level, the 3-day highs should be view as resistance with some confirming intra-day tools...

12849 (DOW) and 1426 E-minis (don't short above).....

SPI Trading 15th January 2008 part 8

12:55

Exitted last @ 6206 neutral positions

no more trades today....

SPI Trading 15th January 2008 part 7

12:20

partial exit 5984 and leaving 1 lot open with stops @ 5966....

the R22 trio is in a 'sell' cycle and system is short, so it looks like consolidation for the time being....

SPI Trading 15th January 2008 part 6

12:09

Market has moved off its lows, pushed down into an R22 low and hopefully it can continue higher into the close....

Re-entered @ 5974 partial exit 5985...

holding from 5961 and 5974.... stops now below R11 trio @ 5966....

looking for R44 completion @ 6000 and then holding 1 lot.....

if stopped out no more trades today....

SPI Trading 15th January 2008 part 5

11:43

SPI has sold off from the 5-day 50% level and has continued down in the January lows @ 5962 (major support)

In fact the move down was a perfect 87 points into 5956….

Entry 5961

partial exit at 5976

holding with stops @ 5959

FOREX GBP/USD 15th January 2008

GBP/USD overall trend continues down with this Week's lower targets already mapped out using the Weekly and Monthly higher timeframes.

Yesterday the Risk level was the 90 pip high and sell down into the 90 pip low with hopefully a continuation down into Tuesday...

If short say in shorts......

They only thing that concerns me about the drop lower not occuring on Tuesday is the 'rises' in the forward day on Wednesday....

Basically if it starts rising on Tuesday back up, I wouldn't try and short GBP...

I won't be trading Longs because it's not rising up from support using timeframe levels...

SPI Trading 15th January 2008 part 4

10:58...

Silly me, should have used the 5-day 50% level with much more acknowledgement than hastily jumping out of the trade so early, especially a failure at the 5-day 50% level....

I won't trade again today, next trade tomorrow..

SPI Trading 15th January 2008 part 3

10:21

Exitted all contracts @ 6011 to be nuetral for today...

Using the R44 high as a Risk level 6009....

No more trades today