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June 7, 2010

Trading $EURUSD, $USDCAD, and $GBPJPY tonight...

Will update if necessary...slow action as of right now...Considering  a LONG scalp on the $EURUSD, but I believe we have a lot of major time-frame downtrends to remain aware of. Ultimately, 'the trend is your friend', so no matter what, if you go with the trend you will be bailed out 9/10 times if you have a poor entry.

I think no matter what, we will see resistance in the 136.00 are for the $GBPJPY (if it can get there). And for the $EURUSD, it looks like a descending trendline going back several weeks needs to break and hold at around the 1.20 area, so keep an eye out...

I may try to get short some things here, however, if the environment turns to negative once again. Ultimately, the major trend is down, so just be aware when scalping. Contact me with any questions!


p.s. Guys/gals, this is a tough read, but WELL worth it...I always will recommend things that I have personally read and enjoyed or plan on reading. This is one I have read, and yes it's a bear, but the information is highly useful if you plan on going the Fib route for FOREX...

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