Trading week 20
Here are my weekly trade analyses and economic calendar week 20.
GMT source fxstreet.com
Nice shortSeems there is a strong down trend going on at EURGBP. The 21 SMA (blue line) is sloping down nicely and the 8 and 21 EMA are diverging. Last week price gapped down after the weekend and I traded down from the 0,8065 S&L line to the 0,8000 S&L line. Was a nice trade. After that on friday price moved up on a bounce of the 0,8000 level. I mapped out the expected price movement by a blue dashed line. If price breaks below the 0,8000 level I will be in for a short trade to the 0,7900 level, but first I expect price to continue moving up and bounce of the 0,8065 level. I might enter a short trade again at thet level depending on the price action we will see.
Trade momentumThe EURUSD isn't trending as much as the EURGBP, but there is a strong downward momentum as the strong 1,3000 level was broken last week. So I placed a limit sell order just below the 1,2900 level and wil trade it down to the next S&R level at 1,2854 with a tight stop. I am trying to catch momentum here.
Make sure you ride a proper trendI traded the inside bar that formed on the 8th of may. There wasn't a convincing down trend. Still I traded it. The white line was my entry, the red my stop and the green my TP. I got stopped out by the pinbar on the 10th of may. On friday another inside bar formed, but I have learned my lesson. I am not trading it. Next time I'll make sure I'm riding a proper trend.
Don't get greedy, get outThree pin bars formed against the 0,7885 S&R level at the NZDUSD. I placed a limit sell order at the middle of the last pinbar. My stop is right above the 0,7885 resistance. I am willing to take profit half way to the next support level. If we get there fast, I am not going to be greedy, but just get out.
Economic calendar week 20
|Australia||20120515 01:30:00||RBA Meeting's Minutes|
|Germany||20120515 06:00:00||Gross Domestic Product s.a (QoQ)|
|Germany||20120515 06:00:00||Gross Domestic Product w.d.a (YoY)|
|European Monetary Union||20120515 09:00:00||Gross Domestic Product s.a. (QoQ)|
|European Monetary Union||20120515 09:00:00||Gross Domestic Product s.a. (YoY)|
|United States||20120515 12:30:00||Consumer Price Index (YoY)|
|United States||20120515 12:30:00||Consumer Price Index Ex Food & Energy (YoY)|
|United Kingdom||20120516 08:30:00||Claimant Count Change|
|European Monetary Union||20120516 09:00:00||Consumer Price Index - Core (YoY)|
|European Monetary Union||20120516 09:00:00||Consumer Price Index (YoY)|
|United Kingdom||20120516 09:30:00||Bank of England Quarterly Inflation Report|
|United States||20120516 18:00:00||FOMC Minutes|
|Japan||20120516 23:50:00||Gross Domestic Product (QoQ)|
|Japan||20120516 23:50:00||Gross Domestic Product Annualized|
|Germany||20120518 06:00:00||Producer Price Index (YoY)|
|Canada||20120518 12:30:00||Consumer Price Index (YoY)|
|Canada||20120518 12:30:00||Bank of Canada Consumer Price Index Core (YoY)|