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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.


I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program


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Until next time

happy trading 

Mr Phil Newton or on LinkedIn Phil Newton trader

Week Comm 13 June

Phil Newton's picture
so, we find ourselves back at last weeks (3 June) stomping ground after a lazy trek up to & away from the 240min lower Fib zone of 8400. that was the alarm bell for Cables futile attempt to take back ground from the $ Bulls, with the subsequent lower tops on the drift from 84 adding to sterlings woes. we're now staring at yearly lows on this instrument, with a weekly lower Fib calling it's name at 7700. The May 2004 lows rest below @ 7500 & market psychology being what it is, all the fundamental chit chat in the world won't save an instrument from drowning if enough folks jump up & down on it's skull. 8250 is critical s&r at this juncture. Failure there keeps a lid on these lower tops (hourly/4hourly), and pressure from aggressive hedge funds selling at these pullback Fibs will only unsettle the picture further. Cable needs to thrust hard & maintain an aggressive stance thru 8400-430, printing consecutive closes on the way.....or the $ Bulls will thump it back - hard!!... $ index is still bouyent, and continuing to display aggressive continuation, with the weekly major resistance line now in clear focus. That 91.88 barrier zone represents the May 2004 1.75 lows on Cable......further selling thru the yearly lows with no convincing upkick will merely serve to quicken the route towards last years levels.