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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.

 



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Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Week Comm 6 March

Phil Newton's picture
as Natalie & David pointed out at the end of last weeks thread, Cable managed to claw it's way out of temporary trouble at the 1.75, closing back to the half prime safety net after that late Stateside data snap...... the fact it's resisting Bull pressure at the prev RN zone is encouraging, & as I mentioned previously, it's good for confidence that price is able to maintain this higher low momentum via the larger frames.......... we're still in dodgy territory & price is balanced within the nervy Bull-Bear cross fire zone, as highlighted in the accompanying Monthly chart below.....March will be an interesting month for this pair, as we kick the month off poised at the see-saw axis of the larger range swings......... external events will dictate Cables near term journey (Eurozone/Asian rate internals - Mid East Oil arguments - U.S Inflation issues etc...), so we can continue to expect volatility around these RN touches - but contracting price coils offer good opportunities when the spring finally snaps!!....and one way or the other, price will usually trot on aggressively once the dominant direction is set.............. onto the Yen picture.......... so, the BoJ meet Tuesday to chatter over their rates & offer clues as to Yen's near term momentum........talk about "currency manipulators" lol....these guy's have that term all wrapped up in a nice, neat bundle!!!! we had the Jap PM (Koizumi) trotting out his boring old yawn tale that 'deflationary pressure' was still evident in Japan :mrgreen: ......he obviously didn't consult his economic advisors, if he had they'd have tipped him the nod re: the .05% inflation flag (reaching a 7.5yr high)..... they want a slightly weaker Yen ahead of the meet, & their delay tactics are wearing a bit thin......will they, won't they??? (raise rates) isn't the issue - it's the statement which traders will be eyeing!! so.....Yen sold off, causing Anna-Maria much angst LOL.....the Yen long positions are safe for now, but notice on the 4hr chart how that 'play' was signalled?? a pin bar crank off a (confluence) Fib & key resistance line......always try keep an eye on your larger timeframe charts for these potential set up's! these type of triggers can be executed via the smaller frames, but are best actioned off the +hourly frames :wink: some decent potential next week on these two majors, hope the accounts remain positive huh? :) apologies for the length of this weeks opener..........I guess I had a good sleep!!!