GET'S TRADE SIGNALS FOR SEPT 30, 2009
Market Review:
Every time the market goes up/down too sharp and too fast, the following day you can expect a reversal. And this was what happened yesterday. When GBPJPY was up by 300 over pips at one stage, today it reacted by rising 140 pips, and so did GBPUSD.
A Reversal is NOT necessarily a change of direction of the major trend.
These are the Trade Signals generated by GET:-
TYPE 1 TRADES:
SELL - GBPJPY
TYPE 2 TRADES:
BUY USDJPY (yesterday it was a Type 1 Sell)
SELL EURUSD
PRIMARY WAVE 3 DOWN:
SELL GBPUSD (This was an ABC 2 days earlier)
The change in Trade Signal for USDJPY from Sell to Buy means Primary Wave 5 Down is over when this currency pair's closing went up by 45 pips from yesterday's close.
Due to this change, I have accordingly closed my experimental Sell order of 0.1 lot, making a loss of 59 pips or US$65.45 (as it is only 0.1 lot size). The Fibonacci Time Study for this currency pair is way off its projected date????
On the other hand, I am still keeping my 0.1 lot size Sell trade for EURUSD as an experimental order to do another Fibonacci Time Study.
Action to Take: Today I will be doing an intra-day trade and am monitoring closely these 4 currency pairs.
Today, GBPUSD will be my first choice, followed by either USDJPY or GBPJPY.
It is still too early to enter an order yet. Shall wait a little longer before making my order.
Attached is the file containing the 5 currency pairs.
Kenneth
