Nett Profit + 156 pips
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Forex Wealth(5/17/2010 7:47:41 AM): morning all Forex Wealth(5/17/2010 7:48:39 AM): sentiment remains still very bearish my advice dont enter on anything just yet wait for frankfurt to open Forex Wealth(5/17/2010 7:52:21 AM): support on EJ at 112.40, EU at 1.2250 Forex Wealth(5/17/2010 7:54:32 AM): just bear this in mind at some point the selling will stop and buying will start. when that will happen is hard to say as sentiment is so bearish Forex Wealth(5/17/2010 7:55:29 AM): eur and gbp are essentially equal in strength although im seeing more upward movement on GBP Forex Wealth(5/17/2010 7:56:47 AM): a very similar situation occured on friday there was a sign of recovery and then eur just collapsed again along with GBP. so if you ar e thinking of going long halve your normal position and then add to it if it improves Forex Wealth(5/17/2010 8:04:29 AM): both france and germany have come out strongly denying rumors on Friday of eur collapse Forex Wealth(5/17/2010 8:05:39 AM): im seeing good support being setup on EJ and GJ Forex Wealth(5/17/2010 8:06:14 AM): look at going long on GJ with a small position half normal position Forex Wealth(5/17/2010 8:07:22 AM): ok im currently long on GJ and EJ Forex Wealth(5/17/2010 8:08:17 AM): maybe today we will see the bounce i was expecting on friday we will see. so far so good. but US futures still quite weak Forex Wealth(5/17/2010 8:09:38 AM): pullback in EJ good long now at 113.02 stop below last swing low on 15 min Forex Wealth(5/17/2010 8:10:11 AM): stop on EJ at 112.45 Forex Wealth(5/17/2010 8:14:31 AM): if you see big price action going against you close positions for now place stops below last 15 min swing low on 15 min charts.EJ at 112.40, GJ at 131.20 Forex Wealth(5/17/2010 8:15:44 AM): some good pullbacks on EJ and GJ . remember use only 1 % per trade and then build as it goes Forex Wealth(5/17/2010 8:41:00 AM): so far so good looks like today the markets may bounce but thats what i said on friday so sit tight and lets see how london opens . im currently in been building positions . GY at 132.16, EJ at 112.88 Forex Wealth(5/17/2010 8:44:39 AM): US stocks looking more positive this morning London open in 16 min. if we can see some positive stock movement hopefully we can capitalize on the move Forex Wealth(5/17/2010 8:45:24 AM): nice pullback in EU and EJ good entry point at 113.12 and 1.2292 Forex Wealth(5/17/2010 9:02:44 AM): london opened looking good for now Forex Wealth(5/17/2010 9:04:32 AM): eu still struggling to break 1.23 decisively Forex Wealth(5/17/2010 9:08:20 AM): eur showing some nice positive price action European and US markets all up Forex Wealth(5/17/2010 9:25:01 AM): ive taken some profit off the table Forex Wealth(5/17/2010 9:27:21 AM): you could take some profit now and either trail your stop set your stop loss to at break even. that way its a free trade Forex Wealth(5/17/2010 9:29:19 AM): another strategy is to look at buying on dips on EJ,EU,GU or GJ my feeling is we will see some buying into these currencies over the next few days all going well. however if some politician decides to open their fat trap who knows what may happen. Forex Wealth(5/17/2010 9:31:05 AM): the current view on the dashboard indicates a definte bounce in these currencies as well as positive buying in stock market Forex Wealth(5/17/2010 9:33:32 AM): anyway a nice start to the week 141 pips this morning in closed trades Forex Wealth(5/17/2010 9:47:59 AM): as i was saying earlier a further long trade possible longs on EJ and EU look at price action for a bounce Forex Wealth(5/17/2010 9:49:48 AM): speculation long on Ej now at 112.87 Forex Wealth(5/17/2010 9:51:05 AM): (EU) Fitch: In 2010, European governments may need to borrow €2.2T to refinance large deficits and roll over existing debts – Says today that 70% of European investors believe that sovereigns face the greatest refinancing challenge. Forex Wealth(5/17/2010 9:51:34 AM): German 10-year Bunds (EU) European peripheral spreads widen out – Greece’s 5-yr CDS 25 bps wider, Portugal’s CDS 13bps wider, Spain’s CDS 6bps wider. Forex Wealth(5/17/2010 9:52:15 AM): (EU) ECB: €167M borrowed in overnight loan facility v €53M prior; €225.6B parked in deposit facility v €138.1B prior – Euro-system covered bond purchases total at €52.4B v €52.3B prior Forex Wealth(5/17/2010 9:53:08 AM): some support on EJ at 113 Forex Wealth(5/17/2010 9:59:44 AM): no real news today besides Us empire states manf and TIC long terme purchases this afternoon Forex Wealth(5/17/2010 10:08:15 AM): im out totally Forex Wealth(5/17/2010 10:08:39 AM): i dont like this price action Forex Wealth(5/17/2010 10:10:51 AM): this is almost a repeat of friday ive been in this movie before id rather be in profit and wait and see what happens for now im out and in profit. if you haven traded this morning you could speculate on a long on EJ or EU but with small positions Forex Wealth(5/17/2010 10:53:16 AM): just did a quick calculation on my zip signals started 16 Feb 2010 total nett pips 1640 thats 547 pips per month. my suggested risk is 1 mini per $3000 account so on a $3000 account you should be up 54.7% ie 18% per month return.on a $10 000 account its 3 to 4 mini risk per trade. so your account should have grown to around $16 560. if you had taken slightly more risk say 6 mini ( 3% risk per trade) per $10 000 you would have made around 100% ie 33% per month. my win % is 62% and max drawdown over last 10 weeks is under 7% if you are interested have a look at www.zipsignals.com look for my system forex wealth – forex dashboard Forex Wealth(5/17/2010 11:05:39 AM): some further stats on zip signals trading avg win 31 pips , avg loss is 38 pips win % is 67%. Forex Wealth(5/17/2010 11:23:27 AM): markets showing a big turnaround Forex Wealth(5/17/2010 11:24:07 AM): look at how JPY has weakened on strong stocks Forex Wealth(5/17/2010 11:26:19 AM): eur looking like it may break out of channel above 1.2330 Forex Wealth(5/17/2010 11:29:00 AM): ok im long EU at 1.2328 please note you need a wide stop on this around 1.2245 Forex Wealth(5/17/2010 11:47:44 AM): (EU) EU President Van Rompuy: Euro region took measurements to avoid contagion; EU decisions are strong and credible – Euro region is determined to preserve stability – Very concerned over Iran nuclear program – Spain and Portugal’s austerity measures are strong and credible Forex Wealth(5/17/2010 11:48:00 AM): (SP) Spain PM Zapatero: EU measures to give positive results – Must cut deficit. – Will take credible decision on deficit. – Labor reform is immediate goal. Forex Wealth(5/17/2010 11:48:18 AM): (FR) France’s planned changes to pension system may include a new tax on high incomes – Update – The report cites France’s Labor Ministry. Forex Wealth(5/17/2010 11:49:22 AM): (SP) S&P: In 2010, expects Spain’s autonomous communities to report the worst consolidated budgetary performance in recent history – Although we also envisage a mild budgetary improvement in 2011 and 2012, we still forecast weak operating performance and sizable overall deficits–exceeding 10% of total revenues. Forex Wealth(5/17/2010 11:51:01 AM): (UK) Preview: UK CBI May Industrial trends expected at 06:00 (10:00 GMT) – No estimates; prior at -36 Forex Wealth(5/17/2010 12:02:49 PM): *(UK) UK MAY CBI INDUSTRIAL TRENDS: -18 V -36 PRIOR – Prior revised from -36 to Forex Wealth(5/17/2010 12:08:04 PM): EJ looking quite strong usd maintaining more strength muting moves on EU Forex Wealth(5/17/2010 12:18:45 PM): EU weekly chart 1.2500 has broken as well as the 1.2300 level. however 1.2300 showing signs of good support possible buying opportunity http://clip2net.com/clip/m31553/1274091402-clip-109kb.jpg Forex Wealth(5/17/2010 12:27:07 PM): EJ looks like it wants to break 114 Forex Wealth(5/17/2010 12:29:10 PM): usd is double the sterngth of JPY so moves are far stronger against the JPY. EU still struggling to stay above 1.23 Forex Wealth(5/17/2010 12:29:49 PM): this is really cat and mouse trading waiting for the next move. huge patience is required Forex Wealth(5/17/2010 12:34:16 PM): this too much like watching paint dry. put your stop in and leave it. let the market do what it has to do Forex Wealth(5/17/2010 12:35:18 PM): (EU) ECB’s Stark: We are facing a “severe crisis,” but Euro Zone breakup is not an issue – “Nobody” questions the viability of the euro. – National policies need to be better coordinated. – Corrective measures are needed when if budgets get out of control, need to be more “automatic” measures to deal with budget problems. – US Federal budget office could be a model for the EU. – Fears that the will to deal with financial regulation is fading. – CDS are positive tools, when used properly. There are alternatives to outright bans on CDS. – Reiterates that ECB measures will not lead to inflation. – Insists that the role of the ECB has not changed Forex Wealth(5/17/2010 12:37:03 PM): (EU) EU Commission: Commission has no position on the recent change in the euro, notes a weaker euro aids exports Forex Wealth(5/17/2010 1:27:06 PM): some more analysis on zip signals http://clip2net.com/clip/m31553/1274095507-clip-95kb.jpg out of the top 4 signals forex – wealth is the longest trading system by 4 weeks. A lot can happen in 4 weeks Forex Wealth(5/17/2010 1:29:41 PM): finally eur makes a move along with GBP, jpy weakening along with usd Forex Wealth(5/17/2010 1:58:27 PM): if you have been following the markets closely you will have seen how JPY has slowly but surely got weaker as stocks gained strength. eur and gbp have steadily got stronger against jpy making higher highs Forex Wealth(5/17/2010 1:59:57 PM): trading conservatively on zip signals im up 160 pips for today Forex Wealth(5/17/2010 2:07:59 PM): on my own account made 320 pips also trading very conservatively. you should have made at least 100 pips today based on my trade calls. you had plenty time to get in and trade no great moves just slow and steady
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