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[No Trade This Morning](/1/post/2010/05/no-trade-this-morning.html) 27/05/2010
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Both GBPUSD and EURUSD are going against the trend today so we decided to stay out of the market. Cable (GBPUSD) has broken the 50eMA on the 4h chart and has confirmed its momentum. We call this a 50 flip. We can safely expect it to go to the 200eMA over the next week or so. If things continue as they are now, we will be looking for long trades on GBPUSD shortly. I do remain cautious though, because the slightest bit of negative tension can really drive markets down and undo all the good I just wrote.
EURUSD is a different beast. We will have to wait and see if it breaks its daily fractal. If it does that and then confirms momentum on the 4h chart, we can look to take long trades through the pivot levels. We do not take entries from the morning’s open like on GBPUSD which is why there are less trades.
I am happy to announce that the markets seem a lot less volatile of late and this should see us return some good steady profits week in, week out.
[EURUSD Morning 50eMA Trade](/1/post/2010/05/eurusd-morning-50ema-trade.html) 26/05/2010
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EURUSD broke the 50eMA on the 5min chart to give us our short position. Our stop loss and target is 20 pips.
On the 60min chart EURUSD bounced off a minor resistance line and is currently in the middle of a phase 1 move. We do not need to break any major levels in order to reach our target.
We exit the trade just below midpoint and took our 1% profit.
[GBPUSD Morning Pivot Trade](/1/post/2010/05/gbpusd-morning-pivot-trade.html) 26/05/2010
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Entered a pivot trade short on GBPUSD on the break of the pivot point. The stop loss is 33 pips and so is the initial target.
The 60min chart continued it bounce off the major levels and couldn’t quite make it back to previous highs. It has now broken the 50eMA back down. We are expecting a little bit of resistance at the 1.4350 level, because price has reacted to it in the past.
[](/uploads/4/4/3/8/4438111/8156586_orig.png?595)
We moved our stop loss to break even and then got stopped. Price couldn’t break the 50% retracement level which could mean that the upward move which started yesterday isn’t as weak as we anticipated.
[Yesterday's Trade Continued...](/1/post/2010/05/yesterdays-trade-continued.html) 26/05/2010
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The trade reached our target and knocked us out for a profit of just over 1%.
[](/uploads/4/4/3/8/4438111/5237820_orig.png?552)
[Morning Breakout Trade on GBPUSD](/1/post/2010/05/morning-breakout-trade-on-gbpusd.html) 25/05/2010
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I will enter a trade short on the break of the low which is identified.
[](/uploads/4/4/3/8/4438111/5932303_orig.png?587)
On the 60min chart we can see downwards momentum to carry on with the channel to the previous low. Price has already broken yesterday’s low and the small triangle which you can see on the 5 min chart above. The MACD trend was disrespected yesterday, because it could not follow through with its trend reversal.
[](/uploads/4/4/3/8/4438111/6115138_orig.png?528)
Entry
So we entered on the break of that low which also confirmed a move down from S1. Our profit target is 1.4263 which is 58 pips away.
[](/uploads/4/4/3/8/4438111/6136359_orig.png?564)
Price has moved down quite a bit since our initial entry so I moved the stop loss above the high of the consolidation range prior to the break of S1.
[](/uploads/4/4/3/8/4438111/3454954_orig.png?596)
Price got within 10 pips of our target. News is coming out at 9:30 about the revised GDP figures for the UK. I moved the stop loss once again to break even, because if these figures come out positive our trade will be stopped out. Our price action analysis was correct however.
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