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Last newsletter sent 8th March - 7pm

Monday 9th March 2009

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" First we form habits, then they form us. Conquer your bad

habits, or they will eventually conquer you."   Rob Gilbert

Updates	06:42am here
11:38am update: please scroll down for analysis of Sterling Dollar

Trade Sheet

 

Update 17:47 Sitting on 100 point profit on $CHF Took 120 profit on Cable...... update will be sent shortly to your email inbox see you tomorrow....

 

 

14:24pm

Place stop at breakeven... chart shows entry at 0.618 - optional to take profits at the hook at 1.1605

 

13: 28pm

New Trade <> SELL SHORT DOLLAR CHF at 1.1675 or better.... an ABC correction into the 61.8 of last range..stop is 1.1698

 

CHART OF THE DAY: Dow vs. 1987 here - REQUIRED READING: Larry's group email here.

Chart: SP500 key level hit

Open Trades A Sterling Dollar trade was triggered during the night at 1.4140. Stop was 1.4191. Stop has now been moved to breakeven. Please see newsletter sent out for reason for trade. 08:28am: closing Sterling dollar trade at 1.4016 - taking 124 points

Analysis of Sterling Dollar

I think a trade may be setting up on Sterling Dollar. I was short overnight, as posted here on TraderTom from 1.4140. I got out (too early) at 1.4016. Cable is currently trading at 1.3920.

That poor exit aside, here is what we are thinking.....The Cable looks set to fall to where the orders are. I suspect that will be around 1.38.

Sterling Dollar   Comment   Cable looks set to fall to where the order are. The 78.6% retracement is at 1.3825. We got this support and the wedge support to hold the market up. What is the thinking behind the view of a move up to 1.45? We believe the wedge is a bullish pattern, and we are seeing either a whole new move up in Cable - a wave 2 - or a wave B in a corrective move. However we label it, we are looking for a move back to 1.45 over the coming 8-10 sessions.

 

Kind regards and happy trading

Tom Hougaard

www.tradertom.com

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