Forex Trading – Day #264
September 24, 2008
Forex Analysis: The Euro is pulling back slowly but surely and has just about reached the 38.2% Fibonacci level where a reversal may take place to continue upward. I think I’m unlikely to take this trade until the Euro drops even further to 1.4510 where the 50% Fib level lies and a former significant resistance point that now serves as a support level. The Pound appears to be in a fast-moving uptrend now after the major reversal that has taken place upward this past week. It has retraced to just about 1.8360 at the 38.2% Fib level and a significant level of prior support. There is also a significant uptrend line near this area where price may be rejected as well where all these points meet and come together. The oscillator is also signifying an oversold level and provided reversal signals take place, this may be a good opportunity to buy Pounds. As for the Yen, further retracement to the 78.6% Fib level is necessary where also lies an interesting trend line where price may reverse at for a chance at a long position. I am still long on my position trade on the Euro up 139 pips after having sold 30% of the position earlier this week. The plan is to continue to adjust the trailing stop loss accordingly at the close of each trading day until stopped out. Intra-day trading during the Euro on 09/25/2008 I will be looking for opportunities to trade long.
