GBP/USD 21 Dec 2012 - 4HR Chart

GBP/USD has entered the buy zone. I recommend that you buy at the current levels (1.6202), set the SL at 1.6135, TP should be around 1.6320 or higher.

Elliot Wave Count - What we are seeing now could be the wave 4 coming to end so we are trading wave 5.

EUR/USD 7 Dec 2012 - 1HR Chart

After yesterdays strong downward move by the EUR/USD we definitely should avoid opening buy positions. Looking for sell opportunities at around the top region on the 1hr chart marked with a yellow line. The target area is the bottom yellow line that is the diagonal which can be seen on the 4hr chart (the 1st chart).

Elliot wave count - Strong wave 3 formation is quite clear on the 1hr chart. We should expect a shallow wave 4 correction (has already started), then we enter for the 5th wave.

Open positions: Sell @ 1.2985 - 1.2998 region
SL: 1.3018
TP: 1.2930 - 1.2920 region

If our SL is hit then we should start looking for more buy opportunities.

GBP/USD 4 Dec 2012 - 4HR Chart

 

 

Buy GBP/USD so long as the bottom yellow line/resistance level has not been broken. First target is at the diagonal line at around 1.6140 - 1.6160 area.

Open positions: Buy

TP: 1.6140 - 1.6160 area (on the diagonal line)

SL: 1.6050

GBP/USD couldn't reach our TP and the SL got hit. Result 15 to 50 pips loss. Look for sell opportunities on this pair for now.

USD/JPY 3 Dec 2012 - 1HR Chart

Open long positions at the current price region - 82.20 - 82.30. the target is the price region 85.50. Then sell at that level - 82.50 - with the first target at 82.20. Stop Loss for the long position should be at 81.88.

Preferred Strategy - A less risky strategy would be to wait until for the price to reach 82.50 then sell.

If you opened long positions then SL was hit @ 81.88 (~ 60 - 50 pips loss)
If you followed the less risky sell recommendation, then TP was hit @ 82.20 (30 pips profit)

NZD/USD 3 Dec 2012 - 4HR Chart

Elliot wave count - Wave 2 seems to have completed forming. Look upside move as shown by the arrows. Buy nzd with 1st target at around 0.8245. Prices may bounce when they reach the diagonal trend line, if the trend line is broken then we will continue buying towards 0.8355.

Chart: 4hr
Open positions: Long/Buy
SL: 0.8165
TP1: 0.8240/5
TP2: 0.8356 (if diagonal trendline is broken)

Profit of +55pips was made from this trade idea. Take profit at 0.8245 was hit.
The pair broke the yellow trendline and continued to go up as expected.