Forex - Live Room Trades - Wed19Nov08

After a quiet morning session, with just one break even trade, the afternnon session was fantastic, with 4 decent trades on breakouts and level breaks. The levels we will make trades at are available prior to the session in the members’ area TV Blog.  Charts showing trades as per call are added later.

Afternoon Session

- After a quiet London session there was the expected volatility during the US opening.
- We had 4 great trading setups that were being discussed in the Live Room.
- Below the trades are outlined in more detail.
- Pay particular attention to how the price action matched the levels today.

EUR/USD – Long

- Entry on the break of 1.2648
- Trade: Break of resistance level on the 1hr chart
- 21CCI: Bullish
- Penetrated the 50MA from below and the 200MA after the break
- 1st Level 1.2699, +51
- 2nd Level 1.2774, +126
- Stop: -25
- The pair broke through a major trendline near the 2nd resistance level
- The pair has pulled back after hitting the resistance area 1.2774-97 (grey line)
- (Allow few pips for slippage on entry/exit levels)

GBP/USD – Long

- Entry on the break of 1.4995
- Trade: Break of resistance level on the 15min chart
- 21CCI: Bullish
- Breakout of pennant
- 1st Level 1.5025, +30
- 2nd Level 1.5094, +99
- Stop: -25
- After hitting the 2nd Level the pair retraced to 1st Level and then broke through the 3rd.
- The Pound made a high of 1.5252 after the break
- (Allow few pips for slippage on entry/exit levels)

USD/CHF – Short

- Entry on the break of 1.2020 or 1.2001
- Trade: Break of trendline or support level on the 15min chart
- 21CCI: Bearish
- Penetrated the 200MA on the 15min chart
- 1st Level 1.1965, +55 or +36
- Stop: -25
- The Swissie traded as low as 1.1944 after the break
- The pair has bounced back after hitting the major trendline and 2nd support level
- (Allow few pips for slippage on entry/exit levels)

AUD/USD – Long

- Entry on the break of 0.6507
- Trade: Break of resistance level on the 15min chart
- 21CCI: Bullish
- 1st Level 0.6530, +23
- 2nd Level 0.6564, +57
- Stop: -30
- After hitting the 2nd Level the pair retraced to 1st Level and then capped at 0.6594
- The pair pulled back after hitting the resistance line 0.6594 (grey line)
- (Allow few pips for slippage on entry/exit levels)

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