GBPUSD EURUSD Morning 15 March 2010

Posted by GBPUSD 100 On 1:45 PM

From the level of volatility in the market on last Friday night, we can see that market was digesting the morning market.

On Wednesday morning 2:15am, US Federal Reserve will release the interest rate. This is the first time FOMC meeting needs only One day to vote for the rate, previously the meeting spent around two days. So the assumption is the rate will not have any changes.
Without big news in the market, organization will stay for lookout. Hence, today will be traded in narrow range.

Recommend strategy: "Buy Low" + "Sell High" by using the least stop loss to earn the most target profit.

GBPUSD - Breakout Strategy
Long - EP{1.5163}, SL {1.5131}, TP - 1.5263
Short - EP {1.5091}, SL {1.5129}, TP – 1.5008

EURUSD - Breakout Strategy
Long - EP{1.3738}, SL {1.3701}, TP- 1.3833.
Short - EP {1.3681}, SL {1.3719}, TP- 1.3588
Take Note:
1. To prevent false breakout, the price must broken through EP at least 10~15 pips and retrace back to EP before enter trade.
2. If hits SL, wait for retracement of 10-20 pips {low risk trader waits for retrace and break SL price again} to enter opposite trade.

After 17:30 {GMT +8:00 Singapore} the market trends up but failed to break
GBPUSD{1.5268}, EURUSD{1.3838}
Waiting for the direction to reverse and trends down before enter a Short trade, SL is 28 pips away from EP.

After 17:30 the market trends down but failed to break Breakout for Short or false breakout
Waiting for the direction to reverse and trends up before enter a Long trade, SL is 28 pips away from EP.

Aggresive trader
GBPUSD Sell - EP “1.5120”,
EURUSD Sell - EP “1.3700”,
When the market is no longer going upward instead it reversed downward, now it is time to enter Short trade, SL is 38 pips away from EP.

Take Note:
3. Aggressive trader: As long the condition for entry is fulfilled, EP can be plus or minus 20 pips
4. The preference to enter market: “Aggressive trader” strategy will be the first choice, breakout for Long/Short will be second choice.

Buy Low trader pays attention to the major line of
GBPUSD {1.5350}, EURUSD {1.3830 – 1.3900}.
If the price is unable to breakout, enter Long trade with SL of 10-20, take profit after price retraced.

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