Trade Analysis

Trade Analysis for 2nd January 2008

GBPUSD

The candle on the daily pretty much said it all. Prices were rejected at the high of the day at 2.0099 and closed down at 1.9840. We can expect to see a slight rebound at around Asia time and further downwards movement for the rest of the day. The EMA cross on the 4h triggered a short entry and I will be looking for a good entry point on the 1H.
Direction: Down

EURJPY

The market closed down on the 31st as well with an entry triggered on the 4H. Unfortunately, I wasn't around to take that signal. The pair looks extended and might be oversold. However, I wouldn't trade against the current trend unless the pair signals a long entry for me on the 4H. Will look for possible shorts with a smaller take profit.

Direction: Down

Candle on the 1H looks like the market is indecisive now and might turn upwards. However, the trend for me is still downwards.