Wednesday, June 7, 2006 11:52 GMT Daily Report By J. Enrique Tolentino S. http://www.gcmreach.com
New York Session - My FX Trade Tactical & Technical Strategy for Wednesday June 7th, 2006:
Tactical Strategy: Golden Chance.
Everything is running smoothly and according to the technical strategy planned on our daily/update trade. At this point, momentum seeming to find support. Euro looks offered & will prolong slightly bid through the remaining of the NY session. In resume: The advance still looking healthy, the risk of rebounding is limited & current structural situation is ideal for hanging out our positions. We'll Place stops ahead of entry point to secure profits, and wait a further rally in our favor, toward primary/secondary targets.
Technical Commentary:
The Swiss reached our predicted resistance level & was rejected (altough midly) from there. Now should find ST resistance very soon & spark a downmove toward 1.2030 support level initially. Mantain open position as suggested in previous dispatches.
Plan: strategy is working well. Now, as the trend develops, move your stops to secure profits. The ideal proportion is about 5 pips for every 65 movement. Take profits before NY session ends. (you may leave open positions at your own discretion).
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