Daily Surfin' Plan

We will discuss at least four times a week where we see good opportunities in Forex Markets. The preferred pair would be EUR/USD as it is not that volatile and has the lowest spread. EUR/INR futures also follow it so in case some people just want to trade in futures.
Occasionly we will add other pairs or commodities to the basket. The purpose of the thread is to trade well.
We can also discuss strategies, indicators, etc. I have gone through a lot/most of them and simplified my trading.
My trading strategy is a mix of support and resistant levels, VSA, Price Action.
I give a lot of weight to Long-term trends. I think you can make a good amount of money if one let the trends do the work.
This also helps is reducing stress and screen time. Lets face it, trading is a lot of fun but there is life beyond it too.

The price on EUR/USD has reached major resistance at 1.4400 and although I am slightly bullish on EUR/USD, I am considering a short at these levels. Still I will wait for London to open. If I am right, I should get the 1.4400 price to go short again. I dont expect a big target though. Since we are in a choppy yet up move, I would have gladly bought EUR/USD at 1.4200 if the price had moved down instead of up. So be careful if you decide to go short as well. If you are not an intra-day trader, you might want to just wait for the correction and buy the dip. Like I said this move up has somewhat dashes my hopes of seeing 1.4200 again. So we need to wait and see.

EUR/USD is not relenting and keeping itself on the topside. This is a very clear sign of strength to me and now I am only a buyer on dips till something drastic changes. AUD/USD was ver weak yesterday which led me to believe that EUR/USD might follow it too. Since Australian GDP numbers were expected out today, I got up early to see if I can trade it. And even after a bad data (expected) AUD/USD has rallied.

I have opened a small long in AUD/USD and I will be looking to add to my long either at London Open or at NY Open.

UK PMI numbers will be out after london open and my bias will be again to go long. That can prove to be a good trade since GBP has retraced last night.

We had a drop in EUR/USD over night. I think positions are being built for NFP tomorrow. I know I wanted to be a buyer in EUR/USD but I am holding on for the moment. The reason is AUD/USD retreated even after stellar retail sales.
Most of European banks are closed today except for UK so it is best to steer clear of EUR/USD till NY open. What I will be looking for to go long is strong support level which I haven’t seen yet.

So in case you went short yesterday, put your Take Profit levels in place. If you are bullish then wait for some reversal confirmation. UK Construction PMI is also out later today which is not that important still I track it to see market signals.

Retracement from 1.4350 worked out well and EUR/USD has kissed 1.4500 area. Today being NFP, the plan is to let the hoopla die a bit, wait for EUR/USD to come down and then go long. Ideally I would like to see 1.4400 area hold and to go long there. If market pierces it like a stone then don't be long and wait for the next support.
UK Services PMI will be out later today which can give us a reason to trade if it is a good deviation from expected. Again, my bias is to go long since 1.6300 support has held up well but be open till you actually see the numbers. If the numbers are actually good, I will not hesitate to jump in.

All the best and trade safe. Keep reasonable stop losses since there will be heavy volatility.

What's Up? Except EURO . We might see some retracement from 1.4700 area. I am not very comfortable to short it since it hasn't kissed 1.4700 and just stayed under it. Still we should be tracking it at London Open and see how London traders are doing. The move down could be till 1.4500-550 area. That is the area I will be looking to go long.

ECB conference today so I am flat till then. I will be biased for a sell from 1.4650 area. If it goes through this area I wont be short. If BOE and ECB follow RBA's suit, then we can see risk aversion setting in. Trade safe!