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Great morning everyone. Here's what I am working on today. All countertrend.
EURUSD - Continuing to look for opportunities to set shorts around the 4891 region. Targeting 4716 on a daily basis.
Http://www.morrisfunds.com/storage/f...r1-31-2008.PNG
USDJPY - Look for longs out of this range bottom approaching 105.60. Goal is 107.71 on a daily basis.
Http://www.morrisfunds.com/storage/f...y1-31-2008.PNG
USDCHF - appearing to set longs on a move back above 1.0823 for today.
http://www.morrisfunds.com/storage/f...f1-31-2008.PNG
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EURO into market zone. Setting shorts.
Yen into buy zone. Setting longs.
I only realized I confused even myself about the Yen remark. Should have read.
EURUSD into market zone. Setting shorts.
USDJPY into buy zone. Setting longs.
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I wanted to clarify something. SammyJ got me thinking about some thing I wish to point out.
It may seem that I trade against the tendency alot and I am sure that makes most of you uneasy. I guess he is correct, I do. I don't always think of it the exact same way however. Typically, I'm positioning on range extremes. Not necessarily, but a lot of times. The cornerstone of my methodology is the following which I have studied through the last few years and you may have the ability to find other documented evidence of too.Markets spend the majority of their trading time in ranges, maybe not in trending. Only 6% of all trading days are fad days. 94 percent of trading days are regular days, or normal variation days. (Range Trading). I have spent the greater part of my trading career creating egies to trade what the market does over 80% of the time, which can be Range Trade. The trick of course would be to identify the range. The ADV on my charts stands for Adaptive Dynamic Value. In laymans terms, it truly means were is fair value for your day. It may change daily and that I really recalcualte it every trading hour but it isn't possible to convey this in a forum environment. While I take transactions near honest value, I'm trading with the trend as identified by me personally.
Therefore I just wanted to clarify things a little.
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Not much changed today when all was said and done. I had profits in shorts and JPY longs of about 100 points each , I am holding these trades with great profit but alot was awarded back to the dollar bears.
Here are the amounts for 2-1-2008.
EURUSD -(Close at 1.4860, 30 ticks) I am continuing to carry shorts from yesterday's 4891 range top. Remain brief, if you are brief. Traders can place new shorts or add ahead of 4891. Today's targets come in at 4715.
Http://www.morrisfunds.com/storage/f...r 2-1-2008.PNG
USDJPY - (Close at 106.44, 70 ticks) The USDJPY gave us a perfect entrance long tright at yesterday's range bottom of 105.70. Price moved up 100 points out of here.If you are long, remain long. New longs could be put ahead of this level if it supplies the chance. Today's targets come in at 107.78, then 109.18.
Http://www.morrisfunds.com/storage/f...y 2-8-2008.PNG
USDCHF - (Close at 1.0812, -13 ticks) I put longs today on the transfer above yesterday's range bottom at 1.0823. (Long at 1.0825). Remain, if you are long. New longs could be put now or before 1.0785 if the market goes back down. Today's targets are 1.0967, then 1.1072.
http://www.morrisfunds.com/storage/f...f 2-1-2008.PNG
NFP tommorrow, oh boy. Monitors may explode. Good luck.
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That the NFP report proves worthless. What's a report about jobs that is always revised. The unemployment number is exactly what to focus on. Makes for a few sore necks when watching price though
In any case, price returned to range tops for admissions if desired or should I say should not too scared of ye old dollar longs.
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There was a large selling of the YEN today after the announcement. (Selling of YEN futures 9478). You can't know what may happen if the ISM comes from fair.
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North American Session Updates posted in blue above