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Weekly Forecast for 6 July 2009

Commercial Index

Current

1 week

2 weeks

3 weeks

4 weeks

5 weeks

USD

95

98

85

90

85

81

EUR

36

38

31

40

32

40

GBP

42

39

56

62

63

57

JPY

74

83

79

62

62

64

Weekly Summary: There was a short trading week last week and the COT data was not released.

EURUSD

Monthly Bias

Ranging / Bull

Weekly Bias

Ranging / Bull

Reversal

Price Reversal Zones / Up

1.3898

1.3724

1.3563

Price Reversal Zones / Down

1.4180

1.4315

1.4444

Weekly Pivot

1.4011

Strategy: Buy dips to the ascending trendline of the 4 hour chart. Daily pivot point levels have been respected lately. See the forum for daily updates on S/R levels.

USDCHF

Monthly Bias

Ranging / Bear

Weekly Bias

Ranging / Bear

Reversal

Price Reversal Zones / Up

1.0745

1.0640

1.0539

Price Reversal Zones / Down

1.0982

1.1107

1.1173

Weekly Pivot

1.0822

Strategy: Sell rallies to the ascending trendline of the 4 hour timeframe. Price broke out out of the descending wedge on 1 July, but quickly returned. Look for daily updates to pivot and S/R levels on the forum at NY close each day.

GBPUSD

Monthly Bias

Ranging / Null

Weekly Bias

Ranging / Bull

Reversal

Price Reversal Zones / Up

1.6084

1.5792

1.5507

Price Reversal Zones / Down

1.6738

1.7057

1.7443

Weekly Pivot

1.6444

Strategy: Buy dips to the ascending trendline of the 4 hour timeframe. Price tried to break out of this channel on 30 June, but it quickly dropped back into the channel. Look for daily updates to pivot point and S/R levels in the forum. There appears to be a lot of up-side to this pair this week.

USDJPY

Monthly Bias

Bear

Weekly Bias

Ranging / Bull

Reversal

See Daily Pivots

Price Reversal Zones / Up

95.24

94.38

93.78

Price Reversal Zones / Down

97.03

97.93

98.61

Weekly Pivot

95.54

Weekly Fibs

Strategy: Buy dips to the ascending trendline of the 4 hour timeframe. See the forum for daily updates to the trading plan, pivot points and S/R levels. Early in the week I’m sitting this one out until a direction is picked. Price is in a tight range between the daily and weekly pivots.

Notes: Please visit the forum and get your account established there if you have not already done so. There will be a lot of information posted there to help you with your trading. I’ll be providing pre-London market status updates, currency pair summaries, videos, news, and blog entries there. You’ll also find information regarding upcoming live trading rooms.

Results reporting is changing. Members will receive a weekly report of each trade placed, but the results page will be updated monthly and will supply only total pip count and equity change. These results are from my own account which trades every signal sent.

Daily Sweep and Weekly Extreme signals are sent via email only. They are not time sensitive, and there is no need to add to the SMS traffic. Many subscribers pay a fee per SMS message top their carrier. I want to limit this type of communication as much as possible.

Look for invitations to the live trading room. These trading rooms will use GoToMeeting software instead of chat room software. Attendees will be able to see my charts and trades as they are placed. Those who wish may also engage in voice conversations with me. Text chat is also an option. The members’ portal chat room will remain in place as a backup and for your own use. I believe this new feature will provide several benefits for the membership.

Filed under: The Inside Bar

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