WTFX|LIVE SIGNAL SERVICE

Trade Status: Closed | Sell AUD/USD | Entry: 0.8472 | SL: 0.8472 | Exit: 0.8372 | Profit: +100

@20:25 ET > We are closing AUD/USD sell at +100 pips to end our May trading month.  Those not wishing to exit this trade at this time can use the red resistance trendline (shown in chart below) as exit.

AUDUSD 15min Exit

Status: Closed | Sell EUR/GBP | Entry: 0.8690| SL: 0.8590 | TP: 0.8547 | +143 pips

10:30 ET > Closing EUR/GBP trade as price moves above our resistance trendline, chart below.

EURGBP 15min Exit

Status: Open Trade | AUDUSD | 05-04-10 | Entry: 0.9087 | Stop: 0.9267 | Exit: TBD | Profit: TBD

After the brief private-BETA-only period of the last three months, we’ve going to resume open trade analysis and live trades here on the WTFX|Live Signal Blog.

AUD/USD

Pending Trade | Entry: TBD | Stop: TBD | Exit: TBD | Profit: TBD

Monthly chart of AUD/USD (below) shows the long term uptrend of the pair.  Whether the 2008 drop was merely retracement or the beginning of a long-term downtrend is yet to be seen.  On the weekly chart, also below, we see the strong resistance area around .9400 (red price-line) and we see the current movement’s uptrend (green line).

Eventually, and most likely sooner rather than later, price will have to break one of these lines, and that is where we hope to find a tradable opportunity for the pair.  Decreasing the timeframe to the daily chart, we see the price range the pair has been stuck in for the last few months as it moves between our two trendlines (red lines).

Because of this channel, a downward break of our green uptrend line won’t be confirmation of long term bearish movement, as it could merely be a continuation of range.  We see this price uncertainty even on the hour chart (below) as price approaches the intersection of our trendlines.  We will wait to see if price makes a strong break before looking for a trade.

GBP/JPY

Pending Trade | Entry: TBD | Stop: TBD | Exit: TBD | Profit: TBD

As the weekly chart (below) shows, the GBP/JPY pair has been entrenched in a pretty solid downtrend for a while.  The recent retracement movement, as seen on daily, may provide an opportunity for a short.  However, we will wait to see whether price hits long term downtrend line (yellow trendline on weekly chart), or a solid bearish continuation movement before taking a trade.

Feb 01 @ 13:05 EST > As daily charts below show, USD has been in a clear, albeit slowing, downtrend for months.  There is also a clear dynamic trendline resistance area above the recent bearish movement on daily.  We have just seen a touch of this downtrend line and the break in the recent counter-trend movement gives us a nice sell with a solid stop (see 30min chart below).

Feb 02 @ 14:30 EST > Pair has made a nice move down, changing stop to 1.0651, right above the recent high the pair made in its move down.

Feb 03 @ 18:12 EST > USDCAD has made a significant retracement on 15min chart.  This presents a problem and an opportunity; first of all, price action has taken out the recent high on the 15min, and with dollar bullishness across the board in recent weeks, it is possible we will see continued movement up on the pair. On the opportunity side, we have a nice 15min support trendline to use as an additional entry should price not be taken out by our stop.  Chart below.