June 21, 2011

We are up almost 36% for the month of June. Indications are getting a bit strange here lately, so we’ll be taking it a little bit careful.

Open Trades

Pair	Action
EUR/USD
GBP/USD
USD/JPY
AUD/USD
USD/CAD	Move S/L to 0.9765 – Currently up about 80 pips. Might be hitting some support here and could rally. Optional: Close out half your position and take the profit, let the other half run. Add in 50 pip trailing stop on remaining order if not already in place.
USD/CHF

New Trades

Pair	Order	Entry	Stop Loss	Take Profit
EUR/USD*
GBP/USD
USD/JPY
AUD/USD	Buy Limit	1.0540	1.0490	(t/s 50)
USD/CAD
USD/CHF

AUDUSD: We are seeing a pattern of higher lows and steady highs. We are going to try and capitalize on this with some quick pips by placing a Buy Limit order below the current price, and try and grab it as it moves down and back up. This is a risky trade, so keep the lot size smaller and as always, determine for yourself if this is a good trade for you.

There are no other good indications of a potentially profitable lower risk trade. The market in general seems to be moving into consolidation as we see the prices getting tighter and triangles developing. In addition, there aren’t any decent patterns developing yet, but we are keeping our eyes open. For now, keep with our current open position and hopefully it will continue on further into profit.

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