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Trading the NOW Pivot - !! Pre-fomc Release !! - 6.26.2008
[IMG]http://www.tradinginthenow.com/storage/website-images/FFPhoto.jpg[/IMG] I wanted to get this out prior to the FOMC release so anyone following along can manage their trades. Today was a great day and we had profit in all the majors if you followed the analysis. [B][U]EURUSD [/U][/B] [B]NOW Pivot - 1.5565 - Bias UP Existing Positions[/B] Traders who set shorts at 1.5592 should take profits if price holds above today's NOW Pivot level of 1.5565 or watch for a test of this area and look for a continuation down out of this level. [B]New Positions[/B] Traders can look to set longs at 1.5565. Target 1.5632. If price does move up, watch price action at the 1.5632 level and use it as a pivot, if we move above and hold set up or hold longs for a continuation up to 1.5727. If this level holds price below, set shorts for a return to 1.5565. Use the NOW Pivot for Risk control -If price moves below 1.5565 exit longs and look to set up shorts near this level for a move down to 1.5485. [IMG]http://www.tradinginthenow.com/storage/now-pivot/eurusd/eurusd%206.25.2008.PNG[/IMG] [B]GBPUSD NOW Pivot - 1.9678 - Bias UP Existing Positions [/B] Traders who set shorts in the 1.9709 to 1.9753 level (Actual High 1.9740) should take profit if price holds above today's NOW Pivot level of 1.9679 or watch price at this level and look for a continuation down from this level to 1.9593. [B]New Positions[/B] Traders can look to set longs at 1.9679 for a move to 1.9753. If price does move up, watch price action at the 1.9753 level and use it as a pivot, if we move above and hold set up or hold longs for a continuation up to 1.9947. If this level holds price below, set shorts for a return to 1.9679. Use the NOW Pivot for risk control - If price moves below 1.9679 you should not be long. If price moves above 1.9679 you should not be short. [IMG]http://www.tradinginthenow.com/storage/now-pivot/gbpusd/gbpusd%206.26.2008.PNG[/IMG] [B]USDJPY NOW Pivot - 108.15 - Bias UP Existing Positions [/B] Traders who set longs on the push down in front of yesterday's NOW Pivot of 107.70 (actual low was 107.65) should remain long as long as price holds above today's NOW Pivot level of 108.15. Target 108.98. If price moves below today's NOW Pivot of 108.15, take profit on longs and look to set up shorts for a move down to 107.70. [B]New Positions [/B] Traders can look to set longs above 108.15. Target 108.98. Use the NOW Pivot for risk control - If price holds above 108.15 stay long. If price moves below 108.15 you should be short. [IMG]http://www.tradinginthenow.com/storage/now-pivot/usdjpy/usdjpy%206.26.2008.PNG[/IMG] [B]USDCHF NOW Pivot - 1.0426 - Bias DOWN Existing Positions [/B] Traders who set longs on the push down to yesterday's NOW Pivot entry level of 1.0380 (actual low was 1.0374) should take profit near today's NOW Pivot level of 1.0425 or watch for a test above this level and remain long to 1.0478. [B]New Positions [/B] Traders can look to set shorts near today's NOW pivot level of 1.0426. Target 1.0339. If price does move down, watch price at the 1.0339 level. If we continue below, stay short to 1.0234. Use this level as a pivot. If price holds above at this level, look to set longs back to the NOW Pivot level of 1.0426 Use the NOW Pivot for risk control - If price holds above 1.0426 you should not be short. If price is below 1.0426 you should not be long at this level. [IMG]http://www.tradinginthenow.com/storage/now-pivot/usdchf/usdchf%206.26.2008.PNG[/IMG]
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