Trade Ideas for Monday July 21, 2008 – Trade ideas CLOSED

EUR/USD –> Surprise Trade Box has formed last few trading days.  Watch for breakout and take position.  Tight stop inside box.  Goal 30 to 50 pips.  Slight trend towards upside, risk is downside correction.  Recent high is also alltime high.

EURUSD Surprise Box 60M 21July08

USD/JPY –> Price is trading around 800 on the 60 mi and 5 min charts.  Surprise box on 60 min.  Price now at 800.  Trade surprise trade on 60, and trade break away from 800 on 5 minute.  Best setup would be if these both correlate at same time.

GBP/CHF –> Large support resistance zone, consolidated into tighter Surprise trade box.  Wait for suprise trade on either side.  The pair has also been swirling around the 800 for the past few days so I am also looking for a possible divergence setup on either the MACD / Stochastic or a stochastic crossover entry.  Nothing setting up, the surprise trade looks the most promising.

 GBPCHF 60M Surprise Box at 800

GBPJPY –>  Watching this pair for a trade setup for a possible bounce up from the 62.  It is close to hitting the 62 now.  Other possibility would be a break through the 62, which would mean a short trade down to the 200 as an initial target with tight stops and low leverage due to this pairs volatility.

 Watchlist as I go to bed for the night:

 Watchlist 60Min 22July08 1:00 am

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