Recently, I have noted that there is lot of criticism about the heading and my style of analysis. I am not here to take orders from each and every trader and change my habits and adjust according to their wishes. This can be due professional jealousy. 

From my perspective, I am honest and brave in giving my views and I do change my views frequently as and when required. I do enjoy exchange of mails and try to reply most of them. At times there are some disagreements, but it’s nothing personal, as we all are professionals. In trade if there are no Buyers or Sellers then there can be not trade possible.    

 However, if you guys still insist and do not want me to continue with my FX STREET BLOG then I will stop contributing from March 16 onwards, which means I am giving 15-days to the readers to decide. I have no commitment with Fx Street, I will surely quit.

 

Range Trading Expected

The most satisfying part of yesterday’s frequent update was that despite initially having bearish view on USD, I did manage to timely warn my readers/followers to avoid purchasing Euro until 1.3345, when I gave 1st clear signal to buy Euro. Though it was not a good level to buy Euro but proved to be a safe level. The point that I am trying to make here is that in trading there is nothing such as last word or profit on every transaction is not possible.

Yesterday is a good example that I was quick in sensing the change and I adjusted accordingly, although lately I was trying to do some bottom hunting and I or if someone was following me ended up unhurt.  

The main factor behind yesterday’s move was that the global financial market was concentrating on LTRO and after the announcement market was slightly uncomfortable with amount demanded and was trying to figure out the impact because the LTRO amount of EURO 529.50 billion was roughly 20-25 pct higher than the market estimate. Bigger LTRO means bigger problem in pipeline and therefore more money is required.

Since January, financial market has been mostly concentrating on developments in Europe, which is considered a major global issue giving less importance to Mr. Bernanke’s congress testimony.

His views was combination of the both, optimism and pessimism, as he spoke of better US GDP growth and improving job condition. But more important was that market sensed that FED may not go for 3rd Quantitative Easing (QE) in May this year that clobbered equity market, Gold tumbled and USD soared.

So for the moment I do not expect excessive move in the market and range bound trading is expected until market gets a clear direction.

 

 

EURO @ 1.3336 = 1.3280 is the support key level to watch. Buy Euro on dips around 1.3305-10 for test of 1.3360-70. It needs to clear 1.3440 for resumption of up move. Fall of support level risk for 1.3220.

 

GBP @ 1.5918 = Cable is still preferable currency as long as it hold 1.5770. It should retest 1.5935-40 and beyond.

 

Feb 29 - EurO & GoLD to TesT NeW HigHs - Feb 29

http://www.forexstreet.net/profiles/blogs/euro-gold-to-test-new-highs

   

Views: 1030

Tags: http://asadcmka.blogspot.com/

Comment by Husain Abbas Doriwala on March 1, 2012 at 4:55am

Hello Mr. Asad!

I would like to add that, unforeseen events do occur that could change the course. But yet, its up to every trader to keep in mind the extreme's. Clearly in yesterday's views you did mention the extreme's (scenario's). Now, those seeking your advice, its up to them to invest in a particular trade & evaluate the risk involved that they could undertake.

On a personal note, i have thoroughly enjoyed your analysis & briefing's. It has made it smooth for in-experienced traders like me to gain better understanding & learn through your expertise.

THANK YOU!

Comment by Scott on March 1, 2012 at 5:41am

Mr Asad

I would like to add to the above posts with my personal note on how much i appreciate your time taken in contributing to this site.  I enjoy reading your market commentary and like to view your targets after i have analysed myself, to reinforce what i am learning.  We need to educate ourselves and not use this as a messaging service!  if people dont like it then dont view it - simple.

Once again a big Thank you!!

Comment by Exciter135 on March 1, 2012 at 5:57am

Dear Mr.Asad rizvi,

Your posts are my brain food everyday. Do not stop please. Let keep all what you posted as they were as always. Million thanks for all your contributions so far. Let continue.

Comment by rasiddiqi on March 1, 2012 at 9:31am

Mr. Rizvi

Please revise your 15 days notice and continue educating us.

Your blogs, analysis and predictions are as accurate and informative as one can expect in this business. Your contribution for all of us is remarkable. Actually, it depends on reader, how he or she interprets your analysis with his personal goals. No one on earth could be 100% accurate.

I am following you in the past many months. I can vouch for your accuracy of predictions based on your professional analysis and market sense.It is much higher than anyone in this field. Please don't pay attention to one who could not understand you properly.

Please keep on enlightening us with your unbiased and honest predictions. Also never get discouraged with remarks of those who do not know the mechanics of this business.

I salute to your skills, your sincerity and tolerance for our unthankful attitude.

 

Comment by asad rizvi on March 1, 2012 at 10:28am

GBP @ 1.5950 = It’s a start of another positive day as my target is met comfortably. I would be cautious around current levels suggesting profit taking around 1.5950-55 and watch 1.5965-70 closely that may not surrender easily, but……..More Later

Comment by Muhammad Taseen Khan on March 1, 2012 at 10:34am

Dear Mr Rizvi

We strongly believe in your honesty, integrity and high degree of proffessionalism. We request you to continue your blog and do not deprive us from your market analysis.

We need your mentoring and guidance in understanding the market.

Regards

Comment by asad rizvi on March 1, 2012 at 11:14am

Hi Jason, Euro @ 1.3324 = will struggle to move beyond 1.3360-70 zones and should top out around 1.3340-50 for a test of 1.3275-80…..Cheers

Comment by asad rizvi on March 1, 2012 at 11:28am

I wouldn’t mind but apply STOPS

Comment by msrich6335 on March 1, 2012 at 12:03pm

We are here to grow and to help each other. Thanks Mr. Rizvi for your time and dedication. I look forward to your thought provoking perspective.

Comment by asad rizvi on March 1, 2012 at 12:21pm

Hi Raj, we may 1st see a test of 1.3240-50 and break could risk for 1.3184, before next up move occurs. However, if we close above 1.3340 by Friday, we could be heading for 1.3450-1.35 next week.

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