Daily Market Thoughts from John Malin‏ for the EA

AUD/CAD
The price is oscillating on the 61.8 Fib line on the day chart.Since February 25th the pair has been on an aggressive run, long, withoutstopping for a breather. The last 6 days has seen the price hold on this fibline. Look for further oscillations.

AUD/USD:
This pair continues in it upward trend heading for the 200moving average on the day chart at 0.7350. Currently the price appears to beoscillating on a strong resistance line at 0.7275 where it has tried tobreak thru once before. The pair is attempting to climb out of its low sinceits dramatic drop last July. Look for oscillations as both the 200 ma andresistance line may well keep the pair from moving much further withoutmajor news coming out on the pair.

Euro/Aud

The price is also oscillating on the 61.8 Fib line on theday chart. Since March 19th the pair has been on an aggressive run shortwithout stopping for a breather either. Looks like the Aussie is coming backwith revenge. As both the USD and the CAD have also oversold the Aussie,look for this pair to hold at this level for a while. On the 4 hr chart theprice is currently holding on a support line created 3 days ago. All 4 hrand day moving average indicators are above the current price so look forprice to consolidate to give the moving averages time to catch up.

Euro/Cad
Price is sitting at the 200 ma and has dropped sharply sincethe 3rd of April. The price seems to be consolidating at the price point, asit is an area previously of both support and resistance since February 18th,and like many other pairs is at the 61.8% fib on the recent price activitysince
November 2008.


Euro/CHF

Price is holding on the 38.2% fib line and the 89 ma andlooks to continue to consolidate at this level for only a short whilelonger. The day chart is holding the price at the 89 ma and the 4 hr chartis supporting price at the 200 ma. Price has been oscillating within a verysmall range for almost 2 weeks now so look for it to possibly move back upto the 50% fib at 1.5330

Euro/GBP
Price has been running in a short trend for almost a monthand is closing in on the 50% fib on the day chart. Price is also approachinga strong support line at 0.8760. Look for it to consolidate near this pricepoint.

Eur/USD
Price is weaving between the 89 ma and the 200 ma on the 4 hr chart,and is consolidating on the 89 ma on the day chart, which is also the 23.2%fib on the day chart. Look for news to make this pair move in one directionor the other.


GBP/USD
The price is once again challenging the physiological 1.500 pricepoint for the 6th time since the 2008 route of the GBP. Coincidently (ornot) the 23.2% fib is also at the same price point. Until this pair decidesto settle around this price, be very cautious.

USD/CAD
Price has retraced back to the 38.% fib line and is half way betweenthe 89 ma and the 200 ma on the day chart. It may be wise to once again waitfor a consolidation before attempting this pair.

USD/CHF
Although there were some big moves recently, the price seems to beconsolidating as the 13 ma, 50 ma, 89 ma and 200 ma are all coming togetheron the day chart. I would expect it to consolidate for a little whilelonger, unless news creates a direction. Price is between fib lines.

Daily FAQ,
What Pairs are best to Trade The best pairs to have on the EA can change according to market conditions.The Aggressive strategy works best in a choppy (oscillating) market. Thiscan be best detected by reviewing your 4-hr charts and your 1-day charts. Ifyou see the candles moving away from a faster Moving Average lines (such asthe 8 or 12MA), then it is not Oscillating, it is trending. Most all the main pairs with exception of the JPY pairs work well,expecially using timed entry in off hours.

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Daily FAQ‏ FOR THE EA

Q.
When we suspend trading what happens with the open trades?

A.

If you want to Suspend trading on a pair, the best method is to rightclick on that chart and click on Expert Advisors/Properties. A Box willPop-up. Here, you can change "Suspend Trading" from false to true. Thismethod allows the EA to continue Managing the Open trades for that pair, butwill not enter any new Positions on that pair. To resume trading on that pair, you must change "Suspend Trading" from trueto false.The EA has to run and your computer up during trades... Thomas_eaFXTrader

REPORTS FOR THE EA

Due to most of Europe having a holiday due to Easter, Monday was a quiet dayin the forex markets. This created very low volumes, which can create sharpruns in a currency pair. If you were trading today, you might haveexperienced some Entries that resulted in a Stop Loss [sl] getting hit. Asyou move forward in your trading, keep in mind that you might not want to betrading on holidays.

I'll go thru the non-Yen pairs that are highlighted in Yellow on thespreadsheet we sent out earlier today. As always, no buy, sell, or holdrecommendations.

audcad

At market close yesterday, this pair touched its recent high, andimmediately retreated over 150 pips to where it now it is resting. Itdoesn't seem to have settled, and may still show sporadic volatility. Allowthe 89 & 200 MA on the 4-hr chart to merge with the price-line beforeconsidering it in an Oscillation mode. from Monday's discussion: Retesting its recent short-term Resistance (R).The candles are far away from the 89 & 200 MA, putting it Out of Range.There may be some Consolidation in this area, but not enough evidence toshow this.

audusd

The pair did test, and retreat from, its recent high. This high could bere-tested, as the U.S. has the Core CPI m/m, the Beige Book, and theTreasury Currency economic reports that could result in USD weakness, sowatch this, and all the USD pairs closely. from Monday's discussion: Retesting its recent short-term Resistance (R).The candles are far away from the 89 & 200 MA, putting it Out of Range.

euraud

This pair is in an Oscillation mode currently. Watch it carefully, as theAUD can drop or spike with reports on commodity requirements from Developingcountries, like China. from Monday's discussion: Day chart shows this pair is still Trending. 4hrchart shows the beginning of consolidation. Give this pair until Tuesday'sU.S. Afternoon session, before considering it to be in Consolidation.

eurcad

The pair is in Oscillating mode, however the waves are over 300 pips up ordown. Early entries by the EA might Close negative, while later entries inthe set might Close positive. from Monday's discussion: Both the Day chart and the 4hr chart show thebeginning of consolidation. Give this pair until Tuesday's U.S. Afternoonsession, before considering it to be in Consolidation.

eurchf

This pair has not found it's footing - yet. It is Oscillating, but withlarge swings during the U.S. afternoon sessions. It should calm down a bitin the next few days. from Monday's discussion: Sharp move in this pair Monday morning, due to theEuropean holiday. Leave this pair alone for a day or so, until it finds it'sfooting. This has been a good pair for the EA to work, so keep it in mind asthe price Consolidates around the 89 MA.

eurusd

The U.S. has the Core CPI m/m, the Beige Book, and the Treasury Currencyeconomic reports that could result in USD weakness, so watch this, and allthe USD pairs closely. My Fibonacci lines on the 4-hr chart show largerOscillations occurring between the 50% line and the 23.6 line. Look forcontinued Oscillations, but be weary of those economic reports Wed. morning. from Monday's discussion: Sharp move in this pair Monday morning, due to theEuropean holiday. Leave this pair alone until at least the Tuesday Asianmarket session, or until it finds it's footing. This has been a good pairfor the EA to work, so keep it in mind as the price Consolidates around the89 MA.

gbpchf

Several Oscillation and Consolidation points as it moves between the 61.8and the 76.4 Fib lines; a good sign for Oscillation lovers. A bit ofcaution, as it is still stretched away from the 89 & 200 MA. from Monday's discussion: Sharp move in this pair Monday morning, due to theEuropean holiday. Leave this pair alone until at least the Tuesday Asianmarket session, or until it finds it's footing. This has been a good pairfor the EA to work, so keep it in mind as the price Consolidates around the89 MA.

gbpusd

The U.S. has the Core CPI m/m, the Beige Book, and the Treasury Currencyeconomic reports that could result in USD weakness, so watch this, and allthe USD pairs closely. Oscillations are occurring, but be careful, as theyare larger Oscillations. from Monday's discussion: A VERY sharp move in this pair Monday morning, dueto the European holiday. The pair is stretched and Out of Range. Leave thispair alone for now. This has been a good pair for the EA to work, so keep itin mind as the price Consolidates around the 89 MA.

usdcad

The U.S. has the Core CPI m/m, the Beige Book, and the Treasury Currencyeconomic reports that could result in USD weakness, so watch this, and allthe USD pairs closely. Several Oscillation and Consolidation points A goodsign for Oscillation lovers. from Monday's discussion: The CAD is a Commodity linked currency, andcommodities don't know which direction to take right now. The pair is alittle stretched out to the down side, and going in and out of range. Thishas been a good pair for the EA to work, so keep it in mind as the priceConsolidates around the 89 MA.

usdchf

This pair seems to be finding a temporary footing between 1,1325 and 1.1425.A good sign for Oscillation lovers. The U.S. has the Core CPI m/m, the BeigeBook, and the Treasury Currency economic reports that could result in USDweakness, so watch this, and all the USD pairs closely. from Monday's discussion: A VERY sharp move in this pair Monday morning, dueto the European holiday. The pair is stretched and Out of Range. Leave thispair alone for now. This has been a good pair for the EA to work, so keep itin mind as the price Consolidates around the 89 MA.

FAQ of the Day: Q. How many consecutive trades will the EA Open on one pair? A. Go to the Trade Plan you created. On the Aggressive tab, you'll see afield: Entry Levels. Default is 20. This means you will have a maximum of 20Entries in one set of trades on a pair before an Exit point is hit. A moreconservative position could possibly be to reduce that number to 10 Entries.However, that could open you up to a greater risk as trades Opened later inthe set tend to be more profitable the the initial trades Opened in a set.