Diverging

The Euro 60 Minute and Cable 60 Minute are both showing divergence.

Hope some of you have bagged some profit on CAD since yesterday.

Good luck today.

Canadian Profits

Those that followed my analysis this morning and traded the CAD should start to lock in some profits if day trading.

Canadian Support

Chart courtesy of Dynamic Trader version 5. Data provided by eSignal.

Since I have mentioned about the Canadian Dollar we have gone down on a swing basis although the price has made a couple of nice moves up on an intra day level which would have been profitable for those using fib levels and pivot points intra day.

I have provided a day chart of the Canadian Dollar with the support levels. A breach of these and we need to reconsider. However, both 8 daily and 13 daily are oversold and support levels are nearby so risk is minimum using correctly managed stops. If the CAD is on a wave 3 then swing/position trading this might be worthwhile as the trend line on the weekly has been broken and a pullback and continuation pattern had occured.

I don't usually look for position trades but this may be one of the few that I might decide to take up. In a downtrend you sell the rallies. In an uptrend you buy the dips.

Good luck for the week everyone.

Euro Chart

Chart courtesy of Dynamic Traders. Data provided by eSignal.

I thought I would share my Euro chart with yourselves. Also look at Monday 23rd Advanced GET charts.

Another Week of Massive Profits

We have reached Friday and also another week of a few hundred pips profit.

The Euro and Pound have produced nice profits and the Canadian Dollar though not produced big profits for swing trading, has achieved it on day trading (although I am swing trading it).

I have closed all positions last night except the CAD and will await to enter EUR & GBP until after I do my weekend analysis.

I hope you have all managed good profits. this week. If you have tried to intra day trade the currencies then this week would have been hard work for you. I stated the Euro was likely to go up at the beginning of this week and holding the position since then until now would not only have been easier but also more profitable. The issue with doing that from a couple of emails I recieved seems to be the time element. Remember, trading requires patience.

Have a good weekend.

Canadian Dollar

No sooner did I mention the Canadian Dollar this morning did we start a bounce up. A move up of 80 pips from a fib reversal.

Anyone day trading Canadian Dollar should look to lock in profits now. However, I am swing trading it so my stop will be wider. I think we still have a way to go if we are doing a wave 3.

Euro bounced up

Chart courtesy of Dynamic Trader. Data provided by eSignal.

Good morning, We have the Euro chart above and I have taken all the wave counts off it for the moment until the uptrend comes to an end. A possible end could be around 12676 as that is a fib extension but that could be broken for the figure.

As mentioned in my post at the beginning of this week, i thought the Euro was in a wave 4 and would go up for what I thought would be a wave 5. My wave count was incorrect and we made a daily close below wave 1 cancelling the possibility of it being a wave 4 but regardless of what the wave was, the bias was still long (look at time) and this was identified from the weekend data that some of you know I use which I feed in to Metastock. This information provided me with the possible trading bias for the coming week and that bias was long. However, the longer term trend is still down unless 12980 is broken.

We have gone up about 150 pips since mentioning it on the Euro and Cable has achieved even more pips. The Canadian Dollar has gone down since I mentioned it last week and has not done too well. However, I am still in a trade with the CAD and although holding a loss. The weekly chart is showing we are in the midst of a wave 3 and this is only a retracement. My stop is below the beginning of wave 1 and I will hold this pair until we hit and fib reversal or major candlestick reversal on a weekly pivot.

I wish you all good luck for today and tomorrow.

Next update tomorrow

I will update again tomorrow.

A quick note that CAD has produced a weekly cup and handle.

Up or Down?

Charts courtesy of Advanced GET. Data provided by eSignal.

Hmmmm!

I'll leave you to work this one out.

Euro Wave Count

Chart courtesy of Dynamic Traders version 5. Data provided by eSignal.

Above is my current wave count for the Euro. Personally I think we may have a 3 or C and are now perhaps going for a wave 4 before we start a wave 5. In order to this to be the case there are a few things that need to be in place so keep an eye out for fib numbers.

Good luck trading today.

Euro and Yen

Charts courtesy of Dynamic Trader and Advanced GET. Data provided by eSignal.

As you can see, the values I mentioned in yesterdays evening post have been hit. I have very tight stops on now and am looking for possible reversal soon on the Euro. If there is to be a reversal we may not see it until early next week.

Have a good weekend.

Even More Profits

Lock in the profits again and I would suggest placing stops at swing lows on 15 minute time frame.

On a seperate note, I had an email from someone not being able to view todays chart clearly.

For those of you who may have a similar problem, the reason this problem seems to occur for some of you depends on which computer I am using to take a snap shot of the chart. Some of my computers have a higher resolution than others and the higher the resolution I am using, depending on your resolution will change the size of the image. A work around maybe to install the newer version on Internet Explorer (IE7) as this has a resizer on the bottm right of the browser. You can download it by clicking here.

Euro APP is 12637. Keep a look out.

Further Profits

I am locking in further profits from the Pound, Euro and Yen.

Euro is reaching 0.382 fib, Pound is getting closer to 0.618 APP and Yen has reaced 0.618 APP and also M0 pivot on weekly.

Hope you have all captured further profits.

I am looking for a short on the Euro and am going to await the Euro reversal on daily DTOsc 13 as long as DTOsc 8 is still bearish.

Possible Wave Count

Chart courtesy of Dynamic Traders. Data provided by eSignal.

The above shows a possible wave count of the Euro as of 9am today.

You will notice yesterdays move down did a fib reversal so if you did not already have a position open on the Euro then the fib reversal was an excellent opportunity. Risk is always limited at fib reversals.

As for the Yen, ensure you lock in more profits today. We are about 146 pips in profit with this trade since I had mentioned it and also coming into a fib reversal zone so tighten stops in case we do not break through the support levels.

As always, good luck and don't go chasing trades. Always wait for set ups.

Lock in Profits

Good morning,

Since the Euro, Pound and Canadian Dollar have all travelled north since I had mentioned taking up long positions on Sunday night, I suggest you lock in more profits today.

The Yen has travelled south shortly after I had mentioned the potential for shorting and has also done very well profits wise and I would also suggest locking in profits in this. Perhaps look at a 60 minute chart and take the recent swing high as your stop loss (plus a few pips).

I will update with charts tomorrow.

Those that have taken up the positions based on my analysis and have profitied (which should be most of you if you follow the website) should be in good profits this week. If you are one of those that have benefited then please please make a donation to our charity of the month.

This months charity is the Cats Protection.

We are accepting cheques made payable to Cats Protection to the address below.

Javid Shaik
Dorset House
Regent Park
Kingston Road
Leatherhead
KT22 7PL
United Kingdom

Your donations are very much appreciated.

Good luck with the trading today.

Euro FXTA

I have started to lock in some profits on GBP, Yen & Euro. Below is the FXTA analysis of what is going on with the Euro. You may wish to download the file for easier viewing.

Chart courtesy of Metastock and FXTA. Data provided by eSignal.
Euro Dollar FXTA

Canadian Dollar

Please click the links below to view the Canadian Dollar charts. Charts courtesy of Advanced GET and Dynamic Traders. Data provided by eSignal.

Canadian Dollar Weekly Chart

Canadian Dollar Daily Chart

You may find downloading the charts to your computer will provide easier viewing.

Good luck trading this week.

Euro Daily

Chart courtesy of Dynamic Traders. Data provided by eSignal.

Euro, Cable, Yen & Canadian Dollar

The trend bias for the Euro and Pound is likely to be up. Looking at the waves for both of these currencies, we may well be within the vicinity of and and of wave or at least close.

The trend bias for the Yen should be the opposite of the Euro and Pound and we should start to see a decline on the Yen.

A friend called me last week and asked me to have a look at the Canadian Dollar. I have not looked at this for a while but after doing an analysis on this pair I noticed we maybe at the start of a short term wave 3 . Not only have we broken the down trend line, but we have done a pullback and continuation and bounced directly off the trend line itself. In addition we have been sitting above the 200 SMA for the last 3 days. This is looking good!

I have been having technical difficulties with the charts over the last couple of weeks and have still not managed to figure out the problem but I will attempt to upload some charts later in the day.

Good luck for this week.

Euro & GBP

We are bouncing on the Euro & Cable but it will probably only be short lived before we continue the down trend. Remember, sell the rallies! Look for the right time for shorting based on fib, pivots & resistance.

Good luck.

Chart courtesy of Metastock. Data provided by eSignal.

Those using the above package can see a tight stop can be put in place.

Next update in the morning.

Fibonacci Time

Chart courtesy of Dynamic Traders. Data provided by eSignal.

Daily Euro chart shows we have hit a fib cluster and 886 fib price.

Euro 60 Minutes

Chart courtesy of Dynamic Traders DT5. Data provided by eSignal.

Euro 60 minute chart above shows the 34 60 DTOsc and possible wave counts as well as time.

Euro & Yen

The Euro 8 Daily has now produced a bullish crossover as has the 34 60.

The Yen has also produced an 8 Daily crossover but for a bearish trade and the 34 60 has also crossed.

Remember we have trade balance due out today and President Trichet is due to speak a little while after that.

Euro Daily

Chart courtesy of Dynamic Traders. Data provided by eSignal.

The Daily 8 DTOsc is showing signs of oversold. Fibonacci supports are shown below the price action.

Yen Daily

Chart courtesy of Dynamic Traders DT5. Forex data provided by eSignal.

The Yen daily chart above is showing fibonacci extension with 8 DTOsc.

Yen 60 Minute

Chart courtesy of Dynamic Traders DT5. Forex data provided by eSignal.

The Yen 60 minute chart shows a fib extension.

Yen Update

Chart courtesy of Dynamic Traders DT5. Forex data provided by eSignal.

The Yen continues to go north. We have a MACD divergence over some time on Daily Yen chart and possible reversal is shown above on 60 minute chart. I am still awaiting a turn in direction for shorting.

Euro Daily Chart

Chart courtesy of Dynamic Traders. Forex data provided by eSignal.


The above chart is showing the Daily fib time and bar representation as well as the DTOsc.

Euro 60 Minute

Chart courtesy of Dynamic Traders DT5. Forex data provided by eSignal.

Once again, I am sorry but I have been having issues with uploading to my blog. I will attempt to get this resolved shortly.

The Euro chart above is the 60 minute representation and a short below the recent swing low support may be an entry for short with a tight stop above the swing high.

Yen Update

Charts courtesy of Dynamic Traders DT5. Data provided by eSignal.

The above weekly and daily Yen charts show a possible reversal is imminent based of fib and daily DTOsc. I would wait for the reversal before taking up any shorts.

Sorry for the delay in today's update.

Next update will be tomorrow morning.

Yen

Charts courtesy of Dynamic Traders. Data provided by eSignal.

Above are the weekly and daily outlook for the Yen. If the resistance holds then this weekend we will analyze this further and look for possible target areas.

Have a good weekend all.

Euro & Pound latest

Charts courtesy of Dynamic Trader. Data provided by eSignal.

If you reacted to my analysis yesterday then you will be short on both the above currencies in which case start to lock in profits or at worse break even.

Good luck today.

Potential resistance

Charts courtesy of Dynamic Trader. Data provided by eSignal.

Above are potential resistance areas for both the Pound and the Euro.

If these areas are broken then a further analysis needs to be done until potential end of wave is produced but from the current data these are the areas of resistance.

Good luck.

Euro Update

Chart courtesy of Equis. Data provided by eSignal.

I hope those of you who use the whole system I have shown you have managed to capture todays move up on the Euro and pound. Unfortunately I was out when the move started but managed to capture the latter part of the chart alignments.

The Pound has a similar situation.

Euro & Pound

Charts courtesy of Dynamic Trader

Above are the Euro weekly and Pound Weekly charts.

On Monday we have the ISM Manufacturing Index due out in the afternoon GMT so it would be best to hold of placing any trades prior to this news release.

Expect volatility around the news time.

I will do a short term analysis on Tuesday morning.