Friday, October 27, 2006
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.
Thursday, October 26, 2006
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.
Wednesday, October 25, 2006
Next update tomorrow
I will update again tomorrow.
A quick note that CAD has produced a weekly cup and handle.
Monday, October 23, 2006
Up or Down?
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.