No Change

The Euro 8 Daily is still bearish and in the overbought zone. Since the all time high the Euro has a 78.6 fib at 13233. I will add charts as we start to move because at present we have been consolidating. This usually happens as the market digests previous swings and before any further big moves.

We have MACD divergence on numerous diffrent time frames and RSI is also overbought.

Happy Trading!

Divergence!

Morning everyone,

Looking at the Euro this morning and immediately I am struck by the fact it is overbought.

Daily RSI is around 80, the 8,13,21 & 34 are all overbought.
The weekly 8 & 13 are also overbought.
MACD on 60 has a nice divergence and we are at some key resistance levels as mentioned yesterday.
As I am writing this, the 34 60 looks on the verge of making a bearish reversal.
Lastly Comms as previously mentioned are also still short.

A break of 13080 swing low may see further movement to the downside. Support level area is 12950-13000. If we deal below 12950 then further weakness could be on the cards.

Good luck again to you all.

Javid

Euro Resistance?

The resistance previously mentioned seems to be stopping a further move up. Notice the 8 Daily is overbought. Also check the APP on the chart.

Comms are still short.

Euro Daily

Euro Breakout

On Friday we saw the Euro breakout of it's trading range and very strong resistance. The price pushed up toward the next resistance where it closed for the week. As long as price stays above the resistance area and uses it as a support, if it does a pullback then we might see the same scenario that we had with the USDCAD pair where the pair broke out, used the trend line of many years and pulled back to it before bouncing.

Comms data is unavailable due to Thanksgiving and should be updated on Monday evening which will give us some idea of what might be likely to happen although they were heavily short prior to the rise up last week on both Euro and GBP.

Euro Dollar Weekly Chart

Euro Doji

We have a Doji being formed on the Euro Daily. This usually represents a reversal. As mentioned I am already short and should you decide to do the same then please ensure you put a tight stop on slightly above 12980 + spread.

I will not post in the morning but will do on Sunday evening with some charts and more detailed analysis.

Have a good weekend.

Euro Rally

I am sorry but there seems to be a technical issue with the website. I updated the site this morning but the post seems to have vanished. In the meantime I will try and repeat the earlier post.
I spent yesterday with Anurag who most of you now know as the dentist/trader who made £60k on the CAD in less than two months. We saw the markets a few times on my laptop, I think we probably didnt realize the amount of real movement we have had until getting home and seeing the market.
The Euro earlier today was just below the 12980 (0.941) which as you all know is a big resistance. I am short again on the Euro with the very tight stop just above the 12980 area. However, if we break that then we could potentially have a lot more upside. The view from the Comms is contrariarn and they are looking at shorts.
I will next update this weekend with some comprehensive analysis on the main currency for you all.

Good luck.

Todays Values

Data provided by eSignal.

Above are todays values. From left to right we have the EURUSD, GBPUSD & USDCAD.

Remember to sell the rallies in a downtrend and buy on the dips. The Euro is still in a downtrend until we break the all important figure which you should all know by now.

The USDCAD pair is still try to break the 1458 resistance and although popped it's head above has not really broken it by any convincing means. The CAD indictaors also show overbought.

Sorry for not providing a post yesterday but I was busy elsewhere all day.

Good luck today.

Short Bias

Chart courtesy of AdvancedGET. Data provided by eSignal.

The trading week has started again and having a look at the Comms, it seems many have orders to open on the short bias for a few currencies.

However, they are long on the USDCAD pair but we do look overbought on it at the moment so lock in profits if you are still in the trade. You will also see we have a divergence on the above 60 minute Canadian Dollar chart.

Comms are very short the Cable so watch that pair.

I have now opened a short on the AUDUSD. 8 Weekly and Daily as well as 34 60 all have bearish crossover and overbought.

As always, please ensure yo do your own analysis.

Good luck today.

Euro & GBP to Slide Further

The GBP has still further to go which in turn will pressurise the Euro to move even down more. In turn the CAD has more potential on the upside. The 1458 will be a big resistance but if we deal above that then we could see a big move up. Currently we are around the 1415 resistance and have been since yesterday.

Hope some of you have managed to make some decent profits this week.

I will update with charts by Monday.

Have a good weekend.

Yesterdays Post

I take it you all made a good profit on yesterdays recomendations?

Nothing has changed sinced then so todays analysis is exactly the same as Wednesday's.

We have some volatility today due to news so if you don't like fast moving trades then stand aside until after the reports.

Good luck.

Euro & Pound Trend Down

Chart courtesy of Dynamic Trader. Data provided by eSignal.

As mentioned on Friday we were possibly going down on the Euro and Pound and that is exactly what has happened. Remember, I said sell the rallies? Well I hope those of you did just that yesterday after news came out resulting in the Euro & Pound providing a short lived rally.

In case you didnt because you were under the impression the Euro might continue to go up, the price hit around a fib reversal which was an ideal shorting opportunity again as it was on Friday. If you had shorted it then well done to you for taking the initiative. If you had not shorted then remember to sell the rallies.

Short opportunities worth considering: Euro & Pound.

Long Opportunities worth considering: Canadian Dollar but beware resistance at 1458.

As always, please ensure you do your own research and analysis and derive to your own consclusions before placing and trades.

Good luck.

Why the Long Face?

I spoke to a few people yesterday who were a little unhappy with the fact the Euro & GBP went down in price.

On Friday I had mentioned I was going to stand aside only to re-post shortly after having done a further analysis stating now might be a possible shorting opportunity based on fib reversal. Regardless of the charts I had put up to confirm that, a few of you still decided to go long.

I have decided not to put up any charts today so as not to confuse some of you but like I have said many times previously, the trend on the Euro is still down and with that the technique to use is sell the rallies. The trend will remain down until or if we deal above 12980 top.

What I am saying does not suggest we cannot possibly break the 12980 but merely from the data we have, the higher time frame suggests the trend bias is down rather than up so looking for selling opportunites when we hit a fib reversal on the Euro was somewhat more fruitful than trying to go long just below a resistance area.

For those that are long the CAD (and I know a few of you are) well done.

I am sure those shorting the Euro & Pound and long on the USDCAD pair have already moved the stops accordingly but if not then move your stops to lock in some further profits now.

Lastly, dont panic in to getting in a trade because it has started to move quickly in a particular direction. Chasing a trade is the easiest way of losing money in the long run. All your trades should be methodically thought out before hand. You should know where all your support, resistance, pivot and fib points are before hand, then when these important lines are touched or broken should your positions be entered.

Good luck to you all.

Long the CAD?

If you are long the CAD then now is time to lock in some good profits.

Shorting Euro?

For those of you shorting the Euro & Cable, I would start to lock in some profits.

Full update tomorrow.

Euro 60 Minute

Chart courtesy of Dynamic Trader. Data provided by eSignal.

Above is a 60 minute chart with the APP. Resistance is displayed in APP and fib reversal daily chart.

Euro Update

Chart courtesy of Dynamic Trader. Data provided by eSignal.

Further to my earlier post I have just noticed we hit a fib reversal. The daily chart above shows this which is a possible short.

Trichet & Bernanke

Sorry for the late update today.

Both President Bernanke & President Trichet will be speaking this afternoon so I am standing aside and will await this weekends data before placing any further trades.

Hope you all have a good weekend.

No Changes

Nothing has changed. Euro is still in a downtrend although it is having a problem heading toward that direction. At present it is consolidating along the upper trendline which is acting as a resistance.

The CAD is the opposite and in an uptrend still and is also consolidating at the moment.

I am away and will be back tomorrow.

Good luck today.

Overbought

Sorry for not updating yesterday.

We have not dealt above the Euro and Cable trend lines so the trend still remains down. Currently we look overbought so the trend bias should be down. I am looking for shorts on both these and I hve put a further long position on the CAD.

Good luck.

Congratulations Forex Trader

Chart courtesy of Dynamic Trader. Data provided by eSignal.

Above is the Euro Daily chart. Using fib you can work out the analysis for yourself.

I have not added the CAD chart today as I am in a rush this morning but I still say we are bullish.

I wanted to take a moment to congratulate Anurag. I gave my friend Anurag a training course in February this year and since then he has done phonomenally well. Excluding all his other forex trades, he has been trading CAD quite some weeks before since I started mentioning it on here and from my conversation with him on Friday, he so far has accumulated more than £60k in profits.

Anurag works full time as a dentist and is awake 5am in the morning to do his pivots, fib lines and fundamental research before he goes to work. He has put in a lot of hard work within this first year of trading and clearly it has paid off for him. Anurag, well done to you mate, you deserve it!

I am in no way taking the credit for Anurag's success. He has worked extremely hard and in fact now tells me more about fundamentals than I can tell him.

Trend Lines

Charts courtesy of AdvancedGet. Data provided by eSignal.

Above charts are of the CAD, Euro & GBP. You will notice the Euro and GBP are just below the trend lines which they will need to break if the price is to continue up. The CAD however, has bounced off the long term trend line which is usually a bullish sign.

I will put an analysis up on Monday after weekend data.

Good luck today.

Next Post Tomorrow

Sorry, I am unable to update today. I will do next post Friday morning.

CAD Chart

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

Here is a chart of the CAD for you to view.

Raise the Stops

It is time to lock in more profits on the CAD if you have not already done so.

Cup & Handle

In case I have not previously mentioned this for those that follow chart patterns, the weekly CAD as produced a cup and handle.

I also want to thank Ash for bringing the USDCAD pair to my attention.

Once again, good luck.

CAD Up

I woke up to see a very nice profit this morning. I am scaling out on the CAD as I am swing trading this.

You will notice the 34 60 and 8 daily as well as the 13 daily are all bullish.

Good luck today.