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.