Weekly Charts

Charts courtesy of DynamicTraders.

I have added this weeks Comms charts for you.

The top chart is the Euro and the bottom chart is the Pound.

One thing you need to factor in to the charts is the Christmas period and erratic behavious that can occur. A conservative trader will tend to stay out of the market at this time and delve back in from the New Year.

Saying that I will not be posting now until the New Year so let me take this opportunity to wish you all a very good Christmas and a prosperous New Year.

Merry Xmas to you all.

Today's News Items

Beware news items due out today as this will be quite volatile again.

As mentioned earlier this week, Euro support is 12950-12900. If we see a break below 12900 then we could see further movment down over time.

Our reversal time has given good profits and Euro and Pound this morning (although I only traded the Pound) and I hope most of you managed to profit from this mornings trade. This is also the reason for the late post today.

I will update with charts for Monday.

Have a good weekend.

Support the Euro

The Euro has support from and around 12980 - 12900.

Good luck.

Volatility

It is nearly 6.30pm GMT now. Expect to see some volatility soon prior to the announcement. I will next update on Thursday.

Weekly Trends

Charts courtesy of Advanced Get. Data provided by Esignal.

Top chart is the Euro Weekly followed by the Pound Weekly. Notice the divergence on both currency.

Comms

Charts courtesy of DynamicTrader v5. Data provided by Esignal.

The top chart is the Euro and below it is the Pound.

Weekly Support

Charts courtesy of Dynamic Traders. Data provided by eSignal.

Good morning all. Hope you are all looking forward to another trading week.

Historically the Pound tends to gain in price prior to Xmas and althouh it has tailed off a little I would look to hold off any shorts prior to Xmas unless we see a big decline breaking through major support levels.

On weekly charts both the Euro and Pound are both overbought so the bias is down overall.

A colleague of mine has informed me that his bank (which we can refer to as a big dog) have short orders to open at 2.01 for the Pound. If you do your analysis you will see we could have potential targets just over that price. Comms are also very short so if we do continue with the bull run then January we could very well see some heavy declines. If the Pound breaks 2.00 then that will become the figure and a strong one at that. If we deal below it in January or late December then further delcines are most likely inevitable.

I will add Comms charts in a little while.

Don't forget we have some volatile news items this week.

Patience is the key here. Wait for a good opportunity then trade.

Best of luck.

Busy Week

Sorry for not posting the last couple of days but I have had a very busy week.

After consolidating the last few days, the Euro and Pound should make a big move in either direction today. We have news due out at 1.30pm GMT and that is what the curency market has been awaiting all week. Expect a lot of volatility.

I will post charts this weekend.

Good luck.

News

We have a couple of volatile news items due out today (and during the week) so it would be best to await for them before deciding a position.

The 13 Euro Daily is overbought but the 8 Daily is currently looking like it is going to produce a bullish cross so in addition for waiting for news, wait for a possible overbought or bearish crossover on 8 before taking up any shorts.

As for a long position on the Euro (although there could still be some strength left), from the analysis it does not look like a long is worth considering due to the possible limited upside potenial.

8 and 13 Weekly are overbought on the Euro. Remember, the larger time frame dictates what happens to the smaller frames.

Al the best & good luck traders.

New Trading Week

Morning all,

I checked the Comms and they still seem to have orders to open as shorts on the Euro.

On Friday I was asked how I perform my analysis and why the Euro has still risen even though I have stated it is overbought a few times now.

Last week the Euro was in an overbought position on most time frames and the DTOsc also showed the same. We also had a confluence of events (I wont list them all right now) so on this basis the bias was down. However, the end result is governed by the markets and not by the indicators and unless we start to gamble and use wayward techniques or blind techniques to decide to go long and short, we can only go by what we see and the market has shown us it was overbought. Comms were also ready to open shorts so the fact the Euro went up against our analysis is not a problem except for any short term losses that may have been acquired. Xmas is also sometimes a difficult period to trade so for those that feel the market has moved against them and they are unsure what to do right now then perhaps trading again inthe New Year would be a better option due to possible choppiness in December.

Deal below swing low with DTOsc in overbought region are shorting possibilities.

Deal above swing highs with DTOsc in oversold region are long possibilities.

Euro is still showing some strength at present so wait for swing low break for any shorts otherwise the trend is your friend.

I will post charts again when we have something new on the Euro.

Good luck everybody.