EURSEK Reversal

Good morning all,

The EURSEK produced a daily Doji yesterday so we may bet a bounce up. Unless we break the high of the 11th this month then we are still in a downtrend. In a downtrend the strategy to be used is sell the rallies. The stochastic fast line 14.3.3 is also in the oversold region.
I partially scaled out last night after the potential reversal candlestick.

By the way Siegi, if you are reading this then EURZAR has a 786 and 886 cluster on the daily and a spinning top offering a potential reversal.

Don't forget NFP is due out this week.

Good luck.

EURSEK

I wont put a chart up for the EURSEK because if you are in the trade and shorting this since I mentioned it last week then you will know what the chart looks like and will be extremely happy with your profit so far. However, if you have not traded it then the last thing you want to see this morning is what you have missed out on.

Last week Monday I posted a potential short should be considered on the EURSEK. The following day it started to drop. By the end of last week it had fallen about 600 pips giving a potential of 6k or more. Yesterday alone it hade decreased 600 pips which gave excellent profits.

For those in the trade, you must scale out at the targets and move your stops to lock in further profits.

Good luck.

Further Downside Possible

Chart courtesy of Dynamic Trader. Data provided by Advanced GET (eSignal)

A look at this chart short term shows up a potential head and shoulders pattern forming. Now although it has not formed a great pattern if you zoomed out on the daily chart of the AUD you will see a triple top which I have mentioned earlier this month. You will also see that since mentioning it, the market attempted a rally to deal above the resistance and failed as can be so commonly predicted at 786.

Look for a potential break below the lows with good volatility, or a bearish pattern formation. Remember, yesterdays candle is showing a potential reversal so we need good volatility to trust any break.

I assume you have all pulled out or protected some profits on your big wins so far on the EURSEK last week. Use the scale out options I have shown you to keep in this as long as we can.

All the best for this trading week guys.

Euro Trendline

Chart courtesy of Dynamic Traders. Data provided by ESignal.

Good morning all,

Hopefully everyone has managed to scale out on AUDUSD and EURSEK. The EURJPY has not performed as expected although it is worth keeping a close watch on this for a possible continuation.

The Euro has just breached the trendline as you can see from the chart above but is fighting to stay above. Definitley keep a very close watch on this one to see if we do break the trendline thoroughly. The psychological support is 12900. A break below that could see another bigger move down.
Check yesterdays post for Euro.

Good luck and have a great weekend.

EURUSD

Chart courtesy of Dynamic Trader. Data provided by Esignal.

Sorry for the late post today.

The Euro is producing a bear flag so keep a close watch on that for a possible break to the downside.

You should all be scaling out on the EURSEK now with great profits from the last few days.

Good luck.

Todays Post

Todays post will be delayed. I will update prior to the US open.

Scale Out

G'Morning,

If you are short on EURSEK cross then you should consider scaling out. This cross has moved down about 400 points since mentioned on here a couple of days ago.

The USDCAD pair has performed very well and it looks like after the current push up we may stall for a while so scaling out on this pair should also be considered.

The AUDUSD has moved down considerably overnight and the triple top is the reason behind this although we have had a good potential fifth wave setup. However, shorter term a head and shoulders is being created and the current right shoulder is on 786.

The GBPUSD is looking very bullish but the £2 resistance is the issue here. A pullback and continuation above that value should allow for a further move up but until then we may be range bound.

The EURUSD has a resistance at 13050 and currently supported by 12980. A break below 12900 could see further downside but a break above 13050 might produce a bullish outlook.

Good luck all.

EURSEK

Chart courtesy of FXTA. Data provided by Quote Center.

Good morning all,

The EURSEK cross above shows time alignments. Note the larger time frames.

For anyone who took up a short position yesterday at the 786 will this morning be in some good profit so use money management and scale out with as close as possible break even.

Since I mentioned taking up a long position on the USDCAD pair during the latter part of last year, we have now moved up 600 points. Today we will probably have some volatility on the pair so beware of this. If we break 11840 then we may see higher moves till at least 11900 and more so 11950.

Have a great day.

Potential Short

Chart courtesy of Dynamic Traders. Data provided by Esignal.

Good morning traders,

Above is a chart of the EURSEK cross. The longer term high low has a 50% retracement and the more recent swings have a fib 786 reversal so offering a potential short.

Please do your own analysis and if trading this cross make sure you use money management.

Good luck today.

Pivots

Data provided by eSignal. Calculations performed in Advanced GET.

Above are todays pivot points for the Euro and Pound.

I will not have time to update tomorrow so next post will be for Monday morning.

Good luck.

Euro Trend Lines

Chart courtesy of Dynamic Traders. Data provided by eSignal.

I have put this daily Euro chart up after having a conversation with a lovely young lady earlier today about trendlines.
The chart did a reversal at 0.786 fib with a candlestick pattern, it broke the trendline and the Comms were also short. In addition to all that, historically as I mentioned in the beginning of the year, the Euro tends to fail against the Dollar in January so shorting the Euro was quite an obvious trade to take.

Trendlines are very useful when identifying possible support and resistance areas. Hopefully this has been useful for those who have not been applying trendlines.

I will put up tomorrows Pivots in the morning for Omar.

Good Night all and for those reading this on Thursday morning..........Good Morning to you.

Running Profits

Euro and Pound both moved down yesterday. The Euro moved down after hitting around the 12980 region which we all know is resistance and some profits were scaled out.

USDCAD pair also moved up a 100 or so points which in addition produced some good profits.

If the above trades are swing then lock in your profits or scale out with at least a break even stop. DO NOT let your hard earned profits dissapear so make sure you maintain your accounts appropriately.

Consider NZDUSD for shorting. Please do your own analysis.

Good luck.

Today's PP

Martin Luther King

As no trading is taking place today the markets are a little slow so I thought I would update tomorrows post today.

As I would imagine you have all made profits last week on Euro and Cable. I won't go into further analsysis on either of those two crosses at the moment as you already know the key levels but instead would like to introduce you to potential shorts elsewhere.

EURSEK has hit a resistance and is worth your time for analyzing this one.

AUDUSD has done a triple top and is also worth a consideration.

As for longs, well I had mentioned some months back about the USDCAD pair and since then it has risen 600 or so points. We all know Anurag has made more than £60k on this pair and this is still a long opportunity. Remember the simple rule, buy the dips on a rallying trade and this is still rallying. However, there is a requirement for a pullback sometime soon due to the impulsive consistent rally. If we get a correction then that would be a potential entry.

I wish you all a good trading week and I will next update Wednesday morning.

Support Breached

Chart courtesy of DynamicTraders. Data provided by eSignal.

Hopefully you all managed to capture a nice profit on the Euro from Wednesday morning. As I mentioned this morning, the bounce was not convincing and as was a little expected the Euro broke through the support to provide a good gain for the day.

Look at the chart above and if still short make sure you lock in your profits and maybe scale out as we are at 50% support level. First trend line and the moving average could also act as support if we continue with the trend down and reach that far.

On Thursday morning check what the overnight session did for a possible reversal.

Good luck for Thursday. I will not be posting again until Monday morning so hope you all have a good weekend.

12980

The Euro is still attempting a decisive breach of the 12980 area. We saw the market breach it at 02.30am this morning only to find a little strength and bounce up overnight. Keep an eye on this price as the bounce was not convincing and we may get a reversal.

Good luck.

Bearish Euro

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

Above is the Euro daily chart. From the high it produced a low before attempting to re-test the high and failed at 0.786 then continued a move down to 12980 (previous resistance which is now a support). If we break the 12980 convincingly then we can see further movement to the downside. I have added the extensions in blue for support levels should it continue with the bearish stance.

Hope you all have a good trading week.

Non Farm Day

I hope you have all profited from trading on the Euro and Pound in the last two days.

Today we are all just waiting for Non Farm to come out this afternoon so expect volatility. I have provided you all with todays values so do ensure you have them on your charts before the news release.

Good luck and have a good weekend.

Euro & Cable

No chart for today as I think the big move down yesterday was pretty clear on the Euro and Cable.

Generally a big move is followed by consolidation which is then followed by the second leg. We had consolidation overnight so watch the market for a possible second leg.

I hope you all have benefited from yesterdays move.

Good luck today.

Possible Reversal

Chart courtey of Dynamic Traders. Data provided by eSignal.

I would like to draw your attention to the Euro Dollar daily chart. The current candle, fib ratio and overbought DTOsc.

Today the US will be open so the Euro my well have some resistance.

Good luck.

Euro Daily

Chart courtesy of Advanced GET. Data provided by eSignal.

Above is the Euro Daily chart. I won't break down the analysis but those of you who use Advanced GET should be able to emulate what I have done. If you would like to try Advanced GET then send me an email.

Back to the Markets

Happy New Year!

I hope 2007 brings you a successful and prosperous trading year for you all but most of all I wish you all good health.

Thank you to everyone who have sent me messages for the New Year and sorry for being so slack in replying but I have been very busy today getting ready for the trading week and a few other things. I appreciate your messages and let me take this opportunity to wish you all wealth, health and happiness.

The holidays are over and we are now back to Forex. I have to admit I have missed trading the markets in the last week on a consistent basis but that is now all about to change.

No charts to show you until Thursday but I can tell you that now the markets should get back to some form of normality and we should get some form of direction on the main pairs. You may be interested to know that the last 10 years the Euro and Cable have been weaker in January against the USD. The Euro 8 times and the Cable 6 times. At the time of writing this the Euro is at 50% from the high to the low of December so it is worth seeing if this acts as any resistance for tomorrows reversal time.

We have some volatile news items out this weak least of all Non Farm on Friday which will be interesting.

Good luck and Happy New Year.