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.