Credit Card Fraud

I have decided to update over the weekend because this week I have learnt a very important lesson and I would like to share it with all the readers of fxcps.

The last few days I have been suffering from a very annoying and persistent cold that just would not leave me alone so I have not replied to many emails or phone calls. I want to apologise for that first of all and I am going through them all at present so if you have not heard back from me by Monday then please contact me again. Anyway, while I have not been answering many calls or listening to my voicemails I should have listen to one very important voicemail left for me on Wednesday. It was from one of my credit card companies asking me to call them back anytime as soon as possible. Normally my credit card companies do not call me unless they want to offer me something so I was in no hurry to return the call but for some reason I decided to after dinner.

The first lesson here for me was if a credit card company phones, it may not necessarily be to offer me 0% interest on a bank transfer but perhaps something much more important. After verifying my details with them and going through the normal security, the lady on the phone proceeded to ask me if I had been to Canada recently to which I replied no. After a few more questions she informed me that it looks like I have been a victim of credit card fraud and at last count and converted from CAD to GBP I have had almost £12000 worth of cash withdrawl and purchases.

After my conversation with her I decided to check my credit status. My second lesson was to keep a tab on my credit file once a month so I can spot anything abnormal. Well, after checking my file I have found a few suspicious items which I am now in the process of trying to remove.

A friend of mine Rohan is forever bleeting check your credit status today to his delegates in his seminars and I don't know how many times I have heard him repeating this but through procrastination I have not done so.

I urge you all to do a check on your profile today and see if there is anything suspicious. Below is a company that is excellent and will give you a check from all the main credit check companies but will also help you should there be any issues.

GDP

The US GDP is due out today and this may well prompt us for a direction in the GBPUSD and EURUSD pair. Wait for the news today before opening any position.

Hope you all have a good weekend and to my UK readers, I believe we should be having a hot couple of days so let's enjoy the sun before commencing our trading again next week.

Below is an email Kalam very kindly sent to me yesterday. Well done to you Kalam.


The Mechanical Trading system.

In 2005 i decided to take a trading course at the cost of £900! a lot of money in my books as i earned that every month from working 30 hours a week at The Carphone Warehouse, but where my student loan was coming through, i thaught why not.
The course had lots of information but nothing that i found useful to help me in actual trading. The best thing to come out off it all was meeting Javid.

this guy helped me in finding the best softwares and also generally motivavted me to become a trader and live the life style that he does. (watching Sky Sports news all day and travelling!)

starting any business needs investment of cash, and this i did not have a lot off. but i managed to get money together and start trading using different strategies. i used to make money but would loose it as fast.

when Javid showed me the mechanical trading system, i was astonished to see how simple it was and yet so profitable! An approach to trading that was non emotional and very very easy to do. i decided that this will be the main way that i trade.
i made almost £1000 profit on my first trade, which i took on the day i turned 21!

Javid i wouldn't be trading if it wasn't for you. you are an inspiration and have made my dream of a Range Rover Sport possible.

now if someone so young can do it anyone can, now that £900 is the best that i would ever had spent in my whole life.

Kalam

Euro Dollar

Chart courtesy of Advanced Get. Data provided by eSignal.

The Euro Dollar is at the previous all time high resistance. Watch for a reversal or breakout.

Good luck.

GBPAUD

Chart courtesy of Equis Metastock. Data provided by Quote Center.

The GBPAUD chart has been showing a sell signal for a while. Although I am already short this cross, there maybe a possibility to take another short position. At present a signal has not shown up to add to my already short trade but I will be looking out for one should we continue the downtrend.

Well done to Kalam for making just short of £1000 on GBPUSD using the Metastock RMO strategy on the 60 minute time frame.

Good luck for Thursday.

NZDUSD Resistance

Chart courtesy of Advanced Get. Data provided by eSignal.

I have been stopped out of yesterdays trades with a loss but have not analysed them today to give any further information on that. I have managed to acquire a cold (thanks Siegi) hence my late update today.

The chart above shows a weekly NZDUSD pair at the resistance level from 2005. Watch for either a breakout or a fail in momentum and a drop in price. Candles will provide possible clues here. We have some divergence on the weekly and mainly daily.

Good luck.

Pound Yen

Chart courtesy of Metastock. Data provided by Reuters Data Link.

Chart courtesy of Advanced Get. Data provided by eSignal.

We have two signals for shorting the GBPJPY. The Metastock chart is 60 minute and Advanced Get chart is daily.

One is through mechanical system trading and the other is through a personal strategy but both are giving the same result. The system trading used on Metastock gave us a later short signal than my personal strategy.

Systems and strategies aside, you may want to have a look at this cross for a possible trade but please do your own analysis before opening any position.

I have closed off my USDCAD position now and am awaiting the interest rate statement this afternoon before opening another position in this pair.

Good luck today.

System Trading

Over the last week I have been asked more and more about what mechanical trading systems I use and if I would divulge the logistics of the systems.

It seems in the last month or so there has been a huge increase in favour of system trading. I have been system trading for many years now but I think you should all be aware that at certain times your system should be turned off. No trading system be it mechanical or non mechanical will consistently work 100% of the time so knowing how to trade when you turn off your system is a must which is why using well tested strategies are essential to know.

For those who have asked last week regarding what mechanical trading I use, it would be very difficult to go in to detail on here but I may produce a video to go through that on this site in the near future.

I will update with analysis tomorrow.

Good luck this week.

Euro Yen

Chart courtesy of Advanced Get. Data provided by eSignal.

The Euro Yen cross looks like it has a divergence forming but yesterday it produced a possible reversal. I am not long on this cross just yet but should it break the high resistance then it may become a buy. However, we are near a resistance and if this cross deals below yesterdays low then further downside is possible.

The Cable is still near the highs and to break the resistance it will need some GBP positive news or some USD bad news. We have Retail Sales News due out at 09.30 today.

Have a great weekend.

Canadian Dollar

Chart courtesy of Metastock. Data provided by Quote Center.

Sorry for the later than usual update today.

We have another sell signal on the hourly USDCAD pair and since the original signal we have moved down nearly 300 pips.

I am short on this pair already and am awaiting a break above the resistance on the Cable or a signal to go short. We had a Doji on yesterdays Cable and have made a move down since then. I am awaiting a confluence of events before pulling the trigger on this one.

Congratulations to Carole for moving over from shares to currency and making a 76 pip move overnight.

Thanks Carole, Mark and Kenny for our gift.

Good luck to you all today.

Cable

Chart courtesy of Advanced Get. Data provided by ESignal.

The USD has been decling against the GBP and since yesterday we have been hanging around the resistance of 1991. The indicators are showing overbought signs but remember that price is the most important indicator and 2.00 at some point may well become a support so we should not be suprised if this pair continues upwards. I have orders to open should this happen. A break above the high resistance of 1991 might be a good buy point.

Please do your own analysis.

Good luck.

EURJPY

Chart courtesy of Advanced Get. Data provided by eSignal.

The Euro Yen may have reached an area of resistance from 1998. Although I am not short just yet, I will watch this cross to see if the momentum changes to the downside with MACD strategy in Metastock.

The Cable is also at an area of resistance 2.01 and this should be watched for a break above which could possibly see a much higher movement if followed through with a lot of buyers bars or fail and drop quite heavily. The candles on different time frames could hold the key here.

Revert to Metastock for mechanical entry points.

My internet connection decided not to work yesterday and was not up again until the evening so I could not update this site.

Good luck today.

ps. Those of you that use Metastock should be aware a new Vista compatiable version is now available so if you have wanted to use Metastock on Windows Vista then log in to your Equis account and download the new version.

EURCHF

Chart courtesy of Advanced Get. Data provided by ESignal.

The Euro Swiss Franc above shows a reversal. I shorted early this morning on the basis of the candle reversal and a stop should you decide to take up this trade should be placed above the high of yesterdays candle. Use swing low to swing high fib to analyse potential support levels or if you are intrested in day trading this only then look for the low of the previous day candle prior to yesterdays reversal for support.

Please do your own analysis prior to taking this or any other trade mentioned on this site.

God luck and have a great weekend.

Euro Dollar

Chart courtesy of Advanced Get. Data provided by eSignal.

The weekly Euro Dollar shows particular signs of possible change of direction based on certain factors as shown above. If the Euro does weaken then watch other pairs where the Euro is the base to possibly weaken slightly too. It is worth keeping tap on this pair for the near future.

Have a great weekend, I believe the weather is meant to be nice and warm.

Good luck.

USDCAD

Chart courtesy of Advanced Get. Data provided by Esignal.

Sorry for the lack of post this morning. I am updating in advance for tomorrow.
The EURCHF after having being sold off yesterday has today started some buying. I have been stopped out on this cross so am awaiting to see what direction it is now taking.
The EURSEK today has still continued a downtrend but at snail pace. I have locked in profits and and move my stop suitably down.
The chart above is the daily USDCAD pair. We have now gone beyond the 50% line and it is likely we are making a daily close below what looked like a wave 1. I am not in this pair at all and I am going to wait for any decent entry for a long or a short. In truth, this is an ugly looking chart right now.
This is Thursday's post and the next update will be on Friday.
For those who have tried to get hold of me, I am not around at present and will be available again from Monday.

USDCAD

Chart courtesy of Advanced Get. Data provided by ESignal.

Keep an eye on this for possible support.

EURCHF Chart

Chart courtesy of Metastock. Data provided by Quote Centre.

I was asked if I could upload a chart to help with todays analysis. The hourly chart above shows a short from the figure 16400. The cross was overbought at the most recent short indication which helped in the shorting decision.

Good luck today.

Euro Swiss Franc

I have been unable to find a good set up this morning. The EURSEK cross has dipped in and out of profit since yersterday and is range bound at present. I still have my short open on that.
I have a very tight stop on my EURJPY now and expect it will stop me out soon as it looks like it maybe running out of momentum.
I have opened up a short on the EURCHF because we hit the figure earlier today.

Happy Easter

Chart courtesy of Advanced Get 10. Data provided by Esignal.

I hope you are all having a good Easter break. Unusualy the weather has been very nice so I suggest you all make the most of it while it lasts.

The daily EURSEK cross above shows divergence with both MACD's and Friday produced an inside bar. A break above or below Thursdays bar could see further movement in that direction.

If this cross continues downwards then we could look for the 92100 as a possible target.

Enjoy the day.

NFP

Bring up the stops on the EURJPY to lock in more profits.

I will be awaiting the NFP before considering any new positions today but I am currently long EURJPY and short EURSEK.

Happy holidays to all readers of FXCPS.com.

Interest Rate

There is no analysis this morning as I am awaiting the interest rate statement on GBP at 12pm before taking up any positions. You should all have been making good profits yesterday and the day before with the last few trades posted on this site. If you are still in them then tighten stops as we have some news today and tomorrow. After todays news we may go range bound on the major pairs due to the big boys awaiting tomorrows NFP.

Correction to yesterdays post

Chart courtesy of Advanced Get. Data provided by Esignal.

Yesterday I mentioned the EURJPY could see a higher movement if a break above 160 was to occur. Actually, that is incorrect. A break above 162.50 which is the previous high of 1998 could see a furtjer move upwards. This will be the resistance although 160 is the figure.

I hope all of you who follow this site have made a nice profit on this cross. I am also short on the EURSEK cross.

All the best.

Euro Yen

Chart courtesy of Metastock. Data provided by Quote Center.

The daily EURJPY had a buy signal recently and as you can see it has already moved up nearly 300 pips since then. I am still long but have raised my stop fairly tight. Although the trend is up, if you are long on this pair then be aware of the price action in the fib reversal region. A continaution up and break with good volatility above the high of 160 would be a bullish signal.

The GBPUSD still looks bullish and looks like it is attempting to head and re-test the previous highs. Watch for a break for long possibilities or a failiure for short possibility.

Good luck today.

ISM Index

We have the ISM Manufacturing Index due out today so I will not place a trade until the data has been released. Remember we have NFP due out this week.
I will update this site tomorrow.