Euro Swedish Krona

Chart courtesy of Advanced Get. Data provided by eSignal.

As you can see the EURSEK is getting close to a trade consideration based on certain time counts. Things to look out for are XTL, Stochastics NFB and support/resistance levels.

Good luck today.

Trading Range

Currently Euro and Cable are range bound. The Loonie has dropped considerably again and in my opinion the downslide will have to come to a support level soon.

The Chinese market maybe having an increase in stamp duty on stock trades later tonight and if that is the case and as a result there is a sell off on the EURJPY and GBPJPY then this could provide momentum to the EUR USD and GBP USD.

Other than that it is fairly quiet on the FX markets. On a side note, the S&P is just short of previous all time high.

Good luck for Wednesday.

Bank Holiday

I will update for tomorrow with any opportunities. In the meantime I have added below a recent email from Barry aka Turkey Catcher. If you're in the UK then dont forget to dab on a drop of sun cream today.

Javid has asked me to go into a bit more detail about how I trade.

The past week to date I have made 277 pips profit using the mechanical trading stratagies.
I have my own set of entry rules that I filter the mechanical trading results through before I place my orders, they are very simple and include such as I only trade with the trend never against it. So if the stratagy is giving a sell signal I will only enter the trade if the trend is down. The same is true of long trades the trend must be up.

Another rule is that the momentum must be up around the time of entry, this signals that other traders are thinking the same as me and adds confidence to tha trade.

Using rules like these it helps to wittle out the weaker trades and highlights the stronger most profitable trades.

The previous method that I wrote about last time was meant more for larger scans that return lots of results such as scanning the S&P 500. It drastically cuts down the time needed looking through charts. I know that some of you have been asking about the method that I use.

Good luck.
Barry.

Pound Dollar

Chart courtesy of Metastock. Data provided by Quote Center

Im already long the GBP USD pair as of yesterday. You will notice the RMO on the daily is close to a buy signal. Keep an eye on that for those using this strategy for a trade opportunity either long or short.

Cable

Chart courtesy of Advanced Get. Data provided by eSignal.

For those that are interested. Any thoughts?

BoE Minutes

Good morning,

We are back and ready for the trading day ahead but we have news out at 09.30am which has mixed consesus so I will be looking to take a position after that.

Good luck.

Loonie

Chart courtesy of Advanced Get. Data provided by eSignal.

Sorry, I had forgotten to mention in my previous post that the Loonie is at a support level (previous low) so watch this market here for a possible bounce. A break out and close is signs of even further weakness.

If a bounce does occur then you can use the stochastics strategy for a short entry.

Once again, have a great weekend and next update will be when we return on Wednesday.

Loonie Yen

Charts courtesy of Metastock and Advanced Get. Data provided by Quote Center and ESignal.

Above charts are daily on Metastock using the MACD strategy and Advanced Get. As you can see both have performed incredibly well. A break below the red channel in Advanced Get or a break below the 9 period average on MACD strategy will close the longs.

I had another long from last night that closed sometime during the morning with a small profit based on DT Strategy.

The next update will not be until Wednesday as we are away as of tomorrow.

Hope you all have a great weekend.

Canadian Dollar

Chart courtesy of Advanced Get. Data provided by ESignal.

We have some Loonie news out today so wait for that before placing any CAD trades. I have some orders in place for a reversal or continuation of the USDCAD pair.

Those of you who use my stochastics breakout strategy should be fairly happy today.

Good luck.

Need a Direction

Chart courtesy of Advanced Get. Data provided by ESignal.

We have some US news out today that we should keep an eye on. After that look at the markets to perhaps take a direction for today. The USDCAD pair is still around a support level. A lower close today could see further weakness but be aware of MACD convergence.

The GBPUSD is needing a direction which will only come from some form of fundamentals. Watch for news to move this market in either direction.

On a side note, I had an email last night from Peter who decided to make an attempt to discard his emotions and trust his analysis by walking away from the computer during the day. Learn to trust your analysis and you will benefit for more than those who do not and spend the day watching the screen. His email was titled "It Works". Well done Peter.

Hello Javid,

Thanks for yesterday, l was really down due to the losses but felt better after talking to you.

Well after listening to you and reading your posting this morning, l placed some trades and walked away from my machine and then came back to find ......profit of 74 pips....trading for the first time without emotions.....

Bless you

thanks

Peter.

All You New Traders

I was hoping to post this last night but didnt manage to find the time to do so but it is here for you now. As we are awaiting news today I will not post any charts until tomorrow.

A new trader by definition would be someone who has recently entered the world of trading. However, there are many people who have been trading for years and I would still be refer to them as a new trader even though they would refer to themselves as a seasoned trader.

Many people start out with good intentions and use a quick and simple technique such as stochastics overbought/oversold or RSI convergence/divergence to start trading and even make money the first few times they use it. Then this wonderful technique they have discovered failed yesterday and so starts the inevitable cycle of always being a new trader.

Here is a simple question for you. Two traders both been trading exactly a year. Trader A has been trading with two techniques for a year and Trader B has been trading with a different technique every six weeks. Who has the most trading experience?

The answer is Trader A. Trader B who I refer to as Bee Traders are those that will go from one technique to another just like a bee goes from one flower to another. The Bee Trader is always in search of the holy grail but as all you readers of this site know, there is no holy grail. The Bee Trader will also have high emotions when trading and be stressed most of the time when in a position and think they are missing out when not in a position so will force themselves to enter a trade regardless of the chart telling them otherwise. The other common fault is they see the price moving rapidly and decide to chase the trade only to find themselves buying at the top of an uptrend seconds before it drops or vice versa.

To be an A Trader you need to have control of your emotions but no matter how good a trader or how experienced a trader you are, emotions always play a part. The trick is to remove the emotion from your trading. So how does a new trader remove the excitement and emotion from trading the markets?

Statistics have shown that more than 90% of individuals who start to trade will lose all there money from there trading account normally within the first six months yet commercial traders who trade with millions and billions of our money continue to make money year after year and have done so for decades. The reason is they trade without emotion and with a system.

Using a form of system trading will in most eliminate the emotions. Aim to be disciplined and ice cool towards your trading system. If you find the efficiency of your system is very low then tweak it to suit you more or consider changing it if it fails most of the time.

An ice cool attitude, mental strength and a good trading system that you commit to execute when signalled to do so will open the doors to the pathway of the seasoned succesful trader.

Good luck today.

The Pound

Chart courtesy of Advanced Get. Data provided by ESignal.

It would be unlikely that we would not see a re-test of the highs on the GBP USD pair. We are sitting on a fib support so this could be setting itself up for tomorrows data. As we all know price will do what it wants so even though historically we should see re-tests it will be dependent on certain information that comes out. To break 2.01 we need good solid Pound bias data tomorrow to act as a springboard. Shoudl we not get that then we could see further downside.

I will be updating again tonight.

Good luck.

The Loonie

Chart courtesy of Advanced Get. Data provided by eSignal.

The USDCAD daily pair shows a possible support level which may turn out to be wave 4. You will see the convergence supporting this and also the figure adding to the confluence of events. The end of wave is also possibly shown with fib at 2.618. However, a break below could see further decline and the next figure as a support and / or 4.236 fib. At the 2.618 we have a reversal which also provides a base. If we bounce then watch the time channels.

Have a great weekend and please have a read on Monday as I will be adding something I think will be of interest to you all.

GBPJPY & Interest Rates

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

Good morning,

I have been stopped out of the GBPJPY trade I was in with a small profit. The chart above shows the daily GBPJPY and it seems the chart may continue it's uptrend direction so I am awaiting a signal to take a long position on the mechanical trading system but watch out for the figure.

The Pound direction on the crosses will may largely be dependent on todays interest statement so I would suggest you DO NOT take out any trades prior to the news coming out this afternoon.

We may be witnessing a temporary bottoming out on the USDCAD pair at the figure and fib extension and daily candlestick. We had a small bounce on this pair and I will provide a detailed chart of this tomorrow for you.

Hope you have a profitable trading day. All the best.

GBPJPY

Chart courtesy of Metastock. Data provided by Quote Center.

Here we have the DAILY GBPJPY which I am short on. I have already locked in some profits and this has been done earlier than usual because of the interest rate statement due out this week which will cause volatilty in the market and subsequently could possibly turn to the upside again.

Below I have pasted an email from Barry the Turkey Catcher which I thought for those of you who own Metastock may find useful.

This week I have made 300 pips using a mechanical trading system, I have used the mechanical trading system in a slightly different way. I have scanned as normal using the MACD stratagy but this often brings up a lot of possible trades and since I am getting lazy in my old age (25) I decided instead of going through all the charts one by one I would use the RMO stratagy on the results of the MACD stratagy. This drastically reduces the number of results so less charts to go through and seems to prove very accurate as it should because all these charts have two stratagies picking them out instead of just one which has to be more accurate! Try it and see.
Happy trading
Barry.

We have interest rate statement due out today and tomorrow and should be accompanied with some volatility so please maintain any of your open positions accordingly.

Once again, thank you to everyone who have emailed, text and left voice mails regarding Munch. His brother Crunch has had a scan yesterday and prelimanary results are all clear.

Have a good trading day to you all.

We are so grateful

Since my last post after regarding the passing away of Munch, Anne and I have been inundated with emails from so many of you offering your sympathy.

We have had so many that is it hard to respond to each of you so we both would like to say a big thank you so very much to each one of you.

It has been very difficult for us during the last 6 days as so many things remind us of Munch and his brother Crunch has been extremely subdued since Tuesday last week and is hardly eating. Crunch is continuously going out looking for Munch and rolling around the ground leaving his scent around the areas Munch use to hang out as he seems to think Munch is lost and if he picks up Crunch's scent he will find his way back home. Hopefully he will forget over time and get back to his normal self.

Once again, thank you to each and everyone of you. We have been really touched by so many of you showing concern and it has helped us to get through this difficult period a lot. A big thanks also to you guys in the States and also to A.S who provided a free training course during the weekend and after a collection is sending us a large amount of money to help us make a donation to Cats Protection this week. Thank you.

We are taking Crunch to have him scanned tomorrow so hopefully he will not have the same heart problem as Munch did. Due to this the next update with charts is Wednesday.

Thank you to you all.

No Updates For This Week

This has been a difficult 10 days for me and Anne. Started with a cold then credit card fraud and yesterday we had to say goodbye to Munch one of our cats.

His B'day is on July 4th and he would have been 3 years old. He suffered a burst heart valve and within 1 1/2 hours we had to make a decision to have he sent to sleep. Munch was in the back garden playing when Crunch (his brother) alerted Anne of Munch's discomfort. Anne took him to the vet's where I met them and said our goodbyes.

Munch, you will be sorely missed.

I will not be trading this week so will not be updating this website until the next trading week.

Next Post Tomorrow

Sorry, I am unable to update today. I will post tomorrow.