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.