Australian Dollar

The Australian USD pair has just produced a buy signal. Wait for a break above the high before entering on this should it continue upward.

We will be away for next week so will not be updating the website until June 12th.

Good luck for today and for next week.

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.