News

The market is awaiting the UK interest rate decision and NFP this week so we should expect some volatility then.

I have been asked about day trading and if it is a good way of making an income. I wont answer that question in full because I am not a day trader as such. A couple of reasons for not day trading is I cannot be bothered to spend my days in front of a computer awaiting set ups to trade. I am not interested in the stress and worry about trading for small profits. Personally I rather take positions on the basis of being swing trades but once I have been triggered in to a trade if the circumstances have changed then that swing trade can easily transform into a day trade. That is usually my extend of day trading.

The above chart shows one of my strategies and I am showing it on todays GBPUSD 5 minute chart. I havent traded with these signals today but if I had I would have been in good profit today. My suggestion is if you want to day trade then dont fill your screen with a dozen different indicators where you have no idea what is really going on, take a cool methodical approach that is mechanical and stick to it. A good strategy with absolute money management will be more rewarding than a messy screen filled with indicators.

Happy Trading.

Quiet bounce

It's a quiet day today regarding news and subsequently we may see some consolidation or small bounce on the GBP USD and some other pairs too.

Right now I am flat and am not looking to take any trades today. Will come back to the markets tomorrow and look for trades then. Today I suggest we all enjoy the glorious weather.

Usually weekends for me are boring because the markets are closed but the last couple of months they have been even more boring due to the football season that had ended. At last football is back on the weekend agenda so weekends wont be all that bad anymore and apparently our summer weather is here for a while (or so we are told) so that makes it well worth looking forward to the weekends.

See you tomorrow.

Sterling

Hope you have all made a good profit on the GBPUSD which I mentioned yesterday.

I wont be updating with any charts today because of the positions I have open already are more than enough but I will say keep an eye on EURSEK which I am looking for a possible short.

Have a good weekend.

Cable

The Daily Cable has been looking weak recently and the sell signal based on one of my strategies has now produced a good size profit. If this continues in the downtrend then look for suitable opportunities. However, we usually have a retest of previous highs before we have a directional reversal.

Swissy

Good morning,

Thank you for the messages this morning and I will continue updating this website but if you are one of the people who have made some good profits then please send me an email and I will give you my address so you may send me a cheque for one of the charitites.

I am sorry though, I will not give out my strategies used but you can see them in action occassionaly on this site.

Happy Trading.

GBPCAD

The GBPCAD is on an uptrend at present but on further investigation this looks like a wave 4 so it could be short lived. As you can see it broke the MOB once the time had ended (today) and the Ellipse is not too far from price action. We could see some more upside to this but being a 4 it is most probably limited so as opposed to taking a trade on this now, I would rather look for a good opportunity for a 5 short.

The AUDUSD is also worth keeping track off as it begining to look quite overbought and we are coming toward the figure. If we start to deal below the regression trend then use an entry stop loss technique to trade this.

The USDJPY I shorted a little while back is a few hundred pips profit and the USDZAR has done eceptionally well. I know one of you took the USDZAR trade and made a tidy sum yesterday and thank you for your email and offer to make a good donation to a charity.

ZAR

According to MOB, this pair does not have much more downside but I am still short on this and am keeping my stops closer in order to lock in more profits.

EURAUD

Sorry for not updating in the last couple of days. Here is a EURAUD chart I am short on based on one of my strategies. I am break even on this at present.

Happy Trading.

Yen Silence

The Yen is having a holiday today and they may not be much trading going on today but as you can see we have had a nice move down and this market is still looking weak. The momentum indicator is still bearish and I am still short on this pair.

The Cable is heading towards 2.04

Happy Trading.

Yen

The analysis shows a resistance (MOB) and fib reversal although beware we do have a tramtrack. If you are not already short on this at the Metastock entry signals then look at your entry stop loss technique for an entry point. The 200MA with the figure will be a good limit but I would scale out before then.

Happy Trading.

Carry Trades

Goldman Sachs said they are now going to unwind there carry trades but at present there seems to be no give.

The EurUSD and GbpUSD could well see further moves higher. The Cable hit a key resistance yesterday and retraced so we may see some consolidation and / or retracement before we continue the upward journey but the USD weakness does not seem to have disappeared just yet.

Happy Trading.

Cable

Congratulations to Peter for making his first profit over $1000 in a day on one trade which was Cable. He waited for a breakout as I mentioned previously and has profited well from being patient. Hope more of you also did well yesterday. I was out yesterday so missed the precise entry point due to slippage but still made some profit.

One thing to remember is with breakouts do not over extend your risk by assuming new highs will continue towards the sky. Always use good money management rules.

Happy trading.

Monday Morning Blues

Good morning everyone,

Now we have NFP out the way we can concentrate on technicals again.

The GBPJPY has blue XTL on different time frames. This is worth looking at on buying the dips.

The EURUSD also has blue XTL. Use an entry stop loss technique if you are going ot trade this pair.

The GBPAUD looks set for a continuation.

The GBPUSD needs a breakout for a continuation.

Good luck today.

NFP

I have no trades open at present as I am awaiting todays news. Based on that I may take out a trade but I will certainly evaluate the market over the weekend before committing to any swings.

By the way, those of you that know and were aware should have made a lot of money today on CADJPY.

Have a great weekend and god luck if you are placing any trades today.

News Events

Good morning all,

Today and tomorrow are going to be fun filled days with lots of news coming out. The main news will be todays interest rate decision and tomorrows NFP. On the Cable it is worth noting if you havent already seen this, we have a time line at present.

Yesterday was Munch and Crunch's B'Day. Most of you know Munch had to be put to sleep on April 1st and if he was still around Munch and Crunch would have been 3 on July 4th. Well yesterday through no planning we happen to have adopted two kittens and have named them MACD and Volatility aka Max and Tilly. With these cute playfull balls of fluff requiring attention all the time, I appologise if I have not got back to any voicemails left for me yesterday and I will do as soon as they realise that they are allowed to sleep every so often.

Happy trading and dont forget to await the news prior to taking up any positions today.

Interest Rate

The Cable is doing well but has struggled at the same area since yesterday. For a further push up we would need some dollar negative news or pound positive. As it happens we have the interest rate statement due out tomorrow and NFP on Friday so watch out for these.

Happy trading.

Cable

Right now everyone seems to have an opinion on where this pair is going. From forex tv gurus to my cab driver yesterday all have a comment or two to make. The problem is they all seem to be contrasting and leave you non the wiser. So in keeping with this tradition here is my take.

Firstly, the so called double top is only a double top if the pair reverses from this point. I mentioned earlier this year we would probably retest the high and that is exactly what we are doing. A 786 fail would have been prefered at the intra retest but we have surpassed that. The problem with looking at chart patterns like double tops is they are great for identification but you profit only once the pattern has been created. For longer term trading this is great but for shorter term this is much more difficult although it is useful for our confluence of events. A double top is worthless in an uptrend as is a double bottom in a downtrend.

Now, as opposed to listening to a dozen different peoples opinion on what is happening with the Cable, look at a larger time frame chart and work it out for yourself. I have posted a monthly chart and have drawn on the resistance line with MOB and Osc divergence. EVerything is showing for a reversal but that doesnt mean it will actually do that and for those of you that have been trading for a while you will know exactly what I mean. Watch for a good break and close either above resistance or below a support and check the indicators for a greater confirmation. In addition do some leading analysis to help with your answer.

This trade has already made certain people over £100k in the last two years and has a possiblity of making another good profit soon.

Good luck.