Bernanke speaks

I am not placing any new trades today as we have President Bernanke speaking this afternoon (GMT). Best thing to do in circumstances like this is trade after he has finished but seeing as it is a Friday afternoon when he will finish I wont open any positions until Monday. Expect volatility in currency and equity markets. Consensus seems to be a rate cut or rate hold.

Have a good weekend all.

Yen

No real solid set ups this morning so the best I can offer is the USDJPY hourly above. Watch for a break & close below the two moving averages for possible dollar selling. We already have the sell signal so now looking for further confirmation. Trendwatch is bearish but the moving averages could be the key here.

Should we find weakness on this pair then also look for possible strength on the EURUSD and GBPUSD at the same time.

As per usual and I am sure I do not need to mention this but please always do your own analysis prior to opening any positions.

Dont forget GDP 1.30

GBPNZD

The Pound New Zealand Dollar hourly chart above is showing a day trade shorting opportunity. I am 47 pips in profit at prestent and have moved my stop to break even. I am aware the moving average suppot just below so I would rather make nothing than make a loss.

Good luck today.

Bank Holiday

Yesterday was a bank holiday in the UK and subsequently we had a lack of volatility. I have looked for good set ups on the charts today but have not found one worth writing about at present so I will update again tomorrow.

Beware of the FOMC today.

Has Loonie further downside?

I shorted USDCAD this morning based on my mechanical trading strategy shown above. In addition it looks like we have a bear flag going on which has recently been broken but beware from a swing trading stance as it could be a fake break out. However, that wont bother those of you that use a mechanical system of some sort.

A friend of mine John M. who has an estate agent business managed to acquire his first good profit yesterday using a mechanical system so I would like to congratulate him. He has been trying and trying to get his trading up and running consistently and I think now he has managed to acomplish that so well done to you and good luck to you and Vasha. Remember, follow the rules.

Hope you all captured good profits yesterday as well.

Have a great weekend. I will update on Tuesday next week.

Good luck today and happy trading.

Loonie

In addition to todays post below I am adding the above hourly chart of USDCAD which I think you may all find interesting.

Kiwi Yen Bounced

I recieved two emails asking how I knew we were going to bounce on the NZDJPY as per my post on Monday. I actually never know what we are going to do, I only take educated guesses based on my analysis and what my mechanical trading systems tell me. It is true looking at the chart above I do not have a buy signal on this trade for Monday but based on experience, candles and an educated guess I thought we may have consolidation or bounce and as you can see it has done a nice bounce so far.

Those that took the retracement long (and I know one of you that has) will be around 300-400 pips in profit. Lock in profits now. Look at the blue moving average as the high point resistance.

Good luck today. I will post tomorrow morning.

Continuation, Consolidation or Retracement?

Good morning everyone,

After big moves we should normally expect to see consolidation or even a retracement and we have a some good moves last week. As you all know, I was short NZDJPY last week and I know many of you took that trade and made a large profits. I am short the NZDJPY (15 minute chart above) and have made my days quota as I write this at 09.10am. Currently managing the trade.

For those of you that are in USDCAD positions, we have some news out tomorrow so be prepared and take the appropriate action.

Below is a very kind email from Barry for those that have asked me about him and his new lifestyle.

Good luck for today.

RETIRED!

It has taken me two and a half years to learn to trade well enough to consistantly make more money than I was working. It has not been easy, I have had many sleepless nights wondering if I could do it. I have been close to giving up a couple of times when I have had a number of losing trades in sucession without proper money management, which can seriously hurt your account! As I wrote about last time.

I cant tell you how happy I am that despite everything the markets threw at me I kept on going back and trying harder, spending more hours infront of my computer, analysing charts and backtesting trading systems.

The one thing that gave me the confidence and most of all the BELIEF that I could suceed was that I knew people who were trading successfully and living off their profits, predominantly Javid, he has shown me trading methods and systems to help me to suceed and been my mentor when I needed help. I cant thank him enough for the help and time he has made available to me.

All of you by visiting this website know it is possible, and I hope that what I write gives some of you that are maybe thinking of giving up, the self belief to continue because it is possible to suceed.

After I had given in my notice I was exited but also quite scared, this was going to one of the biggest changes in my life. I was now going to be dependent on my trading for my entire income rather than a secondary income.

I have now been retired for nearly 3 weeks and I am averaging 300 pips per week, which is enough for me to live comfortably on, but I was still apprehensive that if I had a bad couple of weeks I would struggle.

This apprehensiveness was blown out of the water on thursday, I was 500 pips up for the day by 10am, as those of you that saw the website will know. I then locked in my profits and took the dog up the fells for the day.

When I got home at close of play I had made 1030pips in one day, I made in one day what I used to earn in two months!!

Thankyou Javid for all your help, I couldnt have done it without you.

Happy trading.

Barry.

( ex.turkey catcher )

Closed Position

Ok, I know below I said I will not be updating today but I just read an email from someone saying they follwed my analysis and decided to short the NZDJPY yesterday and have made over $3000 in a few hours but wanted to know when to come out of the position and where it was going to. I am answering the question on here as it maybe helpful for others too.

I never know where the price is going to. However, I can do analysis to give me some idea and I know the above chart will be difficult for most of you to understand but that is my analysis and it shows we have support displayed by MOB. As you can see, price hit that and reversed. That is not to say it wont go down lower but I am out of the position based on the support level.

If you are in a trade then where you take out your profits are totally up to you and I highly reccomend you do not rely on me to tell you as my updates will not be timely enough for most of you.

Well done to Picasso my Irish friend.

Happy Trading.

Big Profits!

I wont be updating today.

Hopefully you have all made good profits since I have been updating this site with my day trading charts. The NZDJPY alone would have given you about 400 pips profit. Well done to you all.

Good luck for next week.

Yen Gaining?

I was going to update earlier today but Virgin Media came round (only a day late) to fix my internet issues.

I am short on NZDJPY today based on sell signal from above chart. I think the JPY in contrast is quite bullish.

Had an email from Barry "Turkey Catcher" today which I thought I would provide for you all to read as I have been asked how he is doing now he no longer works by some of you.

Hello mate,

What a day! I am up well over 500 pips so far today, I am locking in my profits and going out to enjoy the rest of the day.

I will never be able to thank you enough for all the help that you give me, these stratagies have enabled me to have a life I never thought possible.

Cheers


Happy Trading.

Bullish Dollar?

The USDCAD pair is beginning to finaly look bullish. I am long on this pair and it is seems to be gaining some strength and momentum. The USD has been taking some battering for a while and it is only natural to recover (even if it is temporary) from that so the bullish USD may be expected by some trading gurus but it is welcome.

We were 4x4 driving with Ash & Bijal yesterday which was even better than the first time a few weeks ago. Once again, I encourage everyone to try it out.

Good luck today.

Pound Canadian

The GBPCAD has produced a short signal this morning. My stop is above the swing high.

Im off 4X4 driving again today so today's post is short and sweet. Please do your own analysis.

Happy trading.

Cable Loonie

The FTSE plummeted on Friday and the US is having huge problems alongside there debt issues and the market shows this. This is music to my ears and it should be to all of you reading this.

First of all, the above chart is the GBPCAD hourly and I am short on this based on my strategy signal. Thank you for the emails this weekend regarding the profits some of you made based on my analysis for day trading on last week. I do not day trade generally but I wanted some extra money so that is the reason for these positions.

Now, going back to the markets turning down and some people are now getting very worried we are heading for a bear market with high interest rates and possible recession. If this happens then this should be putting a smile on your face. The 80/20 rule appiles here and we should start to realize good profits. I urge everyone to position themselves on the markets accordingly but be aware of the kiss goodbye (786/886).

Happy Trading.

Cable Loonie

The FTSE plummeted on Friday and the US is having huge problems alongside there debt issues and the market shows this. This is music to my ears and it should be to all of you reading this.

First of all, the above chart is the GBPCAD hourly and I am short on this based on my strategy signal. Thank you for the emails this weekend regarding the profits some of you made based on my analysis for day trading on last week. I do not day trade generally but I wanted some extra money so that is the reason for these positions.

Now, going back to the markets turning down and some people are now getting very worried we are heading for a bear market with high interest rates and possible recession. If this happens then this should be putting a smile on your face. The 80/20 rule appiles here and we should start to realize good profits. I urge everyone to position themselves on the markets accordingly but be aware of the kiss goodnight (786/886).
happy trading for today.

NZDJPY

Ok, it is 10.10am and I have just closed off my NZDJPY trade that I opened yesterday. It has made a few hundred pips profit and having had some emails yesterday I congratulate those that took this trade based on your own and additional analysis.

I will not be updating with any other charts until Monday.

Have a good weekend.

NZDJPY

I am short on the NZDJPY (15 minute chart above) this morning but I am watching it carefully as we are not far off $90 support level if it gets that far so I am aware of a possible reversal. I showed this chart to some of you guys ysterday evening and it is still producing good profits from one of my mechanical tading methods.

Good luck today and happy trading.

Well done!

I spoke with Soodi the dentist yesterday and he has informed me he has applied for retirement from dentistry from November. My understanding is he has to give 3 months notice to a medical board. His words were dentistry is holding me back from my trading. Seeing as he has earned over £200,000 in about a year I can fully understand why he has said that.

Barry the turkey catcher is enjoying his retirement and I will actually be seeing him shortly. He seems extremely happy he is no longer working and who can blame him. Catching turkeys must have been exhausting.

I had an email yesterday from someone yesterday asking why I was day trading with the chart I had put up yesterday and also what the strategy was. I was day trading yesterday and will be for this week in addition to my usual trading because Anne has been shopping recently and is again today (need I say more). The strategy I used is a simple strategy based on momentum and trend strength. The strategy showed strength to the downside and gave me a sell signal so I shorted based on my mechanical entry. The analysis was done on Metastock. I will talk more about trading strategies tomorrow.

At the time of writing this I could not find a decent set up on any charts so will update again tomorow morning.

Good luck for today and happy trading.

15 Minute Selling

The 15 minute chart on Cable is looking a little weak for this morning so we may have a continuation of yesterday. I have moved my stop down to lock in more profits.

Happy trading

Sterling

Due to technical difficulties after having my broadband upgraded to 20 meg I could not log on at at all so I am updating the site somewhat late using my trusty 2 meg broadband connection which works fine.

The chart shows weakness in GBPUSD after what looked like a bearish flag the Cable has moved down over 100 pips today. Further weakness is likely but beware the Pound will probably try and clawback some losses soon so stop management will be a priority on this.

Happy Trading.

Volatility

We spent yesterday driving around a circuit in a Ferrari and Lamborghini. What an awesome day! Only issue is unless you have a similar type of car, after driving these any other car seems so boring.

On the driving track there are numerous signs telling you went to brake and turn and head towards. We were tested on our ability to drive the car around the circuit and follow these instructions and I am happy to say I got 88%. Anne was tested by a different person who deemed it appropriate to give her a score of 95%. Anne informs me driving around a circuit is very similar to trading, you need to follow rules. So, if you want to test out your trading skills I recommend you spend the day driving around a track in a supercar. It is an amazingly fun and exhilarating day out. A more sedate yet equally fun day is 4X4 driving which we did last week so if speed is not your thing then consider 4X4 for the day. We are actually going the 4X4 experience again next week so looking forward to that.

Anyway, on to trading. Simple for today. Don't place any trade prior to NFP being released. Expect volaitilty when the news is released and if you are going to trade it make sure you use a stop loss.

Happy trading and have a good weekend.

Sterling consolidation

I mentioned on Monday the Pound may find some consolidation or may bounce slightly. Since Monday it has done both and is now quietly continuing its consolidation.

For those of you that are aware, The USDCAD was due for a reversal yesterday or today and has today provided us with a nice £1400 gain with very little risk. Support level at 10557.

Not much else to say but to look out for the news due out Thursday and Friday.

Tomorrow we are off driving Ferraris and Lamborghinis courtesy of Mr and Mrs Shah so there will be no update tomorrow.

Happy trading.