Loonie Struggled

Chart courtesy of Advanced Get. Data provided by eSignal.

The USDCAD (15 minute chart) struggled yesterday but did manage to push up and has given about $500 profit. I have managed my stop and scaled out allowing me to be risk free on this trade. Now I will just wait and see what it does.

If you have also taken this trade then I would suggest you try to break even if you can but only if you have the abilty to do so without violating your ATR rules.

My next update will be next week on Monday.

USDCAD

Last week has ended with a doji on the dsily chart and also has hit our MOB with time. I have taken a long position on this with my stop below the low of thje doji. Once again, this is an agressive trade so those that are conservative traders should await for further confluence of events before taking up a position on this pair.

Look at the previous post below to view a chart of this pair.

Happy trading.

USDCAD

Chart courtesy of Advanced Get. Data provided by eSignal.

The USDCAD is now around a support area on a daily chart and a good FIGURE. This could be a reversal point so before entering look for a reversal candle or some confluenceof events. This type of trade should be considered aggressive so if your profile is conservative then this would not be the kind of trade for you. For the aggressive trades out there, look for a tight stop and use fib levels for potential profits on smaller time frames.

Good luck today.

Bernanke Speaks

We have retail sales due out in a short while and then Bernanke will be speaking this afternoon. We should expect volatility in both instances. I am staying out of the market until tomorrow.

News

After yesterdays news I have been stopped out on my position with a fairly good profit. I am not placing any new trades until after today CPI and Housing Starts. Volatility should be expected.

Good luck today.

Yesterdays analysis

Chart courtesy of Metastock. Data provided by Quote Center.

I recieved many emails overnight thanking me for yesterdays analysis and asking me to explain where the strategy is from.

The strategy I used is my own personal strategy and although I will not divulge the details, you can benefit from the signals it produces on this website. You can see yesterdays chart above produced a sell signal at around 8am and continued to fall producing a couple of hundred pips profit. I know at least 3 of you have made that kind of profit yesterday and congratulations to you.

I will not be updating the site with a new chart today as I dont have time this morning and I am still short on the above chart with an adjusted stop.

Good luck and happy trading.

Aud Jpy

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

Good morning all,

The charts above are a daily (top) and 15 min (bottom) of the AUDJPY.

All time frames are showing shorting opportunities but watch out for the MA support 15min and MA resistance daily. Watch for a possible bounce on 15 min but if we break and close through this then we could see a further downside. Watch the fib levels on the daily for confluence of events.

This is usually a fairly good set up for those who have time to day trade.

Good luck today.

Northen Rock Credit

Chart courtesy of Metastock. Data provided by Quote Center.

After the news about Northen Rock last night the GBP has taken a bit of a dive. On that basis I am short and GBPAUD from the above 15 minute chart for a day trade.

Have a good weekend.

GBPCHF

Chart courtesy of Metastock. Data provided by Reuters.

The GBPCHF is making a nice profit this morning on a short for day trading. Already down 35 pips and I have now moveds stop to break even. The above chart is 15 minutes. Please do your own analysis.

Happy Trading.

Aussie Dollar

Chart courtesy of Metastock. Data provided by Quote Center.

Yesterday the NZDJPY did indeed bounce off the MA and then went on to make good profits for the day. The MA's are important support/resistance. If you look at the above chart AUDUSD (15 Min) we can see the price has a sell signal and is currently being supported by the red MA. If we break and close below we could see further weakness. However, there is always a risk of traders remorse so keep that in mind and demonstrate that with your stops.

Good luck today.

Support Level

The NZDJPY could be supported by the MA. Watch for a break or bounce on this. The above chart is 15 minutes time frame.

PPI

The PPI is due out in an hour or so times so if already trading any GBP crosses then tighten stops.

The above 15 minute chart of EURUSD is showing buy signs. The overall bullishness of this pair (if it lasts) seems to have 140 in its sights.

NFP produced some good results for many of you who were day trading this using TTN. Well done!

Good luck today.

News Day

As you know we have two busy days ahead with news that is due out. I am out of the market but for those who may want to take a position up this morning for day trading then the above 15 min chart showing GBPNZD might be worth considering.

Please remember to do your own analysis.

Good luck and happy trading.

Interesting

We have had an interest rate statement overnight from Australia and they have left rates unchanged. We are awaiting for the Canadian rate statement today and tomorrow for the Euro and UK statements. We also have NFP on Friday and now is usually the beginning of inside days so I will wait the market to tip my hand as opposed to using any strategies although based on my strategy I am already short on the GBPUSD (15 minute chart above) from this morning. I was asleep when my sell signal appeared on my chart but has still made 41 pips since opening my short position. However, this will be the last trade prior to NFP.

Happy trading.

ECB Rate Unchange

Above are hourly charts of GBPUSD and EURCHF.

The consensus is for the rate to be unchanged by the ECB on Thursday. We will still have to wait for NFP after that though.

Both the above charts shows shorting opportunities but as the above news is pending we may not see trends at present. Prior to NFP we quite often see consolidation. Trade with a degree of discretion this week.

Good luck.

Labor Day

The US and Canada have a holiday today so my next update will be tomorrow.