Rate Decision

We are very likely to see a lot of volatility later today when we have the FOMC decision out. Until then I am staying out of the market.

Yesterday I recieved an email from a friend that I would like to share with you all.

I trained Kalam a couple of years ago and through a lot of downfalls he dusted himself off and seems to be on his way to trading consistently. Last Friday he had made £1100. Monday he had lost £1000 then made £1500. Yesterday when I spoke with him in the morning he had made £500. This morning he is about £460 in profit. It is important to note Kalam has been working hard towards this for a while and did not give up. It is also more important to note he is only 21 years old and a student at University. Below is his email.

Hello Traders,

Its been over six months since i last made contact with the users of fxcps,and a lot has happened since then.
Firstly i'd like to congratulate Soodi and Barry, they are both insperational and helped me in motivating myself to give trading the biggest push I could to make it work.

Two things that have occured to me are:
1. IT IS NOT CHEAP BECOMING RICH!
2. DO NOT GET EMOTIONAL ABOUT IT!

Like Javid said in one off the past updates, "get the good software" and you usually have to pay for it because it is GOOD STUFF! I have spent more money on trading/software then i would ever imagine, and it will take time to clear the investment but i know that I will make it, and be financially free.

Emotions do not help in trading, Systems do. Have a strategy and stick to it. If it doesn't work then change it, and keep changing ituntil it does. Trust me on this, one day it will!

It is not easy to become a full time forex trader, i still am not there myself! but one thing i know is that i am not far away. Luckily i started very young in this game, and even more lucky i have found a great mentor and friend in Javid, if it wasn't for him and also Anne then i know that things would be soooo different right now.The dream is alive because of you guys, thanks.

Next time i speak to you guys I Should be Lewis Hamiltons neighbour in Switzerland and most definatley atleast ordered my Range Rover Sport.

p.s made over £1000 profit today through using a fantstic systematic strategy.

Happy Trading Kalam (almost full time Forex Trader!)

South African Rand

Chart courtesy of Advanced Get. Data provided by eSignal.

Speaking to a friend of mine (thanks Posh S), I decided to do an analysis on th USDZAR pair. The above chart shows you the MOB level with time reversal and MACD convergence. We hit 6.5 the figure with a Doji. There are a few confluence of events for me to enter long but I will urge you all to do your own analysis. This is a heavy downtrend so taking an opposing view is always risky.

Good luck.

Buy Strong Sell Weak

Market Report presented in Metastock. Data provided by Reuters Data.

I am being asked a lot about the relevance of the Market Report (above). I have been updating the site over the last couple of weeks with the information for you to trade with. Some of you I know are using this and are making money from it. Others seem to be at a loss as to how to use it. Below I will show you the purpose of how this will be beneficial to you all. Those of you that trade currency, oil or commodities should be subscribing to the Market Report anyway.

Look for the currency that either yesterday (for day trading purposes) or last week/month (for swing/position trading purposes) has moved the most.

The biggest movers coupled with your usual technical analysis will provide you with the basis of entry on certain currency pairs or crosses. This week so far (yesterday), the JPY and CHF seem to be big movers. Doing technical analysis on these will usually provide better results than other currencies at present, especially when the market is range bound.

As for news, we have interest rate anouncement due out tomorrow. Consensus is for a 25 basis points drop. I am not going to speculate on this but will trade the news tomorrow based on the actual.

Biggest release we have is NFP and usually we find a few inside days prior the release but that may not be the case this week due to interest rate decision consensus.

Unfortunately I have still not managed to get my Comms data working so cannot update the site with that chart. Once working again, I will put a chart or two up here for you.

GBPUSD is currently at 26 year highs and still seems to be going strong. Keep a close eye on this as we will very likely see big movments on this tomorrow.

Good luck today and dont forget to sign up for our newsletter due out next week.

FX Analyst Team

Market Report

Click above market reports for enlarged view.

Good morning everyone and welcome to another week of trading. We are still in a trading range on many pairs so day and scalping maybe the order again this week. However, we do have news out so this may play a big part on possible breakouts.

I wanted to add the Comms data but unfortunately their is a connection issue with the vendor. Hopefully that will be fixed today so I can update for you tomorrow.

Congratulations to Kalam who uses one of my strategies and produced a £1100 profit on Friday. He has been working very hard towards trading and financial freedom and this another big step to consistency. Well done!

The market reports should give you some form of guidance towards which pairs are providing movement and volatility. Good daily volatility will make it easier to scalp / day trade during this current range bound period.

Have a good trading week and dont forget your affirmations.

Email Me

Due to spam and the time wasted for me to go through my junk emails, could you all use my Contact Us page to contact me. The link is also on the right side of all the pages on this website.

Thanks

Slow Week

This week have been a more difficult week to scrape profits due to our oscilating markets. I am not in the markets today and will not open a position as we also have a lack of news. I will checks the Comms this weekend before making a decision next week on trades.

A very good friend of mine Mara is running the New York marathin next weekend to raise funds for AIDS Orphans. Could I ask all of you to please support her in this very worthy cause. To do so please go to www.justgiving.co.uk/marabelmonte

I would really appreciate any donations from our readers of this website.

Have a great weekend.

Javid

Good luck Mara !

USDCAD Strenth Strugggle

Click the above text areas to expand.

Further to my post for yesterday on Tuesday night, the USDCAD struggled to gain any real strength yesterday although it had pushed up 80 pips or so from my entry (£800) and a profit had been realized but not anything worth writing home about and not what I was expecting. I will look for a new possible entry later this afternoon / evening.

Most pairs are oscilating at present which means day trading strategies should be the current implementation. I am out of the market today as a result plus I am 4X4 driving with a friend.

I have outlined the biggest movers and losers of yesterday above for you. This should aid in what currencies you want to look at for day trading.

Please dont forget Core Durables are out today.

Good luck today.

Loonie

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

I am updating on Tuesday evening as I wont get a chance tomorrow morning.

I am revisiting the USDCAD pair as this seems to be in free fall. I would look at this pair a little more closely this time. While analysing this I found we still have a convergence on the daily and 4 hour chart and as well as the Comms taking a long stance. We seem to have a support around 0.9620 area so watch for a break of that for continaution. However, the weekly chart has shown a reversal candle at the support area so we may possibly see a bounce. For those that use RSI for convergence/divergence, we have a convergence on the daily.

All in all, we have the odds stacked in our favour for a long over a short but be very careful as going against a trend is always risky. A conservative view would be to wait for a few more confluence of events.

All the best for the trading day.

Next Post Tomorrow

Sorry for not updating today. I have spent most of my time chasing up some fraudulent activity on my credit card.

I will post tomorrow.

Continuation or Reversal?

Chart courtesy of Advanced Get. Data provided by eSignal.

Good morning guys and welcome to anothert week of trading.

I suggest you all start with your own affirmations this week regarding trading. For those that dont do this or cant remember how to, just think back to Robbins.

I have been short based on my BB Strategy on the AUDJPY and although the signal has not changed regarding this cross I have looked at the chart again this morning and am going to be a little cautious. The cross came down overnight and found support at the figure. It then bouncd up to a PP and is now unsure. Quite often what we would see is a retest of the low and this would then indicate a continuation or a reversal. The continuation would be based on a break below the low and the figure. The reversal would be based on a double bottom with confluence of events. Clusters would be useful as well. The 4 hours is showing a MACD convergence.

I still have my trade in place but had a scale out prior to the figure. I have also moved my stop down. This chart you want to watch for a break and close (smaller time frame not daily if day trading) for shorting opportunity or bounce characterstics for long opportunity. My system trading is still staying short.

We have a few people speaking today.

Good luck.

Beranke Speaks

We have Canada Core CPI out this afternoon followed by Fed Chairman Bernanke. I would suggest not to open any new positions prior to todays news release.

Hope you all have a good weekend.

Euro Highs

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

Good Morning,

Yesterdays set up on the AUDCAD was a no go and I was stopped out based on my aggressive strategy. However, the technicals are still relevant and valid unless we deal below certain support levels.

The top chart (Advanced Get) today is showing the Daily Euro and reaching its recent all time high. The Euro chatter is for this to head to 1.43 the figure and is currently standing at 1.4250. The MOB is slightly above the chatter value and Get Osc is showing divergence. We have a previous long on this and today have managed this trade.

The chart below (Metastock) is showing a Euro Yen sell signal. I also have a bearish signal on here and although not shown on the chart, we also have an 886 reversal coupled with a Doji. In addition MACD is diverging. This might be worth analyzing or putting on to your watch list.

I have added todays commentary below again for you all to read as I have had many requests for this now. I see some of you are beginning to understand how to use it to your advantage. My only drawback of continually updating the website with this information is it actually takes a while to copy it over. However, it is here for you guys again.


Currency Value Changes (Calendar-Based)

Today
In general, today the New Zealand Dollar (USD) gained the most value, with the Canadian Dollar (CAD) gaining the next largest amount against all other G8 currencies.
In general, today the US Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Current Calendar Week
In general, since the beginning of the current week, the Japanese Yen (JPY) gained the most value, with the Swiss Franc (CHF) gaining the next largest amount against all other G8 currencies.
In general, since the beginning of the current week, the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Current Calendar Month
In general, since the beginning of the current month, the Canadian Dollar (CAD) gained the most value, with the Australian Dollar (AUD) gaining the next largest amount against all other G8 currencies.
In general, since the beginning of the current month, the Japanese Yen (JPY) lost the most value, with the Swiss Franc (CHF) losing the next largest amount against all other G8 currencies.

Current Calendar Year
In general, since the beginning of the current year, the Canadian Dollar (CAD) gained the most value, with the Australian Dollar (AUD) gaining the next largest amount against all other G8 currencies.
In general, since the beginning of the current year, the US Dollar (USD) lost the most value, with the Japanese Yen (JPY) losing the next largest amount against all other G8 currencies.


Currency Value Changes (Trading-Based)

Today
In general, today the New Zealand Dollar (USD) gained the most value, with the Canadian Dollar (CAD) gaining the next largest amount against all other G8 currencies.
In general, today the US Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Recent Trading Week
In general, over the most recent tradable week (not calendar week) the Canadian Dollar (CAD) gained the most value, with the Japanese Yen (JPY) gaining the next largest amount against all other G8 currencies.
In general, over the most recent tradable week (not calendar week) the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Recent Trading Month
In general, over the most recent tradable month of time (not calendar month) the Australian Dollar (AUD) gained the most value, with the Canadian Dollar (CAD) gaining the next largest amount against all other G8 currencies.
In general, over the most recent tradable month of time (not calendar month) the Japanese Yen (JPY) lost the most value, with the US Dollar (USD) losing the next largest amount against all other G8 currencies.

Recent Tradable Year
In general, over the most recent tradable year of time (not calendar year) the Australian Dollar (AUD) gained the most value, with the Canadian Dollar (CAD) gaining the next largest amount against all other G8 currencies.
In general, over the most recent tradable year of time (not calendar year) the US Dollar (USD) lost the most value, with the Japanese Yen (JPY) losing the next largest amount against all other G8 currencies.

Good luck today.

Cup and Handle

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

I trust we all made a tidy sum on the AUDCAD yesterday.

After doing my usual scan this morning I have picked up the GBPCAD for a few reasons.

1. The buy signal and golden diamond has shown up this morning on the daily chart.

2. The price has hit around the MOB level.

3. We have a a small degree of convergence on daily MACD.

4. Daily RSI reasched oversold and converged.

5. For the chart pattern enthusiasts, we have a nice cup and handle on the 1 hour and 4 hour charts.

Above we have a confluence of events. The point to note though is watch that MA on the 1 hour chart and couple that with a short term fib level and in addition The Figure, we may have a stubborn resistance.

I was speaking with a friend of mine yesterday who made a few good points I would like to share with you all in tomorrows post.

Oh, as I was asked very nicely, below I have placed yesterdays calendar based information updated with todays information again for you. Some of you are aware how to use this as a trading strategy but for those who are not heres a hint, have a look at the biggest movers.

Currency Value Changes (Calendar-Based)

Today
In general, today the Japanese Yen (JPY) gained the most value, with the US Dollar (USD) gaining the next largest amount against all other G8 currencies.
In general, today the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Current Calendar Week
In general, since the beginning of the current week, the Japanese Yen (JPY) gained the most value, with the Swiss Franc (CHF) gaining the next largest amount against all other G8 currencies.
In general, since the beginning of the current week, the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Current Calendar Month
In general, since the beginning of the current month, the Canadian Dollar (CAD) gained the most value, with the Australian Dollar (AUD) gaining the next largest amount against all other G8 currencies.
In general, since the beginning of the current month, the New Zealand Dollar (USD) lost the most value, with the Japanese Yen (JPY) losing the next largest amount against all other G8 currencies.

Current Calendar Year
In general, since the beginning of the current year, the Canadian Dollar (CAD) gained the most value, with the Australian Dollar (AUD) gaining the next largest amount against all other G8 currencies.
In general, since the beginning of the current year, the US Dollar (USD) lost the most value, with the Japanese Yen (JPY) losing the next largest amount against all other G8 currencies.

Currency Value Changes (Trading-Based)

Today
In general, today the Japanese Yen (JPY) gained the most value, with the US Dollar (USD) gaining the next largest amount against all other G8 currencies.
In general, today the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Recent Trading Week
In general, over the most recent tradable week (not calendar week) the Euro (EUR) gained the most value, with the Japanese Yen (JPY) gaining the next largest amount against all other G8 currencies.
In general, over the most recent tradable week (not calendar week) the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Recent Trading Month
In general, over the most recent tradable month of time (not calendar month) the Australian Dollar (AUD) gained the most value, with the New Zealand Dollar (USD) gaining the next largest amount against all other G8 currencies.
In general, over the most recent tradable month of time (not calendar month) the Japanese Yen (JPY) lost the most value, with the US Dollar (USD) losing the next largest amount against all other G8 currencies.

Recent Tradable Year
In general, over the most recent tradable year of time (not calendar year) the Australian Dollar (AUD) gained the most value, with the Canadian Dollar (CAD) gaining the next largest amount against all other G8 currencies.
In general, over the most recent tradable year of time (not calendar year) the US Dollar (USD) lost the most value, with the Japanese Yen (JPY) losing the next largest amount against all other G8 currencies.

Hope you all have a great day.

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

AUDCAD Daily has given a sell signal. The only concern here is it is at the MA so when doing your own analysis take this in to consideration. On the Advanced Get charts the bottom right has shown us a possible reversal so wait for a break and close beyond this point for further weakness possibly.

Below I have added an insight in to the markets for you. Although I look at this information daily, I will not update the website with this everyday. I am showing you all today as I was asked the question as to what I look at for my morning information prior to placing trades.

Once again, don't forget to sign up with our newsetter.

Good Luck.


Currency Value Changes (Calendar-Based)

Today

In general, today the Swiss Franc (CHF) gained the most value, with the British Pound (GPB) gaining the next largest amount against all other G8 currencies. In general, today the New Zealand Dollar (USD) lost the most value, with the Canadian Dollar (CAD) losing the next largest amount against all other G8 currencies.

Current Calendar Week

In general, since the beginning of the current week, the British Pound (GPB) gained the most value, with the Swiss Franc (CHF) gaining the next largest amount against all other G8 currencies. In general, since the beginning of the current week, the New Zealand Dollar (USD) lost the most value, with the Australian Dollar (AUD) losing the next largest amount against all other G8 currencies.

Current Calendar Month

In general, since the beginning of the current month, the Canadian Dollar (CAD) gained the most value, with the Australian Dollar (AUD) gaining the next largest amount against all other G8 currencies. In general, since the beginning of the current month, the Japanese Yen (JPY) lost the most value, with the Swiss Franc (CHF) losing the next largest amount against all other G8 currencies.

Current Calendar Year

In general, since the beginning of the current year, the Canadian Dollar (CAD) gained the most value, with the Australian Dollar (AUD) gaining the next largest amount against all other G8 currencies. In general, since the beginning of the current year, the US Dollar (USD) lost the most value, with the Japanese Yen (JPY) losing the next largest amount against all other G8 currencies.

Stock Market Highs

Chart courtesy of Metastock. Data provided by Reuters and TSA Group.

According to Morgan Stanley data, it seems the US Options traders think we are heading for a crash. Heavy protection has been taken out on the S&P in case of a major correction taking place.

I have placed the GBPUSD charts above including the smart money behaviour. Watch the GBPUSD this week for a possible break of the consoldation pattern. We have a daily sell signal on todays bar so I will watch for a break below todays low tomorrow as long as the sell stays put by midnight.

The Empire State Businesss Conditions Index has just been released at nearly double the forecast which will be dollar positive news.

If you have not already signed up to our newsletter then I would recommend you do so. The newsletter will be released on a monthly basis and we will also be giving away strategies for you to use quite often. You can sign up here.

Good luck.

Dollar Yen

Charts courtesy of Advanced Get. Data provided by eSignal.

Above chart might show possible further weakness on the USDJPY pair. The 60 min chart (bottom left) coul be the beginnings of a bearish flag. SHould that be the case we need to deal below the recent low of 117.

The GBPUSD found further weakness yesterday. Actually The Pound along with all the majors are currently in a range bound enviroment and some form of strong fundementals would probably correct that. We have PPI, Consumer Sentiment and Core Retail Sales as well as Bernanke talking today so maybe we might see some action this afternoon.

Hope you all have a great weekend.

Sterling Strength

Chart courtesy of eSignal.

The 60 minute GBPUSD chart may show some strength if it bounces from the MA and more so if it produces a reversal candle. The GBP ideally needs a fundamental reason to return to uptrend so pay attention to news.

Swissy Closed

Good morning,

We do not have any major news to concern ourselves with today. At the moment I cannot find any good set ups except on the 60 minute Euro possibly for a long day trade but even that is not an ideal set up right now and also the Loonie on the 15 minute chart which is a slightly better set up but there are not enough confluence of events for my liking. I will keep my current positions open and wont be opening anything new this morning.

I got stopped out yesterday on Swissy after I moved the stop to lock in good profits. I hope you all did similar.

Happy Trading.

The Swiss

Charts courtesy of eSignal and Metastock.

I have moved my stop to lock in profits on the USDCHF position I opened yesterday.

I had a position opened on the GBPCHF but had closed it prior to price hitting the MA (shown on second chart). I am now encouraged by the break and close above the MA. However, the candle formation is suspect so will look for further confluence of events on here prior to any position opening.

Happy trading.

Swissy

Charts courtesy of Equis and eSignal. Source: Metastock and Advanced GET.

I am updating the site quite late Sunday night as I have not had a chance until now to do my analysis today for the week ahead.

The above charts are of the daily USDCHF pair. The first analysis is showing what the smart money are looking to do with this pair.

The second analysis shows the Swissy hitting our MOB and shows support at 1.16 the figure. It is also showing a convergence on the MACD.

The third analysis is my BB strategy on Metastock. This has given us a buy signal with possible support from the red moving average.

This is a pair worth considering a long position on for a possible swing trade. Should we break the MOB then the next MOB would be our support. Although the USD has taken a nose dive for a while now across the board, it needs to have retracement for either the beginnings of a reversal or a continuation pattern. Either way, I would personally look for a bullish opportunity on this (even if it is temporary).

Take note: In the morning at 6.45am we have the CHF unemployment rate and at 7am President Trichet will be speaking. After that we have GBP Industrial Production figures out and PPI.

Please do your own analysis and come to your own conclusions before opening any positions.

Happy Trading.

Interest Rate Decision

We have UK rate decision today so I will not be trading today. The expectation is to leave it unchanged at 5.75%. We also have Trichet mumbling a few words of wisdom so beware.

I was stopped out at break even on my day position of NZDJPY yesterday but I reopened my short position again and am now 100 pips in profit although I have scaled out and now have a tight stop on. I will revisit this currency in the near future.

Dont forget we have the NFP and prior to that release we can sometimes spot Vega breakout. Look for the opportunity.

If you are unaware of NFP results and other news items then sign up for the free 7 day trial at http://www.tradethenews.com/freetrial.asp?fxcps You will need to do this today to be in time for tomorrows NFP. A strategy you could possibly use for NFP is my US Open but beware of moves greater than 50 pips before 2pm.

Enjoy your day.

NZDJPY

Chart courtesy of Advanced GET. Real time data provided by eSignal.

The chart above is a split view of NZDJPY. A short while ago I did an analysis on this cross and I have found quite a few reasons to short this. I opened a short at 9pm based on one of my mechanical systems (which is unusal for me I know) and am already 55 pips in profit. I have my stop at break even now.

Although the daily bar has not concluded, it is currently showing signs of a possible reversal. I know second guessing is not generally permitted but I will excuse myself this time as I have a few confluence of events so I have stacked the odds in my favour and the worst that can happen now is I break even.

Please do your own analysis on this to draw your own conclusions.

USD Gaining Strength?

Chart courtesy of Metastock. Data provided by eSignal.

The chart shows hourly EURUSD movement. Scale out further from the short opened yesterday. The red moving average could act as a resistance. The USD seems to be gaining some strength back as seen on the USDCAD pair but watch out incase this is just a retracement.

Good luck today.

Euro Dollar

Chart courtesy of Metastock. Data provided by eSignal.

Spent last week in Milan with friends. Had a wonderful time. We managed to all catch an Inter Milan game, shopping (had to buy two extra suitcases), eating what seemed the worlds biggest pizza and took a boat ride along a lake passing famous peoples homes such as George Clooneys. All in all had an excellent time! This was our first trip to Milan and I would highly reccomend it.

I have shorted the EURUSD (15 minute chart) for day trading. My strategy produced a sell signal during overnight and at the time of writing this I have already made a profit. I will soon start to scale out.

We have the US ISM out today. Thursday and Friday are busy days so prepare yourselves beforehand.

As always please do your own analysis.