Loonie Again!

I have recently updated a few times with the USDCAD chart and I am doing again so today. This pair is going to make me a lot of money when it has decided what it is doing. Whichever direction it decides to take I will be taking advantage of this.

If you are unaware on how to profit from this pair, wait for a signal based on fibs for end of w2 or end of w4. If w2 is an incorrect count then I will wait for a break and close below the low for further weakness. Whatever happens on this pair, I will be ready. I would advise you all to do your own analysis and determine the approach you will take. Weekly chart for the Loonie is below.


Chart courtesy of Advanced Get. Data provided by ESignal.

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FXCPS Team

Loonie Reversal

Todays update has been performed by a friend of mine Surj. He is shorting this pair as am I. Hope you have all made good profits yesterday and today from the two currencies mentioned yesterday.


Chart courtesy of Advanced Get. Data provided by eSignal.

FXCPS Team

Euro Weakness

I have taken a short on the EURUSD (chart below) this morning on the basis of what looks like some weakness. Already in 60 pips profit and have scaled out and managed my stop.

Not entirely sure if this is now going to be a fully fledged downtrend but I have my RTC to watch for a break and close below and I will then use my entry stop loss technique to enter for a longer term position. I would look for confluence of events for a bigger picture though.

I am also triggered in to short position on the USDCAD based on fibs and am currently breaking even. I have a very tight stop on this and my risk is very very small as this is an aggressive trade.

Core Durable Good and New Home Sales are released today.


Chart courtesy of Advanced Get. Data provided by eSignal.

FXCPS Team

Cable, Loonie & Euro

Good morning,

The Cable continues to go up but is struggling and the lack upward pressue is becoming questionable. This pair is hanging around the 200 MA on the 4 hour chart. I am still bullish on this but stops are placed well and staggered.

The Loonie is also running out of steam upwards but it is on a trend up since the 7th November. On this pair we can see The Figure just above price action and we have fibs at 9965. I would watch out for these resistance areas. A more likely scenario if this was a new and stable uptrend would be a retest of the low (without failing) which would be a wave 2 before we commence for the big move up. If the retest breaks the low and subsequently fails then this was never an uptrend and is just a breather before the downtrend commences.

Lastly, the Euro is still attempting to tag 1.50 and we may see that happen soon (dependent on news). Using XTL on the daily this is still a long choice as the RTC has not been breached.

FXCPS Team

Cable & Yen Continuation

Apart from the football at the weekends I find weekends very boring. Mainly due to the fact the markets are closed. Nothing really can take the place of an open market that is providing good volatility allowing the ability to make money by not having to do that much!

That is why I love the currency markets so much. It is open 24 hours a day, it is the biggest market in the world, it has huge volatility and requires much less work that stocks and shares.

With all that said, lets have a look at one of my favourite currencies. I mentioned on Wednesday last week about the GBPUSD possibly reversing. Well since that update this pair has gone up 300 pips. Unfortunately I locked in profits and subsequently got stopped out. I am back in this pair again and have once again moved my stop up to lock in profits this morning. The 60 minute chart below shows you my buy signal and indication to go long.

Chart courtesy of Metastock. Data provided by Reuters.

The buy signal appeared last night and produced a good profit by the time I woke up this morning. Watch this pair to see if we get increased strength.

I went long this morning on the USDJPY while talking with a friend of mine Patrick Newton (who I know some of you know) and picked up £200 in that 30 minute converstaion. It would have been more but I had forgotten to raise my limit and lock in profits. Anyway, the long position was just a quick day trade. I think the overall trend in this pair is still a downtrend although we have produced a candle reversal yesterday (which being a Sunday many not hold much strength) and we have hit a MOB and the time line. If this pair continues then we could see another 300 pip gain.

Chart courtey of Advanced Get. Data provided by eSignal.

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FXCPS Team

Support Level

The Australian New Zealand Dollar has reversed after a divergence and is now reaching the 200 MA and Fib 50 level. We are also hitting a time line so a reversal maybe on the cards. Watch for a break below these support levels for a continuation and further weakness. Alternatively, watch the candle for a reversal for a long position.


Chart courtesy of Advanced Get. Data provided by eSignal.

Have a good weekend.

FXCPS Team

Thanksgiving

I will not be trading today due to it being ThanksGiving in the States.

Cable

After yesterdays nice move up and in to good profit, Cable today is taking out profits. Hopefully you all locked in your profits by adjusting your stops. I have been stopped out on this earlier today but have walked away with a tidy sum.

I would watch this pair after today is over to see if we get a reversal candle. As of now it looks like we are getting that but the day is not over.

USDCAD is still on it's way up towards it 1.0000 mark. Keep moving up your stops on this one to lock in porfits. Not far off our Ellipse!


Chart courtesy of Advanced Get. Data provided by eSignal.

Good luck.

FXCPS Team

Cable Heading Up?

The GBPUSD seems to be showing a little strength again. This can be analyzed by the Ellipse and fib reversal on the daily chart which is at 2.05 the figure. I have not added the 4 hour chart but if you check your own charts you will see a convergence with the MACD. In addition, if you take your MOB from the previous swing low on the same time frame you will notice price hit the bottom at the figure 2.04 with tram tracks. Watch the 1 hour for a break above the MOB.

On the daily we have Stochastics NFB showing the uptrend. We have now reached oversold territory so a Stochastics NFB strategy approach maybe possible. This by taking fib from August 17th 2007 to the recent swing high and you will notice we have a cluster with the recent fib reversal.

All in all we have a confluence of events. For this to be accurate and confirmed you will need to use a strategy you feel appropriate to take this trade. Risk is quite low right now but you must use a suitable entry/stop loss technique. Do not chase this trade.

GBPUSD Daily Chart . Chart courtesy of Advanced Get. Data provided by eSignal.


GBPUSD 15 Minute Chart . Chart courtesy of Advanced Get. Data provided by eSignal.


GBPUSD Hourly Chart. Chart courtesy of Advanced Get. Data provided by eSignal.

In addition to all the above, have a look at USDCHF. Im profiting very well from this and you might want to consider analyzing this one. Look for a continuation like we saw when USDCAD broke through 1.0000 or a bounce up from the figure (which is not far away now).

Sorry, due to an over extended shopping day yesterday we did not make it back in time to give you all an update.

FXCPS Team.

Today's Update

Next update will be later this afternoon.

I encourage you all to read Anne Chapman's eBook by clicking here, especially if you are new to trading.

Best Ever Trade !

Good morning,

I have decided to update today with only an email sent to me from Kalam yesterday. The email was sent to me personally and was not Kalam's intention to have it put up here but I am placing it below for you all to read and take hope from it.

I want to congratulate Kalam and also Surj who you have not heard about just yet but I think you will do more so in the future. Surj yesterday had made a very nice profit and has only started trading this year. He will hopefully email me end of this week which i will update the site with on Monday.

Well done Kalam and Surj.

Please read Kalam's email sent yesterday below.

Hi mate, did my best ever trade yesturday.

I did not trade on tuesday as no signal was produced in the BB strategy but the market was over bought and i just waited for the correction to reach an important fib ratio. At 12pm yesterday a tweazer appeared on 50% fib so i went into the gbp/jpy before the sell signal was even produced! I made 136 pips in 1 hour and 45 minutes with my money management strategy i ended up trading it at £35 per pip! that was £4483! My BIGGEST EVER PIP GAIN AND PROFIT!

Today i should've made approximatley 400 pips shorting the cadjpy and the gbpjpy but i was on my way to school, so I lost out on making a potential £14000!!!!! Glad i am finally in a position to say that.

FXCPS Team

Euro to Hit 1.50

The Euro Dollar daily below below has a current divergence and stochastics shows an overbought condition for a while. This pair in normal conditions should head toward 1.5 the figure where it should be met with psychological resistance and possible reverse for either a breather before continuing the uptrend or for a correction.

The red moving average could be used to act as a stop loss (plus some give) or the trend channel (which is above 90%) could be used. In addition to that you could also used stochastics No False Bar.

FXCPS Team

Chart courtesy of Advanced Get. Data provided by eSignal.

A Brief Rally

Chart courtesy of Advanced Get. Data provided by eSignal.

The USDCAD daily is at ellipse and has given us a reversal candle. Although not quite at the figure it was not far off it. A typical 4 count quite often is used with Stochastics and we can see it creeping into overbought territory. XTL changed to Flat and now I am looing for an entry point.

We have some heavy news items out today and Bernanke is also speaking.

FXCPS Team

Pound Yen Support?

Chart courtesy of Advanced Get. Data provided by eSignal.

The daily chart of the GBPJPY shows a possible support level at 225 the figure. CT's unwind and if they continue then we could see further weakness. Watch this cross as it has come to an interesting area. Should we have a break and close then watch the next Figure for a support.

FXCPS Team

Veteran's Day

No update today as it is a holiday in the US.

I have moved my stop down to lock in a very good profit since Friday's analysis on Aussie Dollar pair. For those who are in this trade, it would be advisable to manage this position.

Lastly, I send on Kalam's regards to all of you who advises me that he had made a over £2000 on a single day trade on Friday in just over 2 hours using the very same strategy some of you know. I can recall a time when Kalam would tell me he would lose money most days due to lack of discipline. For all of you reading this, discipline is the key.

Good luck.

FXCPS Team

Australian Dollar

Chart courtesy of Metastock. Data provided by Quote Center.

After yesterdays news and chatter we have a couple of things to look forward to today. We have US & Canadian Trade Balance as well as Consumer Sentiment.

The daily Australian Dollar chart above shows a sell signal with a red diamond. We also have a divergence (not shown on chart above), reversal candle and the figure as resistance. These are all short positive potential positions. The flip side is we have XTL showing strength for continaution. A short would be appropriate only if we break the low of yesterdays candle to provide some form of momentum.

Personally, I would look for a reversal as opposed to a continaution based on what the technicals are showing but I would urge you to be very careful should you wish to take the same stance as this is very aggressive and you are going against the trend. If you are an agressive trader then as long as you are aware of your risk management and have well placed stops, the risk reward should be favourable.

Good luck and have a good weekend.

Stock Market Tumble

Yesterdays EURJPY did not break it's resistance and therefore I did not get triggered into a trade. I have cancelled that order now and may well look to see for a downside opportunity.

The US equities market took a heavy fall yeaterday. Those that trade in stocks should watch for signs of continuations here. Stop adjustments might need to be considered depending on today's news outcomes.

Today we have some major things going on so right now i am out of the market until I get a better understanding and have digested the news.

What to watch for:

Interest rate statements from UK and Eur (BoE expected to keep rates on hold)

Canada's Housing Starts

US Unemployment Claims

President Trichet and President Bernanke

With all the above we will probably see movement in the currency and equities market today. I would suggest to all of you (as easy as it is to fall in to this trap) but do not gamble and second guess here, wait for the news and base your decisions on facts. For me, to remove emotions, I wait a good while (not just a few minutes) after the facts have come out then analyze before entering the markets.

All the best for today, good luck and have an emotion free trading day.

FXCPS Team.

Euro Yen

Chart courtesy of Advanced Get. Data provided by eSignal.

The EurJpy daily chart above may show an incorrect count but they should not be completely ingnored. The MOB is still showing an area of profit taking so if we break the current resistance then from a day trading view that might be worth taking (as long as you have a well placed stop). Watch for a divergence if and when we break the recent high to indicate a possible future reversal.

All the best.

FXCPS Team

USD Direction?

Market Report by TSA. Data provided by Reuters.

I had an updated email from Kalam which i have posted below todays post.

The credit concerns continue to grow at Citibank. The Dollar weakens even further and the USDCAD has been heading towards 9300 yesterday. I have no idea where the USD is heading but I am look for good day trading opportunities at present. Swing trading is not appropriate just now for my trading style.

Good luck today and well done again to you Kalam.

Hi traders,

This update is to stress how important a strategy is in trading and also the need to not get emotional during trading.

From Friday 26th October - Friday 2nd November i made a profit of £3044.41! This figure is great and is the most money that i personally have earned in that short amount of time but it should have been £5000. The reason why it is not £5000 is because i did not stick to my strategy and became emotional.
While in a trade i decided to cut my losses and that loss at that time happened to be £1300. Within 1 hour of me cutting my losses that trade did not go any lower and in actual fact it went to my profit target. WHAT HAD I DONE! Obviously I was saddened by the fact i made a stupid trading decision rather than loosing the money, but mistakes are good because they are a fantastic opportunity to learn, plus i was already up for the week.

Trust your analysis and strategies. Do not make decisions that go against your strategy otherwise you will not reep the rewrds.

Emotions should be expressed when your strategy works for you and you make that profit. or when listening to Celine Dion.

good luck with the trading.

Kalam

Strong Pound

Market Report produced from Reuters Data. Report taken from Metastock.

Good morning,

Today we have out NFP. Im sure I dont need to tell you all what to look out for.

Above we have the market report for today but this wont really be so useful as you should not look to take out a position before the release. However, it will giv you some kind of pattern that maybe worth taking note.

Well done to Clay. Another person who has been working very very hard to achieve some form of consistency and now seems to be getting there.

For those that trade the GBPJPY, beware we hit a previous resistance yesterday and a retest is in progress today. Watch for a break or continuation on this cross after NFP release.

Ensure you all have TTN switched on today.

Good luck and have a good weekend.

Rate Cut

As was widely expeted, the Fed cuts the rates by 25 basis points. Although no suprise the USD is still heavily offered. The USDCAD is just sinking lower and the GBPUSD reached a 26 year all time high. The Euro seemed to have issues with the 1.45 figure so I will wait for a continuation or reversal on the lower time frames.

I mentioned a short term long possibility on the USDZAR on Tuesday and since then did absilutely nothing at all. Today however, it has decided to move on up finally providing some profit. I have raised my stop on this pair now.

Remember, tomorrow we have another very interesting day with NFP. The consensus is 82k and the previous actual was 110k. The Unemployment rate forecast remains unchanged at 4.7%.

I have had a couple of comments regarding Kalam's update yesterday. Just to confirm, he really is 21 years of age. I myself find it hard to believe that sometimes because he has so much drive and desire to make trading a full time occupation for someone so young.

May you all have an emotion free trading day.

FXCPS Team.