Monday update

Dear Dynamic Traders,

Hope you all had a wonderful weekend. Here in the UK we are enjoying an extended weekend as it is a holiday today. Apologies for not posting an update yesterday, we had 3 weddings to go to this weekend which has kept us really busy and I have hardly been at home.

Below are 3 charts for discussion today, the Loonie, EURGBP and GBPJPY. I wanted to do a post on the musketeers however, there is not much other than consolidation going on on the daily timeframe so not much to report.


USDCAD
The Loonie has been in a downtrend recently, did somewhat of a larger pullback creating a double top (in a downtrend) and then continued down. Price has now come back to do a retest of previous high. It will either find resistance there (at the previous high) or will continue up to the trendline which coincides with a Fib breather level. We want to wait for price to then show signs of continuation down to trade with the trend.














The EURGBP has recently gone through a period of consolidation before price started to go up. It is now approaching a resistance level. A good one to put on the watchlist for entry on signs of break down.














The GBPJPY is one that I have not mentioned on here for a while as its not been the easiest to trade recently for trend traders on a longer timeframe. Price has broken through a support line and has tagged a Fib reversal level around a RN. I am now on the lookout for price to bounce either of a Fib reversal level or a previous support level therefore this chart is now on the watchlist.














Good Trading!
Bijal Shah

GBPCHF resuming trend?

Good Evening Dynamic Traders,

Tonight's post is one highlighted to me by a good friend. Below are the weekly and daily charts for the GBPCHF. As you can see price has been in a down trend for some time. The beginning of this year saw price do a pullback to a Fib breather level. Price then did what looks like a double top and has started to retreat back down again only last week breaking through the trendline again. The aggressive traders may have already entered at the breather level to join the trend. The conservatives may require further confirmation and may decide to enter with a combination of breakouts and ESLT.


























Good Trading!
Bijal Shah

Review and set ups for the coming week

Dear Dynamic Traders,

Hope you are enjoying your weekend.

The EURCAD breached the Fib breather level but did not close above it. It then proceeded south. If you missed the entry its still not too late as it is currently being supported by the trendline and if you are conservative you may even wish for it to break the previous low before you enter.

I also mentioned the Loonie at the same time as this chart last week and the Loonie has since seen price fall.














The Swissy below is showing potential signs of a move south. Price has tagged previous lows and stochs is showing oversold. One to keep a keen eye on for a break down.














Also posted below is the AUDCAD daily chart. Price is currently at a trendline support area and appears to be somewhat into a squeeze. Will it bounce up from the support or will it breakdown?














Good Trading!
Bijal Shah

EURCAD

Good Evening Dynamic Traders,

There does not appear to be much tradeable price movement on the 3 musketeers currently on the larger timeframe as they all appear somewhat range bound.

The EURCAD chart below has been selected for tonight's blog as potentially it may head down in the direction of the trend. Price has retraced to a Fib breather level, the last two bars are doji and therefore it is worth putting on the watchlist in case it starts its decent. Of course it may go up to test the VI and a further breather level - there are no guarantees, but at least we will be prepared to act according to the market's signals.















The Loonie is also worth putting on your watchlist for similar reasons (namely the breather level).

Good Trading!
Bijal Shah

AudNzd

Good Day Dynamic Traders,

Hope you have had an awesome weekend so far. I am finally able to upload charts and so we are back in business :).

I mentioned crude oil last weekend and a potential breakout to the upside. Price failed to breakthrough and is now heading towards the trendline support. It may bounce off this support and try to breakthrough again or it may continue further down to test the VI.

Below is the AUDNZD daily chart. After a period of consolidation, price appears to have broken through a strong support including the VI. Of course there are no guarantees that this is a true break out and therefore need to be a little cautious. Having said that price has been creating lower high's and lower lows. Apply your favourite filters and enter as appropriate.















Good Trading!
Bijal Shah

AUDUSD & CAD

Good evening Dynamic Traders,

Hope you are having a good week. I have been trying all day to post some charts but am still not having any luck so apologies. I wanted to show you the AUD this morning on the 240 chart where price found support and has since started to head back up. Keep an eye on it for trend to resume potentially.

In addition, price on the Loonie has produced a bearish engulfing candle and will be reaching previous support soon. Again another one to keep an eye on for a good entry hould the trend continue down.

Good trading!
Bijal Shah

Review of the week

Good Day Dynamic Traders,

Hope you are having a blissful weekend.

Just to recap on the trades posted from last week:
The AUDJPY produced a bullish break out on Friday, as we all know this is influenced by NFP so the next days will tell us whether this is a true break out or not.

The Swissy headed north after coming close to a break down, again it will remain on the watchlist as sooner or later price will break out of consolidation mode.

The GBPCHF remains at a double top formation with support from the value index. A break out need not be ruled out just yet.

The two charts that I would like to discuss today for their potentiality are Crude oil and the USDJPY. Both are at a point where price may break out and therefore are good for the watchlist. Unfortunately I am unable to post the charts at this moment but will try again later as the visual will help understand what I am trying to articulate.

Good Trading!
Bijal Shah

Non Farm Payroll week

Good Day Dynamic Traders,

Hope you are having a good week. All the pound related news items today were better than forecasted and this has helped it to keep up the rally.

Below are the day charts for GBPCHF and the Swissy.

The GBPCHF has been in a recent uptrend but has been coming into a squeeze. Now at a previous resistance will price manage to break up and continue the recent rally?















The Swissy has been consolidating for a while now. There is no guarantee that price will break out of the consolidation just yet however, a couple of indicators may be the fact that the EUR and GBP have broken out and also it is NFP on Friday which generally tends to make the markets move. One to keep an eye on for an opportunity to ride the wave.















As mentioned it is NFP on Friday so I will not be posting any new set ups tomorrow.

Good Trading!
Bijal Shah

AUDJPY

Good Evening Dynamic Traders,

After a period of consolidation, the Cable and Euro have managed to breakthrough previous resistances today. Next up the AUDJPY is looking to do similar. Price is approaching previous resistance and if the momentum continues then we could see a breakthrough to the upside. Please note I have deliberately kept the chart very simple today as the most important thing to focus on is price action.














Good Trading!
Bijal Shah