EURCAD finding support

Afternoon Dynamic Traders

We're drawing to the close of another week on the markets - it's been an up and down week with profits coming in and out. Many currencies are at S/R levels at the moment and in addition to this there's been a lot of news and speculations on the markets what with Greece and talks of a double dip recession. Nobody knows what will happen on the markets, so it's best to keep your ears closed and keep your eyes focused on price!

As you know EURCAD is a trade I'm in. It's been lingering at a key support level all week and today buyers are bumping up price - a classic profit taking reaction. Of course the temptation is to start second guessing the markets and close off positions - what most dumb money traders would be doing right at this point! But nothing's really changed and odds still favour the friendly trend. Yes there's a chance price continues up or starts to range (note MACD convergence), but there's a higher chance price breaks down sooner or later, so keep your wits about you. Should price break the R level above and stop you out, so be it - it's all part of doing business.














SM Trading Mantra - don't break your rules. Break them once and it becomes easier to break them again and again... so stick to your rules!

Enjoy the long weekend. Looks like the weather's been jinxed though .. thanks Zaheer!
Perfect chance to chill at home and get refreshed for a new month of trading.

Sonia Molina

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www.fxcps.co.uk

Euro resilience

Morning traders,

Yesterday Spain was downgraded by the S&P and yet the Euro stood firm.

Upon closer examination of the Euro Dollar, we can see slow and continuous weakness progressing but not at the level we perhaps would have expected considering the Euro zone has been dishing out bad news recently. Our nearest zone of support is at 1.30 then 1.29 so expectation would be to see weak follow through to these levels at some point.

Currently we are not oversold so there is more room for weakness possible and VI is negative. In addition, there seems to be strength is the trend forming slowly. However, if we bounce from here then resistance will be met at the 1.33 and 1.35 levels. If any bounce fails to clear these levels then a range or a countinuation down can ensue. Either way, Dynamic Trader members will know how to enter this trade with our entry techniques and strategies.

The GBPUSD on the other hand is not showing much strength at the moment but this could change. However, at the moment we might be in a ranging enviroment so the safe bet is to stay clear of this pair until we have a set up. Again, Dynamic Traders will know how to enter this trade and when the right time is.

USDCAD is currently being supported by the figure. If we clear this point then we must see a continuation but as all Dynamic Traders know very well, do not second guess and be patient for the entry.

Good trading.

Javid Shaik
Dynamic Trader

GBPAUD weakens & USDSGD update

Afternoon Dynamic Traders

I've decided to update on GBPAUD as the 'Great British Pound' seems to be losing it's greatness today! There's been no real momentum in price recently due to the post-big move consolidation. But we may see a TL bob today presenting the more aggressive trader a possible short entry. MACD divergence is also present as an additional confluence. Do carry out your own analysis to see what other confluences may be present.

















Of course price needs to contend with the support level and RN below, so my preference is a bob of this area for a continuation with the downtrend. I'll leave this one with you to decide what fits with your trading style.

USDSGD saw a very bullish day for price yesterday followed by another bullish morning - my stop was far enough to keep me in the trade. The bears seem to be taking back control this afternoon, hammering price down. How will the day end? Should we see a reversal candle this could well suggest the end of the current breather. We may even have a 123 top formation giving us yet another confluence for a continuation with the downtrend.

















Markets have definitely been quite choppy this week, with profits coming in then being taken away - but we shouldn't concern ourselves with any of that. Focus on price, focus on your management and focus on staying disciplined.

Abundant trading!
Sonia Molina

Monday update & CADJPY revisited

Good Afternoon Dynamic Traders

I hope you all enjoyed the glorious weather this weekend! ... and still made time for your weekly trading preparation.

USDSGD mentioned last week has been triggered for a short based on MOBO. Inevitably there was some profit taking after the big bearish candle but it's now continuing to weaken.

My EUR related trades are continuing to weaken today locking in further profits.

I wrote about CADJPY on 1 April - it's been on my watchlist to revist once there was a pullback and signals for a continuation. But the question for me yesterday was 'Is this a high probability trade?' The answer is no, despite the recent bullish flag and reversal candle.














1. Trend: I knew the trend wasn't the strongest - you can see its zig zaggy nature and although it's gained some momentum recently, it's not a strong uptrend.

2. S/R zone: Above price is as an S/R zone and my T1 would be in the midst of this, so not a good set up.

3. RN: There's a major RN soon after the S/R zone.

A lesson for me on this chart and analysis is that a few weeks ago, I saw what I wanted to see without carefully considering the possible physical and psychological resistance areas. I'm glad I was patient as I now have a different feeling about the trade. Much like the AUDJPY chart mentioned last week, the weekly is also fast approaching a R cluster.

My trading personality is pretty conservative, so the more aggressive traders out there may have a different view. Goes without saying, but do carry out your analysis and make your own judgement.

So as the dragons would say, "I'm out". There are better trades out there.

Abundant trading!
Sonia Molina

Follow Zaheer and Richard on fxcps.eu
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EURCAD trend continuation

Good Morning Dynamic Traders

It's almost the end of another trading week. Trends seem to be continuing, much like the sun in London right now! Let's hope both are here to stay for some time yet.

EURCAD is one of those great trends that seems to be continuing south. I hope many of you have profited from the friendly trend ride. I'm currently managing two RF positions on this pair (one hit T5, the other T3) and awaiting entry for another possible short. However, due to the key support level price is currently at, my preference is a confirmed BOB before entering.











Yes we have a RN close below, but it hasn't proven to be a S/R level previously. Confluences as they stand still favour a short - price is channelling down, it's below the VI and major figure and ST is forming a new false bar. Of course price could find the current support level/looming RN too strong to break and bounce up. But you have to be in it to win in! You just have to decide what you're prepared to pay in order to find out.

In any case, this chart is a great example of trend trading and keeping it all simple!

Enjoy the weekend. It's the London Marathon on Sunday and I'll be going down to show my support .. it's so inspiring seeing all kinds of people from different backgrounds, ages and abilities making it happen! Makes you realise there are no limits to what you can do!

Abundant trading!
Sonia Molina

Check out the other bloggers on:
fxcps.co.uk, fxcps.eu

Resuming Trends?

Hello traders,

We covered many opportunities on the last members only webinar and some of them have entered us into trades. Below I have listed some recent positions we have open.

GBPAUD
CADCHF
USDTRY
USDDKK
EURSEK
EURCAD
USDCAD
GBPCHF

The above positions are currently running 1200 pips and being managed accordingly. We also have orders yet to open on other positions which have yet to trigger.




Chart courtesy of Advanced Get. Data provided by eSignal.

We had another Power Bar on GBPCHF today which provided another good profit today.

We are intrested in GBPCAD and have it on our watchlist. As per John's forex update, we can see Get Stochastics is showing strength down so we are waiting for the right set up prior to the entry.

See you on the next members only webinar.

Javid Shaik
Dynamic Trader

AUDJPY - what next for price?

Morning Dynamic Traders

Hope you're enjoying the trading week so far. Yesterday saw some good movement on the markets - i hope you've managed to lock in some more profits and are remaining disciplined.

As mentioned on Zaheers blog post at fxcps.eu, I also had the CADCHF on my watchlist and have now been triggered into a long trade based on MOBO. Odds favoured a continuation with the uptrend, so let's now leave the markets to do what it's going to do and simply manage the trade accordingly.

I wanted to discuss the AUDJPY chart today. Looking at the weekly chart it's at a very significant point facing a cluster of resistances. We're in no position to second guess, but what we can see is price is faced with a very strong resistance, coupled with MACD divegence. Price could do three things: breakout and continue with the current trend, breakdown and reverse or consolidate.














Let's check out the daily chat for any further insights.














Admittedly it's not the best looking chart - there's been a lot of sideways action with deep pullbacks. Price is stuck in a S/R zone at the moment and needs to decide it's direction. On Monday price produced an indecision candle pushing price up yesterday with some rigour.

So what next? Price may breach the high and continue with its current upward nature - but remember the critical point it's at on the weekly timeframe - we also have daily divergence. Certainly a reversal could happen. A breakout of the weekly VI would be my preference before I consider a long on this pair. Should it reverse I would await a BOB of the VI.

As always please carry out your own analysis. Find out more about the Trading Room Webinars here.

Abundant Trading!
Sonia Molina

USDSGD weakness

Morning Dynamic Traders

I hope you all had a great trading week and an enjoyable weekend. I spent time last week reviewing my trading, TP, strategies and goals. Taking time out of the markets can be a really good exercise and I'm certainly feeling refreshed and ready for trading once again. Seems last week may have been a good time to be off the markets as many currencies are consolidating. Always a good sign, as this usually means price is preparing for its next move.

I was stopped out of my AUDNZD trade last week. It seems price did a FBO and has simply continued in a range. Now, what have i learnt from this trade? I'm happy with the confluences that I had entered this trade on and odds still favour a long - nothing's changed there. My stop may have been a little tight - but that's the nature of mechanical trading and sticking to your rules. This pair is still on the watchlist for a BOB of the high.

I hope USDSGD is also featuring on your watchlist. Last Wednesday saw price plummet almost 200 pips providing us a positive signal for continued weakness. Of course after a big move down price has decided to take a breather - we just don't know how deep the pullback will be. Price recently broke the H&S neckline, so there's always the chance of a retest. For a short entry I'll be waiting for a breach of the new low - MOBO could be used if the right signals/confluences are present.
















Note, there are a number of high impact news items due on the $ this week, so bear this in mind when placing orders.

Abundant trading!
Sonia Molina

Back to the markets

Hello Dynamic Traders,

I have been away due to commitments since the beginning of the week and today getting back into the marlets.

The USDCAD is creeping below the big figure which could be traders remorse and price over shooting the mark temporarily or it could be a sustained down trend offering a continuation to the 0.9000 region. The two legged extension shows support at 1.618 and 1.0000 so it will be interesting to see what this pair decides to do. Either way, this will be worthwhile for members adding this to the watchlist and waiting for a set up using our trading tools and strategies.

USDSGD has taken a big hit today and dropped 160 pips at the time of this update and also overshot the support level but the day has not ended so watch this for a reversal. The head and shoulders formation discussed previously on the members trading room webinars provided a set up for a short trade which I know some pattern traders will have enjoyed due to the clarity of this.

I would like all members to read this mornings update and ensure you follow the points mentioned if you have not already done so.

Good dynamic trading.


Javid Shaik
Dynamic Trader

This Week

Morning Dynamic Traders

I hope you've all enjoyed the weekend.

Unfortunately I won't be updating the blogs this week, but please do check in on sister websites fxcps.co.uk and fxcps.eu for regular updates. I'll be back in full swing next week.

Great Trading!
Sonia Molina

Update: CADJPY & AUDNZD

Evening Dynamic Traders

I won't get the chance to do an update tomorrow as the bloggers are getting together for the day. I just wanted to make a quick note on two pairs that I've mentioned lately.

CADJPY mentioned last week, seems to be starting it's pullback. This is still on the watchlist - so long as we still have the right confluences and we have a breach of the high there's a possible trade to be taken. Let's to be patient and see what the market hands out next week.

AUDNZD infact ended up being a long range/wicky candle by close of trading on Tuesday - although price did manage to produce a BOB - just! This candle suggests possible market indecision and what could end up being a FBO. That's the nature of trading! However, confluences still favour a long on this pair. I'd like to see price stay above 1.300 for a trend continuation. If it breaks below this level, it will be time to reassess.

Apologies for no charts - I can't access my eSignal this evening.

Have a great Friday and an even better weekend.

Abundant Trading!
Sonia Molina

Loonie - will it break 1.0000

Good Morning Dynamic Traders

.. and what a lovely morning it is!

I'm sure some of you have CAD on your watchlist. The short term and aggressive traders may well have profited already from the last few bearish days.

















The swing opportunity for a short may well be on the horizon. Price has already tested 1.0000 level and reacted with a classic indecision candle (albeit small) and a current bounce up. MACD is also converging. The question is, how big will the bounce be - is it simply a breather before mustering up the strength to break the significant figure and resume the downtrend? Or could we see the beginnings of a reversal?

The answer: Nobody knows. The markets will simply do what it will do. However, what we can do is gather our confluences and be ready and prepared should price give us the confirmation we're looking for a trend trading opportunity. I'm awaiting a clear BOB of the RN and recent low for a short entry.

As always carry out your own analysis, plan your trade and follow your rules. Have a great day.

Abundant trading!
Sonia Molina

GBPUSD Range

Good morning Dynamic Traders,

Yesterday has provided our members with more winnings to add to the already profitable year we have had so far.

From the start of the year, most weeks and every month has provided positive results and as market conditions change we need to change with them. The chart below shows an example of a market change.




Chart courtesy of Advanced Get. Data provided by eSignal.

Although not drawn on the chart, you will notice MACD converging showing us a possible pullback/consolidation. The GBPUSD is in consolidation from 1.48 - 1.54 after the recent move down. On the chart you can see Stochastics is overbought and almost crossing down from the O/B line showing us a potential weakness.

As Richard has pointed out on his forex update this morning when I was still asleep, he is waiting for a break of the 1.48 support before looking to take a trade. Short term traders could position themselves earlier for short term gains but conservative or swing traders will want to follow Richard's guidance on the Cable. You can read Richard's GBPUSD update here.

The Euro Dollar has almost reached recent support so watch for a break or bounce of this for a trade opportunity. Dynamic Traders will know our specific methods to enter the trade and should follow those rules.

Looks like a nice day here in London but unfortunately we are unable to take advantage of this as we have a busy schedule.


Good trading.

Javid Shaik
Dynamic Trader

AUDNZD: Bulls charging

Good Afternoon Dynamic Trader

I hope you've all had a refreshing long weekend and have a spring in your step for this wonderful April trading week. Well after a quiet few days on the markets, this morning has seen an array of market action, some in favour of the bulls and others in favour of the bears.

The bulls are charging forward on AUDNZD at the moment. I wrote about this pair on 11 March and mentioned I was awaiting a BOB of the recent high to enter a long trade. Today price is breaking the high with some real volume - of course anything could happen between now and end of trading day, but it's looking in good shape for a BOB. The recent flag formation, the VI curling up and ST all support a possible continuation to the upside.

















The next possible level of R is the RN and then beyond that it's worth checking your weekly/monthly TF's.

If you're not in this trade already, the BO strategy could be used should price confirm a BOB. If price decides to pullback, this could also be an entry method should confluences still support a long trade.

Abundant trading!
Sonia Molina

Good moves

Morning Dynamic Traders,

Further to our webinar, the markets have made some good moves in our favour this morning. All trades except our newest position mentioned on the webinar have delved deeper into profit and are working well.

Our Euro Dollar short has headed down from the tram trax formation on the daily chart. Some of you have missed out on this trade so wait for the next set up as we discussed on the forex webinar.

As the car enthusiasts members asked for the pictures of our Ferrari California, I got round to taking some photos and put a couple below for you.







Good trading.

Javid Shaik
Dynamic Trader

CADJPY on watchlist

Morning Dynamic Traders

This trading week has seen pullbacks across some currencies - some of which are inevitable breathers in a trend and others probably due to NFP due out tomorrow. It's important to keep your wits about you at these times - stick to your rules and trade your plan!

I'm not planning to open any new trades between now and Tuesday - with NFP and the long weekend ahead I'd rather stay out. But the CADJPY has come to my attention and I wanted to share this chart with you.














Admittedly, this isn't the best looking chart as price has been in consolidation. But long consolidations can often mean a big breakout/trend will follow. Could we be seeing the beginnings of a new trend? Price has recently broken the pivot high - some agressive traders may have jumped on this already. For me it's too early, especially given the current personality of the chart and a chance of a FBO. Plus, we have MACD divergence, suggesting a possible pullback.

Having said that, should price pullback to a fib breather level/give us a chart pattern and then give us a BOB of the high, this will be worth revisting. Until then I will wait patiently and put this one of the watchlist. Like I said, it may not be your kind of chart, so please carry out your own analysis and make your own judgement.

The long weekend is almost here - a great time to kick back, eat some chocolate eggs and review the first quarter of 2010. Time flies when you're having fun! It's been a year since I went to UPW in New York and I'm keen to go back over my notes and goals and celebrate all my achievements - one of which was becoming a blogger!

Enjoy the weekend. My next update will now be on Tuesday.

Abundant trading!
Sonia Molina