Pound Support
Good morning Dynamic Traders and welcome to another exciting week of forex trading.
I was triggered into the Pound Yen trade overnight and this morning have managed my position. At the tme of writing this the cross is sitting on the support level at the 214 zone. A breakdown could see a further downward move.
The Pound Dollar chart shows price at the trendline support level. This is an important level where price can either continue it's downward track or bounce. Watch the Euro regarding this for confirmation.
Advanced Get charts with eSignal data.
Below is a weekly chart of the Euro Dollar to show you what the uptrend looks like on this pair and where previous congestion levels are which is not dissimilar to where we are now. Now I want to make it clear, I am not saying this is a sure fire rectangle chart pattern for a move up but going by history we are in exactly the same position at the figure as we have been previously at other big figures. A breakdown here would bring weakness into the mix but until then it is time to stand aside for swing traders.
Weekly Euro Dollar Advanced Get Chart.
Our webinar Dynamic Traders should have traded the USDCHF this morning. Our previous USDCHF forex chart can be seen here and based on one of the strategies we shared with you on our webinars you will be well into profit with a risk reward of 1:5 at least. This was a text book set up and an easy trade to take profits from.
Good trading.
posted by Javid Shaik @ 8:39 AM
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