A Canadian Case Study
Todays update is a worthy example for your text books, encompassing a host of possibilities!
The CAD JPY is a primary cross within my modest basket of currencies.
The monthly chart has witnessed a certain decline since November 2007.
The daily chart (below) displayed a price retracement to a much favoured breather level in early November followed by the current earthward march.
A multi-cluster of indicators, including our mentors' pride DD strategy, confirm a resolute chance of further weakness towards the 70 figure and beyond.
CADJPY daily chart Advanced Get
Below is the 4 hour chart.
A fine 123 bottom has formed with our sub-chart indicator nodding wildly in agreement.
Savvy Dynamic traders may see scope for a short term reversal trade, after which entry can be sought for the longer term weakness ahead.
Rules must be adhered to with diligence before trigger temptation, especially with the myriad of news items due for release!
CADJPY 4 hour chart Advanced Get
Dynamic Traders will be aware that the next fortnight may offer the last prime pickings for 2008.
Practised updates from Bijal and the sister site, together with Javid and Anne's stalwart expertise, may offer you increasing rewards for your Christmas stockings!