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

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

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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

EURCAD & Cable breakdowns

Good Evening Dynamic Traders,

Hope you are enjoying your weekend - what's left of it!

Last couple of trading days have seen some massive moves in the markets. The Euro has done a beautiful one to one/flag formation (as mentioned last Sunday) and provided nice profits. What next? Current trend is down and there appears to be weakness so any trades contemplated with this pair should be only in a downward direction unless of course you are trading very short term.

The GBPUSD is looking interesting. It may have completed consolidating and is showing possible signs of a breakout, having closed below support as visible on the chart. Aggressive entries may have already triggered traders in or the conservative traders may wait for a retest after the breakout before entering just to make sure its not just a FO.













The EURCAD is another chart which is showing further breakdown through strong support. This pair has produced some nice profits already and is one where one might look to enter short or compound the position for further gain.














Good Trading!
Bijal Shah

EURCAD squeeze

Good evening dynamic traders,

A very warm welcome to our newest blogger Sonia. Thank you for your kind words, I am sure you will achieve great trading success and inspire others to attain the same through your contribution.

Tonight's chart is the EURCAD. From the below chart it can be seen that the major trend on this chart is down. Price has been coming into a squeeze recently. The VI has been playing a major part in providing resistance particularly of late. This together with the reversal candlestick (doji) and the RN provide some good indication of a possible reversal/pullback. In addition there is some short term MACD divergence as well. A look at the lower timeframes will likely aid your entry.














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

Break Out's on the EURCAD & EURJPY

Good Evening Ladies & Gentlemen,

Below are the daily charts for the EURCAD and the EURJPY both presenting potential set-up opportunities.

The EURCAD having just broken through the trendline, is approaching a support level together with a RN. Price has been in a down trend since the beginning of this year. We may see a break down and continuation or price may find support difficult to penetrate and bounce back up. Either way ESLT would be highly appropriate here.














The EURJPY daily chart below demonstrates price arriving into a squeeze formation. The longer term trend is down with price move upwards since the beginning of 2009. This could be viewed as a big move up, pause (at a Fib breather level) and a potential equal move up. Alternatively if price decides to resume the longer term downtrend then we will see a break down at some stage.















Good Trading!
Bijal Shah

Patience is key

Good Evening Dynamic Traders,

Hope you are having a pleasant week so far. Akin to Saba, I would like to also express gratitude to you, the blog followers, for your kind comments, feedback and words of encouragement sent to Javid and Anne. When you hear of people succeeding due to the blog output, it gives even more pleasure and energy to continue with the contribution. None of this would be possible without having genuine, unconditional guidance, support and mentoring from two exceptional people - Javid & Anne.

I just want to talk about last night's post momentarily as it highlights the importance of filters. The USDJPY did a fake breakout today, got to the 90 area and then shot down. Patience is really key, waiting for the BOB and then applying ESLT would ensure that you would not get triggered when there is a spike most of the time (as nothing is a 100% guaranteed especially in trading!). There are now 3 spinning tops on the daily chart, this pair will remain on my watchlist.













There are currently many charts that are in consolidation mode so its time to wait and watch for the right time to enter. To that end, below is the EURCAD chart. The weekly shows the uptrend and the strong support/resistance levels that have halted price many times.

The daily shows the resistance zone and the trendline which price has tagged a few times. Despite at least 3 recent attempts price has found it difficult to penetrate the value index and had bounced back to normal trend. Note the double bottom in an uptrend. Currently at the Fibonacci breather level, this pair is one to keep an eye on to see if it resumes the trend or goes back to retest the value index.

Good trading!
Bijal Shah

Question 9
Am I willing to do whatever it takes?

EURCAD Bearish Flag/Triangle

Good evening Dynamic Traders,

What a day its been, lots of movement in the markets. Congratulations to those of you who have been doing your analysis, pulling the trigger and taking what the market makes available to you.

The CADJPY mentioned on last night's post successfully broke down and provided a movement of just over 300 pips. Today I actually feel very spoilt for choice, so much opportunity is presenting itself in the form of break outs, chart patterns etc.

Below are two charts of the EURCAD. The daily shows a potential bearish flag formation. Price had retraced to the Fib breather level and is currently resting on a trendline.

The 4 hour chart identifies price in a triangle. The Figure and value index are in close proximity and price has been consolidating. A breakout/BOB is anticipated so the appropriate rules can be applied for entry.

Charts courtesy of Advanced Get

Question 7
Who is in control?

Opportunistic trading!

Bijal Shah

EURCAD triangle

Good evening dynamic traders,

Congratulations to Clayton on reaching a remarkable milestone, I am sure this will inspire many others to follow in due course.

The EURO Dollar trade (posted yesterday) worked out really well today, it moved close to 400 pips. Well done to those of you that traded it today. It is still one to keep an eye on for further opportunity.

Today I have posted the EURCAD daily chart and the 60 minute chart. On the daily chart price is displaying a traingle. It has tagged previous resistance and is fashioning a bullish candle. MACD on the other hand is making lower highs which is something to keep in mind.

On the hourly chart, you can see the squeeze more clearly. The highlighted area is where there is more than one R/S level combined with the figure. MACD is showing div on this timeframe too. In short I would look to enter with ESLT once I have a confirmed BOB.














Merry Trading and enjoy your weekend.
Bijal Shah

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Dow Jones hiked south

Happy Friday Dynamic Traders,

What an interesting day Thursday was! The Dow Jones produced instant results after writing the blog, it produced an opportunity to make profits of 500 pips on the downside and ended up at the 7500 level. Next major support on the Dow is at 7192. The CHFJPY has continued to be gracious and headed south a further 300 pips.

Since mentioning the EURCAD at the 50% level where it was finding resistance, it has continued up to 618 yesterday and to a key Fib reversal level today. On the 60 minute chart below you can see some signs of reversal though not fully confirmed so if you were planning to trade this, 3D would be very good to use here on a break either way.














Similarly, the EURNZD mentioned earlier this week has gained strength today, broke through previous resistance and has tagged the 2.400 value today. The 30 minute chart shows signs of potential reversal with candles and MACD.

Have a fantastic weekend, looking forward to next week as Thanksgiving in the US always make the markets an interesting place to be.

May the force be with you
Happy trading!
Bijal Shah

Read Anne's forex blog here
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"Kind words can be short and easy to speak, but their echoes are truly endless."
Mother Teresa

Patient trading

Bonjour Commerçants Dynamiques,

True to its form the Cable very kindly reversed and generously provided over 400 pips to the upside today. In addition the Swissy yielded some healthy profits on the downside. Well done to those of you that have been able to take the opportunities as they present themselves.

EURCAD
Price has made attempts to break the resistance level multiple times but failed to break through decisively. Price has retraced half way from the previous move but not closed above it. The value index is currently acting as support, once breached it may provide a good entry point with other confluence of events. Looking at a much smaller timeframe you will be able to measure the movement and project entry and exit points with Fib ext. The keen eyes may spot a possible bearish flag.














EURNZD

The EURNZD has had steady strength to the upside until recently where it has tested the trendline twice previously and is currently trying it a third time. Price is currently close to the figure. This pair will be on my watchlist for a break of S/R/T.

On the slightly shorter 4 hour timeframe we are presented with a 123786, combined with MACD divergence. This would indicate that nothing moves in a straight line and therefore some pullback can be expected in the near future. Please do your own analysis before taking any positions.

Expect some volatility today as there are quite a few news items out today.

Commerce magnifique!

"The most beautiful thing we can experience is the mysterious. It is the source of all art and science." - Albert Einstein