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

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

AUDNZD continuation?

Good Morning Dynamic Traders

As you know I've been patiently watching the AUDNZD Daily for a trend trading opportunity. Price is in an uptrend and has recently broken the Weekly R level/RN. I suspect the bearish activity/breather this week is due to DM traders selling off positions. However, yesterday's candle suggests buyers may be back in control and should there be a BOB of the recent high, this would be a good entry point for a continuation trade either using ESLT or MOBO.

















After writing my blog yesterday, the GBPNZD actually ended the trading day as a doji. Buyers stepped in late evening and pulled price right back up. This was probably due to the high impact news related to NZD. Aside the news, this is quite a classic market reaction to a strong support area. Nothing's changed though - price action and indicators still favour a move down. A clear BOB of the low is what I'm waiting for now.

















If you get the chance to read 'How I Made $2,000,000 in the stock market' it's a really good, quick read. Although originally written in 1960, the principles and learnings are still very valid today. One of Darvas' early leanings was not to concern yourself with fundamentals - news, speculators and rumours have no place in SM trading. Price action is all you need!

Abundant trading!
Sonia Molina

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

Are you ready?

Good evening Dynamic Traders,

Featuring on tonight's blog are the GBPCHF and the AUDNZD charts.

GBPCHF
Price on the below chart has been steadily climbing up being supported by the trendline. Having gone through the VI, it has come back for a retest. The question is was it a FBO or will it resume the trend up? Await the correct signals and employ ESLT for entry.















AUDNZD

This chart has featured on my blog several times recently but price has continued to oscillate. Therefore it continues to be on my watchlist because at some point price will complete its breather and break out.

Price has tested and restested the support line, all the while time producing lower highs and arguably lower lows. Price has broken through the support line, VI, and trendline is curently contemplating closing beyond the obstacles just mentioned. ESLT or similar filters will ensure you don't suffer if there is a FBO should price gain momentum and head further south.















Good Trading!
Bijal Shah

Progress for the week

Good evening Dynamic Traders,

NFP normally is on the first Friday of each month but was on Thursday this month. It usually produces huge amounts of volatility and is therefore safer to stay out of the markets. Today's movement does not appear to be as great as it is usually.

Given that it is Friday tomorrow I have decided not to post any new set ups but to take a look at the ones I have posted recently to see how they have fared.

First up is the AUDNZD. Price tested the support line and bounced up some 300 pips. It is now testing a previously supporting trendline and has produced a doji. Will it be able to continue to go up to test the previous high or will it find resistance and succumb to the downward pressure?















The GBPCAD also found resistance produced a doji and a pullback. We will be on the lookout to see if price will continue down to retest the value index or indications of a continuation up.














The GBPUSD and EURJPY have not yet broken out so are still very much on the watchlist.

Wish you an awesome weekend.

Good Trading!
Bijal Shah

AUDNZD testing support

Good Evening Dynamic Traders,

The daily chart of the AUDNZD posted below shows price action has crept back south to a significant previous support. Having closed below a more recent Fib breather level price is now testing the support line with today's bearish bar showing some momentum. Although a LH and a LL has been produced at least 4 support hurdles which are displayed on the chart below await price before it can continue south should the bears overpower the bulls.

Apply the relevant filters if you are planning to enter the trade to avoid a FBO. The conservative traders may wish to await further signals/confluences.














Good Trading!
Bijal Shah

www.fxcps.co.uk
www.fxcps.eu
www.dynamictraderblog.com

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Head & Shoulder Review

Dear Dynamic Traders,

I thought I would take the opportunity to review the AUDNZD and USDJPY head and shoulder patterns I posted recently.

AUDNZD

Below is the daily chart for the AUDNZD. Price broke through the neckline and has now gone back to retest it. As we know price will not move in a straight line and a pullback is expected. Either price will continue down or go back for a re-test of the 1.29 area. If it continues down, the head and shoulder measurements can be used for good trade management and exit. If price breaks up beyond the H & S, we will have a failed H & S and filter tools may be utilised.














USDJPY

The weekly chart of the USDJPY below shows price retesting the trendline.
On the daily chart price has broken through the neckline and is challenging the trendline which may act as resistance and force price back down which may provide a good entry opportunity. Remember to consider the alternative to avoid bias as anything can happen.


























Good Trading!
Bijal Shah

AUDNZD

Good Day Dynamic Traders,

Hope you all had an awesome weekend. From the blog posts last week, the NZDUSD broke up through the resistance zone and the Loonie has continued down. The GBPCHF has made a fairly minimal move representing indecision. I will do a more detailed review in the coming days once we have had some further movement on last weeks blog posts.

The AUDNZD weekly chart below shows a triple top formation with price retesting the high in late April. The 1.300 figure has held and price has subsequently descended approximately 400 pips.














Casting an eye on the daily time frame a further potential chart pattern in the form of a head and shoulders is on display. Price is currently at the neckline. Should it prove that the sellers in the market have outweighed the buyers then we will see the head and shoulders complete.














Good Trading!
Bijal Shah

www.fxcps.co.uk
www.fxcps.eu
www.dynamictraderblog.com

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It's all down under

Good Morning DTs,

Hope you had a great weekend. Spooky how quickly December has crept up on us, almost time to say goodbye to 2008! A couple more weeks of good currency trading still left so here is the AUDNZD Daily chart.

The trend has been up since October time and price has steadily climbed up. Price is now close to the figure, support turned resistance which is also a key Fib level. MACD is showing divergence on multiple timeframes. All the signals indicate a possible reversal. Wait for your confirmation of pullback or BOB before entering a position.















Fortunate trading!
Bijal Shah

"Effort only releases its reward after a person refuses to quit."
Napoleon Hill


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