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

Mid week update

Good Evening Dynamic Traders

The GBPCHF chart mentioned on Monday has had a bearish few days - it's yet to give us the all important BOB though. Aggressive traders may have jumped on the candlestick confluence from Monday, but I'm still waiting patiently on this one.

My AUDCHF mobo trade was triggered last week, but went into negative territory immediately. This week it's gaining strength to the upside and making it's way towards my T1. A major RN is looming above, so if in this trade manage your stop accordingly.

Below is the GBPNZD daily chart. It may not be everyone's favourite currency as it's fast moving and a fairly volatile currency. As you can see it's presenting an opportunity to short.

















After a big move down in 2009, price has since been in a 5 month consolidation. So far today price is presenting a possible BOB. There are various confluences to suggest price could weaken. It maybe a little premature to enter based on this BOB as FBO's are likely after a long range, but it all depends on your own trading style. Some may play it safe and wait for a breather and then another BOB. In any case ESLT is an essential tool to use here.

As always please carry out your own analysis.

Great trading!
Sonia Molina