Monday update & CADJPY revisited

Good Afternoon Dynamic Traders

I hope you all enjoyed the glorious weather this weekend! ... and still made time for your weekly trading preparation.

USDSGD mentioned last week has been triggered for a short based on MOBO. Inevitably there was some profit taking after the big bearish candle but it's now continuing to weaken.

My EUR related trades are continuing to weaken today locking in further profits.

I wrote about CADJPY on 1 April - it's been on my watchlist to revist once there was a pullback and signals for a continuation. But the question for me yesterday was 'Is this a high probability trade?' The answer is no, despite the recent bullish flag and reversal candle.














1. Trend: I knew the trend wasn't the strongest - you can see its zig zaggy nature and although it's gained some momentum recently, it's not a strong uptrend.

2. S/R zone: Above price is as an S/R zone and my T1 would be in the midst of this, so not a good set up.

3. RN: There's a major RN soon after the S/R zone.

A lesson for me on this chart and analysis is that a few weeks ago, I saw what I wanted to see without carefully considering the possible physical and psychological resistance areas. I'm glad I was patient as I now have a different feeling about the trade. Much like the AUDJPY chart mentioned last week, the weekly is also fast approaching a R cluster.

My trading personality is pretty conservative, so the more aggressive traders out there may have a different view. Goes without saying, but do carry out your analysis and make your own judgement.

So as the dragons would say, "I'm out". There are better trades out there.

Abundant trading!
Sonia Molina

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USDSGD weakness

Morning Dynamic Traders

I hope you all had a great trading week and an enjoyable weekend. I spent time last week reviewing my trading, TP, strategies and goals. Taking time out of the markets can be a really good exercise and I'm certainly feeling refreshed and ready for trading once again. Seems last week may have been a good time to be off the markets as many currencies are consolidating. Always a good sign, as this usually means price is preparing for its next move.

I was stopped out of my AUDNZD trade last week. It seems price did a FBO and has simply continued in a range. Now, what have i learnt from this trade? I'm happy with the confluences that I had entered this trade on and odds still favour a long - nothing's changed there. My stop may have been a little tight - but that's the nature of mechanical trading and sticking to your rules. This pair is still on the watchlist for a BOB of the high.

I hope USDSGD is also featuring on your watchlist. Last Wednesday saw price plummet almost 200 pips providing us a positive signal for continued weakness. Of course after a big move down price has decided to take a breather - we just don't know how deep the pullback will be. Price recently broke the H&S neckline, so there's always the chance of a retest. For a short entry I'll be waiting for a breach of the new low - MOBO could be used if the right signals/confluences are present.
















Note, there are a number of high impact news items due on the $ this week, so bear this in mind when placing orders.

Abundant trading!
Sonia Molina

SGD possible continuation

Good Afternoon Dynamic Traders

The SGD was mentioned throughout Octobers blogs but has been laying low recently with no real action. The low of mid-October wasn't broken with any real volume and we've seen price continue to range. We now have a potential BOB on the horizon, preferably with the trend for a continuation trade. However trends do at some point come to an end, so we shouldn't have any expectation as to what the market will do, as it could very well bounce up. Price is hovering at a previous resistance level which is now turned support. The 1.38 level also adds to the strength of this support. We can see the daily candles are getting smaller and smaller as price is squeezed between the TL and S.














Analyse the chart and your favourite indicators, check in on HTF's and gather the odds so you're ready to take appropriate action once the market makes its move. In the meantime be patient.

Here's to great trading!
Sonia Molina

Mid week review

Good Evening Dynamic Traders

We're already mid trading week! I'm having troubles updating images tonight but hopefully you can follow my comments. I'm checking in on my previous blogs on GBP, SGD, ZAR and AUDJPY.

Looking at GBPUSD, price yet again failed the BOB and rebounded off the support area where buyers obviously stepped in. What looked like a possible BOB yesterday morning, ended up very differently by close of the trading day. This is a great example of being patient and waiting for the market to make it's final move! You can see price is simply ranging between this VI R and S area, clearly telling us buyers and sellers are battling it out - who will win? Could we see a TT at the VI and a move down? Or will price continue to seek comfort near the VI for a while? Patience is key whatever the case.

SGD has had a bearish couple of days and on first glance we may think the breather is over. But of course as Dynamic Traders, we know this breather isn't complete without the BOB of the low. So again patience is needed to enter a possible trade here.

ZAR is also testing the support level tonight and should there be a BOB, remember we have the channel TL looming close below as the next barrier.

AUDJPY today has tagged the previous high and retreated slightly. Remember we have the RN clustered with the R, so we may see some indecision here before a potential BOB. Again wait for the confirmation and then take your action.

Remember, standing aside is also holding a position. You might be ready to trade, but the markets might not be ready for you. So be patient and wait for the correct signals to enter.

Please always carry out your own analysis.
Here's to great trading!

Sonia Molina

Review ZAR, SGD, AUDJPY

Happy Monday Dynamic Traders!

Hope you all had a wonderful weekend.

I wanted to start the week off by taking a quick look at the trades mentioned last week. Let's start with ZAR. Price did indeed find a resistance point at the figure/fib level and then continued down, however still remaining within the comfort of the channel. Price has recently found support and now seems undecided as to what to do next. Should we see a BOB of the low we then have the lower channel TL next on the cards as support so the move may be short lived. We could see price bounce back up to continue the channelling pattern.
















SGD also continued down, ignoring the figure. But from Friday price has been bullish and seems to be taking a breathe in the down trend. Price has tagged a breather level today but we could see further moves up before a continuation with the down trend.
















AUDJPY did see that BOB of the squeeze and has continued up ignoring the R & RN. The aggressive traders may have already entered this trade. The more conservative will be awaiting a BOB of the high for a potential continuation on the upside. We're fast approaching this area so all eyes on AUDJPY this week! Will it breakthrough or will it find R and reverse?

















Wishing you all a great Monday and a great day of trading!

Sonia Molina

SGD continues down

Good Evening Dynamic Traders

Welcome back Bijal - nice to have you with us again. Hope you're all capturing good profits from the markets so far this week and managing your trades well.

I wanted to go back to the Singapore Dollar, which I mentioned on 22 Sept. At that time we saw price tag a support cluster and bounce up slightly. The bearish engulfing candle produced didn't give us the move south we were looking for to trade with the trend. Since then we have seen price oscillate, which after a healthy move down is no surprise.













Today's price action has given us a BOB of the range/recent low. However you will also notice that price is bang on a RN, so what will it do now? We know the trend is in our favour and indicators are bearish, but there is always a possibility of a FBO. So if entering do ensure ESLT is used and if already in this trade be prepared for a possible bounce up should this be a FBO and manage the trade appropriately.

As always please carry out your own analysis. Check your strategy and rules and very importantly take conflict free action.

Great trading to you all!

Sonia Molina

SGD and EUR

Evening Dynamic Traders!

After a relatively quiet day in the markets yesterday we saw some nice price movement today.

Let's take a quick look at my post from last night on the SGD. I mentioned that price was having a breather after a BOB but it wasn't yet clear how far that breather would go. Today we have a bearish engulfing candle, although this doesn't yet confirm the end of the pullback, as we haven't quite broken the low. As you can see, price is now contending with a support area coupled with the RN. So will the sellers continue to step in tomorrow for this S cluster to be broken? Let's wait and see.
















Also, let's take a glance at the EUR. Bijal had mentioned this a couple of days ago and I just wanted to update you with today's action. You can see we have a nice bullish candle today, moving around 150 pips. Price has pierced into the R Zone. Whether price will continue on up with the current trend is yet to be revealed. The MACD signal lines suggest we may still have some momentum in the move, but of course being SM we will be patiently awaiting, certainly for it to clear the fuzzy, uncertain R territory. Remember we have the figure looming above and as Bijal had mentioned there is also divergence on the higher timeframe - so if the rally were to continue it may be short lived before facing another road block.
















Have a super evening!

Sonia Molina

SGDUSD catching it's breathe

Good Evening Dynamic Traders

I hope you've all had a great start to the trading week!

Let's take a look at the SGDUSD daily chart this evening. You can see price is trending in a nice southerly fashion. Since early June, after breaking below the VI, price consolidated and didn't present many opportunities for the swing trader. That is until we had the breakdown of the squeeze formation earlier this month. This is a great example of BOB ESLT strategy and some of you may already be in the trade and managing your positions nicely. As expected price very rarely continues in one direction and usually needs to catch its breathe along the way.
















As you can see price tagged the RN last week and then retreated north. We may well see a bearish flag formation, favouring a continuation down. Keep an eye on those fib levels - they will always aid you. The other scenario is we may see a deeper pullback where price retests support as resistance. It may even go further north to it's former comfort zone - the market could do anything! Whatever the case may be, remember the downtrend is on our side. This pair is worth keeping an eye on to ensure we catch the next potential wave.

Here's to great trading!

Sonia Molina