CHF update

Good Morning Dynamic Traders

.. and what a beautiful morning it is. Spring has hopefully sprung! I love this time of year.. the daffodils are starting to come through and the harshness of winter starts to fade away.

Now on to a new month of trading. There were some questions last night on the Trading Room webinar about my 'Swissy' blog dated 4 Feb. So I thought I'd do an update on this today.

I was triggered into this trade 5 Feb based on the current minor uptrend and VI bob - showing bullishness. As mentioned at the time, 1.1000 was certainly a resistance level to be aware of but as part of my trading rules, there were still enough pips for a good risk-reward. I am now risk free on this trade after locking in 208 pips profit.

Although price isn't doing very much at the moment, it is making higher highs. We have a triangle formation so price will inevitably either break up, down or continue sideways. MACD is showing divergence, so we might see a pullback in price before any continued strength.

The VI is starting to curl up suggesting this could very well be a new uptrend as opposed to a FBO. However, buyers and sellers are fighting it out the moment, so if you're not in this trade wait patiently for the market to make it's next definitive move. If you are in this trade, manage it appropriately and don't start second guessing the markets. As Javid says, indicators are there just as a tip. Always remember - Plan your trade and trade your plan!

















Please carry out your own analysis and stick to your own trading rules and plan.

Abundant trading!
Sonia Molina

Swissy

Afternoon Dynamic Traders

The Swissy was also on my watchlist, as mentioned in Bijal's blog. Since breaking the VI price has been staying close to it and yesterday's candle also tagged previous R as S, giving the SM trader an additional confluence to place a long trade. ST has formed another false bar on top so odds are stacking up nicely. ESLT on the recent high should provide an additional protective layer should there be any market remorse.














There is adequate breathing space for price as the next R cluster is at 1,1000, providing a healthy 400 pip opportunity. Stops shouldn't be too tight, as price has just broken above the VI so there's always the possibility of a bull-bear struggle at least until the bulls are running!

As always please carry out your own analysis. Remember, it's NFP tomorrow so markets may make some unusual moves.

Great trading!
Sonia Molina

Double Top

Good Evening Dynamic Traders,

Hope you all had a good weekend.

Tonight's chart for discussion is the Swissy. I got stopped out of this pair a while back when it started to do a pullback to the upside. Price has since tested the 1.0500 area twice and is showing signs of retreating again potentially creating a double top (in a downtrend) if price continues down. The chart highlights further confluences which the SM will have ideintified.














Good Trading!
Bijal Shah

Non Farm Payroll Week

Good Day Dynamic Traders,

Hope you are having a good weekend. The Christmas rush has started and it seems the best place to be is indoors (possibly shopping online) if you wish to avoid the queues and traffic.

The GBPCHF has continued down and produced very nice profits. In addition for those that took the USDJPY trade should also have made a some tidy profits.

Below is the chart for the Swissy. The daily shows that price has been steadily moving in a downward direction within a channel and has now tagged the upper trendline with a hanging man. The normal assumption would be to think that price will now move back down after the small pullback. This is where a look at the weekly chart (below) is required.














Price has tagged a previous support and a Fib reversal area before bouncing up (as seen on the lower time frames). In addition price is at a crucial RN so good trade management is quite key here. The sellers may well be able to dominate the market and move the price further down but given all the confluences it may not be as simple.















Good Trading!
Bijal Shah

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Weekly update

EURGBP mentioned on Wednesday's post has moved a little further south, no real indications of a change in trend or immediate pullback.

EURO
The trendline support has so far held the price on the north side. Not much to report on this one apart from wait and see, further potential entries may be available once price decides what to do.

AUDCAD
This pair did a 1 to 1 and general signs still look bullish although a short term pullback may be witnessed.

EURJPY
The EURJPY pair did not provide us with a break out however, it did breakdown and has moved some 600 pips south. It is now at the value index where it may find support and bounce back or the sellers may be more dominant and push price down further.

Swissy
The Swissy did a pullback as per the blog and moved up a couple of hundred pips. The trend is down so one would expect that may resume, however it has not yet been confirmed. Pause until you get the right signals to re-enter.

As the markets are making up their mind we may see some good set ups coming up in the next days. However, do note that Friday is NFP so the activity may be more unusual rather than the trend.

Good Trading!
Bijal Shah

Set ups for the week

Dear Dynamic Traders,

Hope you are enjoying your weekend. The markets have been very generous of late particularly for those following the trend. The AUDCAD mentioned early last week continued to rally and produce nice profits. It is however approaching a strong resistance level (as pictured below in the weekly chart) and a RN. As the trend is up there is nothing stopping it from continuing to rally, though a pullback may be witnessed and therefore good trade management is required for profit preservation.














EURJPY

The EURJPY has been in a form of consolidation for a while as can be witnessed from the chart below. Price has pushed through the value index and gained some momentum. It is now contemplating a previous resistance. If it manages to successfully break through a good long opportunity presents itself with a possible ESLT entry.














USDCHF/Swissy

The Swissy has been in a downtrend for a while as per the weekly chart below. Again with this chart price is tackling a previous support and a significant RN. If the sellers outweigh the buyers the trend will continue. Its a good time to tighten the stops to preserve profits or get ready for another opportunity to enter if price successfully tackles the upcoming obstacles.














Good Trading!
Bijal Shah

Break out for Euro and Swissy

Good Evening Dynamic Traders,

Today has seen price break previous resistance and support for the Euro and Swissy respectively (charts posted below) after a period of consolidation. What remains to be determined is whether this is a true breakout or not. Price on both charts has broken in the direction of the major trend, and for those with ESLT tools will be able to employ them and have some protection if the momentum does not continue.

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

Non Farm Payroll week

Good Day Dynamic Traders,

Hope you are having a good week. All the pound related news items today were better than forecasted and this has helped it to keep up the rally.

Below are the day charts for GBPCHF and the Swissy.

The GBPCHF has been in a recent uptrend but has been coming into a squeeze. Now at a previous resistance will price manage to break up and continue the recent rally?















The Swissy has been consolidating for a while now. There is no guarantee that price will break out of the consolidation just yet however, a couple of indicators may be the fact that the EUR and GBP have broken out and also it is NFP on Friday which generally tends to make the markets move. One to keep an eye on for an opportunity to ride the wave.















As mentioned it is NFP on Friday so I will not be posting any new set ups tomorrow.

Good Trading!
Bijal Shah

Swissy for the watchlist

Greetings Dynamic Traders!

Belated Happy Valentines Day to you all! Hope you had fun (at least for those that remembered!).

Welcome to the newest forex apprentice's starting on Monday. Hope you are ready for an exciting few months of learning from the great Joda of the markets. May the force be with you!

I have spent some time today updating my trading plan before I did my analysis. To my surprise (pleasant) I was able to cross off one improvement item which I have overcome in my trading. It is good practice to revisit and revise your trading plan as each one of us is constantly evolving and growing.

I have picked the Swissy to discuss today. Price on the Weekly chart has been at around one area for about 4 weeks now, close to the value index. It is also approaching a Fib reversal area and the last 3 candles have been doji (a candlestick expert once told me that the doji singular and plural is the same). The normal conclusion from all of this would be that the price will turn or retrace so why am I hesitating to say that?















In addition to the above, our friend MACD, on the daily timeframe is showing divergence. The reason I am going to keep this on my watchlist is because there may be a retrace before price decides to continue because it has been making higher highs and lower lows and the recent trend has been up.













Note, the US are on holiday tomorrow so markets may be slow


Good Trading
Bijal Shah


Imagination is more important than knowledge. For knowledge is limited, wheras imagination embraces the entire world, stimulating progress, giving birth to evolution.

Albert Einstein

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Aussie & Swissy trade management

Good evening traders,

Tonight I have picked the AUDUSD & Swissy charts to discuss.

The AUDUSD has been climbing up slowly and today has tagged a previous resistance. However, there is divergence on multiple timeframes so its worth managing your position if you are already in it or awaiting a pullback for a good entry position. Note the RN also has its part to play here as it is in close proximity to current price action.

The Swissy is also in a similar (albeit) opposite position where it has reached strong support on the downtrend. Again signs a strong for price continuing south, however it has made a large move today and convergences appear on multiple timeframes so a breather or pullback can be expected.

Good Trading

Bijal Shah