Slight change of Plan

Morning Dynamic Traders

Yesterday I said that I would be following the Kiwi this week, but I am going to change and follow another currency pair as I had notice after my update yesterday that Jedi Master John had chosen the Kiwi also on our sister website http://www.fxcps.co.uk/, and I don't want to confuse anyone or step on John's toes.
So I have decided to revert back to the Pound and maybe follow the Kiwi next week.

After a good week last week, where the pound was getting stronger, price has weakened and is now dropping. Were you prepared for this?
If you had read my update on Monday you would have been.

In the day chart below I marked out the same trend line. Price has been using this trend line as a resistance and it has failed 3 times previous to this week, so it is no surprise that price has failed again this week. The keen eye would also have seen the important RN.














Depending how aggressive you are, you may already be in the trade, but if you missed the aggressive entry, do not fear, you are still able enter the trade with a conservative entry, But where would that be?

Please ensure that you carry out your own analysis, as you are accountable for your own trading.
Happy Trading

Richard Monnery