Are you singing a LOONIE Tune?

Good evening ladies and gentlemen

I hope you all had a wonderful long weekend and are now fully recharged for the week ahead!

So our girl for the week is the USDCAD, or otherwise known as the Loonie. For the SM who had done their analysis beforehand would have had this pair on their watch list. An added incentive to keep an eye out was JM Bijal's update from yesterday on http://www.fxcps.com/.

Below we have the daily and we can see that price has broken through the trendline after the fifth time of asking. SM swing traders would have unleashed their ESLT. Where is price now heading? We have the obvious RN in our way and if it does penetrate then the VI will be the next obstacle. MACD is making higher lows and Stochastics is now OS but the signal lines have yet to cross over! So does this signal more strength in the downside before a possible reversal?! Only time will tell!!

So lets have a look at today's action in closer detail. As a Day Walker, I chose not to use the ESLT on the daily but look for a set up on a smaller timeframe! Did I find this opportunity? Below is the 5 min chart. Is there a divergence, is there a 123886, is there a candlestick of significance? The answer is yes, yes and yes!!! If you spotted this and went in, you would be singing a loonie tune to a nice hand ful of pips! Depending on your style and the chart you went in, your management would have determined whether you are still in this trade or not! If you missed this or got stopped out, be patient and smart and another money will present itself. As our mentor once told me, standing aside is also a position!

Since the final whistle to end today's play, price has reversed. Could this be a retracement before price continues south?!

Alright Rich! Feels good to be back doing these updates! Hope you had a top weekend sir! I did a bit of research and I believe you are a Saints fan!?

Spot on with your answer mate!! The answer to you riddle is another by the World's greatest Mr (or sould it be Sir?!) Mohammed Ali! Good choice mate!!!

My riddle for today is "____ is the sum of small efforts ____ day in and day out!"

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari