We are watching you Miss CHFJPY!

Good evening ladies and gentlemen

I hope you are all enjoying the weather and also getting some sunshine from your trading?! If not, only with persistance will those dark clouds above you disperse to allow through the light of enlightenment and success! Defeat is temporary!

Yesterday, as you may have read already I spent the day with our mentor, the one and only JS and my fellow blogger Richard. During the day I didn't do much trading hence no update yesterday.

So last week we had indepth look at the Cable and hope you all managed to make some profit from it. Swing traders should be in the 800 profit pip territory if entered on a long after the break of the VI. Price is now approaching some R levels so will be interesting to see what happens over the coming days.

This week, the cross currency that will be on display and also features strongly on my watch list is the CHFJPY. So let have a closer look at what has been having. Below is the daily chart. From July to December 2008, price came crashing down to the tune of around 3000 pips. I marked on the convergence, the 123886 and the candlestick which has since caused price to fight back. I have marked on a recent divergence, a 123886 and a candlestick which caused a mini reversal but price has again fought back and doing a climbing up. It yesterday broke through a previous R which may alert the aggressive swing trader to unleash the ESLT to avoid a possible FBO! I have marked on a trend support line which has been met 5 times. If yesterday's move proves to be a FBO then we may see price heading into a squeeze. With big brother, the weekly, what would you say is more likely? Also note the VI on the weekly so how much move north can we expect? What are the other indicators saying? Is MACD still diverging? Are RSI or/and Stochastics OB? I will leave it to you to do your analysis!!

Yeah Rich it was great catching up yesterday and very productive day wouldn't you say?!?! And yes you were right, the answer was indeed "What don't I see?"!

The answer to your riddle is a hole but I am going to be clever and say a negative integer! Does that make sense?! lol!

My riddle is "____ the trade. trade the ____!"

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari