Round Up Time

Good Morning Dynamic Traders,

My apologies for not updating this week till now, I’ve had a really hectic week which seems to be calming down, which is just in time for the weekend.

On my last update last week, I left you with a question regarding the Euro Dollar. My question was, “what other factors appear on the day chart which would make us think that the uptrend was over?”
We had already covered the fact that price has hit a key RN. I gave you a clue and suggested that you look at your notes for reversal formations, can you see one? In the day chart below I have marked what seems to be a double top. Along with this formation we have MACD Divergence from both the histogram and from the signal lines.













This isn’t a guarantee that price will reverse and drop, so we need to be ready for a long and short position. We know where the pivot points are and with our ESLT tool, we should have plenty of time to get ready for a trade.

The Yen is still taking its time to decide what it wants to do. It does seem to be dropping, but it is falling at a very slow rate. Through my previous updates on the Yen, we should have our entry points ready. However we will have to be patient, because it might take price some time for price to reach them.

Happy Trading

Richard Monnery