Latest On The Loonie!

Good afternoon ladies and gentlemen

Almost at the end of the week. Weather is just bout holding strong. A little overcast today! A bit like trading in many ways. Instead of the bulls v the bears we had the sun v the clouds today. Strange how everything seems to relate to trading!! Must be an obsession! Is that such a bad thing?!?! Not when you are good at it!!

So to the Loonie and we can see that there has been quite a big of action since Monday although not in the direction I would have liked! Having said that, price action since yesterday has come back in my favour. Below is the daily chart and we can see that after the break out last week, price was pushed back into the S and R Zone on Monday with some aggressive buying. We are at a psychological Round Number so this indecision of the Bulls fighting against the Bears should be expected. The question is of course how long can this go one for? And the answer is of course until the market forces decide otherwise. The second question is of course which direction should we expect the break out of this range to be and again the answer is not in our hands. However, we know that we can favour one direction over the other with the correct education and analysis, in this case favouring the Bears!

Looking at the indicators, Stochastics is no longer giving a fake signal which should be expected at times if the market is in a period of consolidation. However, the VI is still looking good!




As always do your own analysis.

I will leave you with this quote "Thriving, not surving, is our default setting."

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Total Abundance is our Birth Right.

Zaheer Anwari