CHFJPY was going up now..?!

Good afternoon ladies and gentlemen

As you may have guessed I have stayed out the market today and yesterday with NFP and the other major news items out. I leave fundamentals for the people in the know and to those who have the stomach for it! I will stick to my technicals thank you very much!

I had a brief look to see what has been happening the last two days and can see that price is still with in the R Zone mentioned on Wednesday. Today's bar has so far completely reversed after moving well past the TT also mentioned on Wednesday. On the 1 hour chart we could be seeing a bearish engulfing candle. Once again these big movements in quick succession show the volatility of news and is maybe best for Day Walkers to be patient and stay out the markets. So it will be intersting to see how our girl starts off next week. Remember to do your own analysis over the weekend. I may possibly stay with her!!

Alright Rich!! Man I love that word! AWOL! The answer to my riddle is "Plan the trade. Trade the plan!!" Thought you would have known that one matey!!

The answer to your film is from Goodfellas. One of my favourites which I know like the back of my hand. That was said by Henry when he is having a monolgue on giving up his crimanal life. My favorite character has to be Tommy DeVito played by Joe Pesci.

My riddle is "Consistancy requires M________ S______!"

Have you all a wonderful weekend. Something tells me we are in for a stinker with regards to the weather so take an umbrella if you are out and about!

Till Monday

Abundance is your Birth Right

Zaheer Anwari

Will the Yen, beat the Value Index

Good morning dynamic traders,

Bit of a dull start to the day with a little rain, but not looking too good for the weekend either, but hopefully the weather will hold up as I will be attending the Epsom Derby on Saturday.

Yesterday we were left wondering if the Yen would be able to beat the Value Index. You can see from the 4 hour chart below that price has had another go and with a little more success this time. Price is currently above the VI on the 4 hour chart, but if you look at the day it is still trying to break and close above the line.















What I find more interesting about Yen is the head ‘n’ shoulder on the day chart that I pointed out earlier this week. With this reversal formation I was expecting price to fall a lot more than it has done, but instead it has found some strength.
If price does manage to beat the Value Index We could expect to see price get a lot stronger.

Happy Trading

Richard Monnery

Yen not letting go!!

Good Morning Dynamic Traders,

Apologies for my absence yesterday, I was attending a work conference, which turned out to be very interesting, but unfortunately I have to arrive early which meant I wasn’t able to post update.

It looks to me that the Yen wants to climb more, but the Value Index is doing a great job of taming the price. As you see from the 4 hour chart below that price has failed twice at the VI and looks set to have another go at beating the VI. If you have a look at the day chart (not posted) you will see more clearly that price is almost walking down the Value Index.















Unfortunately the Yen isn’t doing too much, as it is oscillating as it is fighting with the Value Index, but let’s see what events unfold to and Friday.

Happy Trading

Richard Monnery

Where you going CHFJPY?

Good evening ladies and gentlemen

I hope you have all had a wonderful day in the market. Today the temperature was a little cooler than usual but I hope that didn't bring the temps down on your trading!!

So lets see how our girl for the week the CHFJPY has been doing today. On Monday we had a break above the R line which also corresponded with the figure, RN 90. Since yesterday price has however been struggling to find the strength to carry on its journey north, doing a doji yesterday and today's bar falling around 120 pips back below the RN and is now sitting in a R zone.

Below is the 4 hour chart. Price has been diverging for quite some time and with the triple top, which I have circled, and the figure thrown into the mix price conceded and headed south. The question remains to be asked how much further can we expect price to drop and is this just a period of strength building before a push north? Could price head down to the trend line? What are the other indicators saying? RSI is close to crossing below the midline. What about MACD and stochastics?



As always I will leave you to do your own analysis!

My wing man has gone AWOL again! No doubt trying to figure out my riddle!

Well then, till tomorrow

Abundance is your Birth Right

Zaheer Anwari

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

Yen fights back

Good Morning Dynamic Traders,

Another glorious start to the day! Always puts me in a good positive frame of mind, which is needed when trading.

We saw price on Friday drop after it made an attack at the Value Index, which I described on my update yesterday. However yesterday’s price action saw the Yen toughen up and shoot up to make another attack on the Value Index, which I have marked the 4 hour chart below. You will see that price has dropped a small amount, but we currently have a bullish candle stick, does this mean that price is getting ready to make another attack on the Value Index? Quite possibly, but.......














.....let’s have a look at the evidence for price going the other way.
If you have a look at the day chart below, you will see that we have a head ‘n’ shoulder formation, which normally means that we should expect price to reverse.















What do you think? And what will price do today?

Happy Trading

Richard Monnery

Down goes the Yen

Good Morning Dynamic Traders

Hope you had a great weekend and made the most of weather.

I have decided to stick with the Yen this week, because of the couple of days I missed during the bank holiday weekend.

If you remember in my last update on Friday I said that price could be taking a breather, or it could be reversing. Unfortunately only time could tell, but there were some factors to gives and insight of what might be happening. I said on Friday that the day chart was showing the price dropping, and this is a classic case on the older brother telling the younger brother what to do.
The strength of the value index was clearly far too strong price and has really knocked price down. To be honest I am not surprised that price has dropped.

Your probably wondering how you might have made some profit from the down turn in price. This does depend on your trading strategy, but a good confluence of events to take into account if a similar setup arrives on your screens are the tram tracks on the 4 hour chart and the day chart!

Happy Trading

Richard Monnery