CADCHF Fighting Back!?

Good afternoon ladies and gentlemen

When I heard about the volcano in Iceland, I thought wouldn't it be nice to have an explosion of massive funds in my account. In reality, this happens to very few on a short term basis unless of course you already have a large amount to play with. Trading the Smart Money way with the right strategies and psychology will bring you outstanding rewards in the long run. Your patience indeed will be rewarded.

My entry into the CADCHF has still not been triggered. Below is the daily and we can see that price has been fighting back since the market pull back but is still 200 odd pips from my entry point. So What can we expect next? Can we expect price to continue it's fight back and break through the pivot? I have stacked the odds in my favour and am now waiting to see if the market will do just that. Yesterday's bar was a reversal candlestick which looks favourable and we always have the trend. We could see a 123886 or a similar chart pattern and see price reverse with a divergence on MACD (is there one?!). This could happen before or even after spiking me in. However, this is allowing emotions to get in the way and me second guessing what could happen next. I trust my analysis, have put in my entry into my trading account and am now waiting for the market to work its magic.



If you recall, with the market pull back I was around 50% down across all my trades. However, with the fight back over the last two days and more importantly focusing on my "management", I have now recouped almost of all of that back with one trade even hitting my first target and hence me now being risk free.

I will leave you to do your own analysis.

Today's quote is "Follow your dreams; they're yours for a reason, not the least of which is to make them come true."

Follow John and Clayton on http://www.fxcps.co.uk/
and Sonia and Bijal on http://www.fxcps.com/
and my wingman Richard here on http://www.fxcps.eu/ on the USDJPY.

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Total Abundance is our Birth Right.

Zaheer Anwari

A sneaky update!

Good Evening Dynamic Traders,

Thought I would sneak in an update before the day is out by looking at the Yen Dollar. I decided to write this update because I was looking at the Yen Dollar and thought that we might have had a long position soon available with price breaking above the VI and breaking out of the range.

You can see from the day chart below that price has broken above the VI and managed to climb a nice distance from the VI. Recently price has performed what could be a potential pull back in an uptrend.













This might look promising for a long position however if you zoom out on the chart you will see that price has been in a down trend for some time now.

Remember the saying – the trend is your friend until it goes round the bend.

This means that a long position may not be as close as I first thought, by looking at the bigger picture I have decided to wait to until price has moved more. My reason for this is because I need more confirmation that price has turned and has decided to climb.

How about you?

Carpe Diem

Richard Monnery

Good Point Zaheer and John

Good Morning Dynamic Traders,

I would like to start this morning by echoing what John Maher said on his update on Sunday, a very big thank you for all your kind words and positive feedback on our blogs.

And

Congratulations to Ash and Bijal, who I’m sure, will make great parents.

John and Zaheer have made similar points on their last updates in regards to the market performing pull backs. As frustrating it may be to watch your profits drop, they are both right in saying stick to your rules and Trading Plan. This is the reason why you would have developed the rules and TP. Something that I would like to add on to what they have said already which is – “Don’t chase a Trade”. In times like this where you have either been stopped out or still in trades with smaller profits than the week before, there is a temptation to try and win those profits back. The problem with this is that your emotions are leading the decision making and potentially you could lose more money.

A chart that I currently have my eye on and is waiting patiently on my watch list is the EURCAD. From the day chart below you can see that price has performed a pull back. As frustrating this is if your in a trade, remember that the trend is in our favour.
I’m waiting for a break below the pivot low that I have marked on the chart, before I start to work out my short entry. You will notice that a break below the this support line is also a good distance away from the RN.













What are you plans?

Remember – Don’t chase a trade?

Carpe Diem

Richard Monnery

Market Pulling Back - CADCHF No Exception!

Good afternoon ladies and gentlemen

I hope you all had a wonderful weekend. I realised that I am now torn between prefering the start of the weekend and the start of the week!! Am I on my own? How many people can actually say that??!! Thank god for Trading and not only that. All of us who have graduated from the Dynamic Trader Webinar apprentiship and are now subscribers to Trading Room will be even more excited than most! Happy Days.

So to the market and as we should know all too well by now is that the market never moves in a straight line. For every good move there is always a period of consolidation where the market corrects itself. The Bulls fighting the Bears. How long does this go on for? The simple answer is until the market decides to do a break out. In which direction? The simple answer is which ever direction the market feels like. Can we second guess the direction? Simply put - NO! The degrees of pullbacks can vary and it is an "uncomfortable" experience to see your profits just suddenly being wiped out. I am currently 50% down across all my trades since last week having also been stopped out of one of my trades at break even. It is during this time where the TP (if a trader has one) goes out the window for the dumb money but where us Smart Money stay disciplined and stick to our trading rules. We do know that we have the direction of the trend in our favour and more often that not the break out from this consolidation will go with our friend.

Looking at the EURCAD we are currently in such a phase. A quote from my mentor which sums up the situation is "The market pays dividends to those that are disciplined so now is the time to follow the rules and not allow emotions to take over. Make sure you focus on the management and not the money!" Some (a countable amount) may say he is not just a pretty face!!

Below is the daily chart and we can see that price has now retraced all the way back to restest the R turned S Line. If I had gone into this trade using the ESLT I would have been stopped out by now. Price did break through but has since been pushed back. It is now just a waiting game to see whether price will bounce back up over the next few days and create another SM entry point or will we see a further drop or even a reversal?




I will leave you to do your own analysis!

For those of you that "love gold" like Goldmember from Austin Powers, don't forget to read John's up date on our sister websites http://www.fxcps.co.uk/ and http://www.fxcps.com/.

The quote of the day is "Intent or thought without action is not enough!"

Total Abundance is our Birth Right

Zaheer Anwari