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

Back to the EUR

Good Evening Dynamic Traders,

I thought we would go back and have a look at the EURUSD because it looks like it might be breaking out of its consolidation period. In the day chart below you can see that I have drawn in the support line which price has broken today. This is excellent news because it means that a short position is on the horizon. You will notice from the chart that price has been consolidating for about 2 months. Generally when price consolidates the next move in price is fairly big, so hopefully the next trend will bring us money making opportunities.













Although price seems to be breaking below the support line, it doesn’t necessarily mean that we enter a short position immediately after the BOB. If your aggressive then this might be something that you would like to do. The problem with being aggressive is the potential of a FBO. You can clearly see that price has struggled with this support area, so jumping in with both feet may not be a wise option.

Personally I will be waiting for the 2nd breakout, this way I will have more confident that the range has been broken.

What are your thoughts?

Guys I hope you have an awesome weekend and fingers crossed that the good weather continues for the weekend, which would be great because my friend is celebrating his birthday with a BBQ.

That is if Zaheer hasn’t jinxed it with his update.

Carpe Diem

Richard Monnery

Loonie Look

Good afternoon ladies and gentlemen




I hope it was a great weekend. Having said that, let's get down to another week of Smart Money profit taking. It's Monday!!! Happy Days!!!



So the currency keeping us company for the next two weeks is the Loonie. or USDCAD as you may better know it. I have got a position on this waiting to be triggered. Below I have the daily chart. Trading Room Members will know to already have this on their watch list. Having said that this is probably not a chart that would appeal to every trader. Since breaking the VI, price has been heading downwards but not in a way that is easy on the eye. There have been several deep pull backs along its descent. Recent action has found price consolidating around The Figure which should be expected. Price broke through twice but was pushed back each time by the S/R Line. Third time price broke through again which got my attention even though price has retraced slightly. I am anticipating price to us the R Line to gain momentum south. I have taken a position around the 0.9900 with a strategically placed stop. Again Trading Room members will know how this is worked out using Risk Management. Both Stochastics and the VI are meeting my requirements but does MACD say the same? I will leave you to have a look!



As always please do your own analysis.

A simple quote for this week after I dished out some advice to a rather negative, unconfident yet highly talented individual "I can't = I must!"

Total Abundance is our Birth Right.

Zaheer Anwari