Round up time on the CADJPY

Good Morning Dynamic Traders

Hope you all had a great weekend and are ready for another week of trading!

On Friday I finished saying that I wouldn’t be surprised to see price start climbing again. If you look at the day chart below you will see that price has did start to climb again.













Over the past 2 weeks we have see price do many things. It has offered us potential profits for a short time trade and potentially long term trades. It has been quite an interesting chart to following, because we had a head ‘n’ shoulder formation which would normally indicate a price reversal! This reversal didn’t really happen as we saw during the 2 weeks.

I’m now going to finish follow the CADJPY and we will be leaving it with a continuation to the up.
Remember to always carry out your own analysis

Carpe Diem

Richard Monnery

Last of couple of days with the CADJPY

Good Morning Dynamic Traders

Yesterday morning we saw price drop after a rapid climb, but during the course of the day price seemed to manage to the find the strength to stop falling! If you look at the 4hr chart below you can see clearly where price has dropped and then started to oscillate. What is also helping price to find some strength is the VI.













This isn’t too much of a problem that price is currently oscillating and doesn’t necessarily mean that price will continue to fall. You should be aware by now that a healthy trend involves price taking time for a breather. Personally I really wouldn’t be surprised to see price start climbing again.

However always make sure that you carry out your own analysis.

Hope you all have a great weekend!

Carpe Diem

Richard Monnery

Price is struggling to climb

Good Morning Dynamic Traders,

A glorious start to the day weather wise, although its meant to get a little worse later on!!

While doing my update yesterday, price yesterday was struggling to climb, and then eventually through the course of the day price jumped dramatically and if you look in the day below you will see that price is once again struggling. Why is this?
There is a simple to answer to this question, which is a S/R area. In the day chart below you will see that price has climbed and is now hovering around a previous S/R line with a RN is close proximity and the VI is also joining in on the fun!













The question we are left with now is what will happen next. If you take a look at your studies you will see that that the RSI is losing confidence in price climbing, where as the MACD and Stochastics still have the confidence. What do you think will happen next?

Carpe Diem

Richard Monnery

Will price continue to climb?

Good Morning Dynamic Traders,

Halfway through the week now, and I hope your having a good week!

Price has climbed even further since my update yesterday, so will price continue to climb? The honest answer to this question is I don’t know, because the market will do what it wants to and remember, the market is always right!

However if price does continue to climb, what things should we be looking for? And when can we think about entering a long position?
To answer these questions I will be using the weekly chart to help me explain. I have mentioned a couple of times since following the CADJPY that we could be in a bullish flag. If this is indeed the case we should be looking out for a reversal candlestick formation for extra confirmation for price breaking out of the breather. In the weekly chart below you can see a reversal candlestick formation forming.
For entering a long position is dependent on how aggressive you are as a trader. The more aggressive you are the sooner you will enter a trade, and this can be from any point now! Personally, I am more conservative, but more importantly I need more confluence of events then we have now, because price can still potentially drop. For these reasons this is why I will be waiting for a BOB above the S/R line that I have marked out on the weekly chart below.













It will be interesting to see what happens to price today, as it currently hovering around a previous S/R area, which is why price has slowed down.

Till tomorrow

Carpe Diem

Richard Monnery

Has price finally made a decision

Good Morning Dynamic Traders,

Hope you had a good start to the week!

Price has totally turned around from my update yesterday! Yesterday morning we saw price falling below the support line. If you look at the day chart below you can see that price finished yesterday above the support line and climbed just above the RN.













Why is this?

To help me explain this turn of events I will be using the help off the weekly chart. You may remember last week on one of my updates I was commenting that price could in a bearish flag or a bullish flag. If you look at the weekly chart below you will see that price has dropped to the RN and then changed direction and has started to climb. At the same point where price changed direction is a fib breather level. This fib breather level along with the MACD convergence (on the day chart), the RN and the Support line seems to of helped price find some strength.













This doesn’t necessarily mean that we jump on a long position, as it is still too early to get confirmation that price has is performing a bullish flag.

This is definitely a chart worth keeping on your watch list.

Remember always carry out your own analysis!

Carpe Diem

Richard Monnery

Week 2 on the CADJPY

Good Morning Dynamic Traders

Hope you all had a great weekend, and are ready for another week of money making!

We left the CADJPY on Friday wondering if price was going to be able to beat the support line! If you look at the day char below you will see price has managed to just about drop below the support line, however if you look closer you will see that price has tagged the S/R line. This means that price is still caught in the S/R area.
Our studies are also showing signs of price falling apart from the convergence from the MACD, but the signal lines from the MACD are indicating to us a further drop.













We still have good arguments for price to fall and to climb! This week could prove to be very interesting indeed!

Happy Trading

Richard Monnery

Following a different currency pair

Good Afternoon Dynamic Traders

Hope your all having a good beginning to the week, and a little good news is that this should be the last day of rain...... until Sunday! (according to my iphone!)

I have decided to have a look and follow the CADJPY, which I’m fairly excited about as I’m fairly sure that I haven’t followed these two currencies yet.

Following my standard procedure its time to get familiar with the price action so that we are able dive in a little deeper and found out what makes these currencies tick!
From looking at the weekly chart we can see that price has been in a downtrend, hit a RN and started to climb until it hit another RN. On the weekly chart below I have marked out 2 potential flags.
The purple circle is marking out a bearish flag, which means price could continue to fall.
The blue circle is marking out a bullish flag, and this will only be confirmed if price climbs above the RN where price dropped.













Tomorrow we will dive into the day chart, and see if we can make more sense of what has been happening!

Happy Trading

Richard Monnery