Patience is a Virtue

Good Morning Dynamic traders,

Mid way through the week now, and the good news is that some our currencies look like they coming back into play.

As awesome this news is, this doesn’t necessarily mean that we jump straight in with both feet into the first currency that breaks out of consolidation. Obviously this does depend on how aggressive you are with your trading. Please keep in mind and a watchful eye out for FBO’s, these are more likely to appear with markets that are consolidating, rather than trending markets.

A trade that I was really tempted to take last night was the EURSEK. In the day chart below you will see that price, on its third attempt has broken below the support line. As keen as I am to jump in on a short position, I have decided to wait to make sure that this isn’t a FBO and enter a trade on the second breakout as it has taken price 3 attempts to break below the support line.













The day chart above you will see that price has kept within a small range, so the potential for this to be a FBO and price to climb back into the range is fairly high. I’m basically looking for confirmation that price has broken out of the range and has started a new trend.

What’s your plan of action going to be?

Hope you enjoy the rest of the week,

Carpe Diem

Richard Monnery

EURSEK Happy To Travel Sideways....

Good evening ladies and gentlemen

The weather was not the greatest over the weekend but I hope that didn't stop you from having an outstanding weekend. There is no point applying yourself as hard as you do without rewarding yourself for your efforts!! That's what the weekends are for!

So straight to the EURSEK and we can see that price has not really done a lot over the last 3 weeks. It has continued to remain range bound with bullish action today. Price is currently being held back by a R Line. It is here where patience and psychology plays a big part as a SM trader. Oscillations are all part of market movement and we simply accept that without second guessing what the market will do next. We do have the confluences that aided our decision to take this trade still in our favour. All we can now do is wait to see if price does break out in our favour. If not we have the safety of our stop loss in play which does allow for a certain amount of negative movement before taking us out. If that happens we accept that without fear and wait for the next SM set up.

Below I have the 4 hour chart and we can see that Stochastics is showing OB with the signal lines crossing over. I will leave you to look at the other indicators.

(I still seem to be having problems loading up images. I apologise for this and will try to get this sorted out as soon as possible. In the mean time please check your own trading platform.)

The quote for today has some real weight behind it "Man is asked to make of himself what he is supposed to become to fulfill his destiny." It is by the Protestant Theologian Paul Tillich. Regardless of religious background, this should strike a chord with all of us.

Total Abundance is our Birth Right

Zaheer Anwari

EURSEK May Interest You.....

Good afternoon ladies and gentlemen

I hope you all had a wonderful weekend. Cold as it was, the sun was shining here in London. Can't complain really. We have seen worse days right? As long as the rain stays away I am happy!

So I thought we would look at a currency that I have been in for a few days now but have not written about on the blogs yet and that is the EURSEK. If you missed that previous opportunity, this trade may be of interest to you as there may be another entry point on the horizon depending on your TP or your trading style.

Below is the daily chart and I have marked in where I entered into this trade. Price then fell nicely, retraced a fair bit and is now back at the pivot. Using the ESLT to full affect you may choose to jump in on this trade assuming the trend continues to fall. Looking at the overall trend we can see that price had been going sideways since August last year before breaking out at the beginning of February. Aggressive traders may have gone in on the initial break out in which case they would find themselves in a very healthy profit. As this trading pair had been oscillation for such a long time I wanted a little more confirmation that we are now in a trend before taking the ride. Looking at the indicators we have the VI and stochastics looking good. However, today's bar maybe a reversal candlestick, MACD maybe saying something of interest which could signal a temporary reversal with the double bottom chart pattern all sitting at a S/R Line. However, have we already seen the reversal and will price break through and continue with the trend? Only time will tell........

Today's quote is "Never, never, never, never give up!" Winston Churchill!

Total Abundance is our Birth Right!

Zaheer Anwari