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