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

Struggle on the Yen

Good Morning Dynamic Traders,

Hope you all had a great weekend. Fingers crossed that the worse of the weather is over now.

I think this might be the last update on the Yen as there isn't too much to report. You will see from the day chart below that price is really struggling to beat the VI, which doesn’t really come as a surprise. It is because of this I have decided to maybe leave the Yen and follow another currency, as we don’t have an entry anytime soon.













For those of you that may look at the Yen for a trade, patience will be important. As always it depends on what kind of trader you are and also what strategy you plan on using. For the more conservative trader a short position would only look favourable if price was too break below the pivot low marked on the day chart above. A long position would only look good once price has performed a break above the VI.

As always make sure you carry out your own analysis.

Happy Trading

Richard Monnery

Back to Trading

Good Morning Dynamic Traders,

I had a taken a break from trading and work for the festive period and I am now back at both work and trading.

My last update last year (which sounds like a long time ago, but was only a couple of weeks ago) was on the Yen. You may remember that I said that price had tagged the top trend line. You will see from the day chart below that price has actually broken through and out of the channel that I was referring to in my last update. However this is not an indication that price has completed a reversal. Price is in close proximity to the VI, and you will notice from the day below that the VI has acted like resistance.













A long position wouldn’t be favourable until after price has broken above the VI.

Happy Trading

Richard Monnery

Top Trend line Tagged

Good Morning Dynamic Traders,

I hope you all had a great weekend and have been enjoying the snow.

You might remember from my last update that I spoke about price playing within 2 trend lines which have formed a channel. Price has continued to climb and it has now tagged the top trend line, which will be acting as resistance.

It will be interesting to see what price does next. Will price break through the trend line or will price fail and continue its down trend.

We should definitely have answer within the next couple of days.

So until then

Happy Trading

Richard Monnery

What is the Yen doing?

Good Morning Dynamic Traders,

Hope your all having a good so far. The movement in price is still rather slow and price seems to climbing, but for how far will it climb?

If you look at the day chart below you will see that I have zoomed out. I have done this because I want to demonstrate 2 trend lines which are making a channel. You will also see that price has been staying within the channel with a couple of exceptions. Its these trend lines we would use to make money from the Yen.













We can still potentially make money with the trend lines, because price is currently climbing to the top trend line which will act as support. With the trend already down and short term divergence from the MACD a shorting position looks favourable. If these 3 confluences of events are not enough for to think about a shorting position, don’t forgot our trusty friend RN which mean we would have 4 confluences of events.

What do you think?

Carpe Diem

Richard Monnery

No change on Yen

Good Morning Dynamic Traders,

Hope you all had a great weekend.

There hasn’t much of a change since my last update, apart from the fact that we are greeted with a bearish candlestick this morning on the day chart.

If you look at the 4hour chart below you will see that price is struggling with the VI. Price has managed to spike above the VI a couple of times, but definitely seems to be struggling now.

If price fails at this VI then maybe the price might continue its down trend.

Happy Trading

Richard Monnery

Yen Time

Good Morning Dynamic Traders,

I have decided to follow the Yen for the next week. The Yen had a great start to the year with a big climb, but throughout the year the Yen has definitely been in a down trend. This leads us to ask the question
“will this down trend continue?”
The answer to this question right now is I don’t know. We will know more by the end of next week, which then might lead us to think about entering a trade.

Recently price has fallen to a Fib breather level and seems to be finding some strength. We are going to have to be patient, because price is currently in a down trend, but the strength that price has found means we have to wait before we enter a trade.













What do you think will happen? Is this just price oscillating before a further move down or has price reversed?

Hope you all have a great weekend.

Happy Trading

Richard Monnery

Round Up Time

Good Morning Dynamic Traders,

My apologies for not updating this week till now, I’ve had a really hectic week which seems to be calming down, which is just in time for the weekend.

On my last update last week, I left you with a question regarding the Euro Dollar. My question was, “what other factors appear on the day chart which would make us think that the uptrend was over?”
We had already covered the fact that price has hit a key RN. I gave you a clue and suggested that you look at your notes for reversal formations, can you see one? In the day chart below I have marked what seems to be a double top. Along with this formation we have MACD Divergence from both the histogram and from the signal lines.













This isn’t a guarantee that price will reverse and drop, so we need to be ready for a long and short position. We know where the pivot points are and with our ESLT tool, we should have plenty of time to get ready for a trade.

The Yen is still taking its time to decide what it wants to do. It does seem to be dropping, but it is falling at a very slow rate. Through my previous updates on the Yen, we should have our entry points ready. However we will have to be patient, because it might take price some time for price to reach them.

Happy Trading

Richard Monnery

Looking at another Currency

Good Morning Dynamic Traders,

Hope you had good start to what seems to be a very cold week ahead.

I think it’s time to maybe move on from the Yen and to start following another currency. Currently the Yen is working out what it wants to do, and potentially once it has decided which direction to go in healthy profits could be on the horizon. This is why it is important to get prepared for a long and short position so that we are ready for the move. This cross will definitely be on my watch list.

I haven’t completely decided which cross to look at now, so I thought that I would talk a little bit on the EUR. In the day chart below you will see that the EUR has been in a steady uptrend. Recently price has performed a pull back and seems to be eyeing up the opportunity to continue its journey up. You may want to consider putting this cross on your watch list because if price breaks above the pivot point (that I marked in the day chart below), this could be where the uptrend continues and would also be the area for a long entry.













Happy Trading

Richard Monnery

Be Prepared

Good Morning Dynamic Traders

Hope you all had a great weekend.

Today I will run through being prepared for what price might do next. I have already covered how we should prepare ourselves if price increases. However, my last update on Friday I was discussing the possibility of price falling. So if price does decide to fall what should we do?

In the day chart below I have marked out 2 entry positions. The first entry is for a long position (which I have already discussed) and the second is for a shorting position.

The shorting entry I am going to run through is a more conservative approach which relies on a BOB below the pivot point at 88.00. Once we have a BOB we will then need to use the ESLT to get our entry.













We have now prepared ourselves for both scenarios, so it is now just a case of waiting to see what price decides to do.

Happy Trading

Richard Monnery

The other way of looking at the Yen

Good Afternoon Dynamic Traders,

I hope you all had a great week and managed to secure lots of profits. If you didn’t remember, practice makes perfect. I stayed out of the markets today due to the NFP.

On my update on Wednesday I said there was another way to look at the Yen rather than the way I have been updating. So far I have been updating about price being in a bullish flag, meaning that price would have to have done a reversal at 88.00 (which is still possible). The other way of looking at this chart is that price is could actually be in a bearish flag.

If you look at the day chart below you will see that price has been in a downtrend and rather reversing, price could potentially be performing a breather. When price climbed to and slightly above 92.00 and stopped, it had arrived at a breather level. You can see that we are currently experiencing some oscillation, which is normal after price has made a large drop.













What do you think is happening?

Next time I will run through how we can prepare ourselves for next week.

I hope you all have a great weekend.

Carpe Diem

Richard Monnery

Breather Level Hit

Good Afternoon Dynamic Traders,

I would like to start today wishing Zaheer a very happy birthday for last weekend, happy 30th dude.

On my update on Monday, I spoke about price hitting a breather level and potentially starting to climb again. If you look at the day chart below you will see that price did stop falling at the Fib breather level and looks to climbing, although this is still early days yet.

Now that have a rough idea of what price is going to do, we should get prepared in case the opportunity to take trade comes our way.
We know that price has hit the Fib breather level and seems to be climbing. If price continues to climb then we should be looking for a long entry. As always this depends on what kind of trader you are. The conservative trader would be waiting for a BOB above the pivot point that I marked on the day chart below.













There is another to look at this chart, but I will cover this next time.

Happy Trading

Richard Monnery

Will price continue to drop?

Good Morning Dynamic Traders,

I hope you all had a great weekend, and are fresh for another week.

We are going to continue following the Yen this week. Last week price was climbing, but towards the end of the week price started to drop. The question at this stage would have been how far will price drop?
Today we might have the answer.

If you look at the day chart below you will see that price had fell to that all important RN, which happens to be a major RN. Using your fib tool you will see that price dropped and spiked below the Fib breather level, but currently price has climbed back to the breather level. Price hasn’t closed yet so we will have to wait till tomorrow to see price closes at this breather level.













If price does close at the Fib breather level then we could expect price to climb. However if price continues to fall and closes at a continuation level, we could assume that price will continue to fall.

So until tomorrow

Happy Trading

Richard Monnery

What’s happening with price?

Good Afternoon Dynamic Traders,

There isn’t really too much to report from yesterday, because price hasn’t moved much since yesterday. This is why I have decided to have a closer at the price action by looking at the 4hour chart. In the 4hour chart below you can see recently price has definitely been in an uptrend. With this uptrend you will also notice that the MACD has been showing us divergence.

In the 4hour chart below you will also notice that price has been moving sideways which is an indication of price being not sure what it wants to do. This helps to explain the slow movement of late in price on the day chart. However this doesn’t necessarily mean that price will turn and drop, because in the 4hour chart you will see that the VI is slowly sneaking up to the price action which could act as support.













What do you think price is up to?

Happy Trading

Richard Monnery

Is price on the UP?

Good Morning Dynamic Traders,

Hope you all had a great weekend, and a successful week last week.

IF you look at the day chart below, you will notice that price does seem to be on up. The MACD convergence I pointed out in my last update obviously had some part to play with the price increase. When I did my last update price was dropping, but you will notice that price fell to the RN which also happens to be at a previous support/resistance line. You will also notice that price dropped and hit the Fib breather bang on, then continued to climb.













What do you think price is doing now.

Happy Trading

Richard Monnery

Change of Currency

Good Morning Dynamic Traders,

I have decided to follow the Yen for the next couple of weeks. As always let’s get familiar with the recent events.
On the larger times price has generally been falling, which is also the same being sung from the day chart. In the day chart below you will see that price has oscillated couple of times, but for a couple months price did seem to be in a healthy downtrend, until price fell the RN.













So what do you think is happening now and could happen over the next couple of days? I would like to bring to your attention the MACD convergence.

Happy Trading

Richard Monnery

What did I miss???

Good Morning Dynamic Traders,

Hope the bad weather didn’t prevent you from having a good weekend. I enjoyed the rain at the Epsom Derby and I thoroughly enjoyed the hard rain and the harder hail stones during my bike with my grandfather on Sunday!

I’m going to round off the Yen and look to another currency pair to follow.
Friday saw the Yen enjoy a healthy climb as it smashed through the Value Index, this is brilliant news for the Yen, but why did this happen? The answer can be found on my fellow blogger, Bijal Shah’s update from yesterday. No doubt you have read her update, but Bijal has highlighted a head ‘n’ Shoulder formation on the day chart, which I had originally missed.
You may remember from last week, I said that I was little surprised that price didn’t fall further after the large Head ‘n’ Shoulder formation that I marked out. Price didn’t fall anymore because of smaller Head ‘n’ Shoulder, which was formed after the larger one. This is why price was able to beat the Value Index. I have marked this on the day chart below!!














I had originally missed the second Head ‘n’ shoulder formation, because I was focusing on an intra-day basis, and I forgot to look at the bigger picture. This is why it is important to make sure that you perform a thorough analysis, because I have missed out of potential profits from the Yen.
Moving forwards though, price is now above the Value Index, which means that price is likely to start using it as a support area, which will help to keep the Yen strong, so what will happen next??

Happy Trading

Richard Monnery

Will the Yen, beat the Value Index

Good morning dynamic traders,

Bit of a dull start to the day with a little rain, but not looking too good for the weekend either, but hopefully the weather will hold up as I will be attending the Epsom Derby on Saturday.

Yesterday we were left wondering if the Yen would be able to beat the Value Index. You can see from the 4 hour chart below that price has had another go and with a little more success this time. Price is currently above the VI on the 4 hour chart, but if you look at the day it is still trying to break and close above the line.















What I find more interesting about Yen is the head ‘n’ shoulder on the day chart that I pointed out earlier this week. With this reversal formation I was expecting price to fall a lot more than it has done, but instead it has found some strength.
If price does manage to beat the Value Index We could expect to see price get a lot stronger.

Happy Trading

Richard Monnery

Yen not letting go!!

Good Morning Dynamic Traders,

Apologies for my absence yesterday, I was attending a work conference, which turned out to be very interesting, but unfortunately I have to arrive early which meant I wasn’t able to post update.

It looks to me that the Yen wants to climb more, but the Value Index is doing a great job of taming the price. As you see from the 4 hour chart below that price has failed twice at the VI and looks set to have another go at beating the VI. If you have a look at the day chart (not posted) you will see more clearly that price is almost walking down the Value Index.















Unfortunately the Yen isn’t doing too much, as it is oscillating as it is fighting with the Value Index, but let’s see what events unfold to and Friday.

Happy Trading

Richard Monnery

Yen fights back

Good Morning Dynamic Traders,

Another glorious start to the day! Always puts me in a good positive frame of mind, which is needed when trading.

We saw price on Friday drop after it made an attack at the Value Index, which I described on my update yesterday. However yesterday’s price action saw the Yen toughen up and shoot up to make another attack on the Value Index, which I have marked the 4 hour chart below. You will see that price has dropped a small amount, but we currently have a bullish candle stick, does this mean that price is getting ready to make another attack on the Value Index? Quite possibly, but.......














.....let’s have a look at the evidence for price going the other way.
If you have a look at the day chart below, you will see that we have a head ‘n’ shoulder formation, which normally means that we should expect price to reverse.















What do you think? And what will price do today?

Happy Trading

Richard Monnery

Down goes the Yen

Good Morning Dynamic Traders

Hope you had a great weekend and made the most of weather.

I have decided to stick with the Yen this week, because of the couple of days I missed during the bank holiday weekend.

If you remember in my last update on Friday I said that price could be taking a breather, or it could be reversing. Unfortunately only time could tell, but there were some factors to gives and insight of what might be happening. I said on Friday that the day chart was showing the price dropping, and this is a classic case on the older brother telling the younger brother what to do.
The strength of the value index was clearly far too strong price and has really knocked price down. To be honest I am not surprised that price has dropped.

Your probably wondering how you might have made some profit from the down turn in price. This does depend on your trading strategy, but a good confluence of events to take into account if a similar setup arrives on your screens are the tram tracks on the 4 hour chart and the day chart!

Happy Trading

Richard Monnery

What’s the Yen doing now?

Good Morning Dynamic Traders,

An awesome start to the day this morning, fingers crossed this whether continues on throughout the weekend!

Yesterday we saw the Yen enjoy a massive climb to the upside. You will see on both the day and 4 hour chart that price actually tagged the Value Index. It does seem however that price has run out of steam as price has stopped climbing. According to the day chart price is now dropping, so to get a better understanding I have posted the 4 hour chart below. As you can see price is currently oscillating, which could mean that price is having a breather.
If you hook out your Fib, you will see that price is currently at one of the two Fib Breather levels. Also pay attention to the signals coming from the studies as well, as the RSI is currently showing no signs of getting stronger.













Has price reversed, or is price just taking a breather?

Hope you have a great weekend

Happy Trading

Richard Monnery

Check the Yen Out!!

Afternoon Dynamic Traders,

Hope you are all having a good day.

What is happening with the Yen, it has shot up this morning. Let’s have a look and find out why.
If you look at the hour chart below you will see that price slowly climbed towards the VI and it finally beat the VI and started to drop. When price began to fall it used the VI as a spring board and rocketed up.














You can see on the hour chart that price has slowed, the reason for this lies in the 4 hour chart below. You can see from the chart that price has climbed towards to VI, which is obviously acting as a strong resistance. Hopefully you all haven’t missed another important factor which is also having a strong effect on price.......that’s right.......the RN.














Where do you think price head next after the events of yesterday and this morning??

Happy Trading

Richard Monnery

Back following the Yen

Good Morning Dynamic Traders,

I would like to apologise for not updating on Friday, Monday and Yesterday. I have had quite a busy weekend with a mates stag do starting on Friday to Sunday. His stag do was a weekend in Blackpool, and I hoping to do an update before I left but I was running late.
I celebrated my birthday on Monday and my girlfriend and I stayed in the New Forest till Tuesday, so sadly I missed out on trading and updating the progress on the Yen.

Back to business. The Yen had dropped further from I had left it at 94.50 and fell to 94.00. It is now currently enjoying slow progress towards the upside.
This leaves us asking how far will the Yen climb?
Find out tomorrows on update. An important factor to take into account is the RN.

Happy Trading

Richard Monnery

What a turn of events!!

Afternoon Dynamic Traders,

My sincere apologies for the delay in my update today!!

Zaheer your bang on mate, and I totally agree with you dude!! You guys might remember the 2 weeks when I was following the CHF and a very similar thing happened to me, where I was taken out of trade and price continued to go in my direction. In the end I missed out on 150 pips (roughly), I also decided not to jump back in and chase the trade. Like you Zaheer, if I had done I would have made more pip profit, but not chasing trades is also in my TP. I have been stung in the past for chasing trades, and I found it more stressful. It’s better to keep an eye on the markets and work out and wait for the next trade setups.

Now back to the Yen! After my update yesterday it now looks like price has now decided what it wants to do, which is to go down. You can see from the 4 hour chart below that price was just taking a breather during its descent. Its descent however has stumbled across some support, which seems to be slowing price down.

You can see from the chart above that price is currently staking another breather. This is no doubt fuelled from the support line, but price climbed up to a Fib breather level, and as you can see we have a large red candle forming. Is this going to be enough to beat the support line?? Find out tomorrow’s update.

Happy Trading

Richard Monnery

Looking closer at the Yen

Good Morning Dynamic Traders,

A bright start to the day, fingers crossed it stays that way.

Yesterday we got ourselves familiar with the Yen, so now let’s take a closer look!
If you look at the day chart below price seems to be a little confused on what it would like to do.
T first glance for me, it appeared that price was taking a breather during its down trend. This is supported by price climbing towards a Fib breather level and then giving us a hammer. Price did begin to fall, but it found comfort at another Fib breather level.















I have marked the second breather on the day chart above, but it can be seen more clearly on the 4 hour chart below. In the 4 hour chart we can see that price has decided to climb, which is the reason why we have a potential doji on the day chart.













Before we can start to think of entry we need price to decide which way it wants to go. Hopefully during the today and tomorrow price would have figured out which direction it’s heading allowing us to start thinking about taking a trade.

Happy Trading

Richard Monnery

Following a new currency

Good Morning Dynamic Traders,

I have decided follow the Yen this week, so let’s start off by having a quick review of what has been happening.
From looking at the day chart below you can see that the Yen has been enjoying some action around the VI. Price is currently looking at getting stronger, but will this last. We also appear to have a head n Shoulder formation forming which could prove to be interesting a bit later in the week.
One of the first things that I noticed is that price has changed directions at RN with I have marked on the chart below. This is of course an indication of how the Yen will behave later, be sure to keep this mind.














This leaves us asking the question, what will Yen do next?
Stay posted this week to find out.

Happy Trading

Richard Monnery