Forex Traders | Dynamic Trader Blog

Latest On The Loonie!

noreply@blogger.com (Zaheer Anwari) — Thu, 29 Apr 2010 15:33:00 +0000

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."

Follow my fellow bloggers on http://www.fxcps.com/ and http://www.fxcps.co.uk/.

If you want to learn the tricks of the trade (no pun intended), sign up to the amazing "Trading Room" webinars.

Total Abundance is our Birth Right.

Zaheer Anwari

Back to the EUR

noreply@blogger.com (Richard Monnery) — Tue, 27 Apr 2010 19:01:00 +0000

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

noreply@blogger.com (Zaheer Anwari) — Mon, 26 Apr 2010 14:15:00 +0000

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

CADCHF Marching On!

noreply@blogger.com (Zaheer Anwari) — Thu, 22 Apr 2010 14:33:00 +0000

Good afternoon ladies and gentlemen

Can anyone actually remember when it last rained in London? Off the top of my head I can't. I just want this to continue all the way through summer. I hope I haven't just jinxed the weather!!!

So for those following mine and Richard's blogs should be aware of recent action that would have triggered you in if you had done your analysis and also depending on your trading style. I got triggered into the CADCHF yesterday around 1.0750 and today's bar has so far continued in the direction of the trend. With risk management in play my stop is around 1.0500 which won't be moved until I hit my first target or I have been stopped out. A mechanical entry with mechanical management with the odds stacked in my favour. Those who were expecting a reversal after the recent pull back may still be right with this being a Fake Out but if that is the case then that is what my stop is for. However, with the outstanding analytical skills bestowed upon myself and my fellow bloggers and "Trading Room" members we have no reason to fear that happening. I have purchased my ticket and am waiting to see where the ride takes me.

As always do your own analysis.

Read my fellow bloggers on http://www.fxcps.co.uk/ and http://www.fxcps.com/.

My wingman Richard will be back tomorrow with progress on the EURSEK.

Have a great end to the week and I will be back on Monday with a new currency.

Quote of the day is "Be the shift. Stop waiting for it!"

Total Abundance is our Birth Right.

Zaheer Anwari

Patience is a Virtue

noreply@blogger.com (Richard Monnery) — Wed, 21 Apr 2010 20:58:00 +0000

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

CADCHF Eruption!

noreply@blogger.com (Zaheer Anwari) — Tue, 20 Apr 2010 16:17:00 +0000

Good evening ladies and gentlemen

The amazing weather has continued through the week so far here in London so I hope you are getting some of this sunshine where ever you maybe.

So as we should all know by now, the markets have been in consolidation over the past few days but today's action should spark some serious interest back into us Smart Money traders looking for a BOB to jump in on some easy and mechanical profit taking.

Below is the daily chart of the CADCHF, which we have been following since last week. We can see that up until yesterday price had been steadily pulling back until it hit a S Level. Today's action has so far seen a serious fightback in the direction of the trend by using the S Level to catapult around 250 pips. Those who did not "focus on the management" and instead chose to look at their disappearing profits will undoubtedly be kicking themselves today if positions were closed off or stops moved tighter. This should once again drive home the point of having a solid TP and a mechanical approach. Emotions will only make you try and second guess what the market is going to do. However, with the trend in our favour we also have the odds stacked in our favour as shown with today's action. So what does the mean for the rest of the week? Well all we can do is wait and see! We may be rewarded with a BOB above the pivot and further strengths in the direction of our friend or we could just see further consolidation. Today's movement doesn't guarantee us anything.

Generally a big BOB signifies strength in that direction but we could easily be taken into a false sense of security with the break out being a fake out. Look at recent action on the AUDNZD. I was stopped out on this yesterday for a loss after being spiked in on a huge BOB only for it end up being a fake out and reversing. Annoying as it is, that is the nature of trading. My other trades will make up for this loss.

As always do your own analysis.

Today's quote is "This is life's ultimate test - to see without looking, to hear without listening, to know without going, to be without becoming!"

Total Abundance is our Birth Right

Zaheer Anwari

Waiting Game

noreply@blogger.com (Richard Monnery) — Mon, 19 Apr 2010 07:15:00 +0000

Good Morning Dynamic Traders,

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

Like many of you, I am waiting for price on many currency pairings to finish their pulls backs and to give me an entry. Just like Zaheer is waiting on the CADCHF.

This means that I don’t really have too much to report on my personal trades. However I thought I would carry out an update on the NZDJPY. Last Thursday I spoke about the USDJPY and this cross is slightly similar.
From the day chart below you will see that price has broken above the VI and is currently heading back down towards it. There is an argument that says we could maybe enter a long position and enter on the pull back with the tag of the VI. This is a rather aggressive approach, however this may not be the best idea, why do think I’m saying this?

Answer.........

If you zoom out on your own esignal you will find your answer......Price has been consolidating for quite a long time now, which means that it may be more beneficial to wait for a breakout to enter a long position or short for that matter. Entering a position for the long term wouldn’t be advisable because price isn’t sure right now what it is doing.

I hope you had a great and profitable week.

Carpe Diem

Richard Monnery

CADCHF Fighting Back!?

noreply@blogger.com (Zaheer Anwari) — Thu, 15 Apr 2010 14:08:00 +0000

Good afternoon ladies and gentlemen

When I heard about the volcano in Iceland, I thought wouldn't it be nice to have an explosion of massive funds in my account. In reality, this happens to very few on a short term basis unless of course you already have a large amount to play with. Trading the Smart Money way with the right strategies and psychology will bring you outstanding rewards in the long run. Your patience indeed will be rewarded.

My entry into the CADCHF has still not been triggered. Below is the daily and we can see that price has been fighting back since the market pull back but is still 200 odd pips from my entry point. So What can we expect next? Can we expect price to continue it's fight back and break through the pivot? I have stacked the odds in my favour and am now waiting to see if the market will do just that. Yesterday's bar was a reversal candlestick which looks favourable and we always have the trend. We could see a 123886 or a similar chart pattern and see price reverse with a divergence on MACD (is there one?!). This could happen before or even after spiking me in. However, this is allowing emotions to get in the way and me second guessing what could happen next. I trust my analysis, have put in my entry into my trading account and am now waiting for the market to work its magic.

If you recall, with the market pull back I was around 50% down across all my trades. However, with the fight back over the last two days and more importantly focusing on my "management", I have now recouped almost of all of that back with one trade even hitting my first target and hence me now being risk free.

I will leave you to do your own analysis.

Today's quote is "Follow your dreams; they're yours for a reason, not the least of which is to make them come true."

Follow John and Clayton on http://www.fxcps.co.uk/
and Sonia and Bijal on http://www.fxcps.com/
and my wingman Richard here on http://www.fxcps.eu/ on the USDJPY.

Subsribe to the outstanding "Trading Room" to have live online coaching from the man himself. Treat yourself and take your trading to another level!

Total Abundance is our Birth Right.

Zaheer Anwari

A sneaky update!

noreply@blogger.com (Richard Monnery) — Wed, 14 Apr 2010 19:22:00 +0000

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

Good Point Zaheer and John

noreply@blogger.com (Richard Monnery) — Tue, 13 Apr 2010 07:08:00 +0000

Good Morning Dynamic Traders,

I would like to start this morning by echoing what John Maher said on his update on Sunday, a very big thank you for all your kind words and positive feedback on our blogs.

And

Congratulations to Ash and Bijal, who I’m sure, will make great parents.

John and Zaheer have made similar points on their last updates in regards to the market performing pull backs. As frustrating it may be to watch your profits drop, they are both right in saying stick to your rules and Trading Plan. This is the reason why you would have developed the rules and TP. Something that I would like to add on to what they have said already which is – “Don’t chase a Trade”. In times like this where you have either been stopped out or still in trades with smaller profits than the week before, there is a temptation to try and win those profits back. The problem with this is that your emotions are leading the decision making and potentially you could lose more money.

A chart that I currently have my eye on and is waiting patiently on my watch list is the EURCAD. From the day chart below you can see that price has performed a pull back. As frustrating this is if your in a trade, remember that the trend is in our favour.
I’m waiting for a break below the pivot low that I have marked on the chart, before I start to work out my short entry. You will notice that a break below the this support line is also a good distance away from the RN.

What are you plans?

Remember – Don’t chase a trade?

Carpe Diem

Richard Monnery

Market Pulling Back - CADCHF No Exception!

noreply@blogger.com (Zaheer Anwari) — Mon, 12 Apr 2010 13:46:00 +0000

Good afternoon ladies and gentlemen

I hope you all had a wonderful weekend. I realised that I am now torn between prefering the start of the weekend and the start of the week!! Am I on my own? How many people can actually say that??!! Thank god for Trading and not only that. All of us who have graduated from the Dynamic Trader Webinar apprentiship and are now subscribers to Trading Room will be even more excited than most! Happy Days.

So to the market and as we should know all too well by now is that the market never moves in a straight line. For every good move there is always a period of consolidation where the market corrects itself. The Bulls fighting the Bears. How long does this go on for? The simple answer is until the market decides to do a break out. In which direction? The simple answer is which ever direction the market feels like. Can we second guess the direction? Simply put - NO! The degrees of pullbacks can vary and it is an "uncomfortable" experience to see your profits just suddenly being wiped out. I am currently 50% down across all my trades since last week having also been stopped out of one of my trades at break even. It is during this time where the TP (if a trader has one) goes out the window for the dumb money but where us Smart Money stay disciplined and stick to our trading rules. We do know that we have the direction of the trend in our favour and more often that not the break out from this consolidation will go with our friend.

Looking at the EURCAD we are currently in such a phase. A quote from my mentor which sums up the situation is "The market pays dividends to those that are disciplined so now is the time to follow the rules and not allow emotions to take over. Make sure you focus on the management and not the money!" Some (a countable amount) may say he is not just a pretty face!!

Below is the daily chart and we can see that price has now retraced all the way back to restest the R turned S Line. If I had gone into this trade using the ESLT I would have been stopped out by now. Price did break through but has since been pushed back. It is now just a waiting game to see whether price will bounce back up over the next few days and create another SM entry point or will we see a further drop or even a reversal?

I will leave you to do your own analysis!

For those of you that "love gold" like Goldmember from Austin Powers, don't forget to read John's up date on our sister websites http://www.fxcps.co.uk/ and http://www.fxcps.com/.

The quote of the day is "Intent or thought without action is not enough!"

Total Abundance is our Birth Right

Zaheer Anwari

I Spy A CADCHF Pivot?

noreply@blogger.com (Zaheer Anwari) — Thu, 08 Apr 2010 14:48:00 +0000

Good afternoon ladies and genltemen

Another beautiful Spring day here in London. After yesterday, I thought the beautiful weather we had on Tuesday was a one off but not so! Long may it continue!!

So to the CADCHF and on my last up date price had broken through a S/R level and I said that for me to go into this trade I would like to see a pull back and for me to then enter in on the following BOB. Today's action has done just that with short term traders and day traders posibly scared of losing profits and hence cashing in. As SM we know that this is normal market action when gong with our friend the trend. However, with our knowledge, tools and money management we can see the bigger picture and look to take maxium profits with mimimum effort and maximum discilpine. Below I have the daily chart and we can see that price has now dropped to restest the S/R Line and in doing so has created a pivot and a possible SM entry point assuming prices reverses and continues with the trend. The confluences and indicatiors that I personally look for still say I have the odds stacked in my favour. However, will the market agree and behave accordingly or will we see a further pull back. All we be revealed with time and with a little patience.

Please do your own analysis.

"Keep believing in yourself!"

Total Abundance is your Birth Right.

Zaheer Anwari

Round Up Time

noreply@blogger.com (Richard Monnery) — Thu, 08 Apr 2010 05:46:00 +0000

Good Morning Dynamic Traders,

We’re not far from the weekend now and I hope you have had a great trading week.

I’m kind of getting a little bored of following the GBPUSD so I thought I would round up the progress on the GBPUSD and move on to something else.

In the day chart below you can see that price has only just begun to fall again. Admittedly it has dropped far, but it definitely isn’t climbing now. This is the exact reason why I said a long position was not on the horizon just yet, and that a shorting position is still more favourable.
What this also means is that price is in a range and a fairly large range too.

Personally my approach which I have mentioned on a previous update is to wait for price to break below the RN 1.4800, before I take a shorting position. This means that price would hopefully be out of the range and be able to drop to easier. As you can see from the day chart above this does mean that I will have to be patient as price will have to drop a far distance.

Before I sign off I would also like to recommend along with Zaheer’s suggestion of the CADCHF the EURUSD. These are crosses that are sitting on my watch list.

Hope you all have a great, I mean Outstanding day.

Carpe Diem

Richard Monnery

The Story of The Generous CADCHF!

noreply@blogger.com (Zaheer Anwari) — Tue, 06 Apr 2010 17:49:00 +0000

Good evening ladies and genltemen

First of all apologies for no updates for about a week now. I have had technical issues loading up images but have managed to sort it out so normal updating can hopefully now be resumed without any more hassles!!

The weather here in London was pretty amazing and helped us to ease back into regular lives after being spolit with our 4 day weekend. I am sure like me you all managed to pack away a little more chocolate in the form of eggs than usual but that's what the Easter weekend is all bout. My mentor will argue that everyday is Easter as said by a true chocoholic!

So for the next set of updates I thought I would follow a chart that was on my watch list but one I did not take as I was at my maximum risk exposure. However, after today's action I am risk free on some trades and am now looking to open up new positions as they arise. Below is the daily chart and we can some solid bullish strength in the market over the last two days. I would have been triggered into this trade yesterday at 1.0552 and would now find myself in profit of around 140 pips. With today's action I would have been around 50 pips away from being able to move my stop to break even but that's life and I was disciplined to stick to the maximum exposure in my Trading Plan. Additionally, today's bar has actually broken through a strong S/R line as well so for those who missed this initial set up, a little patience will be rewarded with another set up assuming the market continues in it's bullish ways!

The market has been moving upwards in a fairly regular fashions since breaking through the VI. It initially found some resistance around the strong RN but eventually broke through. The recent consolidation period has yielded a huge break out which generally suggests further movement in the break out direction, in this case long. I am now waiting for a pullback and another break out before applying the ESLT to maximum effect. Looking at the indicators, the VI is heading up and Stochastics is also looking good! I will leave you to look at the rest!

As always please do your own analysis.

The quote for the day is "Opportunity does not knock only once; it knocks every single moment of every single day for every single one of us!" Spot on!!!

Total Abundance is our Birth Right!

Zaheer Anwari

Price Beat the RN

noreply@blogger.com (Richard Monnery) — Wed, 31 Mar 2010 15:34:00 +0000

Good Afternoon Dynamic Traders,

Half way through the week now and I hope a good week it has been.

In the day chart below you will see that price has actually beaten the RN and has continued to climb. This is exactly the reason why it was important to wait for price to break below the support area at 1.4800 before entering a short position because if you had jumped in earlier you would be pulling your hair out by now.

Although a shorting position won’t be happening anytime soon, this cross might still be worth keeping an eye on.

If you are looking at long position on the GBPUSD I wouldn’t jump the gun just yet. If price does continue to climb you will notice from the day chart above that price is on its way to a resistance level. I would suggest that a long position wouldn’t be advisable till price has beaten this area.
In fact you will see that price is currently at a resistance level, which it will have to beat before it arrives at the resistance area I mentioned above.

What are your thoughts?

Carpe Diem

Richard Monnery

Bounce Up – Was I right?

noreply@blogger.com (Richard Monnery) — Tue, 30 Mar 2010 06:03:00 +0000

Good Morning Dynamic Traders,

Hope you had good start to the week, and had a good weekend.

Last week I mentioned that it might be a good idea to wait for a short position till after price has broken below the support line on the GBPUSD. You will see in the day chart below that my advice would have paid off, because price hit the support line and bounced up.
You will also notice that price has now hit a major RN and this morning has been struggling to climb further (this is not to say that it won’t climb above the RN). There is also a Fib breather level at this point, which will also make life harder for price.

The plan of action now would be to wait for price to make its next move. To see whether price has what it takes to climb above the major RN or will it fail and drop. If it decides to drop, will it break below the support line?

What do you think?

Carpe Diem

Richard Monnery

Support Line Hit....Again

noreply@blogger.com (Richard Monnery) — Fri, 26 Mar 2010 09:11:00 +0000

Good Morning Dynamic Traders,

The weekend has finally arrived and starts to tonight. Hope you have had a good week and managed to make some profit.

I have decided to stay with the GBPUSD today, because if you look at the day chart below you will see that price has managed to break below the trend line on Wednesday. However you will also see that price has hit the support line now and seems to be struggling a little. This hasn’t come as surprise as we already knew that price would struggle at this RN. This is preciously the reason I have decided to take a conservative approach, because it might take price some time to break below this area.

So what’s going to happen next?

I will definitely keep this chart on my watch list, because you will notice in the day chart above, that price has actually fallen below a major RN. This RN and the trend line will now act as resistance which might help to guide price to fall further. I won’t be taking a short position until I feel that price has broken below the current support area.

What’s your plan of action going to be?

Hope you all have a great weekend,

Carpe Diem

Richard Monnery

EURSEK Tried But Failed!

noreply@blogger.com (Zaheer Anwari) — Wed, 24 Mar 2010 16:46:00 +0000

Good afternoon ladies and gentlemen

An interesting week so far in the markets. All my trades bar one are in a very healthy profit with good moves in the market so far this week. For the regular readers, John's analogy at the beginning of the week on our sister website was excellent in bringing home the point on how an accumulative total across several trades was a much better way of making money than simply having one or two trades open, ofcourse with risk management taken into consideration. If i get stopped out of that one trade, the other trades will make up for it.

The EURSEK is still range bound but did at one point threaten to break out but has since been pushed back. Below is the 4 hour chart and Ihave circled the bar in question. Still 2 days to go in this trading week and will price show the weakness required for us to profit in shorting this currency pair? Only time will tell. At the moment price looks comfortable yo-yoing between the two S and R lines.

(I am still having problems loading upimages. I apologise. As always please check your own trading platform.)

Today's quote is by a soldier who served during WW1 bythe name of Claude M. Bristol "Undoubtedly, we become what we envisage!" Think big my friends and follow your dreams and desires.

Total Abundance is our Birth Right.

Zaheer Anwari

Breaking the Trend is Hard Work

noreply@blogger.com (Richard Monnery) — Wed, 24 Mar 2010 07:20:00 +0000

Good Morning Dynamic Traders,

Half way through the week now which means that there is still plenty of time to make some money.

My update on Monday I spoke about entering a short position (GBPUSD), and I said that a more conservative approach might be better. The reason for this is because of the trend line. If you look at the day chart below you will see that price has tested this trend line 3 times, which demonstrates the strength of this support line.

Once price has broken below the trend line, price will then have to break below the support line at the RN as well. This also won’t be an easy task as it is this support line which caused price to oscillate for a month, which means that being aggressive might not be rewarding this time round.

By adopting a conservative approach your entry would be well clear of this trend line, and providing that price drops below the support line at 1.4800 it would also be less stress than taking a more aggressive stance.

Remember to always carry out your own analysis.

Carpe Diem

Richard Monnery

EURSEK Happy To Travel Sideways....

noreply@blogger.com (Zaheer Anwari) — Mon, 22 Mar 2010 17:32:00 +0000

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

Looking at the Cable

noreply@blogger.com (Richard Monnery) — Mon, 22 Mar 2010 08:52:00 +0000

Good Morning Dynamic Traders,

I hope you had a fantastic weekend, and here’s looking forward to an “Outstanding” week ahead. Time to “Step Up” and make some money.

I have decided to have a look at the GBPUSD today, as this chart is currently on my watch list. If you have been keeping up to date with the all the blogs, you should be familiar with the recent progress of the cable from Sonia’s update last week on the fxcps.com website.

In the day chart below you will see that I have marked in the breather level that Sonia had mentioned in her update. In addition to this I have also marked in a trend line that price has been using as support along with the major support line at the psychological RN.
With the trend being down a shorting position is definitely more favourable so how would you trade this?
As always this is very much dependant on what kind of trader you are (Aggressive or Conservative).

Personally my approach would be conservative, because of the proximity of the round number. Once price breaks below this psychological RN support line I would then workout my entry level, using the rules from my trading plan.

How would you look at trading this?

Carpe Diem

Richard Monnery

Euro and the Kiwi

noreply@blogger.com (Richard Monnery) — Fri, 19 Mar 2010 11:11:00 +0000

Good Morning Dynamic Traders,

Hope you all have had a great trading week and managed to make some nice profits.

Today I thought we could look at the EURNZD for a change.
In the day chart below you can see that price has been in a downtrend for quite a while now, so obviously short positions are favourable. If you are thinking of entering a short position, now is not really the best time. Can you see why?

The answer is because of the RN number that price has just reached. However if you are currently in a short trade, fear not. You should have been expecting a resistance area at this point, and remember the trend is your friend.

For those of you who are keen to enter a trade, patients will be important to make sure that you maximise you profits by not entering too early. You will see in the chart above that I have also highlighted some MACD convergence. This coupled with the RN means that price might struggle at this point before it continues its downward descent. To help you maximise your profits it might be a good idea to wait for a BOB.

What do you think? Always remember to carry out your own analysis.

Now that the week has finished, it would be a good time to reflect on the trades that you have performed this week, and to see if there is anything you can learn from what you have done right and potentially done wrong. While doing this it is very important to remember that the market is always right?

Hope you have a great weekend

Carpe Diem

Richard Monnery

Back On The Blogs!

noreply@blogger.com (Zaheer Anwari) — Thu, 18 Mar 2010 19:58:00 +0000

Good evening ladies and gentlemen

This is my first update since last week. I was in Orlando with my fellow Blogger Richard and had a very interesting experience at UPW 2010. The main things I got from the seminars is that first it confirmed the remarkable journey that I have been on for the last 5 years and that the choices I made to get to me where I am now were most definately the right ones in me raising the standards. Although I never have and will never forget, it reminded again how blessed I am to have my two outstanding trading mentors. And lastly, it just added more fuel to my trading engine to be an outstanding trader myself.

So we were following the EURSEK before I left so let's see how it has progressed since last week. Below I have the daily chart and as a reminder price was close to breaking through the pivot on the 8th of March but instead found resistance and reversed to the S line, rebounded and has since not done much. Being Friday tomorrow could we see some continuation of the little momentum that was shown today after the two previous dojis?!

Looking at the indicators, the VI is heading down and Stochastics is looking good!

(I'm having problems loading up images so I will try again tomorrow! Please look at your own trading platform and do your own analysis.)

A simple quote from UPW 2010 "Step Up!"

Total abundance is our birth right

Zaheer Anwari

Looking at the GBPCHF

noreply@blogger.com (Richard Monnery) — Thu, 18 Mar 2010 07:18:00 +0000

Good Morning Dynamic Traders,

Hope your all having a good week, the bad news is that the trading week is almost over.

I have decided to have a look at the GBPCHF. My reason for this choice is some of you may be thinking of taking a short position, so I thought it might be a good idea to see what’s occurring.

In the day chart below you will see that price that price fell below the VI after a double top and has stayed below the VI struggling to climb above it again with 3 failed attempts. You can see that price has been oscillating since October.
In your own time, if you look back at price you will see that price has actually been in a downtrend for quite a while, until it briefly broke above the VI as I mentioned earlier.
After the 3rd failed attempt at beating the VI price plummeted down to a RN, where it appears to have found some resistance and is clearly struggling to break into another trend.
I personally wouldn’t suggest looking at a short entry just yet because price still isn’t too sure what to do.

However depending on what strategies you are using you might be getting a signal to enter a short trade and you should potentially be in a short trade already.
If your not already in a short trade and thinking of entering one, it might be a good idea to wait for a break below the resistance line I have marked on the chart. Once we have got our BOB we then start to work out our entry.

Carpe Diem

Richard Monnery

Back from my short break

noreply@blogger.com (Richard Monnery) — Wed, 17 Mar 2010 11:14:00 +0000

Good Morning Dynamic Traders,

My apologies for my recent absence, Zaheer and myself attended an Anthony Robbins seminar last week which was amazing. This has really helped me to focus and apply myself and I can’t wait to get back into the driving seat of trading again.

For some time now I have been following the EURUSD. The reason for this was that I felt that price was going to move sooner than it has done. I promise this will now be the last update on EURUSD (for a while anyway).
It is still a chart that should remain on your watch list, because price is still in a downtrend. Looking at the day chart below you will see that price is still in a range. You will see that the RN stopped price from falling anymore, but another RN at 1.3800 stopped price from climbing further. Hence the range that price is currently playing in.
If you look closer you can see a potential double top formation. If this does turn out to be a double top formation coupled with the downtrend, we could expect price to drop further. This is a chart that will definitely stay on my watch list.

I’m going to leave you with a quote from Tony Robbins – “Live with Passion”

Carpe Diem

Richard Monnery