Good Evening / Morning Dynamic Traders"Better to have tried and failed, than not tried at all"
Cross = EURCAD: Day Chart (Posted Below)
Most of the day traders who follow my blog will still be in the trade from last week, and in profit. Please manage your trades correctly and remember what Saba said last week, "Be consistent in your moves, decisions etc" Good luck with your outcomes.
Javid spoke to me last week and repeated a phrase to me he mentioned before. "You will make more doing less"
Like yourselves I thought yeah yeah yeah what are my charts doing ?
Not everyone has the time to sit in front of the computers, all day every day and his comments are directed that "Swing Trading" is less stressful and more rewarding once you understand the basics.
Patience is a key part to play, and do not be too eager to take a trade, sometimes not trading = trading. Choose your strategy and wait for your set ups, plan your entry and exit's before entering the trade. Sounds easy doesn't it ?
I am going to choose a less popular cross this week, EURCAD, so lets drill down.
MONTHLY - This cross has was in a down trend since 1995 until 2000 and then changed to an up trend. In December 2008 price reversed allowing a trend line to be drawn from October 1998. Since the we have been having lower lows and lower highs.
WEEKLY - We can monitor the lower lows and highs and draw another pair of trend lines onto the chart, which shows us a nice squeeze on price. We have the VI at the lower line and a doji at the top line which we have just kissed. Major RN 1.6000 may play a role in the future of price ?
DAILY - The change of direction from the resistance trend line is more prominant on this time frame and we could have entered a short trade using our ESLT asd taught on the webinars. Stochastics have just turned over recently and there could be as much as a couple of hundred pips available from this cross. Major RN and VI are in our way of a move to the support trend line, so be aware.
60 MIN - I would like you to look at your 60min chart and NOTE the NOISE we have on it. As it is not one of the major crosses, you will see the "wickes" of the candles (Sometimes called the tails) are generally larger than the body. This will give you a lot of problems if you are new to Forex as you will more often than not get stopped out by the noise.
If you trade scared with a tight stop loss you will get burnt - Be warned. You have to give the price room to move. This is more previlant on the not so major crosses. That is why we should remember a phrase I use often, "What do I not see ?" If you had not looked at the 60min chart you would have missed it.
I leave you back at the DAY chart which looks like a nice short trade is available.Courtesy of Advanced Get / E SignalTrade with PassionJohn MaherForex Analyst
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