Peep oh, we can see you !

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = GBP : Daily Chart (Posted Below)

Long Term Trend = Down : Short Term Trend = Down

I have continued to leave the EMA 12 & 26 on the chart so you can continue to see their movement in relation to the MACD line. I am sorry the chosen time frame is not showing a cross of the EMA which would happen after the MACD line crossing the zero line.

Whilst I do not use the 12 & 26 EMA to trade with, you will see how these help identify a trend. You may have your own chosen EMA's however the principle is the same.

Identifying the trend should be a 30 second decision, we are looking for the long, intermediate and short term trend. For Long term look towards your Monthly/Weekly charts, Intermediate your Day/60 min charts & Short term your 15 min/5 min charts. Stand back from your screen, look at your moving averages for guidance and decide if the trend is Up, Down or Oscilating ?

Go on make a decision, I dare you.

Last night I mentioned having some 400 pips below us till the RN, Todays red candle was 363 of them. I managed to get 230 pips on my trade, How did you do ?

Looking at todays chart below, I have left the Yellow trending channels mentioned yesterday, that we are currently trading between at present. You will observe a further two black horizontal lines, with the bottom one passing as support to yesterdays bar ???????????

I want you to stand back from your screen and concentrate at the chart pattern between the Yellow trending lines, What do you see ?

Where price broke the top yellow bar we have a "Head" with a "Shoulder" on either side !

If you had placed the bottom black line paralell to the bottom yellow line, and up to the start of the left shoulder as indicated, how strange yesterdays bar found support at that point.

I have placed the top black bar at the top of the previous bar to the start of the left shoulder, after a large move down we in general have a retracement.

Those from the webinars could confirm this by using the 2nd Jan to start your 123886, with convergence !

Will price retrace to the black line ? Interesting, let's wait and see. Price is up 79 pips as I write.
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst