Dynamic Trader Forex Blog FXCPS.co.uk: Kiwi

Good Evening / Morning Dynamic Traders

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

Cross = NZD : Day Chart (Posted Below)

After trading the sunshine of Birmingham for the rain of Ireland over the week end, a good time was had at a family wedding. I apologise to those of you in UK, as it looks this morning, as if I have brought the weather back with me. This morning called for Positive Mental Attitude when the alarm went off at 0600hrs, the rain was lashing down, and the 20min trip to the gym on my bike could easily have been traded in for a hot cup of tea and a lie in.

Why do so many people give in at the first sign of anything going against them ?

Having donned my waterproofs and enjoyed the 1hr lesson, one feels fulfilled, fresh and alert, ready for the day ahead. What a difference one decision can make at 0600hrs in the morning which makes or breaks your day.

Those same decisions are needed to be successful in your trading every day. Do you give up at the first sign of a problem, or is the glass half empty ? As a Dynamic Trader I know your answer is NO i do not give up and the glass is always half FULL.

So with our minds clear lets choose a cross for the week ahead. From my modest basket of 10 crosses I have chosen the NZD. We have 2 large news items this week, one of which is an interest decision.

Lets drill down from the top, The MONTHLY chart shows us a down trend since March 08 till the inverted hammer of Feb 09. A large green candle in March 09 could be the start of a change of trend or could be a pull back.

The WEEKLY shows the up trend tiring at a fib breather level, which would lead us to the DAILY chart for a closer appraisal.

The DAILY shows support and resistance squeezing price and interestingly have VI tracking our drawn in resistance line. Price has pulled back to a breather level after the recent up trend.

The 60 MIN time frame has price debating with VI as to whether it will provide support or resistance and send it on its way. MACD is indicating an upward move with the signal line on the verge of crossing over and Stochastic s have turned up through the 20 line.

Lets see how today unfolds