Dynamic Trader Forex Blog FXCPS.co.uk

Aftershocks

Good Evening / Morning Dynamic Traders

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

Good Morning Guys,

Just when you thought it was safe to get back in the water, we get an aftershock with the CAD on Friday afternoon. Have you ever heard of a person having a heart attack and then within a short period of time they get another, just like an earthquake or a Tsunami. We should have expected it !

I lost 2 of my positions on Friday as well as a large slice of my profits, however the TREND is my friend.

First to go was the CADCHF which was risk free from taking earlier profit, so nothing really lost with that one and then we lost the USDCAD, which was a compounding trade, trying to add profits to a cross I am already in and in profit. I lost approx 150 pips.

Let us see how the markets start the week tomorrow and we will look at a some charts on the next blog. After every big move, we get consolidation, so you will be aware that with a lot of charts consolidating, not many trades available, therefore patience is needed.

We still have 23 trades in play as I write and a number of these are risk free, if opportunities arise and they fit our trading plan, then we will take them.

Plenty was discussed tonight in the weekly "Trading Room", if you want to advance your trading, click on the links below to join.

Please do your own analysis before entering a trade.

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Trade with Passion

John Maher
Forex Analyst

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Labels: CAD

The Loonie re evaluation.

Good evening everyone,

Just a quick post before tonights webinar, re evaluating the CAD.

I posted on this pair on Tuesday saying caution was warranted for a further short due to the RR, and since then price has moved up a further 100 pips or so, and thus has given a better scope for perhaps getting some short pips.

Tuesdays post contents still stand with the resistance south of the RN etc but now more pips are possibly available for the more aggressive trader with correct filter entry, as Fridays bar did give a candle formation at the good figure area, and lower breather level.

Use your filter entry to try and keep you out of trouble.

As always please ensure to do your own analysis before taking any trade.

Charts courtesy of AdvancedGet.

Good luck everyone for the week ahead.

Clayton Farnworth.

Labels: CAD

The Canadian Dollar update.

Good afternoon Forex Traders,

Todays post is of the CAD last posted on the 11th March.

As said then price was at former S/R and although has broken through since then for a small amount, is now retesting it.

As it is in a good downtrend barring the recent consolidation, many people may think a continuation is now on the cards, and it could well be, but on closer inspection this may not be a high probability trade just yet.

All I intend to do is offer a word of warning here as a former trendline from 02 and a fibonacci point of the most recent downward move and the significant '0000' are just below which could halt price should it head that way.

With only a couple of hundred pips available before this area and with the likelyhood of at least some form of significant support, if not the chance of even a reversal, this does not give a good RR opportunity, and rolled into the mix is the MACD convergence.

However after doing your own analysis you may wish to take this trade if you are of an aggressive stance and who knows, it may well go straight through that area !

Charts courtesy of AdvancedGet.

Whatever you trade, good luck.

Clayton Farnworth.

Labels: CAD

The Canadian Dollar.

Good evening all,

As mentioned many times in the past, patience is very important in trading especially with trying to just do trend trading, and with times at the moment good opportunities are not coming along too often and this could be a time to sit on your hands.

Todays chart is of the CAD which although in a downtrend is currently at a good fibonacci resistance clustered with former support.

If this point is broke for a continuation then appropriate entry techniques could be employed for entry, but with things standing at the moment, a consolidation,retrace or reversal could be on the cards, and so wait for direction.

As always please ensure to do your own analysis.

Good luck.

Clayton Farnworth.

Labels: CAD

The Canadian Dollar smaller timeframe.

Hello Dynamic Traders,

Firstly John, could you please contact me, as I have tried to send you an e-mail five times now but keep getting it returned. Thanks.

Today I thought I would show a smaller timeframe chart of the CAD on the 4 hour scale.

The shorter term trend on the higher timeframe is down, and as can be seen from the image below the longer term trend here is also down.

Due to these two points and also other confluences which you should find including the fibonacci retracements, round numbers and overbought RSI I am waiting for a shorting opportunity.

This is not to say that price will not continue to rise to at least the higher retracement, but I shall await a possible trigger point to add my final confirmation and trade accordingly.

As always please do your own analysis before trading.

Charts courtesy of AdvancedGet

Good luck.

Clayton Farnworth.

Labels: CAD

The Canadian Dollar.

Good morning Dynamic Traders,

Todays chart is of the CAD on the daily timeframe.

If whilst doing your analysis you first take a look at the weekly chart as you should always do as a matter of course of your routine you will see that this timeframe is showing a possible bearish flag pattern.

On the daily, price action is currently standing at a fibonacci retracement and extension cluster and figure, with the extension being slightly higher at the former resistance and again a good '00'.

Also in play with this is the V.I. and GetStochastics hooking down with no false bar.

This action has provided a triangle formation with the trendline and so await a break either way for direction to use your ESLT.

As always please ensure to do your own analysis before taking any trades.

Charts courtesy of AdvancedGet.

Good luck and have a great weekend.

Clayton Farnworth.

Labels: CAD

CAD wishes.

Good Evening / Morning Dynamic Traders

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

Cross = CAD : 60min Chart (Posted Below)

For trend refer to http://www.dynamictraderblog.com/

Not much movement today as we finished on the Daily chart with a Doji, which gave us the 2nd day of indecision.

Following on from last night detailed analysis of this cross then the force is saying a price movement down.

Looking at the 60 min chart this evening, I note the following.

Trend lines as drawn present us with a decreasing triangle, squeezing the price ? where ?

VI & RN could provide resistance along with the top trend line ?

Stochastics crossing the 70 line will be due a turn in direction at some point ?

Recent convergence has given us our current move up with price, For how long ?

A reversal formation / pattern around the previous points mentioned, may give "aggressive" traders, an early entry for a short trade, with the force from above favouring that direction ?

Target remaining as mentioned last night, the MOB positioned below ?

What are your views ?

With Good Friday and Bank holiday on Monday, I will not be posting again till Monday evening. Hope you all have a good short break from what is an interesting times in the market.

From all the bloggers at "Dynamic Trader", thank you for your interest and support.

Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst

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Labels: CAD

CAD - Back to basics

Good Evening / Morning Dynamic Traders

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

Cross = CAD : Monthly & 60min Chart (Posted Below)

For trend refer to http://www.dynamictraderblog.com/

With the early gains removed later in the day, I wanted to get a deeper insight as to what has or is happening to the CAD, so I went back to basics and looked at the bigger picture.

The monthly chart shows we have been in a down trend since August 2002 and if a measurement is taken to the low November 2007, we are sat at a prominent breather level. If we were to throw in the RN and the VI and the Advanced Get Elliot Elipse then we got a interesting cocktail of events. With the resistance, the RN and a trend line drawn over the last 6 months, stochastic s looking to roll over, RSI double topping, are we due a break down ?

So lets look closer, remembering the strength from above, the 60 mins chart.
The VI is again playing a key role with the price as resistance, 3 times it has tried to break through and 3 times being beaten back. RSI is showing divergence with the 3 recent highs, showing a potential for price to pull back. With a distorted Head & Shoulders on show, will price fall back to the MOB indicated on chart ?

So there we have it, if the force is with us, long and short say down.

Do your own analysis before placing a trade, use a stop and check the news items.

Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst

Follow our other blogs
http://www.fxcps.eu/
http://www.fxcps.co.uk/blog
http://www.fxcps.com/blog/

Labels: CAD

CAD-y-shack

Good Evening / Morning Dynamic Traders

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

Cross = CAD : Day Chart (Posted Below)

For trend refer to http://www.dynamictraderblog.com/

Hope you all had a great weekend and welcome to another short week with Easter upon us at the week end. Summer next and then it will not be long before Xmas ! Where does the time go ?

You will see from above I have chosen the CAD for this week, which on the day chart has been playing with the resistance line since 05/12/08. We are currently back again to our support level with VI and a RN below us.

I am interested to see if this chart will full fill its threat of giving us a "W" chart pattern and if so we could be looking for a target around 1.3200 after measuring the neckline.

Stochastic s have hesitated at their present position, but plenty of room to move - up , RSI is in bullish move too.

We have, where indicated, Convergence on the daily chart and an upward movement has already started.

Please do your own analysis before you place a trade, use a stop loss and check the news.