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Thursday, 15 April 2010

The Euro Pound.

Good evening Forex Traders,

Apologies for a quick update tonight as I have something I have to attend to, and also for not being able to upload the chart.

Tonights pair is the EURGBP and I last mentioned this as a quick edit on March 23 for a posble long, and it popped up for a couple of days then fell sharply, so a loss on that for me.

However it now looks like further weakness could be coming in this pair as it is below the VI and former R/S and good figure area.

This could be a good one to watch for with MoBo but is not there as yet.

As always please ensure to do your own analysis before trading.

Good luck.

Clayton Farnworth.

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Thursday, 3 December 2009

The Euro British Pound.

Good evening Forex Traders ,

On looking through the charts tonight, I have noticed alot of pattern formations possibly due to the big news out tomorrow, but I thought I would show you a chart of the EURGBP on the four hour timeframe that has triggered an entry today.

With it being on the lower timeframe it will have to be managed closely and especially with NFP tomorrow so will get closed out later or at least very tight stops put on it, and also with the divergence going on both longer and shorter term.

Some of the confluences were the continuation of the uptrend with a break above the V.I. and then a re-test of this as support.

Also there is the AdvancedGet EW count showing a possible W4 at this point and also the figure area in proximity at this point.

Perhaps a little late to enter on this now for these reasons as the entry point has passed but thought I would show you the reasons behind it.

As always please ensure to do your own analysis.

















Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.

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Monday, 28 September 2009

The Euro British Pound.

Good evening Dynamic Traders,

Tonights chart to keep a close eye on is the EURGBP on the daily timeframe.

Todays price action has produced a nice doji candle at the time of writing which indicates indecision in this pair.

Also to tie in with this, is that since the middle of June price has been going up but not taken out the DT of January to March, and price is currently standing at a fibonacci cluster and figure area together with an OB RSI indicator.

Since the trend is up for the past three months and as you know the trend is your friend, I am awaiting further confirmation with other confluences before taking a short entry as I am expecting some sort of reversal/retrace, as strength does seem to be failing in this pair.

However as mentioned I will be trading against the trend and so will manage very closely should I get entered.

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
















Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.

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Thursday, 10 September 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

This post was written at 0900hrs Thursday 10/09/09, Delay due to technical problems.

I hope you are all progressing with your trading experience and managing to bag some pips from the blogs we provide for your development. Clayton has had a few IT problems over the last few days and will be back on line soon. I take this opportunity to welcome another new blogger to our ranks,Sonia Molina. She will be joining Bijal on our sister site at www.fxcps.com/blog .We wish her well on next stage of her trading education.

I have noticed the EURGBP moving into a nice pattern on the DAILY timeframe and may be worth putting on your watchlist.

We have two anchor points from around a year ago to draw appropiate Support and Resistance trend lines as seen on the below chart. Added to this we have a strong support / resistance line which has been tested over 8 times in that time period. These all add up to the price being squeezed into a corner, What will happen next ?

Price is currently at the resistance line and with interest rate decision in UK today, will this have any effect on price ?

Will we get a BOB, or will we see a reversal towards support ? We do have the support line following th VI below price, forcing it higher and we have stochastics indicating a false reading and strength still in the move.

If we do get a BOB use your ESLT tools to avoid a false breakout. and as always do your own analysis before entering any trades.















Chart courtesy of Advanced Get. Data provided by eSignal.

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Wednesday, 19 August 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

I hope you are all progressing with your trading experience and managing to bag some pips from the blogs we provide for your development. Clayton has had a few IT problems over the last few days and will be back on line soon. I take this opportunity to welcome another new blogger to our ranks,Sonia Molina. She will be joining Bijal on our sister site at www.fxcps.com/blog .We wish her well on next stage of her trading education.

I have noticed the EURGBP moving into a nice pattern on the DAILY timeframe and may be worth putting on your watchlist.

We have two anchor points from around a year ago to draw appropiate Support and Resistance trend lines as seen on the below chart. Added to this we have a strong support / resistance line which has been tested over 8 times in that time period. These all add up to the price being squeezed into a corner, What will happen next ?

Price is currently at the resistance line and with interest rate decision in UK today, will this have any effect on price ?

Will we get a BOB, or will we see a reversal towards support ? We do have the support line following th VI below price, forcing it higher and we have stochastics indicating a false reading and strength still in the move.

If we do get a BOB use your ESLT tools to avoid a false breakout. and as always do your own analysis before entering any trades.















Chart courtesy of Advanced Get. Data provided by eSignal.

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Monday, 17 August 2009

The Euro Pound.

Good morning Dynamic Traders,

Todays chart for the watchlist is of the EURGBP, and is today having a push northwards although for me has not got the confluences to take a trade as yet, and is tagging the V.I. at the time of writing.

On closer inspection, we can see that a possible 123 may have beeen in progress, with the divergence occurring before the low of the middle of June and then a tag of the fibonacci reversal area in early August.

However as previous resistance is so close with the former R/S zone and V.I. and figure, wait for direction should the consolidation get broke, but bear in mind a move north would be against the trend, but could still happen should the current obstacles be overcome.
















Charts courtesy of AdvancedGet.

Good luck.
Clayton Farnworth.

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Monday, 3 August 2009

The Euro Pound.

Good morning Dynamic Traders,

Todays chart, with a possible view towards a swing trade to the downside is the EURGBP.

This pairs short term trend is down and it is under the V.I. after its pulback since the break, MACD is down and RSI is below the mid-line.

Price is currently below the significant '00' but without a close. If today does end up being a down day the next obvious resistance would be the previous support area, again at a figure, albeit a less significant one, and should this break the '000' area could be targeted.
Aggressive traders could enter accordingly whilst the more conservative would wait for the consolidation to to break.

Whilst doing your own analysis, make sure you pay attention to the possible 123/DB scenario to aid you in your decisions.
















Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.

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Tuesday, 9 June 2009

The Euro British Pound contiuation?

Good morning Dynamic Traders,

Today I wish to continue with the EURGBP from yesterday.

Although not too much has changed the main event was a close below the V.I. as shown on the image below.

Price action has still got to break the former resistance zone for confirmation where ESLT can then be applied but for more aggressive traders it could be applied to yesterdays bar for a possible entry today, but as in line with your mentoring, being as this area is strong resistance, it is advisable to wait for the breach of all the opposing forces.

If again this is to be a FBO then your techniques will hopefully keep you out of trouble, but be expecting a break of the triangle which should lead to good profits.

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















Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.

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Monday, 8 June 2009

The Euro British Pound.

Good morning Dynamic Traders,

Today I want to bring to your attention the daily chart of the EURGBP.

The weekly chart(not shown) is sporting a reasonable doji candle formation implying a possible breather or reversal.

On the daily chart below there is strong resistance at the VI and former R/S level which is what price action has been supported at, whilst on Friday a spike through the upper trendline occured.

The EW count shows a possible W4 in progress but has a weak PTI which could mean further downside, and this also ties in with the GetStochastics showing a false bar suggesting more movement possible South.

Wait for the break either way to employ ESLT and use your other tools to make your decision.

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















Charts courtesy of AdvancedGet.

Have fun.

Clayton Farnworth.

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Friday, 15 May 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : 60mins Chart (Posted Below)

Well another week almost over and we never quite had the moves in the cross this week, which i thought may have happened when i viewed my charts last week. This cross is still worthy of a place on your watchlist as it will soon decide to make a BIG move.

The day chart shows we are still in the small area between our RN and the 100 EMA, with the RN defences breached 4 times in the last 4 days. Will we break to the upside ?

Our 60mins chart shows a great example of the liquidity within the market between 0700hrs- 1700hrs GMT. (Look for the larger candles) It also shows on stochastics that we are OS, which could tie in with a bounce or reversal from the VI.

Thank you for your following of the blog and I hope it is a benefit to your training, have a great week end and I hope to speak to you soon.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Thursday, 14 May 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

As we mentioned last night, the news today from the BOE certainly had a movement on price. We were presented with a 94 pip candle on the 60min chart at 1000-1100 hrs GMT. Price has retraced since then and is back to the support of the 100 EMA as mentioned in last nights blog.

Our DAILY chart is still showing some strength to the top side with MACD line above the signal line, the histogram is above the zero line and stochastics are at 60 pointing upwards.

Price has been consolidating over the last 6 hours on the 15min chart since 1830hrs so a move / BOB will be soon on the cards. EUR or GBP opening could be that timing ?

RN .9000 remains a major factor in our destination.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Wednesday, 13 May 2009

EURGBP Update

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

Our move upwards in price was halted yesterday with the red candle and the key bfactor being the RN .9000. If you look back on your day chart you will see this RN having been a key factor on support and resistance.

I have placed the 100 EMA on our chart which in general shows us support on this cross. This is currently the case at present and we currently have price sat on this EMA with the RN above. Dynamaic Traders not yet in this trade would do well to WAIT for a BOB and use their ESLT to enter when ready.

Make sure you read our previous post wher we established the trend overall was down, however short term was indicating up, which if we break the RN we have the trend line as a target.

Beaware of the BOE announcement today on the economy, which could lead to a rapid move on price. If in the trade tighten your stops and manage your position.

Note the recent convergence showing on this DAY chart.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Monday, 11 May 2009

EURGBP Double Bottom ?

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

I do hope most of you followers made plenty of pips on last weeks cross of the NZD, There was an easy 200 pips for your gathering if you had followed the blog and only today have we seen a turn in price.

On looking through my charts at the week end I noticed the EURGBP as been in an interesting phase and thought it would be a good one to share with you for the week ahead. So as normal lets start from the top.

The Monthly chart shows from 1996 - 2003 we were in a cup and handle pattern before consolidating from 2003 - 2007. Since then we have been in an uptrend taking price not quite to the BIG RN 1.0000. Since then we are in a pendant chart pattern awaiting a breakout. RSI has been over 70 and has recently returned under this level. Stochastics are pointing down and crossed below the 80 line in January this year.

The Weekly chart shows the pennant in greater detail and the Advanced Get "Elipse" indicates a deeper pullback towards the VI. For this to happen we would like to see price fall below our trend line and support.

Our Daily chart offers a shorter term offering of an upwards move, having given us a double bottom on the trend line. With the VI trailing below to catch us, we currently are locked into a dog fight with the RN 0.90000. Winning this fight could see our target of the resistance trend line, remembering the longer term trend was DOWN.

Our 60 mins chart shows the current dogfight in full detail and also divergence between price and the MACD signal line.

I will leave you with the DAY chart, feel free to refer to the other timeframes as indicated and see what you can see.

Now LOOK again and What can you NOT see ?
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Thursday, 23 April 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

One commodity you can not get back is time, how fast it passes through our fingers. It is hard to imagine we are coming to the end of April and it was only Xmas yesterday. All the more reason to learn, practice and earn from your Forex studies. Do not put off till tomorrow what can be done today.

With the week nearly behind us, it is time to summarise and look forward to our cross of the week EURGBP. I am leaving you with the Day chart for your overview of the cross.

The drawn support and resistance lines are taking price into a squeeze and it is moving very orderly between these lines. Despite the red candle showing on the chart as I write, both Macd and stochastic s are indicating a move up and today's action would be as a result of the VERY big move yesterday as previously explained. The VI is looking like a added line of support, coming up quietly below. I have drawn a horizontal line showing the MAJOR RN, which is having its own discussions with price as i write for the 13th time.

If you check your weekly chart you will also notice the force is bouncing off a support line, when the squeeze breaks out and if it is to the top then parity of 1 Euro = £1 is under threat. However with the worlds economy coming more under control a return to pastures old would be preferred.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Budget Day

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : 60 mins Chart (Posted Below)

Well did you survive "Budget" Day ?

If you take heed of Javid's advice, you would have stayed clear of MAJOR news and waited for the dust to settle. Our aim is to make a calculated decision and reduce the odds of making a wrong one where possible. Sometimes the news will go in your favour but over time it will catch you out.

You will know from the last couple of days we were anticipating a move UP on our cross of the week, and if you look at the day chart you would think your dreams had come true with a Green bar of 178 pips. However !

The budget was due to start at 1230hrs GMT and as mentioned earlier it was best NOT to be in the market at this time.

If we look to the 60min chart below you will see that we were presented with "divergence" and a 123886 which triggered our trade at 1000hrs GMT. Where as the 178 pips would have been nice, using the techniques taught on your "Dynamic Traders" webinars, depending on your traders plan, 80 pips were easily achieved and you were out of the market before midday.

Strangely our midday bar was a doji (change of direction)before we were given the "Budget Bar".

Since then we have now been in a consolidation period and are now to decide having passed through the VI whether we can cope with the new weather ?

The trend lines drawn on the consolidation may yet provide us with some easy pickings using the techniques you hold in your Dynamic Traders bag.

Happy hunting















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
TwitterCounter for @j9jdm





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Wednesday, 22 April 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : 60 mins Chart (Posted Below)

Despite stochastic s in the OS area, price never got going to day with a red candle presented. It has however bounced off our drawn support line and we will watch with interest how things unfold.

After a sharp move down after lunch (GMT) on the 60 mins chart, price is consolidating for a short while whilst following the sheep. Be aware in case we are presented with a BOB if price takes a sudden change.

Keep an eye on the news, and trade with passion















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst







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Tuesday, 21 April 2009

EURGBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

Starting from the top, you will observe that this cross has been in an up trend on the monthly chart since May 2000, some 9 years ! admittedly between 2003 - 2008 we had a side way movement. Since then we have had a steep climb to almost reaching the 1 Euro : 1 Pound, We are currently at a breather point from October 2008 move up.

The weekly chart gives us some more detail in the activity of Bear vs Bull on the recent (October 2008) movement. We can see prices peaked the tail end of 2008 and have as of yet not made a retest of the high. Early February had price at a Fib breather level before producing a lower high and currently looking to see if a lower low will be produced. Elliot wave would indicate a pullback to the VI being likely and we have not shared coffee since earky March 2007.

Looking at the Daily chart and with the insertion of some support, resistance and trend lines we can get a better feel of where price is currently. Price is currently following the support line drawn as indicated, with VI and Fib breather level below providing a cushion. With stochastics OS and RSI double bottoming at 33, an upward move to either the fib breather levels of March / April or resistance line likes possible.

The 60 mins chart shows price following the support line before a move up to the VI which is currently providing resistance.

Remember the trend is your friend, do your own analysis before entering a trade and ALWAYS us your stop, as well as checking for news items.

















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst







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Wednesday, 1 April 2009

The Euro Pound.

Good afternoon Dynamic Traders,

Sorry for the lack of updates, but I am trying to change internet providers and am currently running off a mobile service and so will be making the blogs as best I can.

Todays chart on the 4 hour timeframe is of the EURGBP, and I am waiting to see the outcome between the RSI convergence and the possible H&S pattern.

Once I have direction with a number of confluences I shall take this trade to whichever direction.
At present the price action does have a hammer candle at a support area but that is not to say it will not get broken.
















Charts courtesy of AdvancedGet.

Happy trading.

Clayton Farnworth.

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Friday, 13 March 2009

EUR GBP(Great Bag of Pips)

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : DAY Chart (Posted Below)

Where does the time go, the end of another week. The one think in life you can not exchange or give back once you have used it ! When it's gone it's gone.

I hope following the blog this week you all had a good return on the time spent reading and following this weeks comments.

I think the EURGBP went in our favour as we caught the move, as it started, and followed since.

As suggested the initial surge fell to a wimper today as we ended in a doji for the day. Stochastics in OB and RSI struggling to reach higher than 65 means we could be at the start of a pullback.

For those awaiting to get into this trade, your time to enter may be near. We need to revert to your Dynamic Traders toolbox and use the tool to establish breather levels. Depending on the type of trader you are depends at what level you will enter at.

We have had a very positive bullish week and a rest is needed before the next push. Read yesterdays blog to see where our targets are.

Have a great weekend, I will not be posting till Monday night, due to being away.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst



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Thursday, 12 March 2009

EUR been GBR EEDY !

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : DAY Chart (Posted Below)

We still had our upwards move today, but only the 84 pips available on this move, is momentum slowing, will we have a pullback ? we have had 4 good days of upward movement.

RSI has not reached its 70 line and is beginning to turn over !
MACD is still showing strong
Stochastics in OB, maybe about to turn

Lets look at the chart below and observe the inverted "Head & Shoulders", it was at the breaking of the neck line that the price broke out. If we were to measure the neck line of the formation and add the price onto the break out, we get a price close to the next resistance on the chart.















Courtesy of Advanced Get / E Signal


Trade with Passion

John Maher
Forex Analyst

TwitterCounter for @j9jdm


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Tuesday, 10 March 2009

EUR Gotta Be Profiting (GBP)

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : DAY Chart (Posted Below)

I do hope most of you are still with me on this one, 200pips Monday, 100pips today, What next ?

I had mentioned last night about some previous support resistance lines, of which I drew on the chart and today's candle is currently at war with the first of these.

I also mentioned that if you missed the boat, there will be other opportunities to join in later.

We are now again in a BOB territory and the usual Dynamic traders tools are needed to enter the trade. Do not ponder on what you never had and analyse correctly for your next gain.

If price is to get to the MOB there are and will be some hurdles to cross.

Stochastics still have wind in their sails and so should you.

MACD is now above the zero line and much wider from its signal line as shown on the histogram and I know the current up trend may not be finished yet, but we are showing signs of convergence from the previous swing high's.

RSI is continuing its uptrend having crossed the 50 line.

The signals all look in our favour, but remember the market is always right, and I hope you have enjoyed the ride so far.

On a different note my soldier friend has moved on to rehabilitation since last Friday and thank you for the kind words towards his recovery.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst



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Monday, 9 March 2009

EUR 'EKA GBP

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : DAY Chart (Posted Below)

I hope you all read the blog of last night before you missed too much of the 214 pip breakout today. For those that took action, well done and for those who missed it, there will be others.

MACD is still below the zero line, threatening to cross over, making it bullish.

We are at a Fib breather level at present.

RSI has crossed the 50 line and currently moving upwards.

Stochastics are crossing into OB, but may still have some wind in its sail.

I have drawn some shorter term targets from existing support/resistance, with the MOB giving the longer term target. Remember the BIG RN 1.0000 stands in our way.

With such a big move today we might see some ground taken back tomorrow, therefore make sure your stops are suitably placed.
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst



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Sunday, 8 March 2009

Euro strength ?

Good Evening / Morning Dynamic Traders

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

Cross = EURGBP : DAY Chart (Posted Below)

Hope you all had a great week end and one or two of you may have had slightly longer off due to last Thursday and Friday. Having looked at the EUR last week, and scanning through my crosses I have chosen the EURGBP for the week ahead, due to some anticipation for the week ahead.

Price has been in a downtrend since 30 December 2008 and is currently bouncing off support drawn since 20 October 2008. I have also drawn some trendlines on the cross since its downtrend and together are setting up very nicely for something to happen ? You will observe the sqeeze that price is currently in, the major RN and burst the banks could be this week ???

Even though price has been in the downtrend, once the key support was met, price has walked the line. Now it may be time for you to talk the walk !

With "Elliot Wave" on the chart, the MOB is sitting interestly above the MAJOR KEY No "1.00"

What do you see ?

What do you NOT see ?
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst



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The Euro and the Pound

Good morning Dynamic Traders,

I hope you are all having a good weekend and preparing for the trading week ahead.

Todays cross for you to analyse ready for a possible swing trading opportunity is one very close to home of the EURGBP.

Of late this pair has been in a range and has a good figure just a little northwards. Although the V.I. is below with a fib cluster I am looking for a long opportunity and will trade in the usual way using my filters.

The pullback since late December does appear to be corrective but I shall wait to see the neartime action to verify my thoughts before jumping in.

Please do your own analysis before taking any trades and whilst doing so be sure to consult your sub chart indicators in as much as the Stochastics at present is heading up but over and above this there are other confluences happening which should start to give you direction, which you all need to be looking for in order to verify your trades.














Charts courtesy of TradeStation.

Enjoy your trading week ahead.

Clayton Farnworth.

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Friday, 6 February 2009

1% Interest rate !

Good Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

Long Term Trend = UP : Short Term Trend = Flat

The much predicted lowering of the UK interest rate to 1% had the largest bar of the day on the 60min chart and price never recovered from it ending into a transitional consolidates phase, now walking the tightrope of a drawn support trend line. A 150 pip of opportunity.

Remember of old after having a large move/candle in one direction, we get a counter action in the other direction.

With the long term trend up, I would suggest the current BOB to be a false signal (Time will tell) and price moving to the upside.

This could be confirmed with the convergence on the MACD since a previous low.

Stochastic s are in the OS area and a turn up with the crossing of the 20 line would be a further confluence.

Remember NF figures are out later today, if in a trade manage your stops at the appropriate time and do your own analysis before entering the trade.

Have a great week end and speak to you all on Sunday
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
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Thursday, 5 February 2009

Rule 2

Good Morning Dynamic Traders

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

Cross = EURGBP : Day Chart (Posted Below)

Long Term Trend = UP : Short Term Trend = Down/Flat

Rule 1 The market is ALWAYS right

Rule 2 If you think YOU were right, refer to rule 1

On last nights blog we said we were waiting for a BOB from the price squeeze, in order to enter the trade. On the 60 min chart we had a FALSE breakout at 0600hrs and at 0900hrs we had a second to the downside. This move gave a chance of a share of 160 pips, I hope some of you were rewarded.

With the longer term trend up, I was favouring the breakout to be to the upside. This was against the trend and led me to observing RULE 2.

You will see from the posted chart we have come back to test support for the fourth time, remembering the trend on this chart is up.

Stochastics are showing OS and is crossing the 30 line pointing UP

MACD has crossed down through the zero line giving a contrasting view

RSI is below the 50 line pointing up and could cross in the near future

Our indicators are conflicting, what should we do ?, Refer to RULE 2.

Price is currently yet again at a fib breather level, with the up trend and tomorrow brings some big news releases, so if in doubt refer to RULE 2.

Do your own analysis before entering the trade and use a stop loss.
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst
Twitter Button from twitbuttons.com

Labels: