Daily FX | Dynamic Trader Blog

Manage Your Forex Trades

Good evening forex traders.

Those dynamic traders that had taken my trading suggestions from yesterday on the USDCHF and USDCAD will be sitting on very good profits this evening.

As of 7pm Wednesday (almost 24 hours later) the USDCHF is 200 pips in profit and the USDCAD is 450 pips in profit giving a total of 650 pips for the day. Now is the time to manage the trades and scoop profits while keeping the runner in tact.

Below are the USDCHF and USDCAD charts and you can see from the previous days fx analysis how todays bar has played out.

Good forex trading..

Currency Analyst
Anne Chapman

Shorting USDCHF & USDCAD

Hello dynamic traders.

I am short on the USDCAD and USDCHF as of Tuesday. Both of these are looking good and are already in profit. FIrst position on the USDCAD is already scaled out and now the runner is the only position remaining. Both positions on the USDCHF are still open at present.

Below are the daily charts of USDCHF and USDCAD from Advanced Get. Note the figure and divergence on both currencies.

Read the Daily FX Blog.

Good forex trading.

Currency Analyst
Anne Chapman

Can Someone Become A Forex Trader Overnight?

Recently while have a social chat on the phone with a friend I had missed a set up and subsequently missed the trading opportunity. Trading opportunitues will be missed by all of us at certain times. This can be a result of lunch, work, holidays, traffic, sickness etc and it is a part of trading.

Everyone who starts to trade wants to make money from the markets. Some approach forex traders for mentoring while others become seminar junkies and go from one weekend seminar course to another and some others decide to learn to trade by themselves. Without doubt the best approach for anything in life would be to learn from someone who has already done it so the mentoring approach is the best, easiest and quickest. It is also false economy to think going from one seminar to another is cheaper and will provide more education than a one to one with a mentor. The information parted with by most speakers in seminars in usually limited compared with a one on one session. The reason is going in depth on a seminar with 50 or 100 delegates will cause confusion for some and thus propel dozens of questions preventing the speaker to continue with any interruptions.

So if you get a forex mentor will you become a successful trader overnight? The answer is absolutely not! If a pilot showed you how to fly an Airbus today will you be able to fly it on your own tomorrow? Of course not so do not expect the same from forex trading until you have had experince in the forex market.

What every trader who is genuine about learning to trade should know is education, time and experience is key.

In closing, I hope the above helps those of you who recently entered into the forex market world. WIth true education, persistence and time you can become a forex trader and even experience a wealthier lifestyle.

You can read our other forex blogs below.

Original Forex Blog

New Forex Blog

Congratulations to Jaco for the 1350 pips profit and money managing this week.

Good dynamic trading.

Currency Analyst
Anne Chapman

Captured 500 Pips

Good morning dynamic day traders.

Yesterday we saw some big moves across the currency markets and using Javid's 3D strategy on the GBPUSD claimed over 500 pips and in some cases 800 pips by this morning. Well done to the traders who took this trade.

Those using Javid's 3D will be aware the strategy is low risk against good gains and yesterdays GBPUSD trade alone proves that.

I hope most of you who trade the Cable have taken yesterdays trade and now managing your positions.

You can read FXCPS.com here and FXCPS.co.uk here.

Good dynamic trading...

Currency Analyst
Anne Chapman

New Forex Blog

Good morning dynamic traders.

Javid has created a new forex blog which will start to be updated on a daily basis from the end of this month. The forex updates will be from two traders Javid has mentored in forex. Kalam who some of you may remember as the student from a couple of years ago and also Clayton. The forex blog www.fxcps.co.uk will be in addition to the heavily visited www.fxcps.com and will contain different information on both blogs.

Javid will be updating the forex site www.fxcps.co.uk until the updates from both traders Clay and Kalam have started.

We hope you all benefit and enjoy our forex blogs.

Forex Blog FXCPS.com
Forex Blog FXCPS.co.uk

Don't forget to read yesterdays update below.

Good trading..

Currency Analyst
Anne Chapman

Swing Trade Pullback

Hello dynamic traders.

Hope you are all having a good weekend. The weather has held up well and indeed it is quite sunny here in the West London region today. Lewis Hamilton won and Arsenal didnt lose so all in all a good weekend.

Javid informed me that Agnes has done well last week from the 3D strategy we shared with you advanced dynamic traders and also Jaco gained 1200 pips from 3D so all in all, it seemed to be a very good week for most of you dynamic traders. Well done to all of you trading 3D. I would like to thank those who took the time out and contacted us during this week.

Thanks and congratulations to Jagir and Saba for doing an outstanding job with the continuous updates on Javid's forex blog. Many of you commented how you are enjoying these updates and how they are helping you with your own trading. Thank you Saba and Jagir. In the coming weeks the forex blog will have an additional forex update. The mornings will be analysed by Saba, late afternoons by Jagir and the evenings by Bijal. We are all looking forward to Bijal's updates. I wold also like to say a quick thank you tyo Bijal and Ash for our London Art Fair passes which was a great day out.

Talking of updates, I would like to point out a swing trade possibility on the GBPUSD.This pair has been in a downtrend since July 2008 and after producing a pullback and continuation it seems to have found some support. If you are looking for an appropriate entry point for a short continuation trade then a little patience may be required. I am looking for a pullback to 175 - 179 zone with my usual confluence of events and depending on circumstances at the time, I want to look for a short entry on GBPUSD with a good positioned stop loss.

The GBPUSD daily chart below courtesy of Advanced Get shows the pair with XTL. The green area shows the zone I want to see the pullback extend to before opening a new short position.

Good forex trading..

Currrency Analyst
Anne Chapman

Trends

When we are approached by traders for forex mentoring we have noticed that many seem to have issues in how to break a chart down.

Chart analysis is the basis of dynamic trading and if a forex trader is unaware of this process in their trading routine then it is likely to throw the rest of their analysis off. The technical trading approach to analyzing charts is to identify which direction is the price moving. The steps below is a procedure you may wish to follow.

1. Identify the major trend.

2. Identify the minor trend.

3. Identify the support levels.

4. Identify the resistance levels.

There are many ways to identify trends but a simple process is to look for higher highs and higher lows for an up trend and lower lows and lower highs for a downtrend. On our forex mentoring webinars and one to one sessions we go into more detail in trend identification which provide much more accuracy.

Once you have determined the direction of the trend you need to analyze an entry point to trade in the direction of the trend. Trading against a trend is risky and should only be executed by experienced traders. New traders trading against the longer term trend will find they will tend to lose money fast. Trading against a trend is like driving in the wrong direction up a motorway. Indicators such as RSI, MACD, Stochastics and Moving Averages can all help in trading but this can also cause what is known as paralysis of analysis. Too much information will only lead to confusion. Keep trading simple and follow rules.

Good trading..

Anne Chapman
Currency Analyst

Crude Oil Breaks $80

Hello dynamic traders.

I want to briefly mention the crude oil has broken the $80 support mentioned on the previous forex posts listed below.

Dynamic Trader Post
Dynamic Trader Post
Javid's FXCPS Forex Post

Last weeks close was $77.70 so we are nearing $60. Below is the S&P 500 daily chart in red compared to the Crude Oil Daly chart in black. Congratulations to those trading crude oil in recent times.

Crude oil is in the two legged extension zone and a supported bounce may be on the horizon.

Javid's forex post here.

Good dynamic trading...

Anne Chapman
Currency Analyst

Crude Oil Hits $80

Good evening dynamic traders. What a wild week it has been on the stock market. The Dow Jones is down 500 points at 7.40pm Friday evening and near the figure.

On my last dynamic trader update  I mentioned if crude oil breaches $88.93 then we could see further weakness and as Javid mentioned on FXCPS.com that in the coming months crude oil could continue down towards $80 or even $60. Since that forex post by Javid crude oil it has been 10 days and price has already hit $80.

Crude oil has a convergence and is at the figure plus a support zone. We might see a bounce before a continuation down. If you are also shorting crude oil then I believe it is time to manage the trade regardless of XTL. If the trend continues then $60 as Javid mentioned may come sooner rather than later. Daily chart of crude oil is below.

FXCPS forex analysis here.

Good dynamic trading...

Currency Analyst
Anne Chapman

 

Crude Oil Is Almost There

Hello dynamic trader blog readers.

Back at the end of September 2008 Javid had wirtten in his forex blog that crude oil could come down to $80. This is when it was trading at the $100 mark. You can read Javid's crude oil post here.

Crude oil is just above previous support and trading at $88.93 at the moment. If crude oil breaches this level then the moving average $80 zone should be a likely area of support. Beyond that the next major support point is $60.

Read todays Daily FX Blog Post.

Good dynamic trading

Currency Analyst
Anne Chapman

Advanced Get weekly chart of Crude Oil.