Daily FX | Dynamic Trader Blog

Weak EURGBP

Good morning forex traders,

The EURGBP has been bearish for a few weeks and now could be showing further signs of weakness. The break of C4L could be the catalyst for further downside but watch out for traders remorse.

The USDCAD is still showing bearishness despite the previous daily candle formation. We may see a pullback short term though.

Although Gold has reversed a little yesterday and today, our model is still showing bullish signs.

Crude oil is still bullish according to our system and is likely to tag as per our original analysis of the $70 region. Since the webinar crude oil has climbed to 600 points profit.

Today's forex trends are below. You can click the table to expand it.

Good trading.

Javid Shaik
Forex Analyst

Short break road trip

Good morning currency traders,

Apologies, this forex blog has not been updated for a while due to our short break. We decided to do a road trip through Europe and stopped off in Germany, Austria, Italy then Monte Carlo covering short of 2000 miles. We had lovely food in Germany and outstanding views in Austria and Italy before spending time in Monte Carlo which is one of our favourite places. Some friends decided to come down for a few days that made it all the more entertaining.

In Austria and Italy we were 5000 ft above in the midst of the mountains and lakes with complete serenity. We have decided to revisit Italy with two more trips in November and December this year. Talking last night we are now contemplating another road trip for two weeks in June before the schools are closed. I am looking forward to it already even though we have just come back. Every jobs has it's perks and I suppose one of the perks of trading is the ability to do it from anywhere. Anne will put some pictures up next week from our last trip.

Since mentioning the USDCAD short to those of you on our webinars, this trade has dropped 6% profit. Across the board we have accumulated in excess of 1500 pips. May has been another good month and now it is time to look forward to June.

I was asked a question a few days ago regarding Elliott waves and thought I would answer it in more detail for everyone on line.
Do I recommend the use of Elliott waves?
Elliot waves are great after the fact for confirmation of your original thoughts but throw up too many signals which often serves to confuse. They are good for writing newsletters but the lack of accuracy and high degree of subjectivity is a hindrance. However, implementing Elliot waves with other confluence of events will be more helpful.

Those of you who took the Gold long position I pointed out should look to manage it now. This trade is in 50 points profit at the time of writing.

Below is today's trends identified for your trading. Click the image to expand it.

Good trading.

Javid Shaik
Forex Analyst