GBPUSD - 17 Aug 2014

I've been waiting for GBP to strengthen for weeks and weeks.. I know I am not alone on this. For those who are also waiting.. I believe it is time..

This week Fav GBP (Long/Strengthen). There are quite a number of News for GBP this week. More importantly my focus will be on Tue's CPI result. I believe GBP is ready this week to Jump, but before it goes up there will likely be another drop. This drop would clear out quite a bit of dangling position before it rush up. For those who wants to long might want to wait for the up draft to start. For me I might jump in early depending on how Euro Session behave tomorrow.

I like this trade because..

• Daily Chart made first Lower Low suggesting a change to down trend.
• Daily chart price action shows clear indecision for the first time in 5 weeks.
• Daily Chart price touching 200SMA
• Very steep dip from started from 5 weeks ago.
• Trend Line to break going up.

Remember.. consider that up side is trading against the trend. Do manage your risk well. it all depends on the coming CPI news release this week..

-DC

CADCHF - 3 Aug 2014

This week's favorite pair.. CADCHF (Long)

I like this trade because..

• Swap Positive (+ve)
• Steep dip from previous week
• Easy to draw Fib Retracement
• Plenty of Trend Line to break

I believe in the next 1-2 weeks price would go back up as high as 0.8344 before rushing down again. I am not a position trader so what ever I get in a week is good enough anything more than 2 weeks.. stay away from this pair as there are likely hood that this pair will fall.

Also start your trade with a small position, it is likely that it will drop lower before rising as Monday is a bank holiday for CAD. 

I'll leave you with that thought.. happy trading.

-DC

Favorite Symbol of the week

As I do trade and review 30 different symbol every week, I thought I would share some of what I feel and think with anyone who bothers to read my blog. Reviewing 30 pairs 8 hours before the market open is a tedious task, yet I have been doing this diligently every week since April 2014 when I decided to go full time as a trader.

I am not sure if I will have time to write out a short review on my favorite weekly pair but I sure would like to try and hope I'll make a difference to anyone who reads them. As this would benefit others but most of all this would definitely benefit myself. Taking time to write would mean I take time to read and ponder over my decision. The act of pondering helps make sure that I think through my decision before taking it up on my live account.

To those who will be following my suggestion, do note that you are doing this on your own risk. Manage your risk well as I do not and will not be held responsible for any profit/lost that my suggestion create. My pass performance is not an indication of future results as I do trade based on price action. Price action are truly traded based on market volatility during the week. I may not and be updating my thoughts if I decide to pull my idea posted. Lastly do not trade with money you can not lose. 

-DC