And the last trading day this year obliges...

I'm back from the snows and slopes of Steamboat Colorado, and body is still intact despite some spectacular tumbles!

I don't usually like to trade these thin holiday markets but today was too good to miss. I awoke late today, shaking off jet lag, and missed the Cable move one. But both Fib Grid and candle picked the sell point.

The second move set up nicely with Fib, candles and a tidy MPR showing the way with profits taken at the Fib line and end of the momentum move.

Move three was taken on the run with a close stop following the inside candle. Part profits taken at '81 following the hammer. The remainder, well I'll just let it run with a stop profit at '06.

Swissy makes its move...

The Swissy has been setting up for almost two weeks now and, today, it's making a move in line with general US$ strength.

Of the big four, the Swissy is the one to watch. As the chart shows, the Fib Grid picked up the neckline, and, as I write, price is nudging through.

Will it or won't it? That's the question and as it has already moved strongly from a tradeable base, there may be a pull back before making the major break if indeed it works out.

NFP Day comes around!!

Today Non Farm Payrolls dominate the mood, there is an expectation the figures will be good for the US$ and the majors seem poised for take off against the US$, so watch carefully and look for any revisions of previous figures that could cloud the headline figure.

Am I just old and cynical but are the revisions, adjustments and incorrect addition on these figures engineered to steer the US$ where the Fed wants it to go?? How could this possibly be I hear you saying!!!

The £$ has been a one way bet since the press told us to expect a $2 pound. The trend, defined here by the moving averages, has produced some good tradeable moves so far.

Expect some major spikes at 1.30pm today and a sustained move either way if the figures stray beyond expectations.

The tide has turned!

Cable developed a highly tradable pattern this morning with Fib retracement giving an excellent entry.

Disapointing UK figures out at 9.30am helped it only although the move was well underway before the announcement!

And the correction kicks in...

Well these two continuation trends didn't last long!

The Yen reversed rapidly on the 3.00pm figures and the CAD set up a reversal bottom getting out with half profits.

Maybe the overdue correction to the US$'s weakness is now working through.

My two trades of the day...

The pound chopped around yesterday and close stops avoided any damage. The Yen counter trade stopped out for a modest profit but this morning....

The Yen has resumed its main trend heading now for the next big support area around 11400.

Take a look at the CAD- if that's not a top! with a tiny pull back to the Fib and with time symetry I'm riding this one 'till there's a reversal.

Difficult week with figures and interest rate statements throughout the week with the big one on Friday - visit www.forexfactory.com for the announcements, timing and consensus opinions. My trading plan doesn't allow me to trade through figures unless it is a very small position so do take great care!!

Maybe today is time for contra think....

Well the Yen counter trade is doing well this morning with the rally extending nicely, I'm short until I get a reversal single.

Just when news programmes, the press and several guru's are telling us the pound will hit $2.00 this week, it seems to be pausing for breath this morning after it's collapse of the last couple of weeks. When everyone is bearish, I'm programmed to look for bullish moves and vice versa!

A bounce up to a Fib set up a lower high with several other shorting opportunities so far - how far will it go, I have no idea, but the Fib grid is making some suggestions! This is a playful market so I'm watching for momentum surges either way.

BTW, chatting with mother-in-law over the weekend, telling me about being evacuated to New York at the start of the second world war - she got an exchange rate for her pounds of $5!!

An easy, low risk, counter trend move

The Yen took a breather late Friday with what, at the moment, is an a-b-c rally. It was a low risk piplet trade, nothing amazing in terms of result but minimal risk from an oversold market probing the previous supports for resistance.

Modest profits taken at close of play Friday with a small psotion held over just in case the rally has got some more to go.

Yen breaks important supports today

11550 has been strongly defended for the last week, it's an area with multiple Fibs and, today, it was sliced through despite BOJ economic figures released over night.

I'm now expecting the previous supports to become resistance that just might push price on down to the next major support area.

Up, up and away - again!!

By several measures this latest $US weakness is looking extended, corrections could be violent!

The monthly chart picks up the old highs at around $2.00 and with wave counts, pattern predictions and Fib extensions all suggesting a correction at around these levels is highly likely. That said, trading with the dominant trend is the only way to play, but be prepared to take profits before a correction takes them back.

Find a range and play it...

Range plays need momentum and enough distance between reversal zones to make the trade worthwhile after paying the spread.

The AUDCAD has obliged recently and, today, moved up strongly from the lower range boundary from a round number.

Close stops are essential as, sooner or later, the range will be broken!

Gaps and more gaps!!!

The defining move of two weeks ago and the subsequent follow throgh has ignited the $US bears, but just consider this. Two weeks ago commentators were generally neutral to bullish and the $ dramatically weakened.

This morning, following the Sunday night trap gaps, I'm receiving emails from the same commentators who have now cottoned on to $ weakness and are calling for a $2 pound, and the $ is marking time this moring with some quick counter trend profits taken by those who correctly interpreted the overnight gaps. The moral of this is of course is to use contra think - when the 'experts' and bullish, look to be a bear and vice versa, at least in the short term.

Take a look at the Jappy, the Fib Grid highlighted a major support area just under where price bear gapped to Sunday night and the rally, as you can see, went through 100 pips.

500 pips from Friday to Friday

A lot can happen in a week! a five times move in a week of trading Cable. The defining move last Friday kicked the market into action.

Look at the red lines and the move, whilst expected to be big, went beyond my original expectation for the week. But the grid, swing extensions and indicators such as the ATR kept us on track for one of the best moves of the year!

Traders Class members can view the video showing the detail of the extensions with prediction areas that all fell into place. Login in to Traders Class by clicking here.

Plus - members can listen to a talk from Tony Robbins - Tony is well known for his Fire Walk and motivational seminars but here he talks common sense about how the baby boomer generation could lead to the next economic shift - is it boom or bust - listen to Tony for his answer.

A defining move (and over 100 pips!)

There are times when price makes a defining move and today could be one of those times. Looking at the last post price stopped at a grid prediction area and could have moved further this week but it didn't.

The message here is clear, the grid lines stopped the £ falling any further and the raft of economic data this week was enough to convince the market that US$ dollar strength had been over done.

A three day base set up an MPR, price broke a significant downtrend with the US housing figures as the catalist to give another 100 pip move to cap the week off! Partial profits taken where the grid told us too! with symetry on time and price.

Despite the Pundits, the US$ is strenghthening...

Another useful move in Cable this morning following on from yesterday's FBR.

The entry point at 1 was at a classic technical area and the Grid has highlighted areas 2 & 3 to take partial profits. 100 pips before lunch!

What an amazing FBR!!

What an amazing FBR!!

These patterns just keep on appearing. The FBR here on the two hourly chart was immediately followed by an MPR with clear entry points

The name of the game is to take profits, as you all know it is too easy to look at a profit turn into a loss!! So the exit is highlighted here by the Fib grid line.

And then the Swissy obliged....

The next setup came from a combination of the Fib & Click Grid highlighting a potential reversal area that was closely followed by an MPR.

The MPR triggered a long that took price up to the next Fib reversal area and, again, an MPR formed as the trigger to take a net 43 pips.

The combination of Fibs with the correct interpretation of price action from both MPR's and FBR's dramatically increase the odds of successful trades. Traders Class members have access to today's video and the video library that details how to trade these setups.

Well done Euro, 30 pips in the bag!

Another morning move with clear entry and exits highlighted. Firstly a break below supports that rapidly became an FBR on lower support and then the long was triggered off an MPR.

The up move then came to stop at another resistance point picked up by the Fib Grid and prior price action. The MPR gave the exit and short signal.

It's Non Farm Payroll day, and, as usual, mayhem unsues!

It's Non Farm Payroll day, and, as usual, mayhem unsues! Some traders take the day off, overs get knocked to pieces with the whipsaws but there was a way to trade today.

Firstly trader the morning move and the chart shows two significant levels picked up by the Fib Grid, long on one and short on the other.

Followiing the morning move the trick is to get well positioned, ahead of the figures, or wait for a few minutes after the anouncement and catch the inevitable rebound.

To watch this morning's video click this link and then this one.

Marching all the way up, then down again!

This is typical of cable action. Price built a base from yesterday's action and moved up strongly this morning through 40+ pips to a resistance region clearly highlighted by the Fib & Click Grid.

From the top, a tight MPR formed that sent price all the way back down again for a second profitable move of another 40 pips or so!

The Fib & Click Grid shows where to take some profits

OK, so we did get a dramatic folow through, the whipsawing as the 1.30pm figures came out caused stops to be hit on part but the main position went on for a very reasonable 31 pips on part of this position with a close stop profit on the remainder.

Why did price stop here, well the Fib & Click Grid has highlighted a support zone and is cinfirmed by price action. Wherever price runs from here, profits are preserved and more may be on the cards if 1.860 gives way.

FBR with MPR and Fib, will it follow through?

The 15 min chart with the Fib & Click Grid shows an attempt to break above the highs of yesterday but it quickly reversed for a False Break Reversal.

UK figures this morning whipsawed price violently but the potential reversal is still in place.

The grid is predicting a target zone, that just happens to be coincident with previous support levels.

Could this be a reversal from the Grid Fib?

Maybe yesterdays Fib resistance level and today's attempt to break through is the making of a reversal.

The daily is showing signbificant resistance at the 1.8730 level and needs to be broken for Cable bulls to have their day

Another 100 pip that came to rest spot on a grid line

The UK pound powered ahead all day for a good 100 pips move. The base was formed over the last couple of days with profits to be taken during the base building process.

Entirely predictable, the upmove got going and followed through until it just ran out of steam - but why did it stop where it did? Well there are several things that suggested 1.8730 was it's limit including the major fib level shown here.

Another great day- these trading opportunities just keep on presenting themselves!

Then 52 pips for the second half...

Second stop to break even and then lets see where price will go.

One of my rules is to take the second profit when a reversal is triggered and that happened here - I've found five reasons to close at this level, OK I know that later price went on up before creeping back down to spend the rest of the day in this 1.800 region but taking profits is the name of the game when day trading and this trade certainly did that today!

Let me know how many and which reasons there are to close here??

Twenty two pips during breakfast!!

The Fib & Click Grid highlighted where to get in and where to take profits on this 22 pip trade in as many minutes - what a start to the day...

Note the entry support level on the 61.8% Fib and the, take partial profits target, at 100%

Saturday Workshop

Alan Rich enjoyed meeting a group of twenty UK Traders' Feedback suggest the content was just right...

And the Fib & Click Grid does it again

Price extension target indicated by the grid together with a Multi Point Reversal (MPR). Late in the day on Friday so it's time to close the other half at 1.8550.

Swing traders may be tempted to hold over a small position but for now, with those long tails on the hourly chart and this consolidation zone that has held for three days, I'm content to wait and see what happens on Sunday/Monday.

Quite a spike!!

Wow, quite a spike following the retail sales numbers. Stopped out at break even on the second half.

Shorted again as the upside spike failed, ideal entry @ 1.8605, I was late only getting 1.8587.

Fib & Click Grid does it again!! Price hit the Fib for a half profit, stop at break even, lets wait and see what this consolidation does.

There is always a time to take profits...

There is always a time to take profits, the Fib and Click Grid has shown the reversal area and price action confirmed. Half profit taken, stop to break even on the remainder.

US retail sales figures due in an hour so I'll wait for market reaction before taking a further trade.

Time & price converge

The CAD is hovering around the 1.1325 region this morning for a small overnight profit. The move is over for now so take a look at Cable.

On Cable The Fib & Click Grid is showing a convergence of time and price with a potential false upside break (FBR) Shorts are in with stops now at break even.

Has the CAD gone to far?

Today the CAD has tried, and failed to move higher, now in the region of previous highs as shown on the daily, further upward movement seems limited for now.

The 15 minute chart shows the trading opportunity that may well take the CAD down to the next round number.