dynamictrader's  Instablog

Send Message
Javid Shaik has been trading since 2002, specialising in the Forex market but with considerable experience trading stocks & shares, indices and commodities on a number of platforms. Born in London, Javid has always been an independent thinker which, coupled with a background in IT, has fuelled... More
My company:
Dynamic Trader
My blog:
The Dynamic Traders
  • Euro Dollar Beginning To Stall 0 comments
    Jan 24, 2013 10:34 AM

    Hello trend traders,

    As per our previous email on the Euro Dollar, we can now confirm price seems to be stalling at our MoB. Remember when in doubt it is best to stand aside but in this case, we are already involved with long positions in this currency. Although as the trade is free from liability, we actually do not have to be concerned but do need to manage the trade so not give back our profits to the market.

    Reasons for management:

    • Weekly suggesting a bearish wave 4 is almost complete
    • Weekly Stochastic is bearish
    • Daily suggesting a bullish wave 5 is complete
    • Daily Stochastic is bullish
    • Daily divergence long term and short term

    Based on the logic above, price may start to decline or even find a burst of strength, fail at the half figure resistance zone and then decline into the weekly wave 5 pattern. Regardless of the above being the right outcome or not, we still walk away with a very good profit. As usual we will wait for price to indicate the continuation or change of trend then we can consider our new entry decision. As price is range bound, we want to refrain from entering any further positions for the moment but will continue to manage the trade locking in more profits each day if possible.

    (click to enlarge)

    Below is the video on the Euro Dollar.

Back To dynamictrader's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.