Good Evening Traders,
Having been following the Turkish Lira for a few weeks now on the blogs we can see a potential chart pattern emerging – an inverted head and shoulders. This is in line with the trend and should we see a breakout then we will see a lovely equal movement on the upside if the pattern completes itself.
Note the figure 1.9000 which price needs to clear and therefore any orders long should take account of this.
Patient Trading
Bijal Shah
Good Day Dynamic Traders,
Thought I would blog about the not so talked about (in recent blogs) Dow Jones Index today.
2011 has not seen the DJI trend particularly well. In fact most of the movement has been difficult to trade for the longer term trader.
After a period of consolidation or indecisiveness, price has been hanging around the vicinity of the value index since around mid October. Having recently arrived at a previous resistance point, it now remains to be seen if price will manage to produce a break out and provide an opportunity for an entry long.
Patient Trading
Bijal Shah
Good Evening Traders,
Following up on my Crude Oil blog a couple of weeks ago, price has now tagged the VI and done a bounce up. Having cleared the major round number, price is now approaching previous resistance. It’s now worth keep a close eye on this. It may be that price does a breakout and re-test before an actual breakout so ensure you have the appropriate filters in place for a long entry.
Patient Trading
Bijal Shah
Good Day Dynamic Traders,
I would like to do an update on the Turkish Lira which I talked about last week.
Price has done a pull back after almost tagging the previous resistance and figure. It has come to re-test the previous support area and is currently displaying a couple of doji’s or indecision candles. If price sees more weakness the next possible stop is around the 1.7500 area. Alternatively it may find support in the current area and attempt another climb upwards. One opportunity for the monitor list.
Patient Trading
Bijal Shah
Good Evening Traders,
Hope you are all having a good week. 31 more days left of 2011 and lots of people have already got their Christmas shopping well under way if not already finished!
The GBPAUD is the feature of tonight’s blog. I have posted the weekly chart for better illustrative purposes.
Price appears to be in somewhat of a channel since late last year. This is not unusual after a large movement such as what this pair had been experiencing since the end of 2008. The reason this looked of interest to me is the possible head and shoulders pattern that is visible and highlighted on the chart. If this plays out then we should see a breakout/down in the direction of the trend and could be a high probability trade. The only note of caution I would add is the figure 1.5000 which price needs to clear.
Patient Trading
Bijal Shah
Dear Traders,
Welcome to another trading week and one that contains Non Farm Payroll at the end of the week. This means that the markets may not behave as one may expect with uncertainty and unpredictability often driving additional or artificial volatility.
The Turkish Lira chart is the talk of today’s blog. A good steady uptrend has been in play since early 2010. No major deep pullbacks have been witnessed here either. Price reached the major figure of 1.9000 in October and did a breather and has gone back to retest it just falling short of a tag of the resistance line. MACD is showing some minor divergence on the histogram and some further divergence can be seen from the signal lines which indicates/confirms a potential pullback or breather. It now remains to await a break of the resistance to enter long.
Patient Trading
Bijal Shah
Good Evening Traders,
I have posted a weekly chart for discussion today – slightly out of the norm but it provides a better outlook for the purposes of my analysis.
Having been in an upward trend for a couple of years price has done a couple of recent pull backs. On the daily chart price is looking to do a break down and looks like a good opportunity. However, this cannot be reviewed in isolation and hence my need to upload the weekly chart. As price in not far away from the value index and the major figure I would consider it wiser to wait and see if this is indeed a bearish flag formation or whether it’s just a retest and price may well bounce back up. The only exception I would possibly add to my comments above is if your risk reward is adequate before you get to the reversal area or you are a short term trader.
Patient Trading
Bijal Shah
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