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Cup and Handle? Not quite !

Wednesday, December 14th, 2011

Good evening Traders,

Tonight I thought I would show a chart of the Dollar index, for several reasons.

Firstly, it is showing a chart pattern that could quite easily be mistaken for a ‘cup and handle’ formation, but in fact, it is a slight variance on this, as this actual formation is showing more of a ‘V’ bottom, as opposed to the more rounded structure, although the outcome could be similar.

Secondly, as I write this update, today is seeing a break out occur, but today’s candle has not completed as yet. Should today’s price action complete in a similar situation as it currently stands, then, although the aggressive entry has been missed, the semi-aggressive would be on the cards, whilst the conservative is a little way off as yet.

As can be seen from the chart, a physical resistance is lying up ahead, near the 81500 area, and this was the high point of the double top formation, which completed in January of this year.

Whilst doing your own analysis, you will see that it does have a good quota of your MA confluences, and so you just need to decide if it fits your parameters.

Although  a little premature, I would like to take this opportunity to wish all the readers and bloggers alike, together with Anne and Javid, a very merry,wonderful and joyous Christmas and a very prosperous New Year. I am doing this a little early, due to the fact that some circumstances beyond my control, mean that this will be my last update for a while, but I will resume them as soon as possible.

 

Wishing everyone every success possible.

Seasons best wishes.

Clayton Farnworth.

 

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Will the resistance break or hold ?

Sunday, December 11th, 2011

Hello Dynamic traders,

By the time I finish writing this it will be afternoon, and what a miserable day it is here, up in the north, but never mind, there are always the charts.

Today’s example, is of the very pricey and well known stock of ticker symbol GOOG.It is close to the parameters of some of your breakout systems, and so,I would like to bring it to your attention, so you can put it on your watch list if you so wish, as your latest revision of one of the break out systems could well be used.

This stock does have many of your required confluences that you use,but as yet, is not in the required position (unless aggressive), and you should notice the draw backs here, regarding trading this chart, which you are all well versed in, and so caution is warranted, but you will also know, just what to do, as regards realistically trading it.Remember your tutoring, and utilize it accordingly, and you may wish to look at some of your sub-chart indicators, for confirmation or tips.

As always please do your own analysis.

 

Charts courtesy of AdvancedGet.

Always enjoy trading, and do not make it hard work.

Clayton Farnworth.

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Breakout or resistance?

Tuesday, December 6th, 2011

 

Good evening Traders,

Tonights chart is standing at a very interesting juncture, and is of DUK of the S&P 500.

Price recently popped above a former 2007 physical resistance, and then fell back down, but may well test this and the 2007 highest point in the near future, as this area is not too far above.

Price at present is close to some of your break out system entry point areas, and with many confluences supporting the continuation, this may well be worth looking at and placing on your watch list.

As always please ensure to do your own analysis before trading.

 

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.

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Possible bearish flag for the watchlist?

Sunday, December 4th, 2011

 

Good afternoon all,

For today’s chart, I am showing an S&P 500 candidate, as a good watch list candidate, as later, is the monthly webinar, on which the currencies will be covered.

AMAT, recently, at the latter end of November, bounced up off the $10.00 figure cluster area with 2010′s low support area. and is showing a uniform pullback, which could well turn out to be a bearish flag formation, although it has not quite reached the breather areas as yet, or maybe it could be a 123 bottom.

There are many MA confluences, supporting the continuation south, as well as some extra ones, such as the small doji candle formation of Friday near the $11.00 figure area.

Do be aware, that there is indication that  a consolidation period could occur here, and so as always , please ensure to do your own analysis to assess whether price could have the strength to break out of the supports below, otherwise await the alternative entry, should this direction continuation materialise.

 

 

 

Charts courtesy of AdvancedGet.

Fortune favours the brave.

Clayton Farnworth.

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Awaiting a break.

Wednesday, November 30th, 2011

 

Good evening Traders,

Tonights chart is of the AUDNZD, which stands at a former support, now resistance area.

The overall bias is up, and there are many MA supporting confluences for a continuation northward, and price does have room to move before last years high point area, and so really, as per the rules, only the long trade can be taken.

However, on looking at some of your other DT indicators, it may be seen, that price is consolidating, with a possible double top formation in the making, and indecision candles forming at present. This may just be because of NFP at the end of the week, or possibly with price being at a Fibonacci cluster with other resistances that you can find for yourselves, as well as the divergence, but , price does look like it wants to break out soon, and could go either way, although with the confluences would be preferable.

As always please ensure to do your own analysis, but do put this on your watch list.

 

Charts courtesy of AdvancedGet.

Rise to challenges.

Clayton Farnworth.

Posted in forex | Comments Off

GBPNOK still range bound.

Sunday, November 27th, 2011

 

Good morning Traders,

This morning, I thought I would look at a bad/hard chart to trade, and that is in the form of the GBPNOK for today’s example.

This currency pair has been in an overall downtrend since 2004, but since about May of this year, it has been in a consolidation/range bound formation. Just by looking at it, it can be seen, that it is not an appealing chart to consider for the ‘Dynamic Trading’ trend trading way.

However, as you all know, break outs occur eventually, and after a long consolidation, the break out is usually a worthwhile one, excluding FBO’s.This pair is now trading at the higher end of its range, with a possible triple top formation at present, although obviously not confirmed, but with alot of confluences only allowing for the upside trade to be considered.

With that in mind, I shall keep an eye on this pair, but as has been said many times before, due to the price action making up this range, only alternative entries could be considered here.

As always please ensure to do your own analysis before trading.

 

 

Charts courtesy of AdvancedGet.

Put the odds in your favour.

Clayton Farnworth.

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Abundant confluences?

Wednesday, November 23rd, 2011

Good evening Traders,

After a two month consolidation period, on one of the main currencies in my basket, and therefore one I keep a close eye on, today has seen an entry with one of your break out systems which could be classed as aggressive, but does look good for several reasons.

The South African Rand, is showing multiple confluences, supporting the upside continuation, and I will ask you to find them for yourselves, as they are numerous, and therefore qualify the respective entry triggered today.

The one negative that jumps out, is the distance for T1, as this could be around the figure area, depending on which system you may choose to use.

The more conservative approach, could always be used, but there are reasons that favor the more aggressive on this one, but as usual, please ensure to do your own analysis before taking any trades.

 

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.

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Posted in forex | Comments Off

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