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Cluster Tag on Gold

Thursday, November 24th, 2011

Good Afternoon Dynamic Traders

I want to check in on Gold today – could we see a rally for this precious commodity in time for the festive season?

Let’s check out price action. As we all know, the bias is very much bullish so our preference is a long.

We currently have a short-term trendline propping price up and interestingly price has tagged an important fib breather level in the same zone. For those traders who like pullbacks and have a bit more of an aggressive trading appetite, a pullback signal has appeared and can be taken advantage of. The key is ensuring your target is hit before the yearly high – although you should be prepared to stick to the trade, as price could continue to go sideways before it’s next move. For those standing aside for now, a break of the recent high/1800 level could be an opportunity for a short-term trade or further patience will be required for a break of the major figure – consult your dynamic toolkit as price action unfolds.

The markets can act a little differently this time of year, so it’s worth looking at seasonal patterns too when gathering your confluences.

Smart Trading.

Sonia Molina

 

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Welcomed BOB on GBP

Monday, November 21st, 2011

Good Evening Dynamic Traders

It looks like there have been some decent moves on some of the currencies today including one of the forex favourities, GBPUSD.

After the DT formation mentioned on the blog a couple of weeks ago, the bears have stepped in. Today we have a break and most importantly a close below a support line – adding further weight to potential further weakness.

Well done to those that have taken action and are in this trade. Where will price go to now? The logical place is the next support – around the 15,200 mark, although a breather may be likely before then.

Let’s see how things evolve with the Great British Pound.

Have a great evening and smart trading!

Sonia Molina

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AUDJPY approaching support

Thursday, November 17th, 2011

Good Afternoon Dynamic Traders

I hope you’ve been keeping up-to-date with all the great blog postings.

I wanted to update on my AUDJPY blog from a couple of weeks ago. Price gave us a clear tramtrax formation at the VI – an aggressive method of entry for some of us. Well done to those who took action.

 

Since the reversal signal, price has indeed weakened with some healthy, small breathers along the way.  If you’re not in this trade, you might want to take a look at current price action. It’s now approaching a support level so we’re likely to see a breakout or a bounce – price reaction will surely be revealed in the coming days so be at the ready for the appropriate action – be it place an order or stand aside.

The more conservation traders will be awaiting a clear break of the low point from October – but depending on your chosen strategy there could be an opportunity if there is a break of the upcoming support.

Smart Trading!

Sonia Molina

 

 

 

 

 

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GBPUSD finds resistance

Thursday, November 10th, 2011

Good Evening Dynamic Traders

The forex market made some decent moves yesterday – GBPUSD was one of those currencies.

The chart is looking interesting right now and one to keep an eye on. Price has now tagged the VI twice giving us a possible DT formation. Despite the pullback, TC confirms the trend is still down.

Yesterday’s big bearish move engulfed the previous day of trading and also broke through the trendline. Today’s price action is suggesting some indecision, but should price stay below the figure and break support/neckline we could see further weakness.

The name of the game for smart traders right now is confirmation before action.

Smart Trading!

Sonia Molina

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Crude trend bias changed?

Tuesday, November 8th, 2011

Good Afternoon Dynamic Traders

Christmas countdown has officially begun – with Christmas lights up in the west end, carol music playing in shopping centres and advertisers kicking off their enticing Christmas campaigns. It seems like the frenzy starts earlier each year!

Let’s chat about Crude Oil – on the last blog for this commodity there was some market indecision so let’s check back in. First, I’d like to refresh on the weekly action:

 

We can see on the chart, that price has been heading up since 2009 and this year has seen the first deep pullback, momentarily dipping below the VI with a DB formation. Price is currently showing bullishness after a triple bob of the VI, TL and DB neckline. Stochastics also suggests the trend is still up,  although Trading Room members will notice TC is telling us otherwise. It seems it may be early days to suggest price is resuming it’s uptrend.

Yesterdays daily chart handed out a break and close above the VI after a breather/retest tagging the support cluster at 9.000.

The challenge with jumping on this recent bullish price move is the chance of a fake breakout, especially after the months of consolidation. Of course the other challenge is the major figure overhanging – it’s a figure level we really can’t ignore.

My stance on Crude is to await a clear break of the 10.000 level and confirmation in the trend from TC before considering a long or indeed a breakdown below the VI/pivot for a short. Meanwhile ignore the news and opinions out there – focus on your technicals.

Smart Trading!

Sonia Molina

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AUDJPY Tramtrax

Tuesday, November 1st, 2011

Good Evening Dynamic Traders

Welcome to a new trading month – hard to believe we’re nearing the end of 2011!

AUDJPY is the choice of chart tonight. Admittedly it’s not the neatest or strongest of trends, especially with the current deep pullback, but the overall price action suggests we are in a bearish trend.

Today markets are likely to close with a tramtrax formation at the VI/cluster resistance. A reversal chart pattern is always welcomed and when coupled with the VI it’s certainly worth taking notice. Along with this, MACD is showing divergence – so a nice collection of confluences present themselves, suggesting weakness could be on the horizon. Should price break the short-term trendline and the 80.00 figure, bears could step in sooner than we think. Having said that, price will have to contend with some support levels to continue it’s bearish move – so this chart might not be for everyone.

As always there’s every chance the bulls could step in at any point and change the direction, so wait for confirmation to strengthen your odds before taking any action. A clear bob of the figure is needed at the very least.

Remember with NFP on Friday we have a short trading week this week.

Smart & Patient Trading!

Sonia Molina

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Bullish Gold & Indecisive Oil

Thursday, October 27th, 2011

Good Afternoon Dynamic Traders

I’ve just noticed that John has also done an update on Gold .. so do check out his blog for commentary – my chart analysis is below.

After my blog on Crude yesterday, the trading day ended with a reversal candle. The aggressive trader may well take advantage of this VI/reversal set up and put in an entry for a short. As I mentioned yesterday – the recent consolidation makes me apprehensive to be aggressive on this just yet. Near term, price looks to be weakening though or certainly finding resistance in the VI.

(I’m having difficulties with posting my crude oil chart for some reason, so please check your own software for the latest)

Smart Trading!

Sonia Molina

 

 

 

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