Resistance and Support

Further to this mornings video on the Euro Dollar, the chart below shows the currency pair in a little more detail.

Today the Euro has reached a previous high which is acting as resistance. This area is the Fibonacci 38.2 level and has forced price down 60 pips at the time of writing this. Currently price is at a support level where it could bounce higher. A break below this level take price back into bearish territory and possibly act as a catalyst to re-test the support zone.

Whatever price decides to do at this point, it is all noise based on thin volume trading. We need to look at the trend to identify our trading decision. The overall trend is down so we will look for shorts for the moment. If price bounces from the current level and breaks out of the resistance zone then we could see Fibonacci 50 being tested. If price continues to move down then the support zone could be tested. Best option for traders is to wait until volume picks up on Tuesday before making a trading decision on this pair.

For Trading Room members, the simplest and safest entry is TTS on a break of support.

Advanced Get EURUSD chart

Good trend trading...

Javid Shaik

Euro Bounces from Support

Good day traders,

The Euro Dollar has been trending down and on Friday hit support and bounced. We discussed this as a likely possibility previously so todays move is not unexpected. In order to compound on this trade, we do not turn to indicators to pin point our entry but instead, we will simply look for a high probability price pattern to set up. Price is always our main indicator!

Good trend trading...

Javid Shaik

Dynamic Trader

How to import symbols into Advanced Get

Hello traders,

The video below shows how to import your trading candidates from your emails into eSignal's Advanced Get in just a few easy steps.

Good trend trading...

Javid Shaik

Dynamic Trader

Trading the Euro Trend

Hello dynamic traders,

Many traders often find it difficult to identify a trend. While there are many ways to determine the direction of price action, one of the simplest is the use of a moving average. While no method can guarantee to spot the trend accuratley all the time, the moving average is an excellent guage.

Todays two minute video shows the EURUSD in a downtrend with a potential short set up.

Good trend trading...

Javid Shaik

Dynamic Trader

Trend Following the Kiwi

Good day traders,

Sorry for the delay in todays video, it has been a busy morning. The Trading Room has made good profits overnight while most of us in Europe were fast asleep and even better profits this afternoon.

Further to this mornings tweet, todays two minute video is on the NZDUSD.

Good trend trading...

Javid Shaik

Dynamic Trader