Not much volume around this Week, in fact, Mondays Stock Indices Volume was the lowest non-holiday volume for over 10 years! That makes for some quite dull price action.
Still hanging onto the GBP:CHF swing long which shows a 4 pip profit as I type this. Virtually every CHF pair produced really
GBP CAD is one pair that really hasn't responded to my previous analysis. I loved the idea of the Daily Ascending Triangle formation that would finally form a break-out from the 12 Month trading range. Thus far, that hasn't come close to materialising and further technical damage has been done since.
Because of it's choppy nature and wide spread,
I've entered a GBP:CHF Swing Long Position today based not on my system but through seemingly bullish Technical's on most time frames. I prefer to take swing long entries from levels that have proven themselves as support but I've not done that in the case of GBP CHF which put's me slightly outside of my comfort zone but does still allow for tight stop losses were I to choose a low risk option for this trade. Firstly it's the 4 hourly chart that attracted my attention: A clear breakout of
The rally in Cable over the last couple of Weeks has shown considerable strength and though I have mixed opinions from a fundamental perspective, it is more than possible we'll see trade-able pull back from current levels.
Judging how deep that pull back will be is a little more tricky, so here are a few charts to help you find your own conclusion:
As there still isn't anything convincing for a Swing Trade right now, here's details of a day trade long entry I took this morning in GBP:CAD and an explanation of the methods I used to enter the position..
On the 15 minute time frame this morning's price action appeared to print a
I've no idea of the answer to that question right now. Bank of England Governor Mervyn King recently warned in the event of a Eurozone collapse we could see a rush of investors buying the British Pound taking it to unsustainable levels. The MPC is likely to expand it's asset purchase program of £275 billion which I think GBP is already pricing in, however
I've been itching to post about my long term outlook for GBP:CAD for ages now and have been running a couple of small trades on and off the long side for a couple of Months now but haven't reached the level of confidence required to really jump into these in size or with real commitment.
Now that might be changing and here I present you with a trio of trading opportunities to make the most out of a bearish Canadian Dollar.