Open trading account 
Hello Traders
As part of my requirement to post some trading blogs for this month's trading contest - here is my current analysis of some of the trades Im taking
Yesterday - there were 2 news announcements (GBP PMI & CAD GDP) -
As you can see - it was bearish for the pound and bullish for the CAD.
Next thing I do is pull up the GBPCAD Daily chart - only to find the following:
this pair has been somewhat bearish for the last 2-3 weeks - yesterday's News for both coin forced more bear run for the pair, breaking through my trend line without retracing.
Today i added the Fib ruler to plot these levels and currently the pair sits at the .618 level (aprox 1.7450). Considering the pair has had a bullish run for the last couple of months, what my chart is showing me is a Trend change to the downside - and yesterday's news for both coin is definitely adding momentum to that possibility.
When i zoom out I start to see this - then add another fib ruler to the mix:
Im looking at where the fibs are overlapping - this chart goes back a year or so - the 100% fib on the short timeline overlaps the 50% on the longer timeline - which now starts to make sense why this pair has been on the slide for the last month - added with the news announcements - i am fully vested on a SELL trade - initial target for now (for me at least) is 1.7160 - which is a strong Level historically - but this pair could head all the way down to the 1.6000 - it may take a month or 3 - but for short/med term 1.7160 is on my radar
I have another trade (EUDUSD) which is just a small scalp - 20-30 pips - nothing that important if it doesnt work out - purely based on what the chart says currently (ie the last 24 hours)
As part of my requirement to post some trading blogs for this month's trading contest - here is my current analysis of some of the trades Im taking
Yesterday - there were 2 news announcements (GBP PMI & CAD GDP) -
As you can see - it was bearish for the pound and bullish for the CAD.
Next thing I do is pull up the GBPCAD Daily chart - only to find the following:
this pair has been somewhat bearish for the last 2-3 weeks - yesterday's News for both coin forced more bear run for the pair, breaking through my trend line without retracing.
Today i added the Fib ruler to plot these levels and currently the pair sits at the .618 level (aprox 1.7450). Considering the pair has had a bullish run for the last couple of months, what my chart is showing me is a Trend change to the downside - and yesterday's news for both coin is definitely adding momentum to that possibility.
When i zoom out I start to see this - then add another fib ruler to the mix:
Im looking at where the fibs are overlapping - this chart goes back a year or so - the 100% fib on the short timeline overlaps the 50% on the longer timeline - which now starts to make sense why this pair has been on the slide for the last month - added with the news announcements - i am fully vested on a SELL trade - initial target for now (for me at least) is 1.7160 - which is a strong Level historically - but this pair could head all the way down to the 1.6000 - it may take a month or 3 - but for short/med term 1.7160 is on my radar
I have another trade (EUDUSD) which is just a small scalp - 20-30 pips - nothing that important if it doesnt work out - purely based on what the chart says currently (ie the last 24 hours)
