Dynamic Trend Profile

Raymond,

Here is captured image of Pound as per your request.

Looks like British Pound Trade Balance keeps identifying Buy setups.

Raymond,

I just wanted to follow-up more since we talked about an hour ago. Looks like the British Pound is up about 150 pips since when we first talked. Looks like that 8:30 report you were waiting for helped it. When I just now looked at the chart it took out the previous May high. Keep monitoring today for a pullback because with this kind of strength it seems like a new room buy setup would have good odds of success, if the RRR and risk/reward parameters are ok.

Let me know if you need any more help.

Take care, marc

British Pound had a nice little SA and SB trade that seems to be working well today. After the Fed announcement the Pound popped up quickly though the initial target SA before trading back to the target price area. The SB hit its target. While the SA wasn't a pristine trade, the SB did have some better legitimacy. Yesterday we showed the SB trade setup in our Forex webinar. We talked about the British Pound Profile having positive qualities and explained how technically, at that time, it was worthy of consideration. It looks like it fullfilled our expectations.

Forex Pound/USD has a nice little SC and DB room trades going on today, both are now pushing through or close to their initial breakeven target.

The British Pound is in a pretty good profit-taking pullback today. There is an SD room buy setting up, but the asterisks and the RRR makes it totally not a valid signal at this time. There may setup a couple day or lower swing room sell setups on little rallies in the next day or two, but ultimately the best bet for a big trade idea would be to monitor the next week for some sort of a better, quality SD, PA or PB room setup. There still seems to be a nice longer term trend up in progress in the Pound and this is the first big pullback in a while.

Below is a basic, simple technical analysis daily picture of the Forex British Pound to help you visually see some key areas of support and resistance. Now watch the DT Profile as this pullback evolves and build into this picture coming setups and signals. The PC, PB, PC and to some degree the SD room trends are still up, basis the strength indicators and Trade Balance blues in those higher rooms. The very short term smaller rooms are red because they are picking up the very small down trend picture in progress. Small rallies going into Friday, Sunday and Monday will in all probability generate sell setups. After that time, odds will begin to shift we should be monitoring more for an attempt to get long again. Let's watch together to see what develops.

The British Pound continues to retrace after a strong advance the past month. Focusing in on the 38% retracement support area. The Forex British Pound DT Profile shows red quickly moving back into the day and some swing rooms. The PA room buy setup is premature (ie, asterisk warning) for now, but anticipate Position trading rooms setting up better buys as the Pound nears the lower support area.

Here is a current British Pound Forex PA trade in progress. It is now in the kick out phase, so monitoring for quicker move toward initial target.

The previous PA trade post only rallied to the initial target before failing. Here is a current daily British Pound chart and DT Profile. Notice how the pound retraced to the previous supports and is now once again bouncing up. Monitor for another dip and you should start to see a swing trade room trade identified. (scroll down and review the previous three posts to follow this example better.

Marc Rinehart, 09-14-2006, 12:49 PM Wrote:.... "Monitor for another dip and you should start to see a swing trade room trade identified.

We got our dip and here is the recent SD room buy trade setup that was generated after the last post.

It has been a while since I updated the Pound. It is stayed contained in the previous swing moves and now looks like it is working back down to the lower range again.

If you have interest in trading the British Pound/USD pair, here is some simple technical analysis combined with the DT Profile to help you prepare better for the next big opportunity. There still is identified a sufficient enough strength in the higher rooms to keep the longer-term uptrend in progress going into the new year. Odds are favorable the Pound/USD will be bought again after this pullback. Minor Daily supports star around 1.95 to 1.94; stronger longer-term supports arrive around 1.92 to 1.90 area. Psychological resistance appears around 2.00; around 2.01 to 2.02 appears a little tougher resistance, then there is a long-term trendline resistance around 2.07 to 2.08 area. Overlapping maximum resistance could be 2.10 area. If you look at the PA, PB and PC Postion trading rooms you can see the strength bars show currently some pretty decent strength on all three strength bar calculations. That typically is an indication sustainable uptrend, buy energy still is evident for those room sizes.

Nice little PA room buy trade triggered in British Pound/US Dollar. Looks realistic. Can see it easily trying to hit 2.00 area soon. (see my previous post comments below)