British Pound long V Dollar and this made a lovely profit on the breakout and long Dollar v Japanese Yen which again gave another great profit.
Here we are going to look at the above trades and perhaps the best trend at the moment in currencies (it's not one of the above or the euro) and a possible contrary trade.
Let's get started.
Before we get started for those of you who have not read previous articles pull up a free chart service such as futuresource.com.
You will need the following studies:
Bollinger bands, RSI and stochastics ? if you are not familiar with them check our other articles.
Right lets take a look at some currencies and their profit potential.
Japanese Yen
The odd one out of the major currencies, as its weak against the dollar.
After the recent spike low in the dollar we have seen a lovely rise and were looking to get out here. We have a quadruple top and stochastics are very overbought - time to bank the profit.
We would not take a contrary trade here.
We would look to go long the dollar at lower levels and will wait for the pullback.
B Pound
We banked our profit here and the pound remains out and out bullish.
Price momentum is building and stochastics are set to cross with bullish divergence prices have tested and held the middle Bollinger band.
While the RSI is a little high the odds favour the bulls and a pop to the upside and test of the highs - the bulls get the nod.
The best trend on the board!
Many traders simply like to trade the:
Euro, pound, yen and swissie, but in my view all traders should look at the Canadian Dollar.
It's got good liquidity and great trends and in our trading it is one of the most profitable currencies we trade.
Check out the classic downtrend on the charts.
Here we are going to look at a possible contrary trade and a change of direction.
Pull up the weekly chart and you will see 1.10 is key support from June 2006 and were approaching these levels now.
RSI is almost in oversold territory and stochastics are starting to bottom out.
This gives us the big picture - now pull up the daily chart.
1.1079 was the close so we are near the key level again, but were trying to hammer out support and a triple bottom is forming.
RSI is oversold and stochastics are looking to turn down.
With the 1.10 area being key support we would look for the triple bottom to hold and wait for stochastics to cross with bullish divergence ? the bulls then get the nod.
From these oversold areas, we expect a good pop to the upside.
This is an aggressive trade, but 1.10 is great support and a contrary trade if momentum turns bullish has got good upside and a tight stop.
The Canadian dollar has given us a super profit on the downside so we don't mind risking a bit on a contrary trade, providing momentum confirms a bottom.
Don't jump wait for confirmation of change in momentum.
Good luck and good trading!
Catching The Big Fish
To catch large Crappie you need to make that your main focus. You cannot think about catching of large quantities and huge size. Truly trophy Crappie are a quarry that needs to be pursued in a different manner than you would the smaller members of the species.
First you need to understand the schooling habits of Crappie. Crappie are a fish that tends to school according to size. Simply put large Crappie generally can be found near other large Crappie.
There are of course exceptions to every rule. I am not suggesting you cannot catch a very large Crappie in the same location as smallish ones. I am saying however that if you want to focus on catching only large Crappie in the two pound and above weight class you are best served by searching for schools of that size. This means leaving a productive area that is producing a steady stream of half pound to one pound Crappies.
Understand your catch rate will drop if you fish only for the real trophies. Trophy fishing for Crappie is a sport of patience.
Consider for a minute how a Crappie becomes over two pounds. First it has to have the genetic makeup to reach such a size. You need therefore to fish lakes that have a demonstrated reputation for producing fish for large size.
If you show me a lake that has never produced a Crappie of over two pounds I will show you one that likely never will. Genetics is a pretty straightforward science.
For example suppose you were to place one hundred people on a large island that were all below five feet in height. One thousand years later the population would have grown exponentially and would almost assuredly be an average of less than five foot in height.
As the saying goes the chips don't fall far from the block. You need to apply this principle to your fishing efforts. Certain lakes continuously produce Crappie of large size because the fish whose genetic material repopulates the species are very large.
Lakes like Kentucky Lake, Reelfoot Lake and many others have an established fishery for monster sized Crappie. You need to target your efforts on these lakes and not try to fight a battle are you destined to lose by fishing lakes that have not in past produced the size of Crappie you are seeking.
You do not go to Antarctica to hunt lions, nor should you hunt monster sized Crappie in areas they simply do not exist.
Next in selecting an area you must think outside the box a bit. Crappie reach huge sizes by keeping away from predators. I am talking about predation from both larger fish and from fellow fisherman. Most of the classic Crappie fishing sports will not hold the extra large jumbo fish.
These fish have learned to avoid these areas. Some of the largest Crappie I have caught have come from areas that are hard to reach and nor necessarily to stereotypical Crappie hideouts.
Both Sacha Tarkovsky & are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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