Since I am tired and once I place the order I am going to bed :) Read more »
Eurusd Keeping Us Guessing
The eurusd currency pair, although the most popular amongst traders, has been stuck between weekly resistance at 1.2950, and 4 hr support at 1.2900. Price remained firmly within this very limited range since Friday. On the daily chart below you can clearly see that price is currently trading just below the resistance line. The 4 hr timeframe below the daily also shows price holding above the 4hr trendline. The trendline broke briefly on two occasions, but promptly popped back above the trendline. Read more »
3 “Bad Apples” which would you prefer.
Lets talk currency. We should all know what fractional Reserve banking is, and what is has done to our various countries economies. Never ending cycles of booms and busts. Inflation, deflation. DEBT. EVER growing deficits, etc… and so on. We have 3 bad apples here.: US currency, now practically worthless. We have doubled our money [...] Read more »
Eurjpy: Trying To Play Hard To Get
The Eurjpy currency pair traded in a predictable range for about a week, a condition. The resistance can be clearly seen at 113.30, and the support at 111.50. A forceful down move ensued Bernanke’s speech yesterday, as the yen fell back to major support levels. The range support got breached, and the eurjpy has since rallied off of its lows. This rally has brought the pair back below the range support, as well as the underside of the trendline at111.50. Please refer to the daily chart below. Read more »
Down and down it goes, where it stops nobody knows.
Strange title I know, but this is about the art of "laddering orders in an attempt to peg the best price towards the bottom. You see, I don't know where this will stop, but I want it, and that is all that matters to me. Read more »
Eurusd Bears Sharpening Their Claws
I missed an awesome trading opportunity to short the eurusd yesterday. This is because I somehow missed a very important resistance level on the weekly timeframe. I have taken this as a learning experience to be more thorough in my analysis of the currency pairs. The chart below notes the mentioned resistance at the 1.2990 level. This is where price tested the trendline resistance. Since I missed out on the first leg down, I am waiting for a retracement to test the 1.2960 level to short. I am unsure of how far the retracement will go, so I am going to be watching it on a 15-minute timeframe. The red horizontal line on the chart marks the level I am considering for a stop loss (1.3100), and the green line indicates my profit target Read more »
Swing trade on GBP/CAD short.
Hi Fellow traders. I am looking at a Daily double test high on the Pound Canada pair. I am considering a short on it on an hourly sell bar and if you look at the hourly, you see a 5 day several hundred pip run. If we draw our fibs and look at the levels... Read more »
What are the makings of a good scalp trade?
Hi folks, a fellow trader just emailed me with some serious questions about proper scalping methods and management. I thought I would just capture the charts and the potential trade and put it right in here for a good example. This is just one example of certain things I am looking for. Take a look [...] Read more »
Which Trading Strategy Is The Best One?
In the quest to become a successful Forex trader, one of the major factors that have to be considered, is the trading strategy to adopt. While many people tend to be eclectic in their approach, there is significant potential for harm if this is done by a beginner trader who alternates between swing/ position trading, scalping, and day-trading. A trading strategy needs to be compatible with one’s personality type; Someone who is generally analytical, and needs time to decide on trades would probably not be very suited to scalping. Likewise, someone who has difficulty holding trades for extended periods will find it arduous to be a position trader. It is however, not uncommon to find experienced traders who are able to use different trading strategies without conflict. Read more »
Its going up, why are you shorting it?
Shorting euphoria. Why should we do this? I am often asked in the trading room why I am shorting something that is spiking "to the moon". I have to re-explain it every time. Read more »