As a trader, I frequently share trade setups and other things with other traders. As we all know, a picture is worth a thousand words, so we need a convenient way of sharing pictures in our chat rooms, on Twitter or in email. Read more »
Longer-Term Outlook For Gbpchf
The Gbpchf currency pair saw a sharp reversal after bouncing off of monthly support, represented on the weekly chart by some meaningful tweezer bottoms. A weekly trendline was tested, and this precipitated the fall. The 4hr chart below shows a wide-ranged bearish candle, which closed below the down trendline. At this point, the market seems torn between an attempt to reverse on the weekly chart, and the obvious bearishness of the lower timeframes. Read more »
One more PA Sample
Now, lets analyze this chart. Lets look at the first highlighted portion. Price has broken through resistance. You think thats wonderful and you are itching to go long.but wait!! The candle that broke through the resistance was not a big one. The resistance has been strong so far and so if it has to be [...] Read more »
A Great Way To Build Self-Discipline in Trading
Losses in the market are unavoidable, but there here is a way to help us to stay in the game in spite of possible strings of losses. This is also a good way of building the all-important self-discipline, and also to avoid the negative emotions of that accompany a fast-dwindling account balance. This is important for the seasoned trader, but especially so for the Forex beginner, as he attempts to build trading survival skills. Read more »
Eurjpy Technical Analysis
Eurjpy looks promising for an extension of the bullish leg, up towards 113.30s, and, if that stubborn resistance is breached, a further potential target of 115.50. I don’t usually place much emphasis on fundamentals, because I believe that they usually become evident in the charts themselves. Here though, it is impossible to ignore the much talked-about Bank of Japan intervention to weaken their currency. So, along with the technical analysis that I will perform, the fundamental aspect also provides strong support. Read more »
Trader’s Tech – Oanda #5
I can't say the Oanda FXTrade/FXGame platforms are my absolute favorites. But they still have some interesting features. Read more »
CAD/JPY Once Again
CAD/JPY did what what I expected this past week, even coming within pips of our second target with the help of the Bank of Japan. But it did it without me. If you guys followed me on Twitter this week, you'll know I didn't get in this trade because it sorta spooked me the way it pushed back down through the trend line. Hopefully, some of you didn't follow my tweets and made some pips on this trade. Read more »
Possible Trade on USDCAD next week
I was going through some of the daily charts in preparation for next week. One of the charts which caught my eye was the daily for USDCAD. After a good period of consolidation over the last week, it began to breakout on Friday. The first chart that is attached is the daily chart with the [...] Read more »
Trader’s Tech – ClocX #4
Traders, particularly scalpers, must closely watch the close of every candle to garner clues as to where the market is going. So it's very important to have a good clock with a second hand. I spent quite a bit of time looking for that very application. Read more »
How to locate Support and Resistance
How do you locate areas of high resistance and support ? This is a question on many traders minds and several traders find this very difficult to understand as well as locate. One way of looking at SR regions is that it is a price range where the buyers and sellers are almost equal and [...] Read more »