Our success as traders is largely dependent on how well we recall past trades, and are able to make an evaluation of our performance and thereby make changes where necessary. Often, as is human nature, we try to forget our mistakes and move on. Ironically, though that human trait tends to work against us in the market. If we can’t recall why we made an error, then it follows that we will be prone to making the same errors over and over Read more »
EURUSD: A Truly Technical Outlook
The weekly band of support on Eurusd (see weekly chart below) continues to hold remarkably well, following a pierce- through of the down trendline, and all the way into 1.3820s. The bounce out of that zone sent the pair back up through the trendline, and Friday’s close saw it trying to stay supported above 1.4350, an important level of support which extends all th Read more »
EURUSD Technical Outlook
Since bouncing from the weekly down trendline, 1.4570 has proven to be a tough resistance as it tried, and failed to breach the daily .618% fibonnacci retracement level of the 1.4940-1.3969 down Read more »
EURUSD: Heads, It Is!
Following up on last week’s article on the Eurusd currency pair, we saw a monthly breach and retest of the long-term trendline. The retest and subsequent bounce suggests the completion of a new ‘C’ retracement at the .382 fibonnacci level. Having only put in Read more »
EURGBP TRADING PLAN
Eurgbp had been trading in a weekly range for an extended period, and was only recently breached, back in March. It has started showing some bottoming action at the weekly trendline following the pullback to retest the breakout level at .8610. The weekly trendline also converges with major previous lows (indicated by horizontal line on chart below). The 4-hour chart shows a strong bounce off Read more »
EURUSD…FLIP A COIN??
The Eurusd is currently retesting the previously broken neckline on the daily chart, which also converges with the underside of the down trendline on the weekly. In most cases this would have been a straight-forward setup for a short trade. However, this is not true in this situation, as the bullish candle which breached the trendline could be getting retested for a push higher. As a result there are conflicting signals and the fact that they appear Read more »
Trade Management: Trading Multiple Positions
Trade management is a weak area for many traders, and can mean the difference between winning and losing in spite of how good a trading strategy is. Although not widely used, trading with multiple positions offers a flexibility in trade management which would be difficult to attain otherwise. In doing this however, it is Read more »
GBPUSD: Technical Outlook for May 16-20
Since being rejected at 1.6740s weekly resistance and closing back inside the daily range resistance line, Gbpusd retested that line (also broken neckline) at 1.6517 before baking a beeline for the inner trendline, where it settled momentarily before also breaching that support (See daily chart below). At Friday’s close, the pair was already trading below the 1.6230 trendline. For the coming week, I will be watching for an opportunity Read more »
EURUSD: Potential Trading Opportunity
Eurusd is currently sitting atop a broken channel resistance line on the daily chart. However, having failed to breach 1.4900, settled in a 100-piphorizontal range with the base at the 1.4760 daily support. Yesterday, an attempt was made to breach the range resistance, but the strong one hour close above Read more »
Audcad Trade Setup
Much like Audusd, the Audcad currency pair consolidated for several weeks within a channel before breaking out in a decidedly bullish manner to resume its previous trend. The monthly chart below shows a strong bar above the 1.0200 resistance level which capped further gains for so long. In keeping with the usual Read more »