A few years ago a friend and mentor of mine once said to me “I love to lose, because only then will I know that I am doing something wrong and need to change” After I heard this, I thought: Haha..Now I know his secret. You see, prior to this conversation, this trader seemed so fearless that I have to admit, I really envied him. He loves trading and approaches it like a game. He has his strategy, and he knows it works because he has Read more »
Gold From A Different Perspective
Following up on my last article on Gold, we’ve seen the 1605.00 support I referred to hold, followed by a rally that spiked through the major resistance level at 1641. There was a brief pullback, and currently, an attempt is being made to break above. The price action at this major resistance seems to be suggesting Read more »
GOLD On The Brink: A Technical Analysis
Since its failure to equal the 1919.00s high, gold has been on a downward spiral which brought it as low as 1522.50s for a test of the weekly trendline. Since then, there has been a bounce off the trendline into 1630.00s, where it is currently Read more »
GBPUSD Technical Weekly Outlook- January 9-13
The Pound Sterling started off the year in a seemingly erratic manner at first glance. However, a closer look will reveal that it has merely been moving within a pre-established trading channel on the daily timeframe (Charts posted below). The support line of this channel converges with significant weekly Read more »
US Dollar Index: Critical Juncture
The US dollar index is currently testing the top of a daily range that has been in place for the past 3 weeks. The range support can be found at 79.50 level Read more »
GBPUSD Technical Levels
Gbpusd is currently trading just above its 4hr range resistance line at 1.6460. This level is important also because of the fact that additional support is offered by daily highs that were breached at that level. As is indicated in the charts below though, resistance is just ahead at the underside of the 4-hour trendline at 1.6505, and further, at daily trendline and horizontal resistance line at 1.6530s. Read more »
USDCAD: At a Crossroads
The recent downgrade of the US is sure to have ripple effects in the market, and the Usdcad, which is trading at a critical level, is a good trading opportunities Read more »
A CREATIVE SELF-EVALUATION METHOD
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 »
