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 »
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 »
Managing Emotions In Trading
It is certainly not news when I say that emotion is counter-productive when it comes to trading. However, we are all humans, and it is usually a constant struggle to control our emotions. They are there to stay, hence the topic of this article relates to managing those emotions. I refer both to the negative, and also Read more »
The Market Has Changed!…What Should I Do??
The Forex market is susceptible to changes taking place world-wide, whether it relates to the state of economies, instability due to political tension, or the type of extremely unfortunate natural disasters which shook Japan. During this period, the market reacts and we as traders are more vulnerable than ever. In order to stay sharp, and not fall victim to the market, we need to adapt. Adapting requires flexibility on our part in being able to adjust Read more »
AUDUSD TRADING STRATEGIES
The Audusd currency pair has been ranging inside a daily pennant for several weeks. The chart below also shows some mid-range support at parity level (1.0000) Based on my usual method of trading pennants, I require the triangle to narrow down towards the tip of the range, where a resulting breakout would be higher Read more »
Usdjpy: Is This The Start Of The New Uptrend
The Usdjpy monthly chart currently has an engulfing bullish candle, and a bounce after a 50% Fibonacci retracement of the reversal bar. This bounce, however, brought it to a key resistance area at 84.00, at which point it appears a bit stuck. The weekly close two weeks ago responded to this resistance with an equally impressive engulfing bearish candle. In spite of this, the bulls seem quite intent on holding ground, and now the daily appears to have formed a set of double tops after having broken into the buy zone by breaching the down trend line Read more »
MY GBPCAD TRADING PLAN
My bias on the Gbpcad is to the upside, simply because of the signs on the signs that are indicating that the weekly range support might be holding. However, I will examine the lay out my trading plan for both bullish and bearish trading opportunities, should they play out. First, in reference to the weekly chart, the close presents a doji with an extremely long wick to the downside. This closed just above the support of the range, indicating Read more »
Gbpcad Trading Opportunities
The Gbpcad bounced off of the 1.6000 level which was tested last week during the period of widespread gbp weakness. 1.6000 also happens to be the support of a horizontal type trading range on the 4-hr and daily timeframes. The top of the range can be seen at 1.6350s. This resistance was once again confirmed by 4-hour tweezer tops that were formed through last Read more »
Usdjpy Possibilities
The Usdjpy currency pair is approaching resistance at the daily down trendline in the region of 82.30s. Of equal significance though, is the fact that this most recent push up effectively breached a shelf of resistance at 82.80. Depending on how the daily candle closes, it might present a good opportunity to go long at a retest of the broken shelf (81.80). Read more »
