Tuesday, April 17, 2007
No stopping for GBP Pound
Milestone in the currency market - No stopping for GBP Pound.
Today the GBP/USD currency pair touched 2.0000 mark which means that 1 USD = 2 GBP.
The expert team is not sure till when will this run of pound going to continue. When I look at the daily chart I find the currency pair to be in 5th Elliot wave which means that the run can stop any time. My guess is that it will run till 2.150 or where abouts.
As per the hour chart the currency pair already has run 400 pips. So, I am not in favour of doing any trading at this point on this currency pair. No position or swing trading, nor even day trading.
MACD and RSI are also declining as I am writing. Instead, I have opened a forex trade on USD/CHF. This is currenctly in 35 pips profit. I'll keep you posted on the progress.
By the way, my last trade on AUD/USD ended in -45pips. It touched my stop loss. I was expecting the currency pair to go $$ bullish, but it went otherwise.
Thats all in this session of learning forex trading. Keep visiting to learn more.
GDFBCCC18210666
Today the GBP/USD currency pair touched 2.0000 mark which means that 1 USD = 2 GBP.
The expert team is not sure till when will this run of pound going to continue. When I look at the daily chart I find the currency pair to be in 5th Elliot wave which means that the run can stop any time. My guess is that it will run till 2.150 or where abouts.
As per the hour chart the currency pair already has run 400 pips. So, I am not in favour of doing any trading at this point on this currency pair. No position or swing trading, nor even day trading.
MACD and RSI are also declining as I am writing. Instead, I have opened a forex trade on USD/CHF. This is currenctly in 35 pips profit. I'll keep you posted on the progress.
By the way, my last trade on AUD/USD ended in -45pips. It touched my stop loss. I was expecting the currency pair to go $$ bullish, but it went otherwise.
Thats all in this session of learning forex trading. Keep visiting to learn more.
GDFBCCC18210666
Labels: currency trading, Elliott wave, forex trading, GBP/USD, MACD, usd/chf
Tuesday, February 20, 2007
Forex Day Trading System - Confusion over technical indicators?
Forex Day Trading System - Not sure which indicators to use in the analysis?
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Its quite natural..With so many indicators in place, sometimes its overwelhming on which indicators to use..
Remember, your technical indicators are to help you predict how the forex trading market will behave on the basis of how it has worked earlier..Somtimes it will work just as you predicted and sometimes the day trading market may not cooperate..
In genral, don't use the more than 3 indicators..Atleast I don't..The more the indicators, the more complex the analysis will be and moreover you might miss the entry and exit opportunities that may hit your pips..
Also, don't use 2 indicators of the same type..For e.g. using MACD and Stochastics may not be advisable. Instead use MACD with your favourite set of moving averages.
Also, some indicators with different values work better for different time frames. For. e.g a 10 EMA will be more popular as a system for a trade which more of forex day trading..while EME50 is more suitable for currency swing trading.
Thats all in today's session..keep visiting more to learn more on the currency market..
Meanwhile, I came across one blog on technical analysis..and its mostly on the forex market.
Forex day trading.
Labels: EMA, Forex day trading system, forex technical indicators, forex trading, MACD, stochastics
Sunday, February 18, 2007
Forex Day Trading System - Some reliable technical charting techniques
Forex Day Trading System - Some reliable technical charting techniques
On Friday, I placed a trade on EUR/USD using one of the very reliable techniques - The double top. This technique is dependent on resistance lines..So if the currency price is bouncing of a particular level again and again, it initiates a formation of a charting pattern called Double Top or Triple top if forex price bounced of that level thrice..
Double top and Double bottom for that matter are very popular in all the trading marets and can be used in all the chart times such as a day trading or swing trading or for any trading system. I have watched quite a few courses such as investools or optionetics on stocks/options and I found that all these definitely touch on double tops/bottoms..
As I mentioned you can apply these patterns on any market let it be commodity or stock and definitely forex..
Before placing that trade I confirmed using another indicator 100 EMA which started going downward. Currently I am about 25 pips in profit however for this fotrex trade the exit signal is not in place and since it a swing and not a day trading, I am still into this trade and on the basis if the system I follow, I'll exit only when the technical indicators will line up for exit. Tomorrow no primary fundamental news is coming, so I am expecting to hit about 90 pips as profit (on yhe basis of Fibonacci retracement level)
Thats all in todays post..Keep visiting again to learn more on currency trading.
On Friday, I placed a trade on EUR/USD using one of the very reliable techniques - The double top. This technique is dependent on resistance lines..So if the currency price is bouncing of a particular level again and again, it initiates a formation of a charting pattern called Double Top or Triple top if forex price bounced of that level thrice..
Double top and Double bottom for that matter are very popular in all the trading marets and can be used in all the chart times such as a day trading or swing trading or for any trading system. I have watched quite a few courses such as investools or optionetics on stocks/options and I found that all these definitely touch on double tops/bottoms..
As I mentioned you can apply these patterns on any market let it be commodity or stock and definitely forex..
Before placing that trade I confirmed using another indicator 100 EMA which started going downward. Currently I am about 25 pips in profit however for this fotrex trade the exit signal is not in place and since it a swing and not a day trading, I am still into this trade and on the basis if the system I follow, I'll exit only when the technical indicators will line up for exit. Tomorrow no primary fundamental news is coming, so I am expecting to hit about 90 pips as profit (on yhe basis of Fibonacci retracement level)
Thats all in todays post..Keep visiting again to learn more on currency trading.
Labels: currency trading, double bottom, double top, EMA, EUR/USD, Forex day trading system, forex pips, forex trading
