Price Action Trading – Strong vs. Weak
Trading Forex is in many aspects the same as trading any other instruments. However, there is one crucial way in which trading Forex is completely different than trading other markets. When you are trading any other instrument, you are trading a single instrument based upon its individual strength or weakness. However, in Forex you are trading two instruments or currencies which have their...
Read MoreChart of the Week May 18th
EURUSD Has formed a weekly close below 1.2500 which does not help its case. As if the Euro did not have enough problems on its hand, it has posted its 1st weekly close below 1.25 since 2006. Keep in mind after the steep fall in 2008 from 1.6000-1.2328, it still never posted a weekly close below the big figure at 1.2500. This could have some serious effects as likely technical models will get...
Read MoreUsing Pivot Points for Reversal Entries
One of the most challenging aspects for traders is finding and entry point into the market, particularly when looking for reversals or rejections. However this is not as complicated as it seems for there is a tool which is exceptional at helping traders find intraday entries for reversals – Pivot Points. What are Pivot Points? Originally created by floor traders, Pivot Points were simply used...
Read MoreChart of the Week May 10th
EURCAD – Not Much Left I know, its a monthly chart – something you day traders have probably never looked at and likely had trouble finding the monthly time frame on your charting package. Be that as it may, it probably gives us the best view of what is down below from here and the answer is – not much left. After rejecting perfectly off the daily 20ema today and bouncing...
Read MoreIchimoku Report May 10th
EURUSD – And after approximately 1 trillion dollars in aid, it still sells off After the Vegas World Series of Poker ‘All-In’ maneuver by the EU, ECB and IMF, the euro found some good strength upon the open from tokyo to hit 1.3050 and do what? Sell-off about 275pips. This gives a somewhat mixed message to the market with the pair rallying out of the gates to open only to...
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