Forex Trade Setups (London Close) Mar. 27th
EURUSD – Finds A Little Resistance Above After launching on Bernanke’s comments yesterday about likely more accommodative monetary policy (read QE3), the euro took a pause against the USD as it ran into medium term resistance above at 1.3384 forming a pin bar rejection off this key level. Traders should watch the ensuing price action for clues on the next move. If the pullback...
Read More7 Signs You Know You’re Maturing As A Trader
Often times, we measure our success as a trader by our account value, whether it has grown, perhaps doubled in size, or whether we have lost and are under water. Unfortunately, this is really a myopic way of measuring our success in trading. If this was the true benchmark, then for my first 6 mos of trading, I must have been a rock star turning 3k into 83k. How did I do it?...
Read MoreForex Trade Signals (NY Close) Mar. 26th
USD Gets Hammered Thanks to Bernanke So much for no more QE3. Bernanke gave the markets the juice they were looking for when he talked about the only way to reduce unemployment was to keep an easy and accommodative monetary policy in place. The markets jumped on these comments and stocks took off with the S&P jumping to its highest levels since May 2008 while the USD got hammered. Why?...
Read MoreForex Trade Setups (European Close) Mar. 26th
Gold – Breaks the Stalemate After dropping over $160 in the month of March, gold found its luster after being trapped in a $30 range since the 14th of March between $1630 and $1662. Today the metal broke the stalemate pulling back to the 4hr 20ema, before finding buyers who stepped in large pushing it up $25 in 4hrs. We suspect the trap at $1630 is where the buyers really entered and...
Read MoreForex Trading Insights Mar. 23rd – Wait For Your Price
Last week I was busy traveling on business so missed it but am back now for my weekly forex trading insights. Yesterday on my facebook page, I wrote about a short term bottoming formation in the NZDUSD as it was approaching a key support level. The traders in my price action course also noticed this setup and were looking for an entry as well. Below is the chart around the time I sent out the...
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