2 Things Every Forex Trader Needs to Remember
In closing out this great week which was fraught with challenges and upswings, I wanted to share 2 things that have empowered me during my trading career from the beginning through to this day; 1) Choose the Path That You Burn, Churn and Yearn to Be Over 13 years ago, I started trading. I had no training in business, economics, or finance. Not even one business class in college. I was teaching...
Read MoreNikkei Suffers 9% Drop – More Downside or Liquidity Vacuum? May 23rd
Nikkei 225 – 1500 point drop followed by small recovery Yesterday the Nikkei 225 suffered one of its biggest % drops in a year, shedding over 1500 points via a 1-2 punch from the weak China PMI along with the Abe-nomics plan failing. The index lost two weeks of ground in a single day. Normally in such cases, I’d be uber-bearish, but I don’t expect a major trend reversal (just...
Read MoreAUDUSD Offering Intra-Day Price Action Signals | May 22nd
AUDUSD – Strong Rejection at Key Level After initially gaining during the Bernanke conference, the Aussie sold off massively, rejecting just shy of the aforementioned key level .9843 where two prior pin bar signals formed. The prior SL (swing low) at .9709 where the corrective move started, was broken, with the market pulling back into it – then selling off further. Traders can look...
Read MoreAussie Corrective Pullback + Pin Bar Signal – More Downside? May 21st
AUDUSD – Aussie Forms Pin Bar At Pullback Level After selling off for 10 of the last 12 days, some profit taking / short covering was to be expected and you can see it in the chart below. This corrective pullback had formed two pin bar signals at a key intra-day level. I want to be short, but considering the BOJ policy meeting, and much anticipated Bernanke speak tomorrow, I’d rather...
Read MoreFocus On What You Can Control – The Trading Mindset
I wanted to discuss a brief lesson today on a personal event that happened to me this week. I feel if you can learn to do this correctly, and avoid this pitfall, you will find your mindset and thoughts being more focused and executing better trades. I was traveling for about 6 days internationally, but had a few hours and wanted to do some trading. My set and forget strategies were already...
Read MoreFX Commentary – GBPUSD Trend Transition Forms Bottom As Expected | May 16th
GBPUSD – Price Action Bottoms, More Upside? As discussed in my FX market commentary yesterday, the GBPUSD was showing intra-day price action signs of a bottom forming via the trend transitions and two way order flow. You can see this in the consolidations which were increasing as the trend went on, signaling a greater participation from the counter-trend players. When you can learn the to...
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