Trading is a business. A business must have business plan. Therefore, trading must have a trading plan too! A trading plan include: 1. Entry level 2. Target level 3. Stop Loss level 4. Position Sizing To get 400 pips in a trade is not easy. One way
Read more →1.6660 ~ proves to be elusive for the Sterling. A 3-day fling in early November adds another failed breakout to that level based on the daily chart. For now, traders have found a support in the 1-hour chart so there might be another attempt.
Read more →Traders will be looking for clues to where the EURGBP will go. While it has apparently found support at .8900 recently (50% retracement of August to October rally), the direction is unclear if we look at the action from week to week. Movement out of the supports
Read more →This level is the high of the October rally. For now, the hour candles show tentativeness although conclusions can only be drawn when the daily chart give us a significant candle signal. October high: .9326 Level reached today: .9343 Exceeded by: 0.16% Traders might be on the
Read more →It is however still inside the boundaries of the October rally. If we continue to see higher highs and higher lows, then the trend may remain intact. Otherwise a consolidation may take place.
Read more →87.00 may be a psychological level for the USDJPY. That’s because it is a prominent level after the global crisis. In the December 2008, the USDJPY reached 87.12. Once we go below this level, there is no guidance until the next level – 79.75 in the year
Read more →EURJPY is a tough pair to figure out. I think that’s partly because it does not have its one driver but rather it is being torn by the movements of the EUDUSD and the USDJPY. Still let’s have a look starting with the daily charts and moving
Read more →Euro appears to display a failed break on the daily chart. Despite intraday action breaking down the 61.8% retracement of the October rally, the daily candles print a long tail with a close above this support level. This appears to indicate that the support is solid. There
Read more →Euro shows a consolidation pattern that is similar to a symmetrical triangle. Such patterns can both be continuation as well as reversal patterns so the direction of the Euro is now unclear. What is clear is that Euro has retraced 61.8% of the October rally so this
Read more →There is no reversal of daily chart yet although there is a hint on the H4 chart. Price movement in both directions in the past 2 days are very strong so be mindful of volatility ahead.
Read more →From a the H4 chart showing the weekly picture however, the USDJPY appears to be still on an uptrend from both the higher low (to be confirmed) and the apparent upward rising channel.
Read more →In a nice technical retracement, Euro visited the mid-October support also September high. We may see it coming back to the Monday open to test resistance.
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