USDCAD (updated) - latest news on forex trading in india

USDCAD (updated) ~ latest news on forex trading in india

The weekly trend for USDCAD is downward and the daily chart is operating within the downtrend until price clearly breaks outside the trendline.


The recommended option is BUY using the daily RSI. SELL is huge risk until price clearly moves to the upper zone. The buy zone is indicated on the daily RSI with yellow color.


The recommendation is to wait until the RSI falls back into the yellow zone and buy the next bull candle. H4 will confirm reversal and M15 will entry.



The weekly and daily charts are attached.
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Outlook on some Majors - forex market news international

Outlook on some Majors ~ forex market news international

USDCAD
The downward pressure is still on USDCAD and the pair is still respecting the downward trendline on the weekly chart. Every attempt to rise met resistance at the 50 point mark. History has shown no currency pair remain low for ever.

Recommendation:

Wait for price to fall back to the 30 point mark on the daily chart and watch out for the 50 point mark to take profit or lock your profit.

GBPJPY

GBPJPY is stll continuing its upward movement from 125.45 As I mentioned earlier the pair usually move at least a 1000 pips divided in 500 pips to complete a circle. The current move is expected to reach around 134-135 area. Price is currently bouncing between 70 and 50 point mark.

Recommendation:

Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Personally I would prefer to short around 134-135. I actually have a pendind order at 135.00 for almost three weeks.

GBPUSD

GBPUSD broke out of the concrete zone this week to touch 1.62796 to complete almost a 1000 pips move. The pressure is to the downside. Price is currently bouncing between 70 and 50 point mark.

Recommendation:

SELL. Wait for price to rise back to 70 point mark on the daily chart, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Remember whenever a daily candle opens and clososes outside the concrete zone the direction is confirmed.


AUDUSD

AUDUSD us currently trading between 1.02411 and 0.95092 (our current concrete zone). The middle of the zone is established at 0.98038. Price is currently bouncing between 70 and 50 point mark.

Recommendation:

SELL. Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit.

The relevant daily and weekly charts for these pairs are attached. Enjoy your trading!








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500 Pips Trade set up - forex trading latest news

500 Pips Trade set up ~ forex trading latest news

Welcome to a new trading year - 2011. What I will be discussing this year is taking our trade to higher levels. Looking for those highly profitable set up for the major pairs. This first posting will be on the GBPUSD. The principle are simple as follows:

1. We rely of the weekly chart for the overall direction
2. The daily chart determines whether to buy or sell
3. H4 or M15 for excellent entry.

Based on the above analysis, here is the set up for a potential 500+ pips trade based on Head & Shoulder on the weekly .

a) The weekly trend is up
b) The daily RSI is getting close to 70 RSI and currently withing a possible left shoulder of Head & Shoulder on the weekly chart.
c) It took about 21 days from when the signal was given on the daily and roughly 750 pips so far.
d) The yellow area is where we are watching now. A daily open and close above 1.61140 area will invalidate our head & shoulder set-up. If this happens a second kiss of 1.63000 is possible to give us double top.

Until this happens our H&S is still valid. Furthermore the daily RSI is currently kissing 70 point mark. This means the cable is getting ripe for short. However, we need to see where the daily candle closes today.

If you are ready for a 500-pips or more trade, you can begin to short between 1.610000 - 1.630000 or the first reversal candle (bear candle on the daily). Everything is in the chart!

Enjoy your trading!
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USDCHF (updated) Outlook - forex market news in india

USDCHF (updated) Outlook ~ forex market news in india

WEEKLY



The weekly chart has been on the decline from 1.17500 since May 2010. The trendline is being respected so far.



DAILY


The daily chart is also on a decline and presently unable to rise above the 50 point mark. In view of the current weakness of the dollar, the pressure seems to be on the downside. The daily RSI is currently on 38+. But historically USDCHF is cable of drastic movement up and down it can go as low as 16.67 point on the daily RSI and as high as 80.12. It is always helpful to understand the currency pairs you are trading.



Recommendation:



This is the time to wait until the daily RSI falls below 70. At least 2 daily candles will alert you when to buy or sell.



The weekly, daily and H4 charts are attached as usual.
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AUDUSD (updated) Recommendation - trading the news in forex strategy

AUDUSD (updated) Recommendation ~ trading the news in forex strategy

AUDUSD is still on an upward trend. The Weekly trendline is in yellow colour and the daily trendline is in blue colour. The currency is current trading within it historical high. The descent has begun on the weekly chart. There is real possibility of further fall. The trading range between August 2010 to date is 1.00241 and 0.95092. In between there is a minor support at 0.98037.



The current fall on the daily is approaching the oversold territory. The recommended option for trading this currency is SELL using the daily RSI. BUY is very huge risk For clarity, I have indicated the sell zone in yellow colour on the RSI.



This is the time to WAIT. Wait until price gets back to the yellow zone to short.


Happy Trading!



See the weekly and daily charts above
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Understanding Trends - forex news spike trading ea

Understanding Trends ~ forex news spike trading ea

What I will discuss today is understanding trend. I still have one or two things to discuss before finally discussing my current trading style.

Understanding trends

Many traders find it very difficult to understand trend. The simple truth is that you can only understand trend if you follow the weekly time frame. What most traders dont appreciate is that if a trend is up in the higher time frame it can remain up so for a month, 4-5 weeks, 35 days etc. Your chance of success will increase significantly if you trade in the direction of weekly time frame using the lower time frames to enter into trade. Put differently, if the weekly trend is down, your best bet is to sell the pull backs at least until price moves in that direction by about 900-1000 pips. On the other hand, if the weekly trend is up, the most profitable thing to do is to buy on the pull backs at least until price moves in that direction by about 900-1000 pips. Let me illustrate my analysis of the price action from in the last five months;

a) In April price the highest point for the year at 1.67460
b) Between May and July price fell by about 1000 pips to 1.5780 and pulled back to 1.6618 (838 pips) and present fell to a current low of 1.57050 (913 pips so far)
c) The monthly support and resistance are the horizontal red and yellow lines.

The above analysis is simplu a guide and had nothing to do with understanding trend. To have a proper understanding of trend, let us look at price action on the weekly time frame.

a) In terms of weeks, the fall was completed by 10 weekly candles and the rise by about 5 weekly candles
b) In terms of daily time frame about 35 candles
c) in 4 hours time frame perhaps hundreds of candles

I attach the monthly, weekly, daily and H4 charts as usual.
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EURUSD (updated) Trade set up - forex market news indicator

EURUSD (updated) Trade set up ~ forex market news indicator

The EURUSD weekly chart is on an uptrend a continuation of the reversal of the fall from 1.51387. The current move started from 1.18757 and is currently moving into a wedge between the upper and lower trendline. A break of the trendline will determine the next direction

The daily chart is our trading guide. The daily chart has been on the uptrend move for the past fifteen days. The daily RSI is current around 65 point mark. It is getting ready short. Historically EURUSD is capable of going up to 78.750 mark. It is therefore necessary to watch the current move for the next few days until we see the first full bear candle. As you can see there is no bear candle now. Furthermore, a break of the uptrend line on H4 will confirm when this happens.

The weekly, daily and H4 charts are attached
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GBPJPY Trade Set up - forex market news live

GBPJPY Trade Set up ~ forex market news live

Trading without knowing what is happening on the weekly chart could be described as partially sighted trading. This is more important for the GBPJPY. I have earlier posted critical levels for the dragon. If you want to trade GBPJPY, learn these levels by heart and never trade in between. You can check some few posts before this to refresh your memory on these very important levels.

Let us examine our set up for GBPJPY as follows:

a) The weekly is on a bullish run for the past three weeks and has moved by about 700 pips so far

b) The weekly RSI since September 2009 has been reversing around 50 point mark

c) The daily RSI is currently around 65 point mark – it is get close to
overbought region

d) The next minor resistance is at 133 and a major at 135 area

How to trade this set-up

1. Monitor daily RSI until it reaches around 70 point mark
2. Wait for the next bearish daily candle around this area
3. GBPJPY will give you at least three daily candles or pin on a daily candle
to signal reversal
4. The top for now is 132.54
5. Monitor the next two to three daily candles.
6. 131.24 is the line on the sand now, wait for the daily to
7. Follow the train and know the first stop is at 130.00, with 126-125 area
being the next. Below 125, the possibilities are endless 123, 120, 118, 117.
8. In simple term, get ready to short and look out for at least three daily
candles or pin on a daily candle to signal time to pull the trigger.
Fortunately, yesterday’s (18/1/2001) daily candle gave us the pin.

Happy trading!
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