Let's go to analysis now on today's market price as I posted on previous posts that I now only trade on two pairs, which are Poundsterling Dollar and Euro Dollar.
Poundsterling Dollar:
Previous weeks shows a strong uptrend (or bullish) movement to the North side of the chart, a strong support came from around 1.4400 (June) and it went up, up, up until now. We now have price at 1.5500 and is stalling, which could be a signal for it to go short from now, however, there isn't any confirmation on the move yet.
Euro Dollar:
Last week's previous high was around 1.3000 and currently price is trying to pierce through 1.3000 which gives me no interest on this pair either.
So by looking at price movement right now, the best thing I can do is to stay on the sideline...
Tuesday, July 27, 2010
Update
Hello Traders
It has been awhile I haven't update the blog. It is my last semester now on college so I had to concentrate on my final task. Now that it is over, updating my blog is one way to kill the time...
Monday, February 15, 2010
Price Action
Hi Forex Traders. It's Monday today and forex market is open for us to see what's going up and what's going down. During this time I'm sidelined until something 'catchy' comes out and ask me to take a forex trade.Therefore at this point I would like to answer a question that I received on my private messages from some of followers sent me on my e-mail. I would like to thank those who asks because giving answer to related subject gives me how my blog helps those who needs them. Question: "Dear Admin, I'd like to ask how do you identify Price Action (PA) and their setups? You often mention Price Action several times on this blog and I'm interested to learn them."My Answer: Yes, my trade is based on Price Action because for me, Price Action shows me the future, and many indicators I've known shows only the past. Learning several types of important Price Actions such as Pin Bar or Outside Bars & Inside Bars are the first signal and then combined with other simple manual tools such as trend...
Sunday, February 14, 2010
Another great post from a great poster
I've been trading for a living for many years. Using robust methods that have worked for decades, and I trust will continue for more decades. I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading.Thinking otherwise is denying reality and the facts. It is easy to ignore because the facts about trading are difficult to dig out, and only the determined care to find out anything or succeed at anything worthwhile.After reading many posts in these threads, I decided I had to weigh in on a couple of things. I would have to agree with -Isotonic- that a very small subset of posters are actually trading for a living.Most of my friends are traders, many of whom I helped bring into the winning fraternity. We all have to keep on our game every...
95% forex trading failure rate? By Dopey
Another great post from a great poster:"Another part of this is the low-entry barrier to trading. If you wanted to be a lawyer or doctor and eventually make a 6 figure income every year, you have to pass a slew of gatekeepers beginning with your first four years of university.Then law or medical school gatekeepers ensure that only those that are academically suited enter the the school. Then during your years in the school, their are numerous tests that judge your emotional abilities to handle the job along with your intelligence.Once you finish school, you know have to pass another gatekeeper, the licensing boards of each state.Once you have your license, you now have to join a law firm or hospital which means you have to get by their gatekeepers.Once you're in, you now have to bust your ass for years to make partner or get to the point where you can open your own private practice.The end result is that after 7-9 years of universities and 5-7 years of busting your ass for someone else...
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