Analysis

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 ;)

READ MORE - Analysis

Euro Dollar and Pound Sterling Dollar

Hello Traders,

I would like to say a few works about the current forex market on both Euro Dollar and Pound Sterling Dollar pairs. Last week's bearish move on both Euro Dollar and Pound Sterling Dollar had broken some of the resistances we desired to be a bullish support so that we could take part, but led us to be sidelined until now. There weren't any Price Action that I was interested in, so I didn't execute any of my trade during last week.

I have no idea of how fundamental result affects the market, however, last week there were high impact news that moves the forex market like NFP and Interest Rate Statements. These news, for me, are unpredictable. Usually I skip or set a tight stop loss if I am currently on a trade during these times.

My Conclusion:
Euro Dollar Analysis
Ranged around 500pips last week, I would like to leave this pair now and let it develop first before taking any false signal.

Pound Sterling Analysis
Ranged more than 450pips last week, I would also like to leave this pair and see how it develops.

READ MORE - Euro Dollar and Pound Sterling Dollar

Pound Sterling Dollar Analysis

Hello forex traders,

I haven't receive any good forex signal yet from both of the pairs I like most, which are Pound Sterling Dollar and Euro Dollar. At this time, forex traders who trade mostly the same time frame like I do (4hour time frame) could sit back and relax and have a little rest on their sit.

It is almost weekend and I'd love to post my view on the current forex - Pound Sterling Dollar pair for today.

POUND STERLING DOLLAR CHART:


What I see on Pound Sterling Dollar right now is actually price bounces up and down creating a channel (blue box I've drawn on the chart) and this creates a consolidation. So in the meantime, I would say trading this pair is quite risky. My choice is to stay away from Pound Sterling Dollar for awhile, however still being alert to any signal coming to both Euro Dollar and Pound Sterling Dollar pair.

READ MORE - Pound Sterling Dollar Analysis

Pound Sterling Dollar Analysis and Euro Dollar Analysis

After gaining a few hundred pips this month, we have to plan our trade for the future. Some traders stops when their target are fully met before the end of the month, but some traders are always precautious when they see signals on their chart.

Remember, every forex traders have their own style of trading. I won't call people who always follow free signals are traders. Each traders have their own view of the market. I'm not saying learning from other traders is wrong, but continuously taking signals from other traders won't make us traders, rather just a follower. "When you give a man a fish, you feed them once. But when you teach a man how to fish, you feed them the rest of his life." My point is, learn how to trade from your own point of view.

As for me, I want to see how our forex chart develops into a kind of chart we want to see first before we decide to take any trade. At 4hour timeframe I am trading in, sometimes we have to wait for price to develop and study how it moves. One essential point in forex trading requires patient, just like I said several times on this blog. Price action or round numbers are some technical requirements for forex trading.

Now let's go to our possible run for this week's forex trade. We would trade if there are nice setup(s). However we have to be cautios of those low probability trade that could trap us and get ourselves at negative result of forex trade. Here we go:

EURO DOLLAR ANALYSIS:


POUND STERLING DOLLAR ANALYSIS:

READ MORE - Pound Sterling Dollar Analysis and Euro Dollar Analysis

Analysis

Not a very good week to trade the forex market as we see there wasn't any signal for the pairs I've waited to take any trade. Sometimes we have to be really patient to wait for a high probability forex trade to show up. As I've said several times on the previous posts, forex trading requires discipline and mentaly ready for anything to happen. Get yourself sidelined to skip low probability forex trade, analyse the 4hour timeframe, daily timeframe, or even weekly timeframe for your next forex trades rather making yourself burn by making false forex trade. I'll post some of the forex pairs I'd love to trade for next week's prediction, and if there are signals showing for forex trades, then we will execute our plan to trade. Have a nice weekend, traders!

Euro Possibility:

READ MORE - Analysis

Market Overview on Poundsterling Dollar (GBPUSD), Euro Dollar (EURUSD) and Dollar Canadian (USDCAD)

Market overview is important on how you see the current market condition. The first important step before making any decision to your forex trade is to always ask yourself "What's my market view?" on your mind to see how are you going to apply it on your trade. These currencies I'm overviewing are some of my favorites. Updated on the next posts will include the market overview on each other pairs I would like to trade. My first market overview is to be on Euro Dollar Foreign Currency.

Euro Dollar Analysis on Daily Timeframe:

A clear falling price we can see there for Euro Dollar since 1.5100 (rounded number) almost until the end of the year 2009 and then produced a stagnant area in the blue box I've drawn. Price has broken the resistance between the channel and is free to move up, or going back down for a false breakout. My forex simple system (Price Action) haven't signal me to both to sell Euro Dollar or even buy the Euro Dollar. We will see what happen the next or two days later for that.

Poundsterling Dollar Analysis with some scenarios:
Red circles are supports and resistance to price

Uncertain possibilites are still hanging there on this pair. Patience is important before we get ourselves burnt. Trading both pair currencies Euro Dollar and Poundsterling Dollar are fun!

Canadian Dollar Analysis:

A brief market overview on Canadian Dollar. An excellent setup would be to wait until price goes off the yellow resistance line I've drawn there and wait for a signal for buying.

READ MORE - Market Overview on Poundsterling Dollar (GBPUSD), Euro Dollar (EURUSD) and Dollar Canadian (USDCAD)

My Market View

Looking at Cable, we could see a massive move to the South. At this kind of time, I can only sit and watch. A movement up to 50% Fibonacci Retracement level would be interesting, yet there is no clear signal given by market.

Chart:

READ MORE - My Market View

Analysis

Lemme start with my analysis for this week's TC possibility.

EURO:Price has broken through the bearish channel giving a new 4hour direction which is bullish, so as MACD, which has passed the '0' line and is also giving a new bullish direction. Hope there is a perfect setup on this pair so that we can get an entry point.

Cable: Price has finally started going up after last Friday's move, breakout did also happen after breaking my bearish-orange-support TL there. I hope this pair is also doing its job making a perfect TC. Like usual, time will tell. Happy hunting

READ MORE - Analysis

Missed Opportunity

Hello traders,

Pretty relaxing month as my target for the month has been reach beyond my target.

However I didn't ever plan to miss an opportunity like this one I just saw on NZDUSD pair.

Price goes down and retraces and were making wedgy channel. And after that it goes down breaking the bull support. As you can see there my black line is how I determine my TP. The length of the lines are more or less the same. Target was around 90pips and SL is set back to the breakout point.

I was still in my nightsleep dream when this happens. If I was there I would have taken it.

Mairza

READ MORE - Missed Opportunity

Euro Analysis

Hi traders,

As today is Sunday and it is the last day of the month, I'm preparing some analysis for the coming week ahead. Next week might be interesting where two high impact news which usually runs the market for a couple of hundred pips might be a start for September trade. High impact news should give us enough hints for us to get ready on where price is going.

In my euro charts here (see attached), I would probably be preparing for long entries because what we have here euro is currently consolidating at the LML on the daily chart. Price went trough the ML and goes down since mid of July after setting a new high record of all time at 1.6039. The Dollar have strenghtened since then and move as low as 1.4569 which means a down move of 1470pips and this could mean an oversold area has been reached.

Zooming down into 4hr we can see there a pitchfork pattern has already formed and price is being held by LML. If this holds until Thursday and goes up from here, then this could mean a long possible trade. Entry will be using 4HR MACD using Phillip's MACD system and is going to be applied there when full criteria has been met. Thanks again Phillip for your contribution who has helped many traders to understand the market further and answered many questions within the thread.

Last but not the least, my scenario is to get on long either on Thursday or Friday where Interest rate statements (Thursday) and NFP (Friday) will be announced, however, remember that anything can happen in the Forex Market. Not all analysis can be correct. For instance, a news is forecasted to be positive but as soon as the news is released, the actual data gives out negative and market goes far against our favor taking technical analysis into a failure. This is where Stoploss will play it's role ;) Good luck Traders.

Mairza

READ MORE - Euro Analysis

GU

Good morning, Traders!

We're going to look at GU for this week's plan right now as I can see price broke through the median line on the weekly chart. To share my experience before, from this point price might retrace for a couple of hundred pips to the north after Friday's fully bearish move, or if price doesn't retrace then that simply means USD still got the strength to move GU down.

I will definitely go short when all requirements are met.


Let me express my feelings abit for a refreshening Monday..
Last week was a very good week where I took quite a large amount of pips.. I started positively and it ended also nicely positive ;) I also enjoyed the weekend with friends, oh and I ate alot last weekend, lol. Had a nice 5v5 football game, and hell yeah I scored goals, too! There weren't many people came to the field as someone told me they were busy preparing for 17th of August Indonesian Independence Day. I hope I can make much more pips this week. Got to be aware of consolidation after last week's move...

READ MORE - GU

Last Week's Signal

Hi traders,

I've been watching 4hour MACD for signals, though there weren't any perfect setup EXCEPT canadian pair on the 29th of July. I was away that time so I couldn't take it, and if I was there I would have taken it. The other setups occurred on the other two currencies as well (cable and euro) but I had to ignore those signals because there were lots of tails going on after candle closes.

READ MORE - Last Week's Signal

Daily TCs

Here comes the big day! Three daily TCs appeared in three pairs I trade! Cable, Euro and Canadian! Of all the pairs, euro hooked me most because I like the rhythm which includes bouncing off the TL, bullish candlesticks, and the most convincing is TC + breakout on daily chart! Here goes the charts:

figure: euro



figure: cable


figure: canadian

READ MORE - Daily TCs

A very interesting daily chart I have here, at least for me. I think GU is retracing back to fibo 50% after breaking out some channel there, trying to make a tail, and if my speculation works well there, maybe we'll see a bullish market once again, forms a TC maybe, on tuesday? Or maybe if my speculation is wrong price might break 50% fibo and TC doesn't happen. Time will tell.

Have a nice weekend everyone.

Mairza

READ MORE -

EU & GU

Figure: EU daily chart

I took long EU trade 2 hours ago. It wasn't a pure 4hr MACD system trade because I'm using different timeframes (which is daily), shown MACD TC pattern yesterday, waited for another candle to close so that I could confirm that the signal wasn't a fake one. Daily candle closed and then, there.. I took EU trade.

What I would like to see on GU in a few minutes to candle close is a perfect ZB (Zero Break) MACD pattern plus a signal candle giving me a more confident into taking the trade. Here we go: Edit: The candle closed with a tail pointing upward. I don't want to take high risk for GU so I had to skip this one.

READ MORE - EU & GU

USDCAD signal

The candle has just closed and took MACD sell signal away. No trade today, candle closed with quite a long tail too there on USDCAD.
Hope to see more trading signal to come.

Mairza

READ MORE - USDCAD signal

Today's Analysis

An interesting breakout through the wedgy USDCAD channel yesterday. I should've posted the chart hours ago, however I couldn't do it due to exam coming in a few minutes just after I took a screenshot. Well here it is, price action & MACD rhythm is there, retracing to the 8MA & 200MA looking for a support there. We'll see what happens. I will take a trade should price & MACD gives a signal

Mairza

READ MORE - Today's Analysis

Monday Market

Hello traders,
Cable shown me a TC pattern on MACD indicator today by Asian - session this morning. I wasn't interested in taking deals on Monday Asian - session because I might see a false signal at that time. Eventually, I skipped the opportunity although it did went South ranging around 180ish pips. Not a big problem, I would rather miss it rather taking an unclear chart, at least for me. cable found bear resistance, will be taking a TC deal should a trading condition acquired.

Mairza

READ MORE - Monday Market

GBPUSD

As today is a holiday (Independence Day), I suggest the volatility of the market is much slower than usual. Though I'm ready to see a TC on my chart (cable) if there will be more downward force because the rhythm is there, off the MA, and candlestick should forms a perfect formation as well to confirm.

READ MORE - GBPUSD

Missed USDCAD trade

Beautiful candlestick formation formed in USDCAD pair.

I posted before and said that I will take a trade based on MACD signal should candle formation forms well and it did form just like I wished for. Unfortunately I had something to do and I had to leave my desk and missed the boat. The body of the bull candle with medium-tail under it creates a high probability for price to go higher.

- For new forex beginners I will soon post a quick start on how to start a forex business such as opening an account, how to buy/sell currency pairs, etc...

Mairza

READ MORE - Missed USDCAD trade