About TrapTheMarket

Here’s why I hope to drive southwards with Aussie this week.

The pair has been consolidating for much of the past seven weeks. However, the downward trend that started in March 2013 is not yet broken. Recent price action on the weekly time frame is around a weekly S/R zone. Last week a piercing-like bearish candlestick formed on the weekly time frame but the previous week’s candlestick was a relatively larger bullish candlestick. Momentum for further bearish move is likely to result from a break below the counter trend line (magenta colour) on the weekly time frame.

I may be wrong. Trade safe and prosper.


I hope you enjoy this video.

Trade safe and prosper.

I will look to riding EURJPY southwards during the week. Here’s why.

On the H4 time frame, an outer descending trendline (bold saddlebraown colour) from the high of March 13, 2017 is still very much in play while price action has moved lower, indicating an increase in momentum, to respect an inner descending trendline (bold magenta colour) from the high of March 17, 2017. The order flow context and the nature of price action last week showed that the market was in consolidation but the bulls were largely more influential. It is much likely that there wil be a retracement northwards before any further southward move is in play. A likely target of such a retracement is the intersection of the inner descending trendline and the immediate resistance zone, which is around 118.656 and 119.023 and which adjoins the 38.2 Fib zone from the high of March 17, 2017.

I may be wrong. Trade safe and prosper.


If you know when not to trade and then actually stop trading, you would go far in consistent profitability. Watch this video.

Trade safe and prosper.

[B]Just Sharing[/B]

This is why you keep searching for the ‘Holy Grail’: You don’t understand what really brings about lasting success in Forex trading. Stop searching for the ‘Holy Grail’! There is no single best trading strategy or system. Just focus on what fits your personality and trading style, and works best for you.

Trade safe and prosper.

Here’s why I will be looking for a sell trade opportunity on AUDJPY this week.

On the daily time frame, price action since March 2017 has been operating in a descending channel (dark violet colour) but since the beginning of April the price action has moved to the lower half of the channel, creating a pennant-like formation, portending an increase in momentum southwards. It should be noted that the most recent price action is within a zone which has flipped as an S/R role for a while. As there is a confluence of barriers in this zone, price action may struggle before it successfully breaks below the zone. This is likely to expose the next support zone, around 79.278, as the likely target.

I may be wrong. Trade safe and prosper.


Just Sharing

Here’s a video you may find challenging but could enhance your trading.

Trade safe and prosper.

I will be tracking NZDUSD, which is operating within a range of about 160 pips. This may be a scalper’s delight. But as a swing trader, I will wait until price action has passed no-man’s land or break out of the range before looking for any trading opportunity. See attached chart; the range is mapped with bold saddlebrown horizontal lines.

Trade safe and prosper.


[B]Just Sharing[/B]

If you want to succeed in Forex trading consider this: I have always thought Forex trading was difficult until very much recently. Forex trading is very easy; what is difficult is succeeding in Forex trading. And here’s why:

It takes a load of hard work and mental effort to plan and prepare for consistent profitability; and much more mental and emotional effort to wait for the right time, price and location. Only very few traders can do this.

Trade safe and prosper.

I will look for the opportunity to trade USDCAD northwards this week. Here’s why:

The technicals and order flow context of the H4 time frame strongly favour the bulls. The two ascending tendlines (magenta colour) are well-angled for enhanced momentum to the northside and since April 2017 the candlesticks have been predominantly bullish. Three ascending price waves have been fully completed on he H4 time frame and a fourth is in play, much likely to produce a pullback before any further northward move can see further impetus, more so since recent price action has been within a resistance zone. The wicky-top candlesticks recently formed on the H4 time frame give further clue as to the struggle of sellers to wrestle control from buyers, perhaps indicating imminence of a pullback.

I may be wrong. Trade safe and prosper.

ATTACH=CONFIG]97613[/ATTACH]





[B]Just sharing[/B]

Focus on being a disciplined trader with clear vision on trading improvement for consistent, long-term profitability. Any trader who remains undisciplined leaves themselves open to failure.

[B]Just Sharing[/B]

Here are some of the things I do to maintain trading discipline: Improve on my market analysis, identify levels/zones to trade from, develop key rules for trade entry/setup and wait for the market to come to my levels/zones.

Trade safe and prosper.

KP

[B]Just Sharing
[/B]
Demo accounts have their place in trading success. For success in live accounts, demo accounts should be used for developing and mastering one or two functional trading systems/strategies and learning solid risk and capital management.

[B]Just sharing[/B]

See what you can learn from this video to be a better trader.

Trade safe and prosper.

Here’s my technical perspective on the EURUSD. On the H4 time frame, buyers pushed price upward for the most part of last week and price broke above the channel resistance last week Tuesday. However, shortly after, the momentum slowed and on Thursday sellers tangled for a retracement before a further upward push. In the last two sessions on Friday, the upward momentum slowed down. Should sellers exert further pressure, price may retest the channel at an area that adjoins the 50/32.8 Fib retracement zone of the swing from the low of May 12, bounded by saddlebrown horizontal lines in the attached H4 chart. Otherwise, an upward continuation is likely to target the 1.14580 area.

I may be wrong. Trade safe and prosper.


Here’s why I would like to drive southwards with EURNZD at the earliest opportunity. Recent price action on the H4 time frame shows that buyers and sellers are in battle for control. The momentum for a northward move is waning, indicated by the weak slopes of the MAs I use and the fact that the most recent sessions saw the bears in control. Should this lead to a topping formation, we may expect price action to retest the ascending trendline (in navy colour) around the 1.59470 area, which adjoins the immediate support zone.

I may be wrong. Trade safe and prosper.


[B]Just Sharing[/B]

Preserve your capital always and trade patiently; don’t rush into trades, don’t rush your entry - let the market come to your levels.

Trade safe and prosper.

Here’s why I will look to trade EURGBP northwards this week. On the H4 time frame, price action is primarily on a northward move. Since May, two upward price waves have been consummated and a third is very much in play. This may consummate upon a further upward move, perhaps to the region of the next resistance around 0.87744, with a pullback to retest the ascending trendline (in magenta colour) or the immediate support around the 0.86720 area.

I may be wrong. Trade safe and prosper.


Alternative technical biases on EURGBP:

Long-term: northwards, particularly if price action breaks above the 0.93070 area
Short-term: sideways operation/retracement to around the 0.86720 area.

I may be wrong. Trade safe and prosper.

[B]Just sharing[/B]

Your trading will improve immensely if you learn to read and analyse the market better; particularly using a top-down multi-timeframe approach.