Simple is the best - Daily Forex Technical Analysis with Alexanp

Hello guys. I have been in Forex market for 6 years. Nowadays, there are lots of FX strategies created by a lot of retail traders. As my experience, there’s no secret trading strategy, the most useful one is the simplest one.

[B]My favorite strategy is to use Price Action in the most simple way. The key of this is money management.[/B]

In this topic, I’d like to share some of my analysis. Hope they will help you gain some profit from market.

Feel free to ask if you guys have any question regarding my topic. :slight_smile:

CADCHF in downtrend, so I sell with sl/tp ratio of 1:2


A few notes of CAD basis (dailyfx):

  • The recent fall in Crude Oil, down below $50/barrel and nearly -9% lower on the month, has kept the pressure on an already weak Canadian dollar

  • With expectations of a hike hitting 100% this week, traders are now pricing in a second and third US interest rate hike in 2017, with the more hawkish commentators even talking the potential for four increases this year. A stronger US Dollar and higher interest rates will feed back into weaker oil prices, which will hurt Canada’s trade position, and thus, the Canadian Dollar.

First target at 0.7480 nicely hit.

Now I moved the stoploss of the second order down to 0.7540. This order now is :

Sell CADCHF at 0.7526
SL 0.7540
TP 0.7446

EURUSD today moves steadily and now s between the 38.2 level and the last consolidation resistant (now become support). It seems awaiting for Fed’s Rate Hike tomorrow. Heres some notes of current Eur/usd fundament:

  • Eur today falled because “Disappointing German ZEW Survey” (dailyfx)
  • Both the German ZEW survey for March and Euro-Zone industrial production figures for January missed expectations.
  • USD hike rate decision tomorrow seems to be 100%. However, surprised things could happen.

EUR is in the short-term bullish but acted steadily today, so that we better wait and see the tomorrow event. As you see in the chart below, if the fed rate hike comes true and eurusd breaks below the 50.0 level, then theres a high chance it will fall more. :slight_smile:


CADCHFs falling and in profit

My next order on CADJPY


[B]CADJPY SELL ORDER TOOK PROFIT +80 pips[/B]

Now im staying out of market and wait for new chance

Sell CHFJPY 113.12
SL 113.52
TP 112.32

Waiting for chfjpy tp :slight_smile:


CHFJPY Profit Target hit

Hi alexanp, your trades are quite interesting. Able to share your strategy more in detail?

Regards,
belhawk

Good for you!!