I’ve also been following this thread, and want to be sure I understand what’s being said.
Based on the Medium Term Daily Analysis for USD/CHF. Ideally I should have bought at 0.92045/50 (first arrow) and then sold once I was 50 pips in profit @ around 0.92550 (second arrow).
correct?
Thanks.
Nitsuj, I am sure ForexMoneyMaker will correct me if I’m wrong, but you need to avoid false breakouts, and you do this by ensuring that price clears the level (I believe a 10 pip clearance is mentioned in an earlier post). Personally, I am not yet in this trade, as I would look for at least a couple of 5 minute candles to [U]close[/U] above the level, and none of the three 5M candles that pierced the level on my chart closed above 0.9250 (highest close on my chart was 0.9247) which doesn’t fill me with confidence of a good break to the upside. If it did break, the ST sell levels (0.9280/85 and 0.9305/10) would be good targets.
Dave
Good Helpful post by Dave to Justin. Good Work
Honestly, didn’t get your mixed question, but I do not expect, what my very accurate charts with many advanced indicators tell me, besides my long years of experience in the markets I post here…
Again, We are talking about daily time frame, please try to read previous posts as “Erham” reply to see your answers to same question.
Good Luck
Hi Dave,
Thanks for your answer. So to be sure the 0.92050 level is broken we would wait for 0.92150 (10 pips). And for the 5 Minute to close a few times above this.
Then on my feed, the area in blue could have been seen as a buy signal. Would have made some nice pips with a TP @ 0.92550
Just trying to get my head round the signals.
Ofcourse, your arrows aren’t from my analysis…lol
Do not know from where you brought the buy order but the sell order is the only mentioned in my medium term daily analysisas “high is at 0.9245/50”, so if you had sold at this price level which is high that means sell order, you are now in big pips gain, ofcourse I provide traders with best possible entry prices & it’s up to you what gains you’ll like to take profit at but as this strategy(Medium Term) TP starts at 50 pips and above…
Good Luck
A breakout above high or below low is more hard and better be traded by cautious, as mentioned in previous post, high is forsell order, low is for buy order, breakout of those levels or any price level I mention for any pair must be for a base of 10 pips above or below depending on movement direction(upward or downward).
Briefly, try to trade normal support & resistance price levels breakout I mention, not always highs or lows since as said this needs more powerful trend to be obtained. Certainly, you’'ll be trading by that with the trend but this would be breaking new powerful levels(highs or lows)…
Crazy movement by the markets from some minutes was due to Moody’s downgraded Italy 3 Notches but this bad news for Euro helped my short term sell order of Euro/Usd to be fast hit TP at 50pips. Hopefully you too Traders gained quick money with this fast gain strategy.
As you realize, even in mad market movement my signals are very accurate, that was Euro/Usd first signal sell at 1.3365/70
Other success was Gbp/Usd first buy signal at 1.5350/55 and you now see where’s the market price, ofcourse you might not keep the order this open till now but again perfect entries provided and it’s up to you to decide your gains…
Market is back to normal momentum that started from few hours with dollar & yen very weak against Euro, Sterling, Aussir, Kiwi Chf powering, would wait and see what is next for this new day.
Hopefully my explanation is Clear.
Now leave me rest a little, & stay tuned for my Daily post in around 2 hours or less from now.
Hello Traders,
Forex Signals & Analysis for 5th October 2011:
Short Term Signals:
Usd/Chf Buy at 0.9100/05 then 0.9070/75 then 0.9000/05, sell at 0.9255/60 then 0.9305/10 then 0.9345/50
Usd/Jpy Buy at 76.45/50 then 76.30/35 then 76.05/10, sell at 77.05/10 then 77.20/25 then 77.45/50
Euro/Usd Buy at 1.3150/55 then 1.3060/65, sell at 1.3460/65 then 1.3510/15 then 1.3650/55
Gbp/Usd Buy at 1.5345/50 then 1.5280/85, sell at 1.5560/65 then 1.5595/00 then 1.5695/00
Medium Term Daily Analysis:
Usd/Chf This pair is still on uptrend, retracement at 0.9130/35, break is to our short term buy signals and good support at 0.9060/70, while high is at 0.9245/55, break is to our other 2 short term sell signals
Usd/Jpy This pair is still moving sideways, above 76.75/80 is to target our short term sell signals while below is to 76.65/70, below here would target our short term buy signals
Euro/Usd This pair is still on downtrend, currently held at retracement 1.3355/60, break is to 1.3445/55, above here would possibly target good resistance at 1.3585/95, while low is at 1.3230/40, below here is to our short term buy signals
Gbp/Usd This pair is still on downtrend, currently held at retracement 1.5495/00, break is to 1.5515/20, above would target our short term sell signals with good resistance at 1.5645/55
Usd/Cad This pair is still on uptrend, but in past 2 hours collpased powerfully downward, today retracement at 1.0480/90, break is to 1.0440/45 then 1.0410/15 and possibly toward 1.0370/80, while high is at 1.0650/60, break is to more power the trend toward 1.0705/10 then possibly 1.0755/60
Nzd/Usd This pair is still on downtrend, retracement at 0.7620, break is to 0.7685/90 then 0.7705/10 & 0.7725/30, while low is at 0.7410/20 with support on the way at 0.7460/65
Gbp/Chf This pair is still on uptrend, retracement at 1.4150/55, break is to 1.4110/15 then possibly 1.4070/80 good support that must hold, while high is at 1.4235/45, break is to more power the trend toward 1.4255/60 then 1.4290/95 and possibly 1.4345/50
Euro/Chf This pair is again on uptrend after sideways movement, retracement at 1.2195/05, break is to good support at 1.2140/50 that must hold, while high is at 1.2280/90, above would more power the trend targetting 1.2320/25 then 1.2365/70 and possibly toward 1.2455/60
Euro/Gbp This pair still on downtrend, despite trying to base above retracement at 0.8615/20 targetting 0.8660/65 then 0.8680/85, above here might be hard but if occur would more power the breakout to 0.8710/15, while low is at 0.8550/60, break is to 0.8520/30
Aud/Usd This pair is still on downtrend, retracement at 0.9600/10, break is to 0.9675/80 then 0.9715/25, while low is at 0.9350/60 with support on the way at 0.9390/95
Euro/Jpy This pair is still on downtrend, retracement at 102.55/65, break is to 103.05/10, above here would target 103.55/60 then 104.00/05 and possibly 105.25/30, while low is at 101.10/20
Gbp/Jpy This pair is still on downtrend, retracement at 119.00/10, break is to 119.60/65 then 119.95/05 that must mainly hold but if broken is to target 120.80/90
Oil is still on downtrend, retracement at 78.55/60, break is to 79.65/70 then 80.10, above is toward 80.50/55 and possibly 82.60/65, while low is at 75.35/40, below would target 75.05/10 then possibly 73.65/70
Gold is still on downtrend, retracement at 1631/32, break is to 1642/43 then good resistance at 1648/49, above here would possibly target 1686/87, while low is at 1544/45 with support on the way at 1573 then 1549/50
We have 3 Important News Releases today for the Sterling & Dollar Currencies:
UK Services PMI: Buy Gbp/Usd if 52 or above while sell if 49 or below
ADP Non-Farm Payroll Change: Buy Usd/Chf & Usd/Jpy if above 100K while Buy Euro/Usd & Gbp/Usd if below 30K
US ISM Non-Manufacturing PMI: Buy Usd/Chf & Usd/Jpy if 55 or above while Buy Euro/Usd & Gbp/Usd if 50 or below
*** The market is facing a decisive day with Important news releases coming on…, the huge spike movement and powering for the Euro & most major currencies against the dollar & yen weakness would have 2 explanations and possible options.
First, just a normal(but fast) movement toward retracement then back down for downtrend pairs, second is new trend might be starting to appear after a possible reversal price level been confirmed.
So we’ll wait as usual for clear confirmation to see where the market is heading.
Have A Great Trading Day
Hello Traders,
Forex Signals & Analysis for 6th October 2011:
Short Term Signals:
Usd/Chf Buy at 0.9145/50 then 0.9110/15 then 0.9070/75, sell at 0.9280/85 then 0.9305/10 then 0.9365/70
Usd/Jpy Buy at 76.45/50 then 76.30/35 then 76.05/10, sell at 77.10/15 then 77.25/30 then 77.50/55
Euro/Usd Buy at 1.3250/55 then 1.3205/10 then 1.3150/55, sell at 1.3415/20 then 1.3450/55 then 1.3520/25
Gbp/Usd Buy at 1.5380/85 then 1.5345/50 then 1.5305/10, sell at 1.5515/20 then 1.5545/50 then 1.5600/05
Medium Term Daily Analysis:
Usd/Chf This pair is still on uptrend, retracement at 0.9180/90, break is to our short term buy signals while high is at 0.9295/05, break would more power the trend toward 0.9360/70
Usd/Jpy This pair is still moving sidways, above 76.80 might target our short term sell signals while below 76.70 might target our short term buy signals
Euro/Usd This pair is still on downtrend, retracement at 1.3345/50, break is to 1.3435/40, above here is toward our other short term sell signals and 1.3555/60 must hold, while low is at 1.3210/20
Gbp/Usd This pair is still on downtrend, retracement at 1.5470/80, break is to 1.5520/30, above here is toward our other 2 short term sell signals and good resistance at 1.5620/30, while low is at 1.5310/20
Usd/Cad This pair is squeezed today bt. resistance at 1.0435/45, break is to 1.0555/60 then 1.0630/35 and high is at 1.0655/60, and support at 1.0370/80, break is to 1.0315/20 then 1.0275/80 and possibly to strong support at 1.0160/70
Nzd/Usd This pair is still on downtrend, above resistance at 0.7695/00 is to target 0.7715/20 then 0.7740/45 and possibly 0.7815/20, while below support at 0.7640/50 is to 0.7555/60 then 0.7510/15 and possibly 0.7470/75
Euro/Chf This pair is still on uptrend, retracement at 1.2260/70, break is to 1.2210/20 while high is at 1.2330/35, a base above would more power the trend to target 1.2395/00 then 1.2435/40 and possibly toward 1.2515/20
Gbp/Chf This pair is still on uptrend, retracement at 1.4210/20, break is to 1.4155/65 and possibly to 1.4110/20, while high is at 1.4290/00, above here is to more power the trend targetting 1.4340/45 then 1.4375/80 and possibly 1.4450/60
Euro/Gbp This pair is squeezed bt, resistance at 0.8650 break is to 0.8675/80, above would target 0.8710/15 changing trend direction, while support at 0.8620, break is toward 0.8585/90 keeping downtrend then 0.8565/70 and possibly 0.8540/45
Aud/Usd This pair is also squeezed bt. resistance at 0.9710/20, break is to 0.9740/45 then 0.9780/85 and possibly 0.9895/00 changing trend direction, while support at 0.9640/50, break is to 0.9500 then keeping trend direction toward 0.9425/30 and possibly 0.9360/70
Euro/Jpy This pair is still on downtrend, retracement at 102.45/55, break is to 103.05/10 then 103.35/40 and 104.00/10, while low is at 101.10/20 with support on the way at 101.55/60
Gbp/Jpy This pair still on downtrend, retracement at 118.80/85, break is to 119.00/10, above here is to taregt 109.35/40 then 119.65/70 then 120.20/25, while on the downside toward 117.90/00 then 117.55/60 and possibly 117.10/15
Oil is squeezed today bt. resistance at 80.10/20, break is to 81.20/25 then 81.85/90 and possibly towrd 83.80/90, while support at 79.10/20, break is toward 77.10/20 then 75.80/90 and possibly 74.80/90
Gold is also squeezed bt. resistance at 1648/49 break is toward 1666/67 then 1677/78 and possibly toward 1708/09, while support at 1634/35 break is to 1598/99 then 1579/80 then possinly to 1560/61
We have Very Crucial News Releases today for the Sterling and Euro Currencies:
Would also Keep close look at MPC Rate Statement if dovish or hawkish, BOE might decrease rates so sterling might weaken but if no decrease occur the statement would be a must to decide the sterling pairs near future direction
_ Euro ECB Interest Rate: Buy Euro/Usd if 1.75% while sell if 1.25%
Would keep close look at ECB Press conference to see what would be the language if strong or not regarding current Euro countries debt problems.
*** I can’t understand what the heck Bank Of Japan is doing?!! Maybe collecting the Charity Foundation moneyin the name of “BOJ CF” to later on intervene in the markets…lol
Exports are on the ground effecting many big japanese companies, so instead of providing them with the money, why don’t BOJ intervene and save them from yen powering that is leading to their problems.
On the other hand, help us traders gain big quick money from such intervention.
Usd/Jpy is marking daily higher lows, meaning each day low is higher than the previous one, it is like increasing 10 pips each day, but if this rythym continues we might not find this pair boosting to the upward with no intervention but an ant upward movement with also the possibility of downward breakout if such higher lows is broken later on
This pair current situation with also other yen pairs is showing a possible intervention status, becasue no better situation than the current for intervention, so buy orders can be triggered for this pair if yet traders do not have any order at below prices from past days, with open Take profit or you might set it at 79.40 or below 80 a little if you are not around
Traders didn’t expect SNB to intervene powerfully as had done so far, on the other hand thinking that BOJ would always step to defend the yen from rising, but it seem BOJ is just for talks no actions, while SNB pegging Euro/Chf with warning language from time to time and you are realizing how Chf pairs are in stable upward movement…
The solution is not only intervention since this pair might fast go downward again as had done that so far, but strong language is necessary and best is set floor level for this pair that would also rise the other yen pairs with it as done by SNB for Chf pairs.
I think that the Central Banks can’t cheat all traders even the newbies, because it’s not a secret that they control the forex market, as Swiss National Bank(SNB) had been manipulating prices by keeping Euro/Chf in tight range then powering it upward, the same can be down for Usd/Jpy. But it seem that the decision hadn’t yet been taken by major Central Banks for such Crucial Step.
Have A Great Trading Day
Hello Traders,
Forex Signals & Analysis for 7th October 2011:
Short Term Signals:
Usd/Chf Buy at 0.9130/35 then 0.9100/05 then 0.9020/25, sell at 0.9310/15 then 0.9360/65 then 0.9410/15
Usd/Jpy Buy at 76.50/55 then 76.40/45 then 76.25/30, sell at 76.85/90 then 76.95/00 then 77.10/15
Gbp/Usd Buy at 1.5260/65 then 1.5170/75, sell at 1.5575/80 then 1.5635/40
Euro/Usd Buy at 1.3250/55 then 1.3165/70, sell at 1.3535/40 then 1.3585/90
Medium Term Daily Analysis:
Usd/Chf This pair is still on uptrend, retracement at 0.9190/00, break is to our short term buy signals and good support at 0.9100/10, while high is at 0.9310/20, above would more power the trend toward our other 2 short term sell signals
Usd/Jpy This pair is still moving sideways, above 76.70/75 is to target our short term signals while below 76.65 is to our short term buy signals.
Gbp/Usd This pair is still on downtrend, retracement at 1.5445/55, break is to 1.5520/30, above here would target 1.5595/00 then a base above would change trend direction toward 1.5635/40 and possibly 1.5770/80, while low is at 1.5290/00
Euro/Usd This pair is still on downtrend, retracement at 1.3435/45, break is toward our short term sell signals and good resistance is at 1.3550/60, above would change trend direction possibly toward 1.3715/20, while below 1.3380/90 is to target our short term buy signals and low is at 1.3210/20
Usd/Cad This pair is trying to base on downtrend today after a succcessful breakout yesterday, below 1.0385/95 is to target 1.0315/20 then 1.0290/95 and possibly 1.0215/20, while above 1.0415/20 is toward 1.0470/75 then 1.0515/20 and possibly 1.0555/60
Nzd/Usd This pair is trying to base on uptrend, if bases above 0.7690/95 targetting 0.7765/70 then 0.7785/90 and possibly toward 0.7850/60, while below 0.7670/75 is toward 0.7625/30 then 0.7585/90 and possibly 0.7545/50
Euro/Chf This pair is still on uptrend, retracement at 1.2310/20, break is to 1.2265/70 then 1.2220/25 and possibly 1.2155/60, while high is at 1.2370/80, break would more power the trend toward 1.2455/60 then 1.2495/00 and possibly 1.2570/80
Gbp/Chf This pair is still on uptrend, retracement at 1.4200/10, break is to good support at 1.4120/30, break is to target 1.4045/50, while high is at 1.4300/10, break is to 1.4405/10 then 1.4500/10 and possibly 1.4615/20
Euro/Gbp This pair changed trend direction basing on uptrend today after a succssful breakout of yesterday resistance(review previous post), high support at 0.86/85, break is to retracement at 0.8665/70, break is to 0.8650/55, below here is toward 0.8610/15 then possibly 0.8570/75, while on the upside toward 0.8765/70 then 0.8795/00
Aud/Usd This pair is trying to base on uptrend today. above 0.9710/20 targetting 0.9820/25 then 0.9855/60, while below 0.9680/85 is to target 0.9620/25 then 0.9565/70
Euro/Jpy This pair is still on downtrend, retracement at 103.05/10, break is to 103.70/75 then good resistance at 103.90/00, a base above would target 104.95/00, while below 102.70/75 is to target 101.75/80 then possibly low at 101.20/25
Gbp/Jpy This pair is stil on downtrend, retracement at 118.45/50, break is to 119.00/10 then 119.55/60, above here would change trend direction toward 119.95/00 and possibly all the way toward 121.00/10, while low is at 116.90/00
Oil is on uptrend today, retracement at 80.85/90 break is to 80.65.70, below is toward 79.20/25 then 77.60/65, while on the upside targetting 83.45/50, break owuld more power the trend toward 84.40/45 then 85.30/35
Gold is on uptrend today, retracement at 1643 break is to 1634/35, below would target 1631/31 then 1622/23 and possibly 1613/14, while on the upside toward 1663/64 then 1669/70 and possibly 1683/84
We have 2 Important News Releases today for the Canadian Dollar & the Dollar Currencies;
CAD Employment Change: Buy Usd/Cad if below 0K while sell if 30K or above
NFP Employment Change: Buy Usd/Chf & Usd/Jpy if 100K or above while Buy Euro/Usd & Gbp/Usd if 0K or below
***As I prepared traders yesterday, with an advice to Buy yen pairs especially Usd/Jpy and this pair gave traders another great opportunity to buy in the range of 76.55/65(good buy) or even higher, so hopefully you had entered a buy order and hold on it with open take profit but a range of 79-80 would be reasonable TP and not greedy waiting for few hours from now Bank Of Japan rate decision and press conference that might walk with intervention so stay tuned.
Intervention might also appear in 2 hours time from now as past August intervention happened at such time, but as BOJ News Release appear Intervention might follow.
In worst case, even if BOJ do not interfere current price level is a good buy. If nothing happens today then this pair might continue sideways movement and would be good for scalping as Euro/Chf had been for many past days with tight daily range movement before broke to the upside and keeping this momentum.
Hopefully, BOJ would release this pair from current tight trading range with intervention and strong language to keep it above 80 or 85, becasue I see current market situation is good for intervention with ECB & BOE announced yesterday their New Monetary policy with ECB defending the Euro & keeping rates at 1.5%, BOE Starting QE by purchasing bonds, and the Fed with Mr. Ben Genius with already known clear Monetary Policy which means No Policy…lol but lets be good by naming it manipulating policy or no way policy.
Have A Great Trading Day
Well, it’s another positive week for me trading these signals. Due to other commitments I was only able to trade 3 days (Mon, Tue and Thur) and found it quite challenging with all the market uncertainty. Despite this, I have made +159 pips this week. I had a total of 9 trades (6W, 3L) and my account has increased by +2.6% (risking 0.75% per trade). Two of the losing trades were breakout trades, which proves I still haven’t quite perfected that method!
Since I started live trading these signals (19th Sept) I have netted [B]+1,120 pips[/B] and to say that I’m happy is an understatement. After a couple more months I will increase my risk to 1.5% per trade, which is about my comfort zone.
Thank you!
Dave
Hello Traders,
Forex Signals & Analysis for 10th October 2011:
Short Term Signals:
Usd/Chf Buy at 0.9145/50 then 0.9090/95 then 0.9035/40, sell at 0.9340/45 then 0.9370/75
Usd/Jpy Buy at 76.45/50 then 76.35/40 then 76.20/25, sell at 76.90/95 then 77.05/10 then 77.20/25
Euro/Usd Buy at 1.3290/95 then 1.3255/60, sell at 1.3515/20 then 1.3580/85
Gbp/Usd Buy at 1.5395/00 then 1.5315/20, sell at 1.5700/05 then 1.5765/70
Medium Term Daily Analysis:
Usd/Chf This pair is still on uptrend, retracement at 0.9230/35, break is to good support at 0.9130/40 while high is at 0.9360/70
Usd/Jpy This pair is still moving sideways, above 76.75 is to target our short term sell signals and good resistance is at 77.05/10, while below 76.75 is to target 76.65, break is toward our short term buy signals
Euro/Usd This pair is still on downtrend, below 1.3385/90 is to target our short term buy signals and low is at 1.3190/00, while above 1.3415/20 is to target 1.3535/45
Gbp/Usd This pair is trying to base on uptrend today, but with tight range bt. resistance and support as squeeze movement, above 1.5530/35 is to target 1.5585/95, above here is to target our short term sell signals and confirm uptrend, while below 1.5510/15 is toward our short term buy signals and low is at 1.5320/25
Usd/Cad This pair is still on downtrend, despite a strong retracement after a successful downward movement toward our friday low targets, still held below today retracement at 1.0395/00, break is to 1.0485/90 then 1.0530/40, while on the downside targetting 1.0235/40 then 1.0160/65
Nzd/Usd This pair is still on downtrend, retracement at 0.7680/90, break is toward 0.7795/00 then 0.7845/50, while on the downside toward 0.7630/35 then 0.7600/05 and possibly all the way toward 0.7520/30
Euro/Chf This pair is still on uptrend, retracement at 1.2350/60, break is to 1.2330/35 then 1.2300 then possibly toward 1.2260/70, while high support is at 1.2400/10, basing above would more power the trend toward 1.2450/55 then 1.2470/75 and possibly all the way toward 1.2520/30
Gbp/Chf This pair is still on uptrend, retracement at 1.4320/25, break is toward 1.4190/00, while basing above high support at 1.4410/20 would more power the trend toward 1.4545/50 then 1.4605/10
Euro/Gbp This pair is still on downtrend, retracement at 0.8625/35, break is to 0.8680/85 then 0.8695/00, above would target 0.8740/45, while low is at 0.8550/60, break is to extend weakness targetting 0.8515/20
Aud/Usd This pair is still on uptrend, despite a strong retracement after big upward move to our targets on friday but kept basing above retracement today at 0.9715/25, break is to 0.9675/80 then 0.9635/40, while on the upside toward 0.9885/90 then 0.9940/45
Euro/Jpy This pair is still on downtrend, above 103.00/05 is toward good resistacne at 103.75/80, above would target 104.30/35 and possibly 104.75/80, while below 102.70/75 is toward 102.00/05 then 101.70/75(Good Buy), and low is at 101.10/20(Great Buy with bigger lot size).
Gbp/Jpy This pair is trying to base on uptrend, but would face good resistance at 119.50/55, a base above would confirm uptrend targetting 120.45/50( if broke at first above 119.95/00) then 120.90/00, while below 119.20 is to 119.00/05, break here is toward 118.05/10 then possibly 117.40/50
Oil is still on uptrend, targetting 83.15/20, above would more power the trend to 84.45/50 then 85.30/40 then possibly 86.60/70, retracement at 81.70/75 break is to 80.80/90, below would target 80.00/05 then possibly 78.70/80
Gold is squeezed today between resistacne & support, above 1639/40 is toward 1651/52, break is to 1668/69 then 1683/84, while below 1634/35 is toward 1614/15 then 1603/04 and possibly all the way toward 1580/81
*** No Important News Releases for today with also several Bank Holiday, so main focus would be at any new coming news from the Euro-Zone and any further info about Sarkozy-Merkel yesterday meeting.
The Forex market learnt me not to underestimate any certain day even Bank Holidays as today, because market might move with normal daily range as any other day or even more volatile depending on news coming out during the day.
Have A Great Trading Day
Great Results Dave. Some traders would see such results in a one year period as Good achievement.
I am proud that traders are understanding my strategies fast and gaining Big Quick Money in no time…
Try to work on the breakout strategy rule on a demo account before going live while keep trading in your comfort zone as you more like trading the retracement, so keep searching for best possible retracement pairs(for each day) and trade according to my daily analysis.
A tip for traders: Do not force trades but wait for best market opportunity to be compatible with my signals & analysis then execute an order with full relax body and most importantly having an entry & exit strategy ready before the market price reach the price target of any certain pair/s you want to trade.
This can be achieved by being ready from first minutes after I post my Daily Signals & Analysis(around 1 to 2 hours after market open or new daily open candle), so you prepare for your new trading day in early hours, no need to be silly even if that hour is your sleeping time, you can wake up, set everything then sleep.
Traders can cut their daily hours in the appropriate way & organization looking for the bigger prize.
Only Good Work & Effort would make from you a better trader
Best Luck
Hello Traders,
Forex Signals & Analysis for 11th October 2011:
Short Term Signals:
Usd/Chf Buy at 0.8895/00 then 0.8830/35, sell at 0.9260/65 then 0.9370/75
Usd/Jpy Buy at 76.45/50 then 76.40/45 then 76.25/30, sell at 76.85/90 then 76.95/00 then 77.05/10
Euro/Usd Buy at 1.3375/80 then 1.3250/55, sell at 1.3810/15 then 1.3890/95
Gbp/Usd Buy at 1.5525/30 then 1.5465/70, sell at 1.5750/55 then 1.5785/90 then 1.5885/90
Medium Term Daily Analysis:
Usd/Chf This pair is on downtrend today, below retracement at 0.9110/20, break is to our short term sell signals, while on the downside would find support at 0.9000/10, below would extend weakness to our short term buy signals confirming a good downtrend momentum…
Usd/Jpy This pair is still moving sideways with a boring tight range but surely Great for scalpers to gain lot of quick pips. Maybe I musn’t use any supports and resistances anymore but just say buy bt. 76.55/60 and sell bt. 76.90/00 which even a newbie can gain quick money by doing so or traders who are bulls and afraid of intervention just buy…
Anyway, below 76.65 is to target our short term buy signals while above 76.73/75 is to target our short term sell signals.
Euro/Usd This pair is on uptrend today, above retracement at 1.3530/35 and high support at 1.3545/50 targetting our short term sell signals and good resistance at 1.3885/95, while break of retracement is to target 1.3440/50, below would target our short term buy signals
Gbp/Usd This pair confirmed a base on uptrend yesterday, today above retracement at 1.5590/95 targetting our short term sell signals and good resistance at 1.5840/50, while break of retracement is to 1.5540/50, below would target our short term buy signals
Usd/Cad This pair still on downtrend, retracement at 1.0320/30, break is to 1.0390/00, above would target 1.0440/50 and possibly 1.0490/00, while good support is at 1.0210/20 break is to 1.0185/90 then 1.0165/70 and possibly toward 1.0060/70
Nzd/Usd This pair is on uptrend today after a successful breakout, retracement at 0.7770/75, break is to 0.7685/95, while good resistance is at 0.7870/80, a base above would more power the trend toward 0.7925/30 then 0.7970/75
Euro/Chf This pair is still on uptrend but moving around retracement at 1.2330/40, above is toward 1.2435/40 then 1.2485/90 and possibly 1.2535/40, while a base below retracement is to 1.2250/60 then 1.2220/25
Gbp/Chf This pair is on downtrend today, below retracement at 1.4180, break is to 1.4210/20, above here would possibly target 1.4415/20, while kept basing below retracement is toward support at 1.4040/50, break is to 1.3995/00 then possibly 1.3920/30
Euro/Gbp This pair reversed to base on uptrend today after a successful breakout strategy, with an overall sideways movement, high support at 0.8685/90, retracement at 0.8675/80, break is to 0.8640/50, below would target 0.8595/00, while on the upside toward 0.8775/80 then 0.8805/10
Aud/Usd This pair is still on uptrend, high support at 0.9910/15, retracement at 0.9870/75, break is to 0.9745/50, while on the upside to target 1.0120/25 then then 1.0180/85
Euro/Jpy This pair is on uptrend today afetr a succssful breakout strategy, above retracement at 103.80/85, break is to 103.20/25, below would hold at 102.65/75, while on the upside targetting 105.75/80 then 106.30/40 good resistance but if broke possibly on the way toward 107.65/70
Gbp/Jpy This pair confirmed the base yesterday on uptrend, above retracement at 119.45/55, break is to 119.30/35, below would target 119.10/15 and possibly 118.65/70, while on the upside targetting 120.65/70 then 120.95/00, and possibly all the way toward 121.65/70
Oil is still on uptrend, retracement at 83.70/75 break is to 83.10, below would target 82.90/95 then 81.45/50, while on the upside toward 87.45/50 then 88.25/30
Gold is on uptrend today, retracement at 1661/62, break is to 1652/53, then to target 1641/42, below is to 1624/25 then possibly 1610/11, while on the upside toward good resistance at 1694/95, above is to target 1703/04 then possibly 1729/30
We have Important News Releases today for the Euro, Sterling & Canadian Dollar Currencies:
_ ECB President Trichet Talks: Trichet talks would have good influence on the market movement, if coontinues for same current new trend direction or becomes sideways or possible reversal, so keep close look at what he have to say.
_ GBP Manufacturing Production: Buy Gbp/Usd if 1.0% or above while sell if -0.3% or more bad
** As I adviced traders yesterday to not underestimate any trading day, the answer was seen quickly by the market with outstanding movement for all pairs. Honestly, didn’t expect Euro/Usd to boost that upward despite Good outcome of sarkozy- merkel sunday meeting, I didn’t even set a third target for this pair short term sell signals that was 1.3635/40(market price bounced around 30 pips after hitting here).
Same for some other pairs as Aud/Usd, expected to not reach third target that was at 1.0005/10 but only hold at 0.9940/50(mentioned in yesterday analysis), marker price had hit 1.0014 then went down around 50 pips.
Briefly, No trader can expect what Huge movements are prepared for us by the markets but what we can all do is prepare our homeworks very well for the day from early hours. Yesterday main successful strategy was breakout for mostly all pairs I post here. Today, might continue the same or those same pairs might retrace before continuing their new trends or might also breakout again to their previous trend, so my Analysis for all resistances, supports price levels…are found for you to trade accordingly picking the best strategy for the day according to price action taking in consideration news releases.
For news releases traders, You can set pending orders for the currency pair you want to trade before the news at last or third short term buy or sell signal if you are not that fast trading the news or do not want to miss the big opportunity, so instead of following the news trend you be buying at lowest or selling at highest possible price after the big spike occur, this strategy mostly work for Gbp/Usd pair that collapse or spike fast after its news release.
Surely, I prefer you trading the news trend as my daily news release info content inform you at what news release number to buy or sell but the other strategy I explained above is like an alternative solution if you can not find yourself in the quick news release trading due to many reasons as no wick thinking then action or simply you can’t get the news releases numbers fast to then act accordingly.
One of the easiest & cheapest ways is hearing the news directly from the Forex TV channels as CNBC, Bloomberg…, but ofcourse those do not live announce all news releases numbers but only the crucial ones.
So, it’s up to you to decide what way you want to use, or simply sit aside or on the safe side by not trading the news but wait for clear signal later on…
Have A Great Trading Day
Hello Traders,
Forex Signals & Analysis for 12th October 2011:
Short Term Signals:
Usd/Chf Buy at 0.9010/15 then 0.8975/80 then 0.8930/35, sell at 0.9145/50 then 0.9170/75 then 0.9225/30
Usd/Jpy Buy at 76.55 then 76.50 then 76.40, sell at 76.75 then 76.80/82 then 76.88/90
Euro/Usd Buy at 1.3550/55 then 1.3510/15 then 1.3455/60, sell at 1.3710/15 then 1.3745/50 then 1.3810/15
Gbp/Usd Buy at 1.5530/35 then 1.5510/15 then 1.5445/50, sell at 1.5660/65 then 1.5700/05 then 1.5730/35
Medium Term Daily Analysis:
Usd/Chf This pair is still on downtrend, retracement at 0.9115/25, break is to our short term sell signals while support is at 0.9025/30, break is to our short term buy signals
Usd/Jpy This pair is still moving sideways, FOMC Meeting Minutes at late hours today might change this status, below 76.63 is toward our short term buy signals while above 76.68 is to our short term sell signals
Euro/Usd This pair is still on uptrend, retracement at 1.3570/75, break is to 1.3540/50, below would taregt our other short term buy signals and good support at 1.3450/60, while on the upside to target our short term sell signals
Gbp/Usd This pair is still on uptrend, retracement at 1.5565/70, break is to 1.5535/40, below would target our short term buy signals, while on the upside is to target our short term sell signals
Usd/Cad This pair is still on downtrend, retracement at 1.0315/20, break is to 1.0350/55 then 1.0380/90 and possibly 1.0420/25, while on the downside is to target 1.0240/45 then 1.0210/15 then 1.0170/75
Nzd/Usd This pair is still on uptrend, retracement at 0.7770/75, break is to 0.7735/40 then 0.7710/15 and support at 0.7690/00, while on the upsdie to target 0.7855/60 then 0.7885/90 then 0.7925/30
Euro/Chf This pair is still on uptrend, retracement at 1.2360/65, break is to 1.2305/10 then 1.2270/75, while high is at 1.2435/45, above would more power the trend toward 1.2475/80 and possibly 1.2535/40
Gbp/Chf This pair is still on downtrend, below retracement at 1.4190/00, break is to 1.4275/80 then 1.4335/40 and high is at 1.4385/95, while on the downside support at 1.4050/60, below would target 1.4015/20
Euro/Gbp This pair is still on uptrend, retracement at 0.8710/15, break is to 0.8685/95, below would target 0.8655/60(Good Buy), while on the upside to target 0.8790/95 then 0.8810/20(Good Resistance) and possibly 0.8855/60
Aud/Usd This pair is still on uptrend, retracement at 0.9885/95, break is to 0.9850/60 and possibly 0.9800/10, while on the upside toward 1.0015/20 then 1.0050/60 and possibly 1.0095/00
Euro/Jpy This pair is still on uptrend, retracement at 104.00/10, break is to 103.70/80, below would target 103.20/30, while on the upside to target 105.05/10 then 105.35/40 and possibly 105.80/90
Gbp/Jpy This pair is still on uptrend, retracement at 119.20/25, break is to 118.95/00 then 118.75/80 and possibly 118.15/20 while on the upsdie toward 120.10/20 then 120.45/50 then and possibly 120.75/80
Gold is still on uptrend, retracement at 1658/59, break is to 1654/55 then 1644/45, below would target 1636/37 and possibly 1618/19 while on the upside Good Resistance at 1684/85, above would more power the trend toward 1697/98 and possibly 1709/10
Oil is still on uptrend, retracement at 84.20/30, break is to 82.90/95, below would target 81.75, while on the upsdie targetting 87.05/10 then 87.95/00
*** I like to talk today about successful retracement strategy and false breakout, because we had several trading examples for that yesterday, starting with the Aud/Usd, Nzd/Usd, Gbp/Usd, Gbp/Jpy, Usd/Cad & Usd/Chf, each pair of those bounced around 50 pips after hitting retracement, except the Sterling pairs that bounced around 30 pips(not bad).
All performed a false breakout before bouncing from rertacement, and this false breakout was in the range of 10 pips as I had explained many times about this exact 10 pips secret between a successful & false breakout, and how to trade the breakout without falling into a false breakout movement. So traders who would like to perfect the retracement and breakout strategies can see clear examples yesterday for those pairs and focus at what resulted in a false breakout and successful retracement strategy or how they were performed.
Have A Great Trading Day
I took a couple of losses today:
SELL GBP/CHF @ 1.4180 Retracement. SL hit @ 1.4230 for a loss of -50 pips. The retracement didn’t hold, and then broke to the upside, so I went long @ 1.4242 but got stopped out on this too for -50 pips.
I do have 3 other trades that are still open and yet to reach first target (all now with SL at B/E) so I might be able to scrape a small profit from today’s trading.
In the meantime, Wednesday’s orders are all entered.
Onwards and upwards.
Dave
I didn’t expect you “Dave” to get losses from yesterday market movement but Big gains since it was very appropriate for Retracement strategy(as I explained in my above post) which you like to trade according to…
Many pairs bounced after hitting yesterday retracement, so I would like you to clarify what went wrong with you not entering orders for those pairs, while you went to trade the wrong pair.
In between, how did you get stopped in both sell at retracement and buy as breakout, if we say you sold at retracement and took stop loss at 50 which walked with bad luck that Stop loss as I can imagine(50pips) was at the highest price reached for this pair yesterday, besides about buying, you do not buy at rertacement after the breakout had been performed then reversed to retracement. In case of fast switching from strategy to another, you can take stop loss at few pips or 10 for example then enter a buy around retracement or little bit above in this pair yesterday case. It is all about understanding price action and feeling the volatility & momentum.
Sometimes, it is too complicated in some days for certain pairs to trade, so it is best to search for other pairs.
Never ever fight the market, as if you want to prove yourself in front of it as Right, you would always loose by doing so,
even if sometimes markets movement is not logical or mad.
The market is not your hotty…lol, even in such case you never need to prove yourself but vice versa…We are now out of the subject and forex…roll forward unless the Foundation defending women would charge us…lol
I explained in previous post that it’s not only important if you master or well understand the strategies but to also have a Good Eye to choose what pair/s to trade which might make the whole difference.
About reaching first target, it was much better if you explained what was those still opened orders, what pairs?
As I discussed on this thread in past posts that it is not “always” necessary for the market price to go to first targets for you to take profit(despite it is best to do so but not in all cases), but you must also remember the Medium Term TP rule that say if after market price pass the 50 pips TP but isn’t able to continue to 100 or to the targets(first,second…) then you TP at 50.
Never keep an order open turning from 50 pips to 0 or going against you, be reasonable and take profit if you see market price is reversing & price action is changing in not your favor. At worst case, you can take profit bt. 50-10 pips, and buy or sell again at retracement or take the best action seen in that time, since sometimes especially in consolidation status pairs repeat testing retracement several times bouncing from it before breaking out if that occurs later on…
Good Luck
Hi ForexMoneyMaker, I was just wondering that is there any chance of getting in contact with you?
Best regards,
Shaun
In between, how did you get stopped in both sell at retracement and buy as breakout, if we say you sold at retracement and took stop loss at 50 which walked with bad luck that Stop loss as I can imagine(50pips) was at the highest price reached for this pair yesterday, besides about buying, you do not buy at rertacement after the breakout had been performed then reversed to retracement. In case of fast switching from strategy to another, you can take stop loss at few pips or 10 for example then enter a buy around retracement or little bit above in this pair yesterday case. It is all about understanding price action and feeling the volatility & momentum.
I went short on yesterday’s GBP/CHF signal when price paused (momentarily) at retracement level 1.4180. Unfortunately, price only bounced/stalled for about 3 pips before powering on up quite strongly beyond my SL. Price continued higher and breached the break out level 1.4210/20. I waited and watched price make a base above for 4 x 5M candles, then placed a long order just above this base level at 1.4242. Admittedly, this was some 20 pips away from the break out level by this time, but I wanted to avoid the false break. Price did go 30 pips in my favour, but then continued to hold/base above the break out level. It then reversed back down through my SL. I should have taken a small win really, but I guess I was trying to recover the 50 pip loss from the failed retracement trade.
Exits are by far the hardest part of trading, especially when price does not come anywhere close to your first TP. Where to bale out or cut your losses will I think come only with more experience.
Dave
Well today was certainly pay-back time for the rather lack-lustre results I had yesterday. Some incredible trades and, again, very accurate levels to trade off of. Where do I start?
GBP/JPY BUY @ 119.25 Retracement. Targets1, 2 and 3 reached. Final TP @ 120.75 for +150 pips
AUD/USD BUY @ 0.9895 Retracement. Targets 1,2 and 3 reached. Final TP @ 1.0095 for +200 pips
NZD/USD BUY @ 0.7775 Retracement. Targets 1,2 and 3 reached. Final TP @ 0.7925 for +150 pips
USD/CAD SELL @ 1.0315 Retracement. Targets 1,2 and 3 reached. Final TP @ 1.0175 for +140 pips
GBP/USD BUY @ 1.5570 Retracement. Targets 1,2 and 3 reached. Final TP (at sell signal) @ 1.5730 for +160 pips
I scaled out of of my positions at each target, so out of a maximum 800 pips, I averaged just over [B]+430 [/B]pip, equal to approx +6.45% ROI (I am risking 0.75% per trade). I’ve had worse days…
A few other things:
EUR/GBP BUY @ 1.2365 Retracement. Trade is still running and currently minus 24 pips.
EUR/USD and USD/CHF, GBP/CHF and EUR/JPY all failed to reach the retracement levels (a few pips short in each case).
I generally don’t trade the S/T signals, so missed the brilliant move on USD/JPY.
Dave
