There was a nice down trend in EURJPY pair since 19th October of 2014 and now it has broken above indicating reversal of the trend. We can expect next target 139.70. Now there is a buying opportunity in this pair at the level around 138.75.
Monday, September 29, 2014
Wednesday, September 3, 2014
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Tuesday, April 1, 2014
Elliott wave analysis of EUR/JPY for April 1, 2014
Today's Support and Resistance levels:
R3: 142.90
R2: 142.60
R1: 142.35
Current spot: 142.28
S1: 142.00
S2: 141.79
S3: 141.27
Technical summary:
The last part of the wave ii correction reached a high at 142.60 slightly above our second target at 142.50. We now expected resistance at 142.35 to protect the upside for a break below support at 142.00 and more importantly a break below support at 141.27 that confirms a new impulsive decline is developing towards 139.96 and lower towards 136.45 in the longer term. Only an unexpected break above 142.60 will invalidate our bearish count and delay the downside pressure.
Trading recommendation:
Stay short in EUR from 142.35 with a stop at 143.80, move you stop lower to 142.65 upon a break below 142.00. If you are not short in EUR yet, then sell after a break below 142.00 with a stop at 142.65.
Monday, August 5, 2013
The Wheel of Success in Forex trading
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| The Wheel of Success |
There are three spokes that make up, what I call the “Wheel of Success” as it relates to trading. The first spoke is content. Content consists of all the external and internal market information that traders utilize to make their trading decisions. All traders must purchase value-added content that provides utility in making their trading decisions.
The most important type of content is internal market information (IMI). IMI simply is time and price information as disseminated by the exchanges. After all, we all make our trading decisions in the present tense based on time and price. In order to “scalp” the markets effectively, we must have the most live and up-to-date time and price information seamlessly delivered to our PCs through a reliable execution platform and/or charting package. Without instantaneous time and price information, we would be trading in the dark The second spoke is mechanics. Mechanics is how you access the markets and the methodology that you employ to enter/exit your trades. You must master mechanics before you can enjoy any success as a trader. A simple keystroke error can result in a loss of thousands of dollars. A trader can ruin his entire day with an inadvertent trade entry error.
Monday, June 24, 2013
Wednesday, June 19, 2013
Thursday, June 6, 2013
22 Trading Mistakes That Are Costing You Money
If you are a Forex trader then I am sure that you have made a couple of your own trading mistakes throughout your career, you have learned from those and it has made you a better trader. I am going to share with you 22 common trading mistakes that hopefully you can learn from and make you a better trader. These 22 trading mistakes are from what I have learned from trading and what I believe to be costing many traders money. Now let’s get into it!
1. Trying to find the “holy grail”
I want to start with this trading mistake because this is the most common mistake every new trader makes. They go from one trading strategy to another looking for the “holy grail” of trading, yet little do they know there is no such thing. All they do is waste their time and money looking for it. There is no trading strategy that is going to win every trade and the sooner that this is realized the better off you will be. The best plan is to find a strategy that fits you and master it. Whatever this trading strategy may be, whether it is price action or something else, you need to study the heck out of it and learn everything you can about it. Once you finally settle on a trading strategy and master it, you will start making money.
Saturday, June 1, 2013
USDJPY 4hr trade setup for 03.06.2013
USDJPY ready to big rally after retracing into 100.000 level
»» read more
Wednesday, May 29, 2013
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