Wednesday, 4 September 2013

EURCAD at Key Resistance Level

The EURCAD Pair has reached a key resistance level which is looking like it could hold. I will be looking for price action at this level to take a long position.

CADJPY Reached Key Resistance - Pin Bar

CADJPY has reached a key resistance level which also is a key downward trend line. On the H4 chart, a shooting star has formed giving me an indication that I will be looking to sell this pair. 10 minutes left until the bar closes and it is looking pretty good so far.


Tuesday, 3 September 2013

What is the best time frame for beginners to trade?

Ok, so I had this problem when I started learning to trade forex. I loved the action on the 1 minute and 5 minute charts, I loved being able to see the price moving and being right in the action, but the fun soon came to an end, sure, I had a good winning streak for about a month on a pair that was in an mad uptrend (EURAUD) but little did I know, that the trend would be coming to an end soon and I kept buying hoping it would go up.... bad move.

Now, I only trade the H4, H6, H8 and Daily time frames, sometimes weeklies depending on how strong the signal is.

So, the question, which is the best time frame for beginners to trade? Well, it's personal preference really, but, I really do believe the H4+ is best for beginners, even try and stick to the daily charts, the signals are so much stronger, support and resistance levels are defined easily and trades can be managed well.

I know you are probably thinking, but I want to make money NOW! Well, thats just not possible being honest, you might have luck for a short period of time, using lagging indicators and having your chart looking like a christmas tree might be cool and impressive looking, but does it make bank? Remember, good things come to those who wait.

What looks better here and easier to understand?

A nice clean chart using no indicators and taking a signal from a good level of support. (A 2 bar reversal trade I actually took on US Oil on the 8 hour chart)

Or this...

Motto of the story, keep it simple and clean, learn to read the price and you will succeed.

USDCHF Reached Key Zone

I have been watching the USDCHF Pair for the past days waiting for a chance to short it, and now price has reached the level, I am now just waiting for a good signal to enter on.

Gold Technical Analysis

Over the past weeks, Gold XAUUSD has been in a pretty solid uptrend, but that might be about to change as it has reached a pretty significant level. Gold has hit the $1400 level, which is in line with a falling trend line which has held from November 2012, and to confirm this, it has put out a Pin Bar on the weekly chart giving a sell signal to price action traders.

Gold Weekly Chart

If we take a closer look though, on the Daily Charts, we can see a Pin Bar has formed at a swing high, prices retraced but a bullish rejection candle has formed giving a buy signal.

Price has broken below the daily up channel and it will not act as resistance. What may happen is a possible up move further to the $1425 area, then price may begin to retrace, I am not quite sure on this one, so I have decided to wait it out and sit on the side lines.

Gold Daily Chart

Wednesday, 28 August 2013

Gold (XAUUSD) and Silver (XAGUSD) Counter Trend Pin Bar on Daily Time Frame

Gold and has formed a pin bar in an obvious uptrend, this is signalling that there could be a pull back in the market as higher prices are being rejected.

This type of trade is not ideal for new traders, and should only be taken by traders with experience. It has to be managed very tightly in order to secure profit as soon as possible.

The near term support level in both these pairs is a very good level for traders to go long off on a valid PA signal.

Gold / XAUUSD Counter Trend Pin Bar

Silver / XAGUSD Counter Trend Pin Bar and Big Round Number of $25.00

GBPCAD H4 Pin Bar formed at Key Level

I have been watching the GBPCAD pair for a while now waiting for a good opportunity to go long
with the trend.

A Pin Bar has formed at a good level on the H4 time frame, with the trend and it meets my trading plan, so my orders have been placed.