That right I hadn’t played this pair well this last week. However if you have a plan, stick with the plan till you’re proven wrong! Changing from plan to plan isn’t anyway to make it as a trader because you’re guessing or at best not looking for high probability plays. My mentor used to say.... Okay, a self-taught trader doesn’t really have a trading mentor, my...
No one likes the US Dollar but.... This weeks dollar moves has been challenging to say the least. Sticks down you’d think Dollar up. Right? Yet the Dollar was slightly down or just mixed. Gold was looking like a breakout was in play but no! Followed stocks a bit—this also should have said Dollar get a move on. Not yet! Oil moved higher into my resistance zone of...
Oil orice action as I follow it in the WTI has shot up in prices and discovered not only fib resistance zones but horizontal resistance as well around 41-42 price range. Nothing wrong with that except that USDCAD hasn’t followed oil’s price action. Instead it has carved out a very nice inverted head and shoulders pattern . Should the neckline break then we should...
Yesterday offered up some good short term play on NZD against the 6760 area. Today we seem to have a repeat trading opportunity within a up sloping channel so far today offering resistance. In addition we have A great fib resistance zone From the recent highs around the 6780-6800 area. With hourly price action over lapping and grinding slowly higher I’m thinking...
Many seemed to believe with the oil war over and the 10 million cut in supply that this would’ve caused price action to rise at the next opportunity. I mean Algo’s would have driven price higher off this kind of news right? The worlds industrialized nations have been filling their tanks as oil was falling—now that the world oil production agreements have come to...
Here is another Forex Trading Snack. A Friend on twitter said it like this. “With everything the FED has done plus the fiscal stimulus package one would think that markets will stabilize first, then soar.” Bellehos I agree, In stead we hit a bottom and started in a V shape Stock market recovery. The reason IMO as well as many others is leverage. It is an...
Here is another Forex Trading Snack. From our breakout trade more then a week ago I’m still holding onto my very bullish bias. It has pulled back to its longer term flag top pattern ( indicated by the horizontal red line ) a shorter term bullish battle zone with the lower 1500 round number being the bullish OH crap zone!! This is a free ride trade for the idea...