Thursday, July 31, 2014

You Don´t Need to Know Everything to Be a Good Forex Market Trader

First of all, it´s your own business, say loud ¨i´m the owner of this business, this is my single man army, no one can do this better than me¨, think about it for a minute, this is all about you, you can take the decisions, you can handle the money, you can choose what to do and how to do this, then the question ¨so how is so difficult to make profits or even to stay alive in the market¨.
Around 90 percent of the traders make themselves the question, and only a few of them go and try to find the answer, if we se the most successful traders around this community, most of them did´t study for traders, they were engineers, professors, entrepreneurs and another kind of professional but nothing related to trading, even people graduated in finance sciences get in the trading business and think they can do better because they ¨know everything about finnance¨ but they fail during their try.
The thing is not in the academic aspect, it is beyond the numeric ability or the number of trading books you read, there is a human factor that you need to develop before you start risking your money.
I call it the trading reflex, as the cat that is always curious about everything around him, we´re always testing our trading skills and challenging to a point that we are not able to reach, basically for that reason is that the human been has been able to transform the fiction in reality though history, but the thing is that these people didn´t took decisions just for testing the results, they had a huge basis behind these decisions and critically analyzed the results every single time.
The trading reflex is conformed by the ability to detect the different movements in the chart and compare these movement with older trading experiences, a trader with a trading reflex skill doesn´t need a manual to detect a certain type of formation, his only manual is his brain and once he observed the charts for years the signals just flows of a natural way, he doesn´t need to watch an indicator or do some numbers, his ability makes him see the naked charts and identify the movements as a mechanic detects an engine fail with just hear the engine running for a minute.
There is the point in observing the charts over and over, it´s not a theory, it's a fact, the human brain develop a superior ability in a specific activity when it´s familiarised with a repetitive and constant task developed during a considerable amount of time, so we can appreciate extremely skilled professionals that can fix a problem without consulting a computer or manual.

Monday, July 28, 2014

The Week Ahead Report of Forex Market

XM/MT4 EUR/USD Daily Chart
EURUSD
This week we can appreciate a strong downtrend continuation pointed by the long term EMA, the trend is actually testing an important support level of 2012 @ 1.3428 that can eventually turn into a temporal reversal point.
These are the most important support and Resistance levels for this week:
Support @1.3428 (2012)
Resistance 1 @1.3643 (July 07)
Resistance 2 @1.3693 (July 01)
XM/MT4 GBP/USD Daily Chart
GBPUSD
We can appreciate a strong up trend that is currently testing a continuation level @1.6978 with a possible first target @1.7164 if a confirmation is made by the charts in the next couple of hours.
These are the most important support and Resistance levels for this week:
Support 1 @1.6899 (May 22)
Support 2 @1.6810 (June 10)
Resistance 1 @1.7032 (July 03)
Resistance 2 @1.7160 (June 24)
XM/MT4 USD/CHF Daily Chart
USDCHF
The pair is at a strong up trend continuation and according the chart the price is about to reach an important Resistance level @0.9066, once there the price may test the previous Resistance and we´ll be able to wait for a possible reversal pattern.
These are the most important support and Resistance levels for this week:
Support 1 @0.8985 (June 03)
Support 2 @0.8942 (July 08)
Resistance 1 @0.9066 (Jan 03)
Resistance 2 @0.9112 (Jan 20)
XM/MT4 USD/JPY Daily Chart
USDJPY
The USD/JPY pair is now following a small and weak down trend and is currently testing a resistance level according to the yellow trend line @101.85, we must wait for the next hours for a reversal confirmation.
These are the most important support and Resistance levels for this week:
Support 1 @101.33 (July 02)
Support 2 @101.15 (July 22)
Resistance 1 @102.16 (July 04)
Resistance 2 @102.72 (June 06)
We hope this weekly report help you to determine the most important reversal and continuation levels during the week, this data is not 100% accurate as the bursatile system is, these numbers are a reference and definitely not represent a secure trading signal service, make sure to use your own trading system in parallel with the attached report to determine your own entry points.
Forex Trading can be a great source of income but is also a high risk business, make sure to complete your training in demo before start trading with a real forex account and make sure that the money you invest comes from a secure source, we always recommend to avoid trading with money that you cannot  afford to loose.

Tuesday, July 22, 2014

Forex Technical Analysis of The Week Ahead (July 20-27)

EUR/USD

This week the pair is testing an important support, while maintain it down trend is necessary to be aware of a possible reversal pattern.
In the daily chart we can find these important support and Resistance levels:
Support 1 @1.3533 from June 12
Support 2 @1.3484 from Jan 29th
Resistance 1 @1.3675 from June 24th
Resistance 2 @1.3692 from June 4th
Observing the long period MA we can note that it´s still pointing a down trend but we must observe the next hours  movement to confirm a real continuation or a reversal movement.

GBP/USD

We can note in the long period MA a continuation of a very strong trend for this week ahead and also a possible no return point @ 1.7066, these are the most important support and resistance levels.

Support 1 @1.6975 from June 27th
Support 2 @1.7049 from June 20th
Resistance @1.7172 from July 28th

USD/CHF

This pair is in a current up trend, there is a possibility of a Resistance test @0.9007, we must be alert for any reversal pattern or a continuation of the trend.
Support 1 @0.8913 from July 04th
Support 2  @0.8867 from June 24th
Resistance 1 @0.9024 from June 02
Resistance 2 @0.9062 from Jan 29th

USD/JPY

We can appreciate a strong and healthy down trend, these are the most important daily support and Resistance levels:
Support 1  @101.17 from July 17th
Support 2 @100.98 from Jan 03rd
Resistance 1 @102.16 from July 7th
Resistance 2 @102.73 from June 5th

Sunday, July 13, 2014

EUR/USD
EURUSD

While last week we observed a very conservative EUR trying to recover from the down movement of the last few weeks we could note that the pair is still in a testing zone.
In the daily chart er can find two important support and Resistance levels:
Support 1 @1.3586 from July 07th
Support 2 @1.3526 from June 06th
Resistance 1 @1.3644 from July 07th
Resistance 2 @1.3692 from June 30th
Observing the 250 period MA we can note that it´s still pointing a up trend so we must observe the next hours  movement to confirm a real continuation or a reversal movement.

GBP/USD
GBPUSD

We can note in the 250 period MA a continuation of the up trend for this week ahead, these are the most important support and Resistance levels.

Support  @1.6979 from July 09th
Resistance @1.7172 from July 04th

USD/CHF
USDCHF
Analysing the current trend MA, these are the most important levels for the week ahead:
Support  @0.8867 from July 08th
Resistance @0.8998 from June 16th
We appreciate a continuation of the down trend, we recommend to observe the next hours  movement to confirm a real continuation or a reversal movement.

USD/JPY
USDJPY
The daily chart shows us a possible and important Resistance level that can drive to a reversal pattern, these are the daily support and Resistance levels for the week ahead:
Support  @101.30 from July 10th
Resistance @107.18 from July 4th
We recommend to observe the next hours  movement to confirm a real continuation or a reversal movement.


Sunday, July 6, 2014

Forex Analysis of The Week Ahead


By Ronald Fallas Bermúdez (@davefbtrader)



Analysis of the week ahead on foreign exchange market of the most traded pairs

Is the EUR/USD still going down or will it recover from the down fall the last week?
The EUR/USD is testing the 1.36 level and according most of the analyst it depends of how much pips the pair will advance during the first hour of this new week, if the price goes under 1.355 it would be a confirmation that the long term trend is changing it direction and the price probably find a support at 1.348. On the other side if the price goes over 1.365 we will be in presence of a confirmation of the continuation of the current trend where the price probably go to 1.375 until it find a strong resistance level.

We are in front of two different and strong scenarios based in technical analysis but we can keep in mind a couple of facts that are the current strength of the United States economy and the weaker conditions of the Euro Zone, that is an important aspect to count with before taking a trading decision.
Also the other most important pairs as the AUD/USD, NZD/USD, USD/CAD can be affected by these USD conditions, with the USD/JPY following the last mentioned pairs.