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Fibonacci Expansions

November 21st, 2007 @ 1:47 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on November 20, 2007.

Today’s Summary, by Sunil Mangwani:

Its not necessarily every day that we get into a trade, nor do we need to enter a trade every day. We also have our share of losses. But for us, as long as we don’t have any formed confirmations based on technicals, we don’t enter into at trade. We spend the entire day here in the Live Trading Room analyzing the trades and different currencies using different tools to determine which phase of the price movement we are in.

Case in point, EUR/USD – for a couple of days now we have been looking for a Triangle Formation breakout on the H4 charts. We can see that the breakout took place to the upside – but the most important part, more so than the trade itself, is that we – and our members – are prepared. No matter which direction the breakout takes place in, we are ready with fixed targets, based on certain principles of Fibonacci Expansions which we use for targeting our Triangle setups. Read the rest of this entry »

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November 20th, 2007 @ 1:37 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on November 19, 2007.

Today’s Summary, by Sunil Mangwani:

This was the first day of the week, and as the market opens, we generally try to look for gaps. Weekend opening gaps are quite effective, and there is a method to trade it. It usually succeeds quite well.

AUD/USD opened with a gap. The general theory is that when price opens with a gap, the market will come back to fill the gap most of the time. If the gap opens to the upside, we tend to target short trades. Subsequent to price filling the gap, it gives further clues on the expected further movement.

The gap begins to act as a sort of channel. As we can see on the AUD/USD intraday, price closed the gap, went beyond it, and came back to retest it, which gave us the indication that price would remain short for some time. Read the rest of this entry »

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November 7th, 2007 @ 1:08 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on November 6, 2007.

Today’s Summary, by Sunil Mangwani:

There was one intraday trade taken today which went off very well. I would like to concentrate on this trade today and the process which gave us the necessary confirmations to enter the market correctly.

It was a Yen pair on which we traded, but thats not how the trade started out. Lets have a look at the sort of correlations we were looking for.

We started off analyzing the EUR/USD. This pair has been in a bullish intraday phase, and we plotted some 1-2-3 Formations and applied our Fibonacci Expansions. Based on the Expansions, we knew that a certain level has yet to be satisfied. We were thus bullish on the EUR/USD, expecting it to go up. Read the rest of this entry »

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November 6th, 2007 @ 12:45 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on November 6, 2007.

Today’s Summary, by Sunil Mangwani:

Mondays are usually slow days and today was no different – most of the currencies did not give us good technical setups. But I’d like to take this opportunity to discuss a particular strategy with you.

One of the strategies we teach at FX Instructor, called the GBP/USD Breakout Strategy, also known as the “Power Hour” strategy. We have refined this strategy and made it much more effective. This is a very powerful strategy, but there is one drawback – the rate of occurrence is relatively low. Maybe 3-7 times a month on average. However, when it does occur, the success ratio is astounding – we have the track record on our site if you want to have a look. Read the rest of this entry »

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October 28th, 2007 @ 7:42 pm by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 26, 2007.

Today’s Summary, by Sunil Mangwani:

Lets go over the long term things first which we’ve been following. On the GBP/USD, we were looking for a breakout on the daily timeframe from a Bullish Flag Formation. Price has been moving with lots of upwards momentum, and so far has remained above the mid channel of the flag. We were expecting a breakout this week, but it has not yet taken place. We have a penetration, but not a close.

On the intraday timeframes we did have an indication that today we might not get the close that we are looking for, because we had a Bullish 1-2-3 Formation. As I always say, “give me a 1-2-3 formation, and I can give you the targets”. We plotted Fibonacci Expansions to determine our targets, and price was rejected at the 127 level, so we do expect some retracement. Today is just not the day for the breakout. Lets see how it goes. Monday we do expect strong upmoves on the GBP/USD. Read the rest of this entry »

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October 26th, 2007 @ 1:51 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 25, 2007.

Today’s Summary, by Sunil Mangwani:

Lets start with one of the trades we were following since yesterday’s recap – the GBP/CHF on 30 min timeframe. The trigger was a Bearish Divergence. Price made higher highs, while stochastics were giving lower highs. We consider this an aggressive “Class A” divergence. The entry for this trade was determined by certain Fibonacci Retracements, and price did go down beyond our target of 2.3940.

We also use the Andrew’s Pitchfork in different ways to confirm the entry. In this case, the price broke through the midline of the APF, and came back to retest it as a resistance. This is another strong confirmation that a downtrend is in progress. In our room we do like to twist around the technical tools available to give us better results.

Lets go over an intraday trade we ended up taking today. The GBP/JPY, one of the most popular pairs in our room, had a Long trade, though the extent was not too large. As I always say, its the technique and methodology which is always more important than the result. Read the rest of this entry »

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October 19th, 2007 @ 1:04 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 18, 2007.

Today’s Summary, by Sunil Mangwani:

There were no trades taken today, as the market was really not conducive to any sort of situations we were comfortable trading in. Instead, lets follow up with some of our previous trades that were in the running.

Lets start with our long term USD/JPY, which has gone wrong for our trade. We had been Long on the daily timeframe, based on the breakout of a Triangle Formation. The price did give us a decent move initially, due to whatever fundamental factors were in place, but has since made a turnaround. It went down and took out our trade. Read the rest of this entry »

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October 14th, 2007 @ 12:29 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 12, 2007.

Today’s Summary, by Sunil Mangwani:

There are a couple of intraday trades which we will follow up today. As I have said before, the method of analysis is more important than the result of the trade. Mind you, the result better be good – we are here to make money after all. But if you know which techniques to apply to which situation, you are more than halfway through.

Every situation warrants a different tool and a different set of techniques, and traders must be aware of what is going on around them. That is what we practice here in the Live Trading Room – chart time, chart time, chart time! The more you do it, the more familiar you get with it, and results follow.

GBP/JPY on 30 minute timeframe gave us a Regular Bullish Divergence, with the price making lower lows, and stochastics (or any other oscillator) giving higher lows. According to our “Rules of Thumb”, this is a kind of divergence we label as a “Class A” divergence. This type of divergence warrants an aggressive trade. Read the rest of this entry »

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