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Triangle Formation

March 3rd, 2017 @ 6:48 pm by Muhammad Azeem

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3-3-2017 11-42-34 PMTrend is bullish in four hours chart. Critical support is present at 118.22 price level. The price of EUR/JPY currency pair moved up to print bullish Wave iii leg. Now, I expect a top in price action and market to going to fall down to print a short term bearish pull back – Wave iv. Wave iv which is most likely going to be a sideways corrective pattern.

A good suggestion is to wait for the Wave iv to first appear and then look for a buy trade to join an up trend. However; if market closes a bearish candlestick below 118.22 vital support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

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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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October 29th, 2007 @ 11:28 pm by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 29, 2007.

Today’s Summary, by Sunil Mangwani:

Mondays usually are slow days and we wait for the technicals to settle down before we think of following up with the last week’s trades or looking at intraday. But on Mondays we do look forward, as we get the technical setups for Gap Trading.

The gaps are not present on forex as much as other markets, as it is a continuous market, but on Mondays the market can open with a gap, and currencies will give you excellent setups. Gap trading techniques are very effective. Lets have a look at one of the currencies which gave us an excellent one today.

The NZD/USD gave us a gap, though not a very large one – usually the larger the gap, the larger the move. We wait for the market to come back down to fill the gap, and went in Short upon a Bearish Divergence, expecting the price to fill the gap, which it did. The gap turns into a kind of channel, and price found support at this level. A nice Short trade on the NZD/USD, without all that much effort, which is the main advantage of gap trading. Read the rest of this entry »

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October 25th, 2007 @ 4:23 am by Bogdan Parascanu

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EUR/USD Technical View

Euro formed a inside bar yesterday after a mixed day when it moved lower in the first hours and managed to close a few points above the high at the end; so far today we’re getting nearer to the 1.4300 level and although the indicators on the daily charts have turned lower in an overbought area the trend still points north. Looking for important price levels, on the north side we aim for the YTD high at 1.4350 before possibly making a strong push towards the 1.4500 round number, both of these levels act as a target and as resistance levels to be aware of; conversely on the south side support is represented by the up sloping trendlines we have on our chart and Monday’s low at 1.4120 followed by the 1.4000 level.

Resistance Levels

  • 1.4350 YTD High
  • 1.4200- round number

Support Levels

  • 1.3930 – September 13th high
  • 1.3850 – July 24th High
  • 1.3680 – April 27th High
  • 1.3550 – June 5th High

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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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October 11th, 2007 @ 11:58 pm by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 11, 2007.

Today’s Summary, by Sunil Mangwani:

Lets go over a couple of situations demonstrating the use of the tools which we employ here in the FX Instructor Live Trading Room for our analysis. It is critical to know which of your trader tools to use in which situations. Getting a good result from your trade becomes secondary – if it is technically correct, you have done your job as a trader.

On the USD/CAD, 4h charts, we see a strong, consistent downtrend. For this situation – a strong existing trend – we look for Hidden Divergences. According to our “Rules of Thumb” for Divergences, we use Fibonacci Fans and Fibonacci Expansions to determine our entry points and targets, respectively.

So far prices are heading well into the range of our target and are still going strong. The point of this exercise is – we have been taking decent trades in the Live Trading Room, because we have been applying the right strategy for the right situation, according to our methodology. Any upwards pullback in such cases would be seen as simply an excuse for a better position.

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October 8th, 2007 @ 11:36 pm by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 8, 2007.

Today’s Summary, by Sunil Mangwani:

Mondays are usually slow days and don’t really have too much movement. We are still waiting for the dust to settle from the opening of the trading week, and this time doesn’t usually give immediate trades.

Lets have a look at a couple of intraday setups that did fit into our desired patterns for an entry. We don’t enter into a trade until we see a technical pattern – something which conforms to our techniques, and lets us formulate a trading plan:

  • Where to enter
  • Where to exit
  • Where we would take partial profits
  • The amount of risk we will accept
  • … and so on

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