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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 28th, 2007 @ 7:25 am by Bogdan Parascanu

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EUR/USD Technical View

The week started with a gap on Sunday night but due to mostly profit taking and a few rumors we saw a sharp fall on Monday , a fall of more than 200 points on the Euro; the pair found support at an ascending trendline and after that, the rest of the week it pushed higher and on Friday we broke through the 1.4348 high and got just a few pips away from the 1.4400 round number. Looking at the daily and weekly charts the upside momentum is still strong and without any big surprises in the following week the pair should be on track for reaching the 1.4500 bullish target, we have to mention that we have some important fundamental news coming out that might have a strong effect on the direction. If a retracement is going to happen we need to observe price action around the 1.4300 round number, the closest support area, and lower down around the ascending trendline we mentioned, an already proven support 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

Read the rest of this entry »

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October 26th, 2007 @ 4:40 am by Bogdan Parascanu

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EUR/USD Technical View

The pair pushed higher on Thursday reaching Monday night high and continued to move in today’s Asian session and is now trading above the previous highs, the current YTD high is at 1.4375. Breaking a new high should give the bulls the upper hand as the momentum is clearly on the long side, now that the pair is trading above the resistance level the only significant target left on the charts is the 1.4500 round number. Although the price still points north reaching the above mentioned target is not going to be a one way trip, so we need to be aware of the possibility of a retracement, if that happens the support is represented by the 1.4300 round number and the up sloping trend lines you see marked on our chart and lower down we have Monday’s low at 1.4120.

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

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 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

Read the rest of this entry »

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October 25th, 2007 @ 1:32 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 24, 2007.

Today’s Summary, by Sunil Mangwani:

As I always say, its the procedures and technique that are more important than the result of a trade. I know we are all here to trade and win, but ultimately its the procedure that counts more – how you go into the trade, how you analyze it, how you plan your exit. We’ll go over a few setups from today and the techniques which we used to analyze them.

Lets start off with one of the setups we managed to catch in time that is going so far in our favor.
On the GBP/CHF we were looking at a Regular Bearish Divergence, with price making higher highs, and stochastics lower highs. Based on our procedure we calculate our targets using Fibonacci projections on the last move down. So far its on a pause, but expect further moves down. Read the rest of this entry »

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October 24th, 2007 @ 4:10 am by Bogdan Parascanu

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EUR/USD Technical View

Euro slowly moved higher on Tuesday but it lacked the energy to get close to the 1.4300 round number and as a consequence of that it has started the day losing a few points and retesting the 1.4200 level. The situation hasn’t changed that much, the overall trend is still bullish this seems just like a cooling down period especially after Monday’s moves. 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

Read the rest of this entry »

Click here to read the full article.

October 24th, 2007 @ 1:44 am by Eugene Teplitsky

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This is a video summary of the Live Forex Trading Room session on October 23, 2007.

Today’s Summary, by Sunil Mangwani:

No trades today, just observing the markets after the large moves of Monday’s open, and waiting for the currencies to recover and gain some technicals to let us enter into new trades.

Looking at the GBP/USD, the pair recovered – and the recovery was quite amazing, to say the least. After the large drop on Monday, it recovered almost the entire move, and while we were expecting a recovery, we did not expect quite so much of it. Read the rest of this entry »

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