Update: Sorry missed it there is a 4 signal on aud when market opens later in about 5 hours time on forex meta

I will try to find the time to post more regularly during the week and wherever possible before the close of the daily candle my thoughts on what might happen, which trades are none starters and which of the possibles are most likely to be the best to take.

I have had days when 6/7 trades have come at once. if i had waited until they arrived i would not have had time to get many trades placed before price moved. as Isaid in one of the articles below it is vital in forex that you plan the trade ahead and then trade the plan.

Simply download another free metatrader platform from forex meta and run 2 at the same time.

Last week I posted an article showing you how you can add fibonacci numbers to your charts and use them to give you clues where price is likely to reverse/stop after a major move:
http://www.forex-fxtrader.com/Forex-Trends-&-Double-Bottoms.html. It is important that you learn this. This worked amazingly well on numerous pairs this week. See the euro/$ example below

See how price pulled back EXACTLY to the 61.8% fib line before resuming its downward direction

The following $/yen example is even better. Remember I said that the more indications you have that price is going to head in a different direction the better. Here we had price rebounding off a 50% fib line (standard fib trade) at the same time as an lmt signal.

$/yen example of fibonacci move on 4 hour forex chart

This research is taken from forex meta charts. This has taken me 5 hours today and my wife is going nuts. You need to learn to do this for yourselves. It is also more detailed than you need. But hopefully it gives you an idea of the planning and thought processes that go through successful forex traders minds.

euro/$. There is the possibility of a trade in the next few days. Keep your eye on it. Price currently stuck between 1.4133 & 1.3930 area

chf, jpy/$, aud, NO

euro/yen Possible tuesday. But lots of rejection 138.00 area/sideways at moment

gbp/yen NO, but broke through double top at 160.65 area. We need a pullback

Aud/yen same as above, broke top at 79.50 area

cad & euro cad. I am still avoiding at the moment

Euro/gbp. possible pullback up if mondays candle closes green. Will be against the trend on a daily, but could give us a 4 hour signal

$/yen has no signal, but price broke above 200ema on daily at 98.00 area. Various yen pairs as i said above have broken through upwards resistance. We could see lots of movement this week, BUT stick to your lmt rules.

Daily Charts (remember if you only have time to trade the daily charts, check the 4 hour charts at the same time. Sometimes there are signals on the 4 hour that are not on the daily).

Want more of this? See these posts: