How to trade forex daily charts - lesson 3

[marc walton]

These videos show how you could have both won & lost from yesterdays analysis!!

These videos are some of the best educational presentations I have done (before the event). If you are serious about learning forex, do yourself a favour and watch them all the way through
Video 1 shows you how I had re-entered the NZD/$ on the DAILY chart & why; this trade is currently +90 pips as I write this update.


Video 2 is some of my best video analysis BEFORE the event on a number of pairs. Cable, euro/$, chf & nzd/4 gained over 500 pips from these moves

Learn how to use support & resistance to make serious money at forex


Had we combined my normal trading method with yesterdays daily analysis there was a potential 500+ pips profit. regards, marc

Video 1: Result of mondays analysis

YouTube - How to Trade forex Daily charts result of analysis
(If you find the videos useful, please add a comment/star rating on you tube)


Video 2. Tuesdays analysis (This analysis on the gbp/$ alone has gained 200 pips so far (wednesday)+ 300 on euro, chf & nzd/$)

YouTube - How to trade forex- Daily Chart analysis (500 pips gain) for august 26th

[rakepat]

Hello everyone-

Does anyone have any opinions on the GBP/USD currently? Which direction are we headed and why? I am currently short by am considering closing out. Not sure what to do.

Rakesh

[rakepat]

Hi alx-

I'll be sure to let you know if I come across a crystal ball..

Also, I am short currently on the GBPUSD. I saw a 5/8 cross on the daily charts. But at the same time, I see price bouncing back and forth between a resistance level at 6510 and a trendline which is forming higher lows(on the 1HR charts). It seems like a mixed signal. I may take the price down to the trendline from resistance and get out and wait for a clearer signal. Do you see anything on the daily charts?

Thanks alx!

[rakepat]

Also, i had the same issue as you. I had a few shorts but reversals killed me

[Gally]

Purely theoretically, while it is range-bound, it was in an upward channel from the start of September. It broke out of that yesterday morning on the 4hour, unfortunately with no noticeable pullbacks since.

Think, if one's being conservative, it would be too early to short it on the dailies. Not sure there's a 5/8 cross (depends on your charts), but it hasn't got below its 20ema yet, all the averages are pointing in different directions. As ALX says (my most used phrase at the moment) WAIT!

Or just play with very small amounts on the 15min chart. You could have picked up 150pips on the move yesterday.

Needless to say, because I am trapped in a cloud of confusion and uncertainty, I did nothing about any of this

[rakepat]

Thanks Alx-

I can clearly see the range now as well. You are def right about waiting for the market to tell you what to do. Thanks! So a few things I did not understand in your post.

1. I do not understand the part about the huge collapse from last year and what 61.5% and 50% mean? Are those Fib numbers? Also you said "enough to play sideways. Too much for easy breakout."....what exactly does this mean?

Thanks!

[AbsolutNut]

Hi,

My first post. I am new to TA so I am likely to make mistakes in my analysis.

I saw that yesterday's daily candle was a doji showing indecision in the market. However, I believed the market would rally today and indeed it has.

My reasoning was as prices are bouncing on an upward trend line which goes back to 02.09.09. It has now bounced four times off this trend line. Today's low actually bounced off this line again at 1.6467.

To my eyes, there also now seems some support/resistance at around 1.6435.

Alx is of course right about the long term ranging however in the short term I am rather bullish.

I didn't trade this by the way as I was still a little uncertain (wish I had now of course) but I am still learning.

TP could possibly be around 1.6684 the last swing high or you could use fibs of course for your exit.

Any opinions on my novice analysis more than welcome.

Steve

[rakepat]

Hello All-

I have no seen any new confirmation of an entry point on this pair yet. As we talked about, waiting would be the best option. Has anyone seen anything I may have missed? Look forward to seeing what everyone thinks? Like ALX says, let's let the market tell us where to go

rakesh

[rakepat]

What are your support and resistance levels for the range?

[Gally]

Sorry! I do the same as you---these things are 'flags/pennants/whatever'.

Actually, if you're looking at the 4hour, there were two. There was a clearly bearish flag as ALX says--an area of consolidation following a steep descent, with the three bars hitting the same top spot yesterday very bearish (all IMHO, I dind't take this, didn't even see it, the wonder of hindsight!)

There was also a pennant, also bearish over the days 15--17th. Mainly thanks to the big fall on the 15th.

Mind, I can't see anything on the daily except consistent falls. Daily RSI and SToch all falling, Daily DMI negative and rising. I would see no reason (except to play with risk) to go long here.

DYOR of course.