Archive by Author
Oanda on MetaTrader 4
Posted on 25. Jan, 2011 by Moderator.
I am very pleased to see that Oanda will be upping their game, with the addition of MT4. I really never thought this would happen but now it sure seems like they are getting ready to allow customers to trade their Oanda accounts via MT4. This also means that traders will be able to continue the use of MyFxBook with their Oanda accounts. I contacted Oanda to know when it is possible to get an MetaTrader 4 account, and it seems to be a couple of weeks away. If you want to stay on top of things, keep an eye out, over at their forum. I will keep you guys updated on this.
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The Week Ahead
Posted on 22. Jan, 2011 by Moderator.
Another week has passed and in spite of ending this week the first loss of all signals issued since the beginning of 2011, it has still be an exciting week with a lot of indecision in the market. However, we did end the week with the final push on EUR/USD closer towards the 1.37 level which will be a key area for a lot of traders. Now, with the break of recent highs, I assume we are looking at possible further upside on EUR/USD, and in general, probably a bit more downside to the dollar. Fundamentally speaking, I am a bit more indecisive at the moment. Sure the successful bond auctions is EUR strengthening, but besides from the recent disappointing retails sales I still think that dollar strength will be back in the picture within a fairly short period of time, all depending on future news releases obviously. With that being said, let´s take a look at some possible scenarios for the week ahead.
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GBP/JPY and EUR/USD Update
Posted on 21. Jan, 2011 by Moderator.
So the short trade we had on GBP/JPY didn’t play out at planned. We did see around 50 – 55 pips of profit at the best before the pair turned on us. Luckily we had moved our stop loss to break even before it came all the way back up. Some of you guys did take partial off and some didn’t; I for one, didn’t so this was a big fat zero for me on this one. The simply reason why I didn’t lock in any profit was because of the very potential favorable risk:reward of the setup, but unfortunately it did not play out as I had hoped for. Looking at the current price on the pair, I am still pleased with nothing as the pair really has been on a rally since we closed out at break even.
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GBP/JPY Trend line break – Further Downside?
Posted on 19. Jan, 2011 by Moderator.
Take a look at the picture posted below. This is a 4-hour chart of GBP/JPY , where we have a fairly clear trend line break along with a 4-hour close below it. I have patiently been waiting for this break and close, and just a couple of minutes ago, I entered short on this pair. First and foremost we have the technical confirmation as stated above, but more important is the risk:reward of this trade, which is second to none! I got in with just around a 65 pip stop, placing me above the major trend line which has been working as previous support and now has somewhat confirmed itself as resistance, while also placing us above the recent swing high. In general we did see some initial weakness on cable along with JPY strength across the board (on a short time frame), which was the determining factor for me to get in. Right now we are seeing the pair back up a bit from my initial entry, but I am holding on, giving this some room to, hopefully work out. If you are looking for other possible setups, take a look at Liviu´s post, where he shares some great technical setups.
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Cup & Handle Setup on EUR/USD
Posted on 18. Jan, 2011 by Moderator.
We are seeing some incredible technical formations these days, but always keep in mind that you want everything to line up before jumping in. Take a look at the picture posted below and you will see a clear Cup & Handle formation on EUR/USD on the one-hour chart. Again, I would not jump right now but wait for some kind of pullback to get in long. But this is close to a perfect formation. However, that is, in itself not enough. In the last post we were looking at a possible good setup on USD/JPY for a bull trade, so I am on the sideline waiting for one of the pair to confirm the setup rather than guessing. We don’t want to be both bull and bear positioned on the USD. So once again guys, the formation sure looks good and from a technical perspective we should see further upside. But keep in mind that USD/JPY equally shows possible upside. Wait for the right time and then make your decision based on some solid reasons. Again this trade setup is based on a longer term time frame, so if you decide to jump in on this one, look for the right stop loss level (hint; 20 pips is likely to be a suicide mission)
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Recap of Yesterday’s EUR/USD Trade
Posted on 18. Jan, 2011 by Moderator.
Yesterday I posted this idea for a possible short on EUR/USD, again a couple of reasons were lining up fairly well, but mainly because of a really good looking technical setup. As this was a short term play I didn’t really have time to send an email out about it, but I did post a short note on my FaceBook and LinkedIn groups, that I took a short trade on EUR/USD at 1.3325 with a stop loss of 40 pips. The pair flipped and started going in our direction pretty much immediately and as an update I wrote a note to take partial profits around 45 pips and move stop loss on the final half to break even. Now right after entry the pair did move down fairly quick but there should have a possibility to get in just around the same level. During the Asian session we were up at a max of just around 70 pips but unfortunately I was asleep (currently dealing with a hardcore flu) so when I got up this morning I got stopped out with the final half at break even. Let me know if you guys managed to get in on this one, and how things played out for you.
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Good-Loking USD/JPY Setup
Posted on 18. Jan, 2011 by Moderator.
Take a look at the picture posted below (click the picture). This is USD/JPY on a daily timeframe, and we see a clear flag formation, which could potentially set us up for a perfect bull trade on this pair, once again with a very favorable risk:reward ratio. Just as we had a perfect setup on EUR/USD yesterday, we are not going to play this immediately, as we are looking for a clear cut confirmation before doing anything. Now as the setup also looks fairly well at the 4-hour timeframe, we might be looking for a possible trade later today. If the setup allows for it, I will send out an email about this possible trade, but otherwise, join my facebook or linkedin group to stay on top of things. Talking about good possible trade setups, Mike over at FxMadness has just posted a great article about a possible Gartley pattern. Check it out here.
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Beautiful Breakout – Pullback – Continuation Setup
Posted on 17. Jan, 2011 by Moderator.
Alright so we were a bit too fast pulling the trigger on a short on EUR/USD. However, after making the final spike up last Friday, we now broke the range (which also somewhat has the formation of a typical head and shoulders) to the downside and are slowly pulling back a bit here. We could be setting up really well for a possible short around 1.3325 on EUR/USD which would be a pullback all the way back to the break of the range. Now as always, you don’t want to jump in at the second you hit that level, but wait and see how the pair is reacting to that level. If there is any kind of momentum, we want that to fade, and get some kind of indications of potential downside. Keep your eyes on general dollar strength or weakness and take it from there. At a full pullback we are setting up, once again for a really favorable risk:reward setup. Let’s see what the rest of the day brings. Click the picture below.
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Free Video Course – Informed Trades
Posted on 17. Jan, 2011 by Moderator.
In the last post I showed you where you can go to grab a lot of free indicators for MetaTrader 4. However, indicators alone are not enough if you truly want to learn how to trade the forex market in a profitable manner. There are a lot of commercial products and services out there, some good and others really bad. However, over at InformedTrades, you can go through a detailed video course, all for free. I am fairly sure you will find something useful, so go over and check it out.
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Indicator Fix
Posted on 17. Jan, 2011 by Moderator.
If you have been with me for some time I am pretty sure that you know I don’t really use a lot of indicators. Anyhow, I do believe that it will be beneficial for some of your guys, if you have a trading style which allows for it. One of my friends, Dave, is sharing a lot of indicators on his site. If you are looking for one particular indicator, there is a good chance that you will find it over at his site:
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