USD/JPY is moving a tight sideways trend which is giving short term traders some good traders but still USD/JPY is looking to break into a long term dip. The long term trader might not be focusing too much at USD/JPY at the moment but still there might be some looking to sell USD/JPY around some reasonable levels and hope it will resume its long term downwards trend sooner or later. Currently one level can be seen around 77.00 level and above that we can see 77.45 as the next potential level…Continue
Added by Henry Jorlando on October 20, 2011 at 3:36am — No Comments
GBP/USD seems to be setting itself up for a nice dip in the long term trend towards 1.5300 level which can be further extended towards 1.5200 level. The traders will mainly be looking to sell GBP/USD on rise to take retracement. Currently the first retracement level for entry can be seen at 1.5460 level and both intra-day and aggressive traders will look to sell GBP/USD around that level. If GBP/USD breaks above the 1.5460 level, then the next level that will come into consideration to sell…Continue
Added by Henry Jorlando on October 7, 2011 at 5:59am — No Comments
Gbpusd is currently trading just above its 4hr range resistance line at 1.6460. This level is important also because of the fact that additional support is offered by daily highs that were breached at that level. As is indicated in the charts below though, resistance is just ahead at the underside of the 4-hour trendline at 1.6505, and further, at daily trendline and horizontal resistance line at 1.6530s.…Continue
Added by Henry Jorlando on August 23, 2011 at 1:56pm — No Comments
The recent downgrade of the US is sure to have ripple effects in the market, and the Usdcad, which is trading at a critical level, is a good candidate to measure just how consequential its effects will be. Last week saw a rally off weekly .9440 low and trendline support. This is potentially a significant development, as double bottoms are usually a strong reversal signal.…Continue
Added by Henry Jorlando on August 8, 2011 at 11:19am — No Comments
We could get into a TON of fundamentals with this pair considering all of the economic calamities that both the Euro Zone and the US are constantly going through. Those economic struggles are what makes this pair rather difficult to predict, but it also makes it rather fun to trade. So instead of giving you six thousand statistics on interest rates, bailouts, and unemployment numbers; let’s take a look at price action and let it be our guide.
Here is the Daily Chart of the…Continue
Added by Henry Jorlando on July 10, 2011 at 7:04pm — No Comments
Since bouncing from the weekly down trendline, 1.4570 has proven to be a tough resistance as it tried, and failed to breach the daily .618% fibonnacci retracement level of the 1.4940-1.3969 down swing on the daily timeframe. Currently, the .50% level is being tested, just above previous resistance and also just below the 4hr trendline. This trendline has little influence, and simply stands between the significant levels on the daily chart.…Continue
Added by Henry Jorlando on July 7, 2011 at 5:02am — No Comments
Following up on last week’s article on the Eurusd currency pair, we saw a monthly breach and retest of the long-term trendline. The retest and subsequent bounce suggests the completion of a new ‘C’ retracement at the .382 fibonnacci level. Having only put in such a shallow retracement, I am expecting a fast and aggressive run to higher levels. The underside of breached channel support line on the daily chart represents immediate resistance at the 1.4700 level. A breach of this line and…Continue
Added by Henry Jorlando on June 5, 2011 at 3:49pm — No Comments
Hey Guys, this Nathan Tucci, and I just wanted to give you a little more info on the Bollinger Band strategy I have been using. Some of you asked about the criteria I use when you read my last article so I made a video to show you in more detail how I use this strategy.
So here is what you need to know:
-Look for a pierce of the top or bottom of the Bollinger Band
-Wait for a strong bar going the opposite direction of the pierce
-Make your entry when the bar exceeds…
Added by Henry Jorlando on June 5, 2011 at 3:20pm — No Comments
Here is a simple plan I started working on for pip growth. I personally believe that this is conservative and doable for a lot of folks. But, if you think its to aggressive, feel free to scale it back to something that makes you comfortable. I chose a small account starting size of just $10K and a small trade size. Just ONE mini lot. Each week we hit our profit target of pips we get to move up to the next level.
Starting with a 10K account and trading just one “mini Lot” our goal…Continue
Added by Henry Jorlando on June 1, 2011 at 6:16am — No Comments
The Eurusd is currently retesting the previously broken neckline on the daily chart, which also converges with the underside of the down trendline on the weekly. In most cases this would have been a straight-forward setup for a short trade. However, this is not true in this situation, as the bullish candle which breached the trendline could be getting retested for a push higher. As a result there are conflicting signals and the fact that they appear on the leading timeframes poses…Continue
Added by Henry Jorlando on May 27, 2011 at 8:16pm — No Comments
Added by Henry Jorlando on May 27, 2011 at 8:09pm — No Comments
Added by Henry Jorlando on May 22, 2011 at 4:29pm — No Comments
Hey guys, just giving you an update on what the power indicator is showing us today. Remember, the power indicator is all about going with a trend, because your chances to win with the trend are always better than going against it.
So I am going to look at the 4HR chart to see what the indicator most highly suggests.Continue
Added by Henry Jorlando on May 18, 2011 at 4:52pm — No Comments
Since being rejected at 1.6740s weekly resistance and closing back inside the daily range resistance line, Gbpusd retested that line (also broken neckline) at 1.6517 before baking a beeline for the inner trendline, where it settled momentarily before also breaching that support (See daily chart below). At Friday’s close, the pair was already trading below the 1.6230 trendline. For the coming week, I will be watching for an opportunity to short the pair, perhaps after a retest of the broken…Continue
Added by Henry Jorlando on May 17, 2011 at 4:38pm — No Comments
The Euro/Jpy has had a massive drop in the past week and is now approaching a power support area at 115.00. The negative sentiment in the euro is very strong right now and with this change in thinking for traders it could very well push right through the strong support level. So that means that I will be watching that level closely and you should watch that level as well because the price will make a sharp move from that area which we can profit from.
Added by Henry Jorlando on May 10, 2011 at 6:18am — No Comments
Eurusd is currently sitting atop a broken channel resistance line on the daily chart. However, having failed to breach 1.4900, settled in a 100-piphorizontal range with the base at the 1.4760 daily support. Yesterday, an attempt was made to breach the range resistance, but the strong one hour close above the range support, was followed by an equally strong bearish bar that brought it right back inside the range. The major resistance above at 1.5100 remains a coveted target for the bulls. In…Continue
Added by Henry Jorlando on May 6, 2011 at 8:29am — No Comments
The Nzdusd is not a pair that I trade much, however, it certainly deserve some attention for its recent performance. The monthly chart below presents an image that reminds me of a very similar setup on cable’s weekly timeframe. In breaching 1.6000, the Gbpusd invalidated what could have been the right shoulder of a head and shoulders reversal pattern. In the case of Nzdusd, the long-term up trendline was breached and retested. There was some pullback, but instead of following through with a…Continue
Added by Henry Jorlando on April 15, 2011 at 9:30pm — No Comments
A plethora of articles and books have been written on what do in order to guarantee success in Forex trading. Here is my take on it:
As a Forex beginner, make sure you educate yourself and get a good grasp of the basics of Forex trading; Educate yourself on different trading strategies, or methodologies. There is a learning curve involved, and everyone’s is different. Do not compare yourself to other traders. Do not rush the process.
After you have acquired a…Continue
Added by Henry Jorlando on April 11, 2011 at 5:26pm — No Comments
The Jpy pairs have come a long way since the incredible drop that took place weeks ago, following the Japan disaster. The Usdjpy in particular breached significant resistance to close above the pennant range resistance line on the weekly chart at the 86.60 level. In my opinion, there is now real potential for significant follow-through from here. I will be watching for retracements towards the broken resistance at 83.60 for a long entry. 82.80 also represent mid-range support that could also…Continue
Added by Henry Jorlando on April 6, 2011 at 9:33am — No Comments
The first thing we must acknowledge with this pair is that we are in a stong uptrend and also that the dollar is in trouble. I will be including some charts with the Dollar index to help us get a better idea of the big picture.
The reason I say the dollar is in trouble is because the dollar index tried to rebound on Thursday and Friday and we had a failed rebound. Some people were beginning to get optimistic on the Dollar and some positive…Continue
Added by Henry Jorlando on April 2, 2011 at 6:15am — No Comments