Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.
Read First: My Trading Framework!!
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Okay, some of you may think I’m crazy, but I’m going to look for a short in GBP/USD. In the current US Dollar bearish environment, it’s probably wise to continue to short the Greenback, but GBP/USD has moved up almost 400 pips from the last retracement and it may be in overbought territory at the moment. We’ve seen US data show reasons why the US economy is slowing all last week, but I think traders are looking for some positive US data or any reason to close their Greenback shorts to take some profits.… More…
At 8:30 am EST, we saw the US Dollar begin its sell off against the Loonie as Canada released their GDP at 0.3% - higher than expected. The Greenback steadily dropped all the way to the release of the US Consumer Confidence report at 10:00 am EST. The number came out worse than expected at 105.4 versus 108 expected. We saw a sharp move further down, and our short trade entry was triggered.… More…
Good evening! Well, it’s last “Pick” of the month, so let’s make it a good one! We’ve got quite a few economic reports in the upcoming US trading session being released – most notably Canadian GDP and US Consumer Confidence at 8:30 am EST. The Loonie took a beating from the Greenback yesterday, but I see it as an opportunity to jump in the pair short and continue to ride the trend. The pair failed to break above the 1.1260 which was a previous high. I see the pair going down, especially after the Canadian GDP, in which the market is expecting better numbers as the Canadian economy’s growth accelerates. Also, the market is expecting a pretty good US Consumer Confidence number, but many may ignore that as US economic data has been weak as of late. So, I’m looking to go short on USD/CAD. … More…
It was all about the GDP reports on Friday as we saw little movement before the report. As expected, GDP numbers came out lower and the US Dollar sold off quickly. Our long trade was triggered, and within an hour after entering the position we hit full profitability. What a great way to end the week!… More…
We watched the Greenback take a beating all last week as US data has been showing that the US economy is not as strong as we all thought, and that further weakness is expected. We pretty much rode USD down the whole week, and with the exception of our Wednesday trade, hit profitability every day. … More…
