About Pippin Ain't Easy

Like the title of this blog suggests, making pips in the Forex is easier said than done. This "reality blog" will allow you to follow my life as a Forex trader. I'll not only discuss trades, but also my emotions during these trades. You'll see my ups and downs, my highs and lows, and my smiles and tears.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

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Daily Chart Art - August 25, 2010

Posted 21:55 24 August 2010 | Comments

EURUSD: 4-hour

Let's kick off today's chart art with a look at the most liquid pair of all, EURUSD! It looks like the pair is starting to retrace some of its losses but something tells me that this upmove would only serve as an opportunity for the bears to load up on shorts. Keep a close eye on the 50% Fibonacci retracement level (1.2750)! The pair could find resistance and move lower again.

EURGBP: 4-hour

Is EURGBP in for a fall? Judging by the descending channel on my 4-hr chart, it just might be! The pair has been playing around the top of the channel for the past few candles, and stochastics is fast approaching the overbought region. Will the pair finally break the channel, or will it continue its slide down the pip charts?

GBPJPY: 1-hour

Check out the fancy Fibs over at the 1-hour chart of GBPJPY. Did you see how it bounced off the 38% Fib? Now that the pair is going up, will it re-test the Fib level, or will it go all the way down? My buddy stochastics is currently on the middle ground, but watch for any signs that could give direction! The 129.00 handle could be a sweet spot to take profits if the pair failed to go past the Fib resistance.