About Pippin Ain't Easy

Pippin Ain't Easy Author

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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July 2010

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Daily Chart Art - July 29, 2010

AUDUSD: 4-hour

PoD Chart

Holy momma, those are a lot of sell signals on AUDUSD! Lemme point 'em out one by one... Firstly, the rising trend line seems to be holding as price is unable to close below it. Secondly, there is very strong support at .8870, a resistance-turned-support level. And finally, there is a very clear bullish divergence as indicated by the "higher highs" in price and "lower highs" in stochastics. Hmm, a chance for the bulls to buy AUDUSD at a cheaper price?

NZDUSD: Daily

PoD Chart

Next up, lets take a look at the Kiwi. NZDUSD seems to be consolidating into a rising wedge. Notice the shooting star candlestick formation that formed after touching resistance. Also, I see that bearish divergence seems to be forming, as price has registered higher highs but stochatsics show lower highs. With the past couple of days showing bearish candles, we could see the recent down move continue. Look for support at .7150, which served as strong resistance in the past.

USDCAD: Daily

PoD Chart

Lastly, let's end with my take on USDCAD. Over the past couple of months, the pair has been forming lower highs and higher lows. It looks like a symmetrical triangle to me! With stochastics just crossing over, we could see the pair rise up before finding resistance around 1.0500. On the other hand, if we see a solid bearish candle close below this week's lows, it could be a signal that the triangle is breaking.

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Archived Comments (3)

I think you meant BUY signals on AUD ..rather than sell ;-) .. cheers !!!

Also many thanks for the daily chart art ... my trading feel incomplete without then .. Cheers !!

Oops, typo! You are right kanakzz, I meant BUY!

What charts do you use and where can I get them?

"Rule number one is, don't sweat the small stuff. Rule number two is, it's all small stuff."
Robert Eliot
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