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! The Dollar rises for the 3rd straight day against the Swissy
Recapping the Majors
EUR/USD- The Euro dropped slightly lower today but once again found support at its 100 SMA on the daily chart. The Euro has fallen hard over the past 4 days after it peaked at 3550 on June 4th.
Result: The Euro fell slightly lower but held out at around 3550 which is near support at the 100 SMA on the daily chart.
GBP/USD- The Sterling started the day off by falling down to 9650 but ended up retracing back up to around 9700 at the end of the day. The Cable has fallen over 300 pips in the past 2 days but seems to have finally cooled down.
Result: The Sterling fell early on but ended up moving back up to around 9700.
USD/CHF- The Dollar rose for the 3rd straight day as it soared to 2400 today. The pair has been rising fast over the past 3 days, breaking through its 50 EMA, 100 SMA, and 200 SMA on the daily chart.
Result: The Dollar rallied hard for the 3rd straight day as it soared up to 2400 today.
USD/JPY- The Dollar stayed perfectly still today against the Yen today, barely moving away from the 121.70 mark. The pair had started to make its way down after a being in a long term up trend for the past few months and fell to as low as 121.00 before shooting back up to around 121.70 where it is currently stuck at.
Result: The Dollar stayed still against the Yen today as it barely moved away from 121.70.
Chart Analysis: What's going to happen next?
EUR/USD
The Euro has been tanking but it seems to have found support at the 3350 level which is also around the 100 SMA on the daily chart. Daily stochastics are still trending down and are now heading into oversold territory. 4hr stochastics are trending up which leads me to believe that we'll see the Euro rise in the short term. Look for the pair to rise up to around 3380 before moving back down.
GBP/USD
The Cable has been falling hard the past couple of days and because of the fast movement I think we'll see a retracement soon. The pair seems to have found support at 9700 and 4hr stochastics are trending up. Look for the pair to head to 9750.
USD/CHF
The Swissy skyrocketed the past few days and seems to have hit resistance at 2400. Both 4hr and daily stochastics are in overbought territory and I don't see the pair getting to above 2400 anytime soon. Look for the pair to drop to around 2350.
USD/JPY
Once again the Dollar has been at a standstill with the Yen around the 121.70 mark. 4hr stochastics are in overbought territory and the 122.00 seems to be a good resistance level. We may see the pair rise back up to 122.00 but I would expect to see the pair fall back down to around the 121.00 level.
