Posted in Forex Trading Tips
Mizuho’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) at 1.5700; stop below 1.5400. First target 1.6000. Points to watch: 3rd support (1.5535) and 3rd resistance (1.6200)
Danske’s technical analysis:
Market is in a downtrend. Suggested strategy is to attempt long (buy) if price breaks 1.6201 with first profit target at 1.7235. Place the stops at 1.5530 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5400.
Ino MarketClub’s Trend analysis:
Strong Down Trend (score -100)
Points to watch from my pivot-calculation are the 3rd resistance (1.6207) and 1st support (1.5533)
At the time I wrote this, gbp/usd price was ranging around 1.5770. My plan is to place long order if price breaks 1.6200. Anticipate-stops will be at 1.6100. I will place short order if price breaks 1.5530. Anticipate stops will be at 1.5630.
Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.
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Just found your blog through Google, and I have to say I thoroughly enjoy it. I’ve subscribed and I can’t wait for your next post!
While I whole heartedly agree and am myself in the TA camp, for what it’s worth, my experience has taught me the following lessons. You cannot follow a system unless you are it’s creator and have tested it extensively. When systems suffer their eventual adversity and drawdown period, and they all do, it will tests your metal and “stick to it ness” to no end. To stop trading in these tough times usually always means ending in failure. To be the developer, quant and creator on the other hand is the only way to get this strength. Get yourself a good porfolio level backtesting engine like Amibroker Pro
and a high quality historical dataset like from these guys http://www.forextickdata.com and begin your journey.
Best of luck with your trading endeavors.
Cheers – David
thank you more
Thanks for the great tips, i will use it on my next trading session.
The USD is sliding, amazing
thx again
I agree with you. Keep up the good work.
Cheers
Jimmy
found this site via google. Great.
Following your RSS right now.
Hey, I came across your post from the search engines, am new to Fx trading and i can say this information is very helpful
thanks and God Bless
thanks for tips.