EURAUD Order filled

EURAUD Order filled

As per analysis on monday 20th of Jan, 2014

Our pending trade setup has been filled during the Asian Session today and market had a good bounce from our entry which was the 200ext from initial leg of retrace move.

The bounce gave us 30pips and I have taken partial profit leaving a small portion to potentially going higher. My stops for this particular trade is just under the weekly pivot, this way even if stops taken out we are still in profit as a whole, Will move stops higher when past a new level of resistance

**Update** 

 80 pip move in our direction

USDJPY Setup filled and up 70pips

I haven't updated my blog on results of my trade setups for a while now, been quite busy. Will try to update more often!

USDJPY Setup 

as per analysis on the 20th of Jan 2014

The market went in our favor to our trade setup - both on 4 hrly and 1 hourly charts. Currently Up 70pips

Money Management - The Most Important in Trading

Money Management

There are tons of information on strategies , holy grail systems on Forex trading, but very seldom do we hear that the key to success is how well you manage your risk to reward per trade.  

Recently a good trading friend of mine , Ron (Pivot Panther) whom I knew from Dale Pinkert's Live Analysis Room gave an excellent presentation.  

Pivot Panther's Presentation about Money Management

EURAUD forecast for the week 20th January, 2014

EURAUD forecast for the week 20th January, 2014

Daily Chart

• Although the upside seems limited, we are finding support around the monthly pivot 
• If we manage to break above last months highs, our next resistance for counter trend trade is shown on the chart
• RSI indicators is around 60 suggesting further uptrend is likely

Hourly Chart

• We are trading above weekly pivot , and if market retrace back there which also is a 61.8% fib / or a 38.2% retrace of recent swing , it provides good confluence level to take a long
• Stochastic are in the oversold zone
• RSI is neutral

Outlook Trade opportunity

As H4 chart suggests, a potential long trade.

**UPDATED** - Order filled - please see this link

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below

AUDUSD Forecast for the week 20th January, 2014

AUDUSD Forecast for the week 20th January, 2014

Daily Chart

• We have broken a main support last week after rejecting the monthly pivot level
• A retest of which now as resistance would be a good entry for trend continuation down
• Forecast support is at the 127.2fib ext which also is the Monthly S2 pivot at 0.862

4H Chart

Hourly Chart

• We are hoping the market would retrace to around the 50% (127.2ex) or 61.8 (161.8ex) so we could go short

Outlook Trade opportunity

Trade opportunity to go short and follow the trend is shown on the H1 Chart

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below

USDJPY forecast for the week 20th January, 2014

USDJPY forecast for the week 20th January, 2014

Daily Chart

• Based on the daily chart, Price action clearly rejected from support with a bullish englufing candle 
• Potential for new highs 

4h Hourly Chart

• There is a slight divergence on the stochastic
• Asian Session started lower, and found support at the 50% retrace
• Trend followers should consider going long from here

Hourly Chart

• The 50% retrace level, is also a confluence of fib ext 127.2 from recent swing down (retrace leg), if this level fails, the 61.8% is next support (and 161.8 ext)
• Next potential strong resistance is at the 106.-106.200 where we find many confluence of fib ext levels - Counter trend setup 

Outlook Trade opportunity

Opportunity to go long following confirmation in Daily chart. (Please see H4)

Another opportunity is a counter trend trade which probably won't be this week, however would setup a sell order at the projected major resistance level (please see H1 Chart)

***UPDATED ** - Please check trade result of this setup

Tips -

Always take note of any economical news event on our provided calender below

EURUSD Forecast for the week 20th January, 2014

EURUSD Forecast for the week 20th January, 2014 

Daily Chart

• After beginning the week a tad higher , we hit resistance around the 61.8% retrace and continued lower
• We have found temporary support at a 61.8% retrace from NOV low to Dec Highs,
• Price action shows very heavy pressure and looks like a potential to go lower 
• Stronger support is lower at around 1.345 which is a confluence of a fib extension of 127.20 (reverse calculation of most recent swing retrace) & a 161.8 fib ext (of the Dec highs swing down to first week of Jan) and Also which is a Mid Monthly pivot from S1 to S2.
• At this stage, trend traders would look for opportunity to short if Monday / Tuesday provides some retrace and Target 1.345 (As shown in 4 hourly Chart)

4 Hourly Chart

• A very good potential short setup if a retrace to the 38.2/50/61.8 fib level with confirming price action candles to follow the short to find lower lows

Hourly Chart

• Monday Asian session hourly candle had shown price action tried to break lower, but with another candle recovering (engulfing or a railway candlestick pattern) - this is showing market finding support at this current stage and wants to retrace higher before continuing down
• On my hourly chart, I have only shown possible counter trade levels

Outlook Trade opportunity

This week I have a few trade setups.

Trend following Trades -
1 - Please look at the 4h Chart and Daily Chart

Counter Trend Trades
2 x Trade levels on the 1H Chart

Tips -

Always take note of any economical news event on our provided calender below