August 14, 2014 The EUR/USD was uninspiring to start the day so I looked over at my back-up pair, the GBP/JPY, to see if the action was a bit more appealing. No pivot points were in play due to the large trading range from yesterday, but there was a downtrend in effect. This makes things […]
August 13, 2014 In the past, I was more aggressive in my trading in that I would often take trades on the first touch of a particular price level. But this still did not mean that I would only trade just a price level. Just because a particular pivot point is coming into view for […]
August 12, 2014 Tuesday was more EUR/USD trading once again. It’s definitely my favorite pair/asset to trade given how consistent it happens to be overall. Consistency is always a good thing in trading, as familiarity and proper habit setting can help breed success. The EUR/USD is always good for pretty solid price movement and overall […]
August 11, 2014 Heed the trend Having consideration for the trend is a large part of trading successfully. Ideally, all “newbie” traders should adhere to the idea of not necessarily trading with the trend, but rather not trading against it. It’s the best way to at least ensure some degree of avoiding poor trade results, […]
I started watching the EUR/USD around 2AM EST, and immediately the thing that popped out was the pivot level working as a robust price level. During a 25-minute stretch leading into the open of the European session, the pivot was tested but held pretty well along the line. The retracement back down went about 4-5 […]
August 7, 2014 The GBP/JPY had a big spike up ahead of the European open before once again re-settling below the pivot level of 172.305. Just ahead of the 3AM (EST) hour, price began consolidating into its own channel and by 3:10, a distinct level of support had been created along 172.21. Recently in my […]
Resistance lines are one of the basic tools of technical analysis. They are lines that denote areas where price action is likely to pause, stop or reverse. Why is this? It is because they are areas on a chart or price levels where the market is selling and is said to be resistant to higher […]
In a previous posting I began a series on support and resistance. In that article I laid out two basic rules for support and resistance lines that all traders should follow. These are 1) S/R lines are not a signal, they are places where signals are likely to happen. If this sounds familiar you are […]
August 6, 2014 One of the nice things about pivot points that are spaced far apart is that the market will tend to be sensitive to them to a greater degree. When there is no other obvious immediate intraday level for price to hang on, it makes reaching a pivot point a rather notable event, […]
August 6, 2014 In trading, you can often become your own worst obstacle by usually the following three things: 1. Forcing trades and taking trades that aren’t there. 2. Trading too frequently and only semi-decent set-ups that don’t fulfill the criteria of factors you have set for yourself. 3. Investing too much money on any […]