Daily chart analysis- April 25, 2011

GBP/USD 4 HOUR CHART

This pair is normally trending up so it is very appropriate to go long on this pair at the key level as there is confluence of fib level and previous swing hig which was broken and is now acting as a support level.

You must be thinking why I used two charts over here. This is because these two pairs are highly negatively correlated to each other.Now I will give you some more evidence that why to trade these pairs.

Spinning top and doji formed at EURUSD showing reversal. Spinning top again formed at psychological level of USDJPY.

Daily chart analysis- April 22, 2011

The USD is holding kinda weak for last few weeks. The neat retracement could take place on this pair and stochastics is totally supporting it as it is in overbought area suggesting that bulls are going out of steam. I would not suggest you to go long on this order but rather place a pending order around key area as it is likely that this pair would jump off the key level and continue to trend.

USD/CAD DAILY CHART

The nice and sweet spinning top shows that the bears are getting exhausted and now its the bull time. The clear bullish divergence is just leveraging the way for the bulls. Since the whole trend is getting down I suggest you to be cautious and mark your order above the current price.

Daily chart analysis- April 18, 2011

From the last few week we have been seeing a nice uptrend on EUR/USD pair but now it seems like bulls are tired and decided to take their profits. Now do the bears have guts to change the direction of the trend or this could be a fake breakout. No matter what I have decided to go short on this pair and will take advantage of selling pressure on this pair. 

Weekend Outlook

EUR/USD Weekly chart

EUR/GBP Weekly Chart

AUD/CAD Weekly Chart

Hey guys!! Just uploaded my first weekly outlook. Hope it might help you in your trading. 

Daily chart analysis- April 15, 2011

EUR/CHF Daily Chart

I was just going through the charts and my eyes popped out when I saw this pair. How many evidence do you need to confirm a support area? I guess there is no doubt that above level could act as a support. I know some of you must be following EURUSD and were looking for riding up the trend but i must tell you these pairs are very much correlated and it is probably going to be a bulls day :p. Anyways for all the conservative traders I see a support at 1.2800 so you can wait for the price to go to that level. You never know what the bears are up to, so (for the conservative ones) better not take chances.

Yeah thats right!!! I was trying stuff on my photoshop (but it did'nt work that well though). But anyways what do we see over here..Hmmm....a downward pressure then a consolidation. Looks like bulls and bears have hard time deciding where to go. I know what I have to do. I'll just mark the extreme boundaries and wait for the pair to hit that level. 

Daily chart analysis- April 14, 2011

GBP/JPY Daily chart

This pair is showing a major resistance at 135.43 level for past few months which has already broken last to last week and now its acting as a support level. Plus there is a retracement level at that area too which is intensifying the support zone. Do you have guts to go long with this pair.

Whoa!! If i had a favorite channel, this would be it. EURGBP  is running under the channel for 5-6 weeks now. Will it follow it further or the buyer would get exhausted with time. Whatever it is, my rule says "Always stick with the trend and never trade against it". So I will be searching for long opportunities on this pair from now on. I have marked my target site and I will be stalking this pair once the target site is hit.

Daily chart analysis- April 13, 2011

EUR/CHF 4 Hr Chart

A nice head and shoulder pattern seen on the chart. I think I would go for it.

USD/JPY 4 Hr Chart

After a huge whipsawing on USDJPY, this pair seems to be stable now and forming swing highs and swing lows. Yesterday this pair printed bearish candles which i think is just a retracement. Now there is a confluence of previous swing high (which is acting as a support) and 38.2 fib level which is enough to make this pair move on its previous track. I d be looking forward to buy this pair. 

USD/CHF 4 Hr Chart

Firstly the major support area , then a bullish divergence!! This pair is having some good time there. You should be buying this pair and look for profit of 100 pips

Daily chart analysis- April 12, 2011

EUR/USD Daily chart

OOOHHYA!!! A very sweet channel seen above!!EUR/USD has nicely trended up for last few weeks and now it looks like it is moving up in a very disciplinary manner. Now since it looks like its on the top of channel and it has already form a bearish candle, so is it time to go bearish on this pair ?? I won't do that because if I did I would only break my rule of "Never go against the trend". I should wait for it to show me whether it is a retracement or a reversal.

AUD/USD 1Hr Chart

Good days for AUD/USD are probably over on 1 hr chart. But still there is one barrier that is of previous swing high that might has now become a support for this pair. My strategy is to never sell on the support so I would wait for this pair to print more bearish candle and break that support level.

USD/CAD Daily Chart

I have showed you this currency because not only the oscillator but also the bullish hammer in the end of the move is pointing out to buy this currency. I am going long on this currency and my profit target is going to be 38.2 fib level. 

How to start with currency trading ?

This blog is dedicated to all my friends who are new to this type of currency trading.First of all I'll tell you advantages of forex trading over stock markets.

• It is 24 hour market
• No commission or middleman-no one can corner the market 
• Instant execution of market orders
• Commercial banks, brokerage firms and other large investor are less likely to influence the market as it is the largest market in the world with a turnover of 4 TRILLION $!!!

Now the question is how do I start trading the currency? For that you have to follow simple steps that I followed when I first started to trade.

STEP 1:  CHOOSING A BROKER

This is very crucial step as there are many illegal brokers who are looking for the prey. Remember that broker should either be NFA or CFTC registered. I have an account on easyforex as they are the most trusted brokers I've ever  seen. You can just go on the link below and open an account with them.

http://www.easy-forex.com/gtw/136360.aspx

STEP 2: OPEN A DEMO ACCOUNT

ALWAYS , ALWAYS AND ALWAYS open a demo account first.This allows trader to first invest virtual money and get profit from that. Every broker has an option of first letting their client to open a demo account. This helps their clients to get a hang of whole trading and their platform

STEP 3: DOWNLOAD PLATFORM

For currency trading you will need a platform where you can buy or sell currency. In my opinion MT4 platform is the best platform to trade. This platform has all indicator for every analysis you are required to do on your charts.

STEP 4: LEARN, LEARN AND LEARN

To be a successful forex trader you should have knowlegde about the charts. You should be thorough with the indicator, charting pattern and everything that is needed to trade you the currency. For that I recommend you interesting website where you can learn about trading without getting bored.The website link is given below. On this website go to "school" and start learning.

http://www.babypips.com 

STEP 5: MAKE A TRADING STRATEGY

Now you have every tool to start trading but what you don't have is the strategy or how you would face the market. I am going to use chart indicators on my blog. You can follow it and trade the currency pair accordingly.

These are the steps you should follow before you think of trading currency.

How to start with currency trading ?

This blog is dedicated to all my friends who are new to this type of currency trading.First of all I'll tell you advantages of forex trading over stock markets.

• It is 24 hour market
• No commission or middleman-no one can corner the market 
• Instant execution of market orders
• Commercial banks, brokerage firms and other large investor are less likely to influence the market as it is the largest market in the world with a turnover of 4 TRILLION $!!!

Now the question is how do I start trading the currency? For that you have to follow simple steps that I followed when I first started to trade.

STEP 1:  CHOOSING A BROKER

This is very crucial step as there are many illegal brokers who are looking for the prey. Remember that broker should either be NFA or CFTC registered. I have an account on easyforex as they are the most trusted brokers I've ever  seen. You can just go on the link below and open an account with them.

http://www.easy-forex.com/gtw/136360.aspx

STEP 2: OPEN A DEMO ACCOUNT

ALWAYS , ALWAYS AND ALWAYS open a demo account first.This allows trader to first invest virtual money and get profit from that. Every broker has an option of first letting their client to open a demo account. This helps their clients to get a hang of whole trading and their platform

STEP 3: DOWNLOAD PLATFORM

For currency trading you will need a platform where you can buy or sell currency. In my opinion MT4 platform is the best platform to trade. This platform has all indicator for every analysis you are required to do on your charts.

STEP 4: LEARN, LEARN AND LEARN

To be a successful forex trader you should have knowlegde about the charts. You should be thorough with the indicator, charting pattern and everything that is needed to trade you the currency. For that I recommend you interesting website where you can learn about trading without getting bored.The website link is given below. 

http://www.babypips.com 

STEP 5: MAKE A TRADING STRATEGY

Now you have every tool to start trading but what you don't have is the strategy or how you would face the market. I am going to use chart indicators on my blog. You can follow it and trade the currency pair accordingly.

These are the steps you should follow before you think of trading currency.

Daily Chart Analysis- April 11,2011

GBP/USD 4 Hour chart

click on image to see full size 

We have seen major uptrend on GBP/USD 4 hour chart in past few weeks but I think now the exhaustion stage has come up.Don't believe on the major support level. But will you ignore the clear bearish divergence seen above. Looks to me as GBP will not have a good day on monday.

click on image to see full size 

The general outlook for USD/CAD is that it is downtrending following a channel. On last friday it has shown a  slight bullish divergence. Will you trade this pair or leave it till it break the channel?

INDIA-BLOGGER