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Asian and London Forex Trades
By · CommentsAsian Forex Market Report
Thursday, March 25, 2010 @ 5PM ET USA
EURUSD
Yesterday: Forex Asian Market Report suggested to wait for Slingshot trade and we had one on the 30 minute chart the moved down over 40 pips. And overall we stayed below the daily support level we broke earlier in the week.
Asia Currently: It looks like the Asian session looks to move to the upside as there is a MAC Daddy trade on the 60 minute chart that is setup. The 15 and 30 minute MAS are in the lower quadrant giving further evidence for a move up during the Asian session.
London Possibilities: Since today was basically and up and down day. We will look to see if the trend continues to the downside from the daily support level we broke earlier in the week. The 30 or 60 minute charts may give a Runway trade setup.
EURJPY
Yesterday: Forex Asian Market Report suggested that we should look for Asia to pull price back, it did about 80 pips and formed a Slingshot trades on the 30 and 60 minute chart that gave us the continuation move we had for over 110 pips.
Asia Currently: It looks like the Asian session will move to retest the highs from today. There is a Runway trade on the 15 minute chart and a Slingshot trade on both the 30 and 60 minute charts looking to move up.
London Possibilities: There is very strong resistance at that 124.05 level and if price moves to retest highs of the day and holds below the 124.05 level we will be looking for a sell. Watch for MAC Daddy trades on the 15, 30 and 60 minute charts.
USDJPY
Yesterday: Forex Asian Market Report suggested that we watch for a pull back down on this pair during the Asian session and the MAC Daddy trade triggered and ran over 40 pips. That setup the Slingshot continuation move that we noted to watch for during the London session which ran over 90 pips.
Asia Currently: We are looking for a pull back up and price to hold in the 93.10-93.40 area. We have Slingshot trades that are setup on the 15 and 30 minute charts to move to the upside.
London Possibilities: Watching for a pull back with the MAC Daddy trade we see on the 60 minute and 30 minute charts.
GBPUSD
Yesterday: Forex Asian Market Report suggested that we watch for a move up during the Asian session when the 30 min MAC Daddy trade triggered and when it did price ran over 90 pips. That setup the move back down during the London session back down near to the support level from the daily chart.
Asia Currently: Price has broken through the daily support level of 148.30 late during the New York session. We are looking for a pull back up during the Asian session with the MAC Daddy that is setup on the 60 minute chart. The MAS is in the lower quadrant on the 15, 30 and 60 minute charts supporting the pull back up during Asia. The 15 minute also has a Runway trade setup to move up.
London Possibilities: Watching the 30 and 60 minute charts for a continued move to the downside through the daily support level that is broken as the EURUSD did earlier in the week. We will watch for 30 and 60 minute Runway trades to develop during Asia for entry near London.
For more specifics on the trade setups we use to catch these market moves sign up for the Free LIVE Training at www.forexactivetrader.com. We look forward to publishing this report next week and remember that the LIVE Currency Training for March 29, 2010 – April 2, 2010 will be on spring break.
Good Hunting,
Seth Gregory
www.forexactivetrader.com
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Sad to say many traders lose money in Forex and all trading because they do not embrace the simplicity of the basic elements necessary to become a successful trader. The following points are critical to your successfully becoming a trader.
BELIEVE IN YOURSELF. To become a successful Forex trader, you must trust in yourself as you have in all other endeavors you have accomplished. You must also believe that you have found good Forex trading education that has taught you how to make good trading decisions. You must be willing to make all your own trading decisions. You must have the confidence that you will act in your own best interests by completing your training before risking any money.
ACCEPT THE TIME IT TAKES TO LEARN. Unless you are an experienced trader in other markets, you will lose money trading the Forex market at the start. This is an almost absolute certainty. As depressing as that thought may be, it will serve to give you the confidence when things do not go just perfect at the start of your trading journey. Understanding the learning curve can help prevent you from blowing out your account due to unrealistic expectations when you begin trading the Forex.
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GET A SOUND TRADING EDUCATION. How many people can buy a $97 Ebook or $200 course and become a licensed doctor? Would you go to them for medical attention? Of course not. Trading the Forex requires knowledge and offers you the potential to earn 100s of times more money than most doctors. Thus it is reasonable to expect to pay for quality education. You will either pay for quality education that will help you have a better chance to achieve the success you want from trading or you will pay your account to the market and in the end paying much more and learning much less. Onsite Forex trading workshops and the thousands of dollars in costs to attend give you the least bang for your buck, how many of your doctors learned to become a doctor over a weekend? Find a good source of online Forex training and LIVE Forex training.
BE CONSISTENT AND BE SUCCESSFUL. Knowing how to be good at something and does not require you to know hundreds of things it required that you do a few things well, hundreds and thousands of times over and over. You do not have to know everything about the Forex market and to be honest you never will. A good trading system executed consistently over and over again in the same way is what will bring you success and money into your trading account not trying to learn everything about Forex.
Thoughtfully considering the above points will lead you not only to the trading success you wish but also the freedom that trading can bring to your life.
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GBPUSD FREE Trend Trading Alerts
By · CommentsWe are offering a FREE trend trading alert service for the GBPUSD.
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The Best Thing to Do for the New Trading Year
By · CommentsWhat are some things I should be doing to prepare for the new trading year?
The first thing to do is look at what you did in the last year. What things improved and what things did not work for you? Are the reason things improved because you gained a better understanding or put in the effort required to become good? Why did things not work? Is it because they really do not work or you did not have the time to commit to the subject to acquire the skill or you may have jumped in before you knew what you were doing? Whatever the answeris to those questions take the time to answer them honestly.
The second thing to do is pick two things that you would like to achieve over the next year. Notice that we said year and not days or weeks, it takes time to learn and develop skills. Once you know what you want to focus on, write out in detail how what you are going to do to be successful, what steps are you going to take.
Why simplify is down to just two things? One reason is that most people learning to trade are busy and have hectic lives and doing more will just lead to becoming overwhelmed and possibly just quiting altogether. Secondly, and worse yet, it could lead to going back to doing things randomly, with little to no progress.
Give yourself the chance to improve your ability to succeed by taking a few minutes to give yourself some clear direction.
Good Hunting,
Seth Gregory
www.forexactivetrader.com