FOREX TRADING

Euro 1.3705

Initial support at 1.3436 (Mar 2 low) followed by 1.3424 (may 18 low). Initial resistance is now located at 1.3692 (Feb 23 high) followed by 1.3788 (Feb 17 high)

Yen 88.45

Initial support is located at 88.25 (0.618 of 84.83-93.77) followed by 87.37 (Dec 9 low). Initial resistance is now at 89.50 (Feb 26 high) followed by 90.36 (Feb 23 high).

Pound 1.5100

Initial support at 1.4855 (Mar 2 low) followed by 1.4784 (Mar 1 low). Initial resistance is now at 1.5209 (Mar 1 high) followed by 1.5317 (Feb 26 low).

Australian Dollar 0.9055

Initial support at 0.8936 (Mar 1 low) followed by the 0.8863 (Feb 26 low). Initial resistance is now at 0.9093 (Jan 25 high) followed by 0.9147 (Jan 21 high).

Gold 1139

Initial support at 1111 (Mar 1low) followed by 1104 (Feb 26 low). Initial resistance is now at 1146 (Jan 14 high) followed by 1161 (Jan 11 high).

Oil 80.80

Initial support at 80.00 (Intraday Support) followed by 78.00 (Intraday Support). Initial resistance is now at 82.00 (Intraday Resistance) followed by 82.50 (Intraday Resistance).

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In all the good trading books, it always mentions that you should make detailed records, mainly for yourself, but also for tax purposes. What they never seem to do is go into any detail regarding analysis.

The goal and aim of a profitable trader is to constantly improve himself and make him the best he can possibly be. To do this, you need to analyse your trading results and then take action to constantly improve them!

One of the most misunderstood and not very useful statistics is the ratio of winning trades to losing ones. This is what most people who are not traders, will ask you, thinking that if you win more than 50% of your trades, you must be doing well.

The reason it is not a true reflection of your trading capability is that on average, you may lose eight out of ten trades, but still make money. If your risk and money management are good, and you do do this, you could be losing around 10 pips on each losing trade, but making around 100 pips on each winning trade. Now you can see that an ‘eight out of ten loser’ may actually be considered a good trader!

A better gauge would be to calculate your ‘average winning trade’ (The number of pips / number of winning trades) and conversely, your ‘average losing trade’ (The number of pips / number of losing trades). If you now subtract the losers result from the winners result, you will see the difference. If this is negative, you are not making money and need to revise your strategy! – This is the most useful and general guide to your trading profitability.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower on Friday, bottomed at 1.3585 but closed higher at 1.3664, formed a hammer candlestick formation on daily chart indicating potential upside correction testing 1.3750 resistance area, but overall the bearish scenario should remains intact as long as price move inside the bearish channel and I still prefer to sell on rallies. Break above 1.3750 area could trigger further bullish correction back towards 1.3850 even 1.4030 area. Initial support at 1.3585 (Friday’s low). Break below that area should trigger further bearish momentum with technical target around 1.3490 – 1.3400 area this week.

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By D Bennett

A trading plan gives a day trader points of reference as market action unfolds quickly in real time. It enables them to always know what to do next, and how to do it. Specifically the plan should answer four key questions.

1. When should a trade by opened?

You must specify some trigger which will signal you to take a trade, for example: (i) Buy if price moves down to a key support level or penetrates a resistance level. (ii) Sell if a "fast" moving average crosses below a "slower" one. (iii) Buy if an expected news item meets some specific criterion. The trigger must be clear, unambiguous and easily determined in the heat of battle. When the trigger is detected, you act.

2. How large should the trade be?

A signal to buy or sell is not enough unless you also know what size investment to make. In futures trading, this means knowing how many contracts to buy or sell. There are various strategies you might choose. For example: (i) Always trade the same number of contracts. (ii) Identify where the initial stop loss order is placed, calculate the level of risk per contract, and divide this into the highest level of acceptable risk per trade to find the number of contracts to trade.

It is very easy to get this wrong and find yourself carrying too much risk, or missing opportunities by being in too small a position. Trading with the right position size is possible the factor which makes the greatest contribution to the ultimate success or failure of the trader.

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Euro 1.3730

Initial support at 1.3584 (May 20 low) followed by 1.3485 (61.8% retrace of 1.2459 to 1.5144). Initial resistance is now located at 1.3903 (Feb 4 high) followed by 1.4026 (Feb 3 high)

Yen 89.25

Initial support is located at 89.00 (big figure) followed by 88.50 (Feb 4 low). Initial resistance is now at 90 (key level) followed by 91.28 (Feb 3 high).

Pound 1.5760

Initial support at 1.5708 (Oct 13 low) followed by 1.5517 (May 21 low). Initial resistance is now at 1.5918 (Feb 4) followed by 1.6069 (Feb 3 high).

Australian Dollar 0.8675

Initial support at 0.8647 (Oct 5 low) followed by the 0.8570 (Oct 2 low). Initial resistance is now at 0.8826 (Feb 4 high) followed by 0.8928 (Feb 2 high). (more…)

Euro 1.3890

Initial support at 1.3853 (Feb 1 low) followed by 1.3833 (Jun 8 low). Initial resistance is now located at 1.4053 (Jan 28 high) followed by 1.4097 (Jan 27 high)

Yen 90.95

Initial support is located at 89.59 (Jan 29 low) followed by 89.14 (Jan 27 low). Initial resistance is now at 91.88 (Jan 21 high) followed by 92.05 (Jan 14 high).

Pound 1.5905

Initial support at 1.5833 (Dec 30 low) followed by 1.5708 (Oct 13 low). Initial resistance is now at 1.6083 (0.236 of 1.6458-1.5851) followed by 1.6179 (Jan 29 high). (more…)

By Jonathan Ingram

There are many folks in the world who would like to learn day trading and start being super full-time traders. These adults would perhaps love day trading for a job if possible, as one with a trading account can trade futures, commodities, the currency exchange, etc. I am positive any person would savor index futures day trading for a the bread and butter day trading from the cheer of the traders own SOHO office.

To become a successful trader, learn trading or online trading, and make a living from trading, an individual must be ready to put in the complicated work, effort and time needed to succeed as a trader. A trader has to defeat all the capabilities required to be successful. The most vital talent to be mastered is in the shape of feelings and it is maybe the hardest of all to come and master. An instructor is always the preferred route compared to just reading some books on trading or buying a black box system. One should have a good system. The training received from an instructor can be pricey but helpful at the same time. One must always glance at the background of the trading mentor before choosing one.

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