Its time to test those patience. EUR/USD is looking very good on the short side though. But I wouldn’t enter personally at this time.. The stop loss would be too much of a risk for me. I’d like to be on top, being a contrarian trader. EUR/CHF is a better pair for us to trade at the moment.

While in consolidation, protect your money. You don’t want to lose money at this time because after consolidation you know what happen… A breakout. You want to be on the sidelines or hold any position so you can survive the whip saw of the price until you earn a payday on the breakout. Its time to practice patience guys.

Of course, all this is for educational purposes only. Trade at your own risk.

Remember our analysis on the EUR/CHF that its cooking to go up? Well, it did went up but it seems that many are still shorting the pair. The interesting thing here is that the Swiss government expressed their willingness to intervene should the pair reach around 1.2000. This is last year’s tipping point where exporters are expressing their grief for high exchange rates and businesses are being affected.

Now that the pair is hovering at this level ~1.2000. It might be a great idea to go long and build up the position as you go.

The price action tells the same story, “I want to go up!”.

Keep in mind that before a trend reverses, there might be a consolidation… This move up that we are anticipating, may be preceded by consolidation first before it moves up, or it might continue to go down some more before it moves up. Keep your stop losses tight and be flexible enough to know if you are wrong. I have been wrong a couple of times, so same thing goes here… Trade at your own risk.

EURUSD 8 Hour Chart

All the odds were in our favor. At the beginning of the week, we anticipated a breakout actually, its 2 weeks before. And correct we are on that call and if you went in the short trade with me, you could have made more than 300+ pips.

Right now, we are looking for a clearer price action.

There is a strong resistance at near 1.3400. At this moment, it could be a good time to short.

Seems like USD/JPY is forming a pullback from the past week of bull run. Looking for the red lines as support/resistance and targets.

USD/JPY Daily

I’m currently SHORT on USD/JPY and is already 14% up in green. Red lines are strong resistances/support. Could take a couple of more days before we hit our target 80.600.

USD/JPY 4 Hour

Strong support at 82.000. Resistance 82.65 if pulls back.

Comments on other Pairs

I’m currently on the sidelines for the other pairs. My watchlist includes, AUD/CAD, EUR/USD, EUR/CHF. Though, they made a clear price action before, the chart, for me, is not very favorable now and I would prefer to wait until a more clear price action appears. In the meantime, I’ll focus my forex trading on USD/JPY.

Like I always believe, the road to success is a lonely road. You will lose friends because not all people see the same opportunity and the future that you want to see. A successful person is courageous to continue to go on, even after losing all that he has, and even if the journey is his, alone to pursue, he will still go on.

Being focused on a goal is important in any endeavor. Spending all your effort and time on a single business is what makes it successful. See the visionaries of our time. I will be honest with you. Since you have started your way to forex trading. Never expect to earn money with it. Not at least the first few years. Even more if you have another job and doing this part time. That is the truth. Do not expect to beat the market by being a part time trader. Do not expect to be rich with a half-assed effort. Doing that only means you are underestimating the market.

Seems like a good opportunity to SHORT now for USD/JPY. It could be a retrace. Weekly chart also showing weakness. Trade at your own risk.

AUD/CAD Daily Chart

A textbook candlestick pattern spotted on AUD/CAD. A perfect opportunity would be to wait for the next candle if its a bull candle then its a valid signal. If not, then its false alarm. Risk takers can enter on this pair now on the long side. I’ve never seen a candle stick pattern as light as a day as this one.

Message:
Hi!!!

Just like to ask where did you learn about forex?? can you recommend books or seminars?? i’m going through the babypips site right now.. and i got a pdf of market wizards that you recommended.. it’s the 22 page book by jack schwagger right? also what’s your background?? just say your college course if your really private… i’m an engineer by
the way who wants to change careers. thanks.

-Tots

Tot’s thank you for you question and I think these are the questions for every new trader in forex in order to get started. I got my first encounter in forex with a google search for the best business. The one that fits me, flexible time, flexible workplace, no customer support, no inventory, no employees. The search comes to an end when I discovered forex. Then I started learning and reading all I can to learn about it. My first stop is BABYPIPS.com.

When I finished all of their articles. I picked a system that fits my personality. I personally liked contrarian trading, swing trading and loved the indicators, simple moving averages and ichimoku. Those are my tools of the trade.

Then I started buying books about the topics that interested me most about forex. Jack Schwagger’s market wizards 1 and 2 are a classic. Probably the best book purchase I ever made. Then books about money management, and psychology. I still buy books about the subject and I’m not sure as to what level you are now or interests that my recommendation would not be good for you. As for now, market wizards books and babypips will be a good start.

My background is engineering as well. I’m a computer engineer. Loves programming and challenges, maybe that’s why I got hooked at forex trading. I hope these answers helped.

EUR/CHF

I wanted to have enough funds to place a sizeable position on this pair. I do think its cooking to go up, with a lot of dojis and a respectable support (green line) with the red lines as resistance.

EUR/USD

I’m still bearish on the EUR/USD though and a sizable upswing can be advantages for me to get more positions on the short side. The target is 1.2800.