Large bars are quite a fascinating sight especially if you’re riding it. And it can also be a fishy one. I always think of it with a grain of salt and always think that nothing lasts forever. Having said that, the large bar on EURUSD that formed on the 8 hour chart seems to be a bluff and it will now go down.
USD/JPY Weekly
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.
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.
It makes me sad when a friend wants to pursue a dream that is in line with yours, the journey could be fun with a close friend besides you, but chose not to pursue his dream because of a shorter term goal and temptation of instant gratification.
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.