Forex Day Trading Blog

Forex Forecast 02-22-12

February 22nd, 2012

EURUSD USDJPY EURJPY Forecast

The Euro (EURUSD) is 8 ticks off posted resistance, so the currency may bend over for a pull back . No short yet, but for traders that are long, consider moving stops to 1.3170.

Dollar-Yen (USDJPY) is flying off 60-240 minute pullbacks, but nothing new on the daily charts yet (see graph below).

USDJPY Dollar-Yen Forecast 02-20-12

The EURJPY cross also had a nice pop up, which now appears may take a breather. Agressive, short-term traders may consider selling rallies once 15-30 minute trends turn lower, for a potential pullback trade to the 104-103.50 area, where it may get another longer-term buy (see Euro-Yen chart below).

EURJPY Euro-Yen Forecast 02-20-12

Gold and Stock Market Forecast

Exit 1/3 gold (XAUUSD) long positions and move stops on remaining positions to 1738 to lock in a bit of profit.

Stocks may roll over to the south side, so be looking to sell intra-day rallies between now and March 7 in the US Stock Market, should the 30,60,240 minute trends turn down.

If you have trouble understanding the analysis above, read the February 20th Forecast and make sure to continue visiting the FX Forecast section of our blog to receive continuous updates on currencies, as well as on other commodities and markets.

 

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Forex Forecast – 02-20-12 – EURUSD, USDJPY, USDCHF

February 20th, 2012

EURUSD Forecast

EURUSD Forex Forecast 02-20-12

This Forex Forecast launches our series of Professional Market Analysis. We start the week with an analysis of the EURUSD (above), USDJPY, and USDCHF.

EURUSD is currently long (see chart above), but at short-term resistance, with more resistance directly above @ 1.330-1.333 area. A move above the resistance means buying the dips; otherwise, our trades are asked to exercise caution at these areas of market resistance.

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Forex Video – The Un-Professional Forex Trader – Part 3

February 7th, 2012

 

This is the YouTube video version of the 3rd and last part of our three-part blog series on Professional Forex Trading.

It provides three important things Forex traders can do to effectively deal with the inability to take a loss (one of the main reasons why many novice traders do not make it to the pro trading level).

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Forex Video – The Un-Professional Forex Trader – Part 2

February 5th, 2012

Check out the video version of the 2nd part of our blog series on Professional Trading: "The Un-Professional Forex Trader – Part 2, Why Not Using Stop Losses in Forex is a BIG Mistake."

This YouTube video demonstrates why Forex Traders who don't use stops and instead allow open positions to float indefinitely to the downside, don't stand a chance to succeed, let alone make it to the professional level.

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The Un-Professional Forex Trader – Part 3

January 25th, 2012

How to Deal with the Inability to Lose

Pro Forex Trader - Dealing with the Inability to Lose

On Parts I and II of the Unprofessional Forex Trader series, we covered the warning signs associated with traders who don't use stops and hold on to losing trades indefinitely, as well as provided the evidence that shows why this trading group doesn't succeed over time.

But if you suffer from a can't-take-a-loss affliction, there is hope! Based on our decades of experience incubating traders and money managers via our Traders Wanted program, here are three suggestions on how to effectively deal with the inability to take it on the chin:

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