Howdy!
This last week was a very profitable one resulting in +160 pips from the Eur/Usd trades. To me it seems that major forex pairs as well as many global indices are ready for a decline of days if not weeks.
Let’s take a look at some charts and I’ll explain why.
(Click for a larger view)
In last week’s analysis of Eur/Usd I mentioned a resistance level at 1.3240 from which I expected it to drop down. The week turned out that the high was about 1.3270 and as I’m writing this it’s trading at 1.3210.
I expect Eur/Usd to drop this week, targeting the 1.3000 level.
Let’s have a look at a daily chart below:
(Click for a larger view)
I’d short Eur/Usd here at market (1.3210) with a stop above last week’s high of 1.3270.
Target is 1.3000, but of course take profit when you see fit.
On the weekend I always like to do an extensive analysis of various currency pairs so that I have a guideline for the week ahead.
Let’s take an in-depth look at Eur/Usd and start off with the monthly chart below:
(click for a larger view)
Unless you’ve put a lot of time into learning about trading, technical analysis or other systems, it’s not so easy to make profits in the forex market (let alone big profits).
Making profits with your forex trading account is all about making enough pips. The more pips you make, the more profit you make.
It’s very risky to follow a strategy that requires you to trade with very large positions to grab a couple of pips with every trade. Reason for this is that a single spike or news announcement can put you down dozens of pips and even if you trade with a stop, one mistake can really make a big dent in your account.
I like to do my own analysis and determine my own trades, but I’m aware that there are traders out there who are much better than me. So it would be foolish of me not to try to learn from others who’ve been trading for a living for many years.
I’ve decided to test out two forex trading services that claim to give your forex trading profits a boost. They are:
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