The optimism in the Euro never came about yesterday as it would seem that investors are in wait and see mode rather than anticipating that there will be anything actually worked out in the EU Economic Summit that starts today. I guess they are getting smarter faster than I thought. The first sentence of this [...]
Daily EUR/USD, GBP/USD Forex Commentary June 27, 2012
June 27, 2012 by · Leave a Comment
The EUR/USD has seen the clear 3 pushes to the downside longer term now. Even though the push yesterday was just under 90 pips we aren’t going to split hairs on its validity. Today we will be expecting the reversal for the move up. The bottoming formation that is forming here has found support at Mondays lows [...]
Part 3 – Habits Of Successful Forex Traders: Forex Trading Strategy
June 26, 2012 by · 2 Comments
Over the last few weeks we have broken down the habits for successful forex traders. In part one we covered risk/reward and its importance to profitable trading. Last week we discussed patience, and selectivity as a second mark of all profitable traders. In the final part of this forex training series we will break down [...]
Daily Fx EUR/USD, GBP/USD Commentary June 26, 2012
June 26, 2012 by · Leave a Comment
The EUR/USD did as expected and made the next push to the downside yesterday. Looking closely at the chart at this point I do see 3 intraday pushes from the highs for almost 300 pips over 4 days and now I am figuring a reversal may be the higher probability today. We are seeing the [...]
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June 25, 2012 by · 1 Comment
Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!
EUR/USD, GBP/USD Forex Commentary June 25, 2012
June 25, 2012 by · Leave a Comment
The EUR/USD has had yet another gap to start the week off. This time not such an intense gap as we have seen in the recent past. However the fact that there was not much interest in closing it tells me something of the Euro weakness. There is still the chance of it to close [...]
Forex EUR/USD, GBP/USD Daily Commentary June 22, 2012
June 22, 2012 by · Leave a Comment
We were correct with the small downward bias for the EUR/USD and GBP/USD yesterday. However the timing of the trade was off and I took the 20 pip hit on the GBP/USD. We had a nice set up but the Smart Money had a bit more manipulation to do and I got caught in it. [...]
Forex Daily EUR/USD, GBP/USD Commentary June 21, 2012
June 21, 2012 by · Leave a Comment
As expected we got the EUR/USD chop around the Fed decision yesterday. While the long term pushes show we are still back in the 3rd push chop There are 3 intraday pushes from the lows on Monday for a run of around 185 pips if I include the push yesterday from the news. Even though [...]
Daily Forex EUR/USD, GBP/USD Commentary June 20, 2012
June 20, 2012 by · Leave a Comment
The EUR/USD has a failed first push to the downside and has gone back into a chopping price action of the 3rd push on Monday. Now that we are back in this range directional bias is open. It did make an attempt at the highs from Monday but was rejected about 20 pips away which does tell [...]
EUR/USD, GBP/USD FX Daily Commentary June 19, 2012
June 19, 2012 by · Leave a Comment
The EUR/USD has made a significant reversal for the first push to the downside like I mentioned in the forex commentary from June 18. For now it has found some support at the hourly 200ema for. I will be looking for the 2nd push down today but we do have a chance for the deeper [...]
Forex Market Daily Commentary EUR/USD, GBP/USD June 18, 2012
June 18, 2012 by · 1 Comment
The EUR/USD has gaped up yet again with the results of the Greek vote and has made a 3rd push so today I will be on the look out for the reversal. It may not be an extended move but just a closing of the gap will be a nice 90 pip move from the [...]
Forex Daily Commentary EUR/USD, GBP/USD June 15, 2012
June 15, 2012 by · 2 Comments
Today my commentary is to be a bit different as I am taking the day off and I suggest you do the same. The EUR/USD has been in a volatile state and I expect it to do the same today. The fact is the Greek election is on Sunday and as noted in my June 14 forex [...]
Daily Forex Commentary EUR/USD, GBP/USD June 14, 2012
June 14, 2012 by · Leave a Comment
Considering yesterdays price action on the EUR/USD along with the extended moves we have been seeing lately we are going to have to treat this like the market is in the 3rd push chop still and look for clear confluencing factors and manipulation. The fact is there was a nice set up short that just [...]
Part 2 – Habits Of Successful Forex Traders: Developing Patience
June 14, 2012 by · 2 Comments
I’ve always said the trading strategy is not the most important part of what makes a successful forex trader. That seems strange coming from someone who teaches “strategy”, but in my experience this has been the truth and I believe any successful trader would agree with that statement. Does that mean one could simply day [...]
Daily Forex EUR/USD, GBP/USD Commentary June 13, 2012
June 13, 2012 by · Leave a Comment
The movement in the EUR/USD yesterday has cleared up the pushes somewhat. However with the extended pushes and the fact that it still remains in this 230 pip range leaves some interpretation as to direction. The way I will be looking at this pair today is with a slight bias to the downside but considering [...]
New York Reversal Trade GBP/USD Set Up June 11, 2012
June 12, 2012 by · Leave a Comment
The New York reversal provided a nice set up yesterday. Those that keep up with my daily forex commentary knew that I preferred a short to close the gaps on Monday morning. The fact is just as I expected the EUR/USD would not provide me with a nice entry but did close the gap and [...]
Daily FX EUR/USD, GBP/USD Commentary June 12, 2012
June 12, 2012 by · Leave a Comment
We have had the respective closing of the gaps on the EUR/USD and GBP/USD but as to the levels of push we are still in an unclear situation. As I mentioned in the June 11, 2012 forex commentary I preferred the short entry but it never came on the EUR/USD. However the GBP/USD set up [...]
EUR/USD, GBP/USD Daily Forex Commentary June 11, 2012
June 11, 2012 by · Leave a Comment
We have had a rather large gap to the upside on the EUR/USD over the weekend due to the release of Spanish banks getting bailed out and there is nothing clear about the pushes at this time. During moves like this we have no choice but to look for the manipulation. I do feel that [...]
Fx EUR/USD, GBP/USD Daily Commentary June 8, 2012
June 8, 2012 by · Leave a Comment
Today we get a bit more clarity from the EUR/USD with a clearer third push to the upside. The last push was a few pips shy of a 90 pip run but still clarifies we should turn now that we are seeing at a topping formation. As I type this it is breaking yesterdays lows [...]
Daily EUR/USD, GBP/USD Forex Market Commentary June 7, 2012
June 7, 2012 by · 1 Comment
We did manage to get the push up we expected on the EUR/USD and GBP/USD yesterday. However the entries were not clear enough for me to take them personally. I did manage to take 45 pips from a GBP/USD short but unfortunately it was after a 25 pip hit as I took it a bit [...]
EUR/USD, GBP/USD Forex Daily Commentary June 6, 2012
June 6, 2012 by · Leave a Comment
As I look at the market this morning I was happy to see that I didnt get stopped out of my long EUR/USD position I took in the live room session and now it seems poised to hit my TP at 1.2490 but since we do have the hourly 200EMA in the way I just [...]
Live Forex Training Room Long – EUR/USD Day Trade June 6, 2012
June 6, 2012 by · Leave a Comment
I have to say we have been doing well over the past few weeks and catching trades during the London session. Yesterday, June 6 we had to wait out a 100+ pip move for this EUR/USD long as the market had a deeper pullback in store that I didn’t expect but patients prevailed and we [...]
Forex Market Commentary EUR/USD, GBP/USD June 5, 2012
June 5, 2012 by · Leave a Comment
There seems to be more optimistic views for the EUR/USD than I expected as it just started on a slow rise during the London session yesterday and then made the large pop triggering stops above Fridays high before settling around the 1.25 level. My theory is that there is something expected at the ECB meeting [...]
FX EUR/USD, GBP/USD Daily Commentary June 4, 2012
June 4, 2012 by · Leave a Comment
The EUR/USD did exactly as expected considering the nasty Non Farm payroll figures. I was thinking they would be better than that but thats why we wait for the release. Im no that convinced that this push up will continue the turmoil in Europe. This move is based mainly on the bet that the Fed [...]
EUR/USD, GBP/USD Forex Market Daily Commentary June 1, 2012
June 1, 2012 by · 1 Comment
We did get the 3rd push yesterday as we expected. The question now is will we get the reversal. To be honest I have my doubts unless of course NFP today really disappoints of which I will cover later. The fact is there is a reason why we see extended long term pushes and its [...]
Live Forex Education Room EUR/USD Short Trade May 31, 2012
June 1, 2012 by · Leave a Comment
Here is the nice trade I took during the live room session on Thursday may 31,2012. As I mentioned in the commentary for May 31 I was expecting the continuation of the down move but since there should be month end flows I expected the deeper pullback and it came with a 60+ pip rise [...]
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Daily Forex EUR/USD, GBP/USD Commentary June 29, 2012
The optimism for the EUR/USD that was gained from a WSJ article stating that Germany was closer to letting Euro Bonds happen was quickly crushed by the German finance ministry with a spokes person making the statement of “Schauble did not say Germany will move sooner on shared liability for debt”. What strikes me as [...]