Trading can be made easy if the following tools listed below can be put into consideration each time you carry out live trade analysis set up. The tools are as follows;

Support/Resistance,

Trendline,

Channel,

Candle Patterns,

Trend Directional

Important news release

If the tools mentioned above are use smartly, you will be happy trading any market of your choice.When you take a critical look at any chart that is not showing the current price position most especially when you are carrying out a back- test, any person can give the price direction based on a non- lagging indicators uploaded on the chart. The lagging indicators will only show you entry points and exit when the prices are not moving most especially when the market is closed. But you will agree with me that when the real live trading is in action most of the indicators will not give you the clear picture of the price directions. You need good tools that will help you to identify price reactions at a dynamic swing high and swing low like Support/Resistance, Trendline, Channel and Candle patterns.

I have chosen to write my entire articles on live trades set up because we are all in this business to make good pips. The live trade set up for this week starting from August 05 to August 09,2013 will be based on six (6) good currency pairs that are mostly traded they includes the following;

1. Dollar Index (USD)

2. EURUSD

3. GBPUSD

4. USDCHF

5. USDCAD

6. USDJPY

Now before I start my full explanations of the live trade analysis, I will like to you how to draw Support/Resistance, Trendline and Channel. I noticed that it will be very difficult for me to explain how to do it using Chart images therefore, I have upload the process in a youtube for you to watch and make good use of it.Below link is the Youtube on how to draw Support/Resistance, Trendline, and Channel.

http://youtu.be/EKiWC1yCEZ8


DOLLAR INDEX (USD) WEEKY CHART SHOWING LIVE TRADE ANALYSIS

Dollar index form the Base and the Counter currency of so many pairs. Knowing the Trend direction of USD index and the set up will guide you to analyze the entire USD cross pairs.

The screenshot below shows the chart of Weekly USD Index. I choose the Weekly chart because Weekly chart shows you all that will happen with the Week.

http://screencast.com/t/lwrds841hyr

From the image above the price have constantly be moving in horizontal (Support/Resistance) and in diagonal patterns (Trendline). Last Week price hit the Trendline and started gaining strength but when the Non Farm Payroll was released the figure did not favor USD then the price was pusheddown (see screenshot below for the NFP Figure) It formed a Pinar Bar at the Trendline when weekly candle closed. The Pinar Bar sign indicates that the price is still bearish. I always advise that whenever price hit Support/Resistance, Trendline and Channel wait for candle formation to produce either a continuation or a reversal pattern. The Candle that closed last Week did not show a reversal pattern. It is very important to wait for the price to fill the gap from the high of the last Week candle as in a way of pullback to retest the Trendline for clearer direction of the weekly Trend. But as it is USD Index is still bearish.The screenshot below show the NPF figure showing how it did not favor USD

http://screencast.com/t/wOyopwLwlwcc


EURUSD WEEKY CHART LIVE TRADE ANALYSIS

EURUSD closed on a Weekly chart as a Pinbar indicating that the price is still in a bullish trend. But when you take a closer look at the chart you will observe that the price is very close to the Trendline. The mistake so many Traders make when price hit respective Support/Resistance, Trendline, and Channel they assume that price will reverse immediately and they quickly place a sell or a buy position as the case may be. It is very wrong to assume or guess price movement without good trading tools. There is no assumption in trading therefore always wait for good price set up before you place trade position and ensure that you know the trend direction.

Presently EURUSD is still in a bullish trend so watch out the price reactions at the Trendline for possible candle reversal or continuation patterns. There is no Trader in the world that will tell you that price is going to reverse from the Trendline or break out from the Trendline without using the appropriate tools otherwise it will lead to a guess work or gambling.

For you to really understand how to place the trade position on EURUSD , zoom to lower time frame to watch the Support/Resistance you have drawn from the lower time for a pullback to enable you place a position but make sure you watch the Trendline closely.The screenshot below shows the Weekly chart for EURUSD.

http://screencast.com/t/7mXq9ZUY

GBPUSD WEEKY CHART SHOWING LIVE TRADE ANALYSIS

Currently, GBPUSD is still showing bullish bias when views from weekly Chart. Last Week candle on Weekly Chart shows a Bullish Pinbar Continuation pattern indicating that the pair is still in a bullish direction. From the screenshot below showing GBPUSD Weekly chart, the Trendline is ahead of the current price and it is very important to watch the Trend line as price touches it for a possible candle reversal or a continuation pattern.Below screenshot shows the weekly chart of GBPUSD and it diagrammatical explanation of the current live trade.

http://screencast.com/t/FysV8IOvLBN


USDCAD WEEKY CHART SHOWING LIVE TRADE ANALYSIS

USDCAD weekly chart have produced a Bullish Outside Bar as price reacted at the Inner Trend line from the Weekly Chart. As far as Dollar index remain bullish USDCAD will also remain bullish. It is because USD forms the Base Currency. To trade this type of set up zooms to the lower time frame to wait for a pullback. Below screenshot shows the weekly chart of USDCAD and it diagrammatical explanation of the current live trade

http://screencast.com/t/pwYK6ubKPzB


USDCHF WEEKY CHART SHOWING LIVE TRADE ANALYSIS

USDCHF weekly chart closed last Week with a Bearish Pinbar at the weekly Trendline. One should be very careful when trading this kind of set up because the price is at the lower Trendline. It was as a result of last Week NPF figure that did not favor USD which dragged the price down. Currently the price of USDCCHF is still in a bearish trend based on how last week candle closed. Wait a clear candle reversal patterns before you can even think of a bullish trend. Do not assumed that price have tested the trendline that it will automatically reverse. Always zoom to lower time frame for a pullback on the drawn lines from higher time frame to place trade positions.Below screenshot shows the weekly chart of USDCHF and it diagrammatical explanation of the current live trade.

http://screencast.com/t/MTRo1jYT1


USDJPY WEEKY CHART SHOWING LIVE TRADE ANALYSIS

USDCHF weekly chart closed last Week with Bearish Pinbar at the weekly Trendline. The pair is still bearish. Watch the trendline for a breakout before you can even think of a bullish trend.Below screenshot shows the weekly chart of USDCAD and it diagrammatical explanation of the current live trade.

http://screencast.com/t/VQsmBBxv0cW

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