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49/65
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This pair was
traded on my real account in accordance with the forecast made a few weeks ago at the turn of the
New Year. As predicted in that forecast, the Japanese Yen continued its
downward trend against the GBP as it did against the Euro and the CHF in the
last few days. Although the trade was successfully executed to generate a
213-pip gain near the 117.70 area, the most important aspect was the discipline
to stick to two of my most important rules –
 
1.      Not watching the trade
2.      Exiting at the right target
 
Since most of
our trades tend to wave towards their respective targets instead of shooting to
them directly, it requires a lot of patience and confidence to leave them until
they are completed. If this is done on a regular basis especially for swing
traders, then success is likely to become the rule instead of the exception. However, because of the emotions that tend to ´get in the way´ whenever we choose to watch our trades or become greedy for more money than the trade can give, this success can become much harder for us.
 
THE FORECAST
 
To briefly
review the forecast, the GBP JPY had just broken out of a consolidation pattern
on the Daily Chart to signal th…
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DaddyPapi avatar
DaddyPapi 31 Jan.

I also believe that the more frequently you trade, the more emotions can affect you..wanting to take revenge on the market for a loss, or getting cocky after a successful trade.

DaddyPapi avatar
DaddyPapi 31 Jan.

If there is on average several days between your trades, the less emotional you are likely to get. Thats why I prefer swing trading to day trading

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11/65
Ranking
This popular pair
has just given us a very strong indication that the bearish trend on the Weekly Chart is likely to continue into the first few weeks of 2012. After a brief period of
consolidation that led to the formation of a Pennant on the Daily Chart, a
breakout signal has now been given to signal lucrative bearish moves in the days
ahead for traders. Within the next few days, the pair is likely to hit an opposing downtrend line at 119.00 before breaking below to head to the weekly forecast target of 116.48. This target is likely to be reached within the next 7 to 10 days and coincides with the average weekly range of 500 pips as well as the major Support point for the Weekly Chart.Since a strengthening of the Japanese Yen has been associated with increased risk-aversion in the financial markets, the resumption of this downtrend is likely to be accompanied by more negative news regarding the world economic outlook. We could therefore see a deteriorating situation in Europe regarding the Debt Crisis and its negative effect on the financial system and global production in the real sector.  Nevertheless, the opposing `risk` factor to further gains for the JPY may come from interv…
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doctortyby avatar
doctortyby 10 Jan.

Great Work, Keep it up with Your analysis,+3

ELENA_M avatar
ELENA_M 13 Jan.

very interesting view, this article for all -and for intraday trading and for long-term traders. Good luck on real account :)

Tinktank avatar
Tinktank 18 Jan.

Top notch article as always.

ritesh avatar
ritesh 19 Jan.

what were the results of trendlines on a range bar chart, they work better there hence interested to know your views on the same. +1 for article

DaddyPapi avatar
DaddyPapi 22 Jan.

Thanks all..Elena, I getting back on track now..did some ´experimenting´ with short-term trading that caused losses, but focused now on weekly ranges which had been successful up until then. Good luck in your trading

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