We smartly bought the EUR/USD at london closing for a retrace trade. +22.
Tuesday, January 31, 2012
GBP/USD
Though our pending sell missed this short GU entry by a couple of pips, this was a glorious set up for easy 25 pips.
Monday, January 30, 2012
Friday, January 27, 2012
AUD/JPY
We missed buying the support earlier, but we didnt miss selling it once it broke and retested. +25
Thursday, January 26, 2012
Wednesday, January 25, 2012
AUD/USD
AUD/USD, from top fib to bottom fib, giant move. Unfortunately we exited too early on took only +21 off this.
Tuesday, January 24, 2012
EUR/USD
A follow up to the earlier chart...See how the fib to fib move on EUR/USD just completed for a 70 pips trade.
EUR/USD
EUR/USD faked above yesterdays highs, only to find another fib resistance at 1.3061 and coming down. We took +22 for a partial lot.
Monday, January 23, 2012
Fibonacci Retracement Tutorial
There have been a couple of requests for tutorials. I've got my partner, Mariam to do a short video for u guys. This is the first of many tutorials to come later. Hope it helps.
Regards, Tanmay
Regards, Tanmay
AUS/JPY
After a decent uptrend all day on AUD/JPY, the 50% fib support "had to give a 15 pips bounce"
EUR/USD
See the weekly move on EU, from fib support to fib resistance. Should make a whole lot of sense.
USD/CAD
Recent swing low + previous trendline resistance turned support was almost a sure scalp buy with limited risk. Trade done +10
GBP/USD
On a day, when USD is weak, the gap at GBP/USD was so inviting. It finally fill for a 42 pips trade.
Friday, January 20, 2012
AUD/JPY
On a day, when Australian Dollar was bullish, we waited for a dip to 50% fib of the daily range and monthly R1 (previous resistance, now support), gave us a +21 pips trade on AUD/JPY.
GBP/USD
A perfect breakout on the H4, with momentum, and went to the next resistance of Monthly Pivot with ease. We missed getting into this trade, but this was a fabulous setup
AUD/USD
We traded AUD/USD for a long till 1.0450 for a +25 trade, using our support/resistance distribution theory.
EUR/JPY
A confluence of previous swing high resistance and fib on EUR/JPY was strong enough to retrace for +25.
Thursday, January 19, 2012
EUR/USD
We at Charting Today and our subscribers were literally hand in hand with EU today. +30, +31 and +25.
EU hit 50% fib and R1, to give a 30 pips retrace.
After the retrace, EU came back to hit a fib drawn from a narrower range for 31 pips
EU hit 50% fib and R1, to give a 30 pips retrace.
Finally EU hit the H4 trendline, and retraced for another 25 pips.
Between yesterday's regret and tomorrow's hope lies today's opportunity. Don't hide inside your limitations. Grow far beyond them and learn to trade with us at Charting Today. :)
Wednesday, January 18, 2012
EUR/AUD
Hourly 200SMA, weekly pivot, Daily S3". All together. Mother of all resistances, short and +30
EUR/USD
Short Term Tredline and daily + weekly pivot confluence held EUR/USD for a tiny bounce. Trade done at +16.
EUR/JPY
Pre london spiked 5 pips above the trendline, only to be smoked down right at london open. +25
Tuesday, January 17, 2012
EUR/USD
A trendline + fib confluence" resistance was a good place to get back in short for a small 25 pips day trade.
MACKLMM strategy
MACKLMM stands for Moving Average lines crossover with Keltner Channel and MurreyMATH lines.Modified strategy of MACL strategy can be found from here and developed by forexeliteteam.
Note about Murrey Math Lines:
Analysis::
Sample Chart:
Indicator : Download
Template:Download
Note:Don't use smaller timeframe for analysis.
Note about Murrey Math Lines:
It's easy to use Murrey Math Line X. 0/8P and 8/8P lines are the ultimate resistance and support lines — they are very hard to break. 1/8P and 7/8P lines are weak support and resistance lines, but if the price stopped near them, it will reverse and change direction. 2/8P and 6/8P lines are strong reverse points. 3/8P and 5/8P are the bottom and the top of the average trading range respectively; it is very likely that the price will either pierce this range fast or will remain inside it for a long time. 4/8P is a major support and resistance line; sell and buy when the price crosses it for a certain profit. The blue arrow marks the final calculated bar.
Analysis::
Confirm the price line is above or below line of keltner channel.If price line moving up from lower line of channel then trend want to change to up,but it's need to break upper line of channel for confirm change to up and for down trend confirm upper line to go down break lower line of channel for confirm change.
Once trend confirm,see levels of MARSI lines for target.
Trading range is between 3/8p and 5/8p lines and lower target is lower line of keltner channel indicator and highest target is 360 marsi line.
It's very easy to analysis just see crossover of marsilines and trade in levels.
Sample Chart:
Indicator : Download
Template:Download
Note:Don't use smaller timeframe for analysis.
AUD/USD
Daily 200 SMA was touched after many weeks on AUD, so waited for the next big resistance for a retest of that SMA for a 35 pips trade. Keen to learn the technicals for a good trade set up? Register now to join our live trading room.
Monday, January 16, 2012
GBP/USD
On holiday trading, weekly pivot alone was enough to pull the trigger for a small day trade.
A decent 26 pips.
USD/CAD
If after a long trend move, a pair touches the golden 61.8" a 25 pips bounce is almost certain from that support, where the fib alone is enough to pull the trigger.
Sunday, January 15, 2012
Self Confidence is a derivative of Knowledge; know more worry less
I’ve been trading the spot fx markets for more than half a decade, and running charting today for a few years. During this time I’ve mentored/provided signals to a lot of traders in real time through webinars and also over voice, and I get all sorts of emails enquiries from all levels of traders. Only a small minority of traders with good money management skills, patience, and a market niche go on to be successful. Here is my insight based on my personal experience as to why most people are unable to succeed at this business.
No Education, No Plan and No Rules- When anyone plans a trading career, he needs to be educated, he needs to understand the DO’s and DONT’s and he needs to be matured to start a business. When you start any other business, don’t you get properly well-informed? Trading is absolutely similar. A lot of traders think that by simply learning a few indicators, and seeing their demo account go to astronomical heights (they so conveniently ignore the emotional factor), and starting with $200 is enough to take their trading career to unbelievable heights. This is massive under capitalization. They have no idea about money management, but all they want is to “double” their account as soon as possible, and then plan to keep doing it. Traders should be flexible in dropping their position size whenever the market is not giving clear signals. For example, if you take an average position of 100,000 units in AUD/USD, you should be ready to reduce it to 30,000 units. This can happen either when trading counter trend or when the market is not displaying a strong trend. Your exposure to the market should depend on the market's mood at any given point in the market. All what happens with traders who ignore the planning part is that they fail miserably in a short time. One should focus on obtaining knowledge and gradually experience the market and become profitable.
Greediness and Fascination with # of pips- So many times I get this email, as to why I took profits only for 40 pips in a trade, and did not go for 100 pips or more. I reply to them, that the set up allowed for 40 pips, so why should I go for 100? Then they start searching for signal providers who make +100, +200 or more. Crazy fascination with the numbers, but unfortunately true. I am not suggesting becoming fearful or too conservative or only becoming a scalper, but is greed good? Definitely not.
Emotions- Trading is an expensive place to get emotional enthusiasm or to be treated as an adventure sport. Traders need to keep a high degree of emotional equilibrium to trade profitably. If you are worried because of some unrelated events, there is no need to add trading stress to it. Trading should be avoided in periods of high emotional stress. Don’t trade just for the sake of it.
Trading the news- The news trading is driven by emotion and panic. It’s a rush. Also, this is the period used by the market to entice novice traders into taking a position which might be contrary to the real trend which emerges only later in the day. Most experienced traders simply watch the markets for the first half of the news (unless already positioned for a day trade) to understand the patterns and trade any subsequent trading breakouts.
Overcomplicated Technical Systems – Over the past few years, I’ve often met traders who regularly ask me, do you really use just pivots, fibs, trendlines and SMA? How about all other indicators? Is that it? I said yes, and they find it hard to believe. You might be amazed by just how few indicators banks and other expert traders use. It is not unusual to find a big trader with only one indicator on their charts. Don’t over complicate your trading by placing multiple indicators on your charts. Keep it simple silly.
Unrealistic expectations- In the end, one thing that is unquestionably frequent to all traders who are losing money in the markets is that they have impractical expectations. If you have $300 to trade with, there is no way you are going to be able to live off your trading. You have to take into consideration what you can pragmatically expect to make each week, given the amount of money you have to trade with.
This doesn’t mean you can’t be a winning trader however. Being a successful trader means you are time and again making money in the markets. If you have a small trading account but are making consistent profits that are in-line with your small account, then you are a winner. The same habits that make a trader successful on a small account are the same habits of successful traders of large accounts. Bear in mind that trading success is not calculated by whether or not you get rich quick, instead it is measured by your consistency, and the only way you can become consistent is if your outlook is inline with the reality of your current financial situation and the reality of the markets. To boost your odds of success to near certainty requires understanding; acquiring knowledge takes hard work, study, perseverance and focus. Accumulate your knowledge without taking any shortcuts, thereby assuring a rock-solid establishment to build upon.
Tanmay
Founder/Chief Market Strategist
www.chartingtoday.com
Intolerance – Just because the spot fx market moves 24 hours a day, 5 days a week; traders think that there is always an opportunity to trade and be profitable. Since most traders start as part time traders, hence less time to trade, this everyone wants to make quick bucks, they don’t want to wait and just jump in the train blindly. Impatience in trading is like an epidemic and hardly any cure for it. No one wants to wait. When I used to give signals in a live chat room, I used to get this question umpteenth times a day “what should we trade right now”? This is a personality problem, and my suggestion to traders is to focus on profitability rather than just being trigger happy. Trade a plan, and learn to be patient.
"Who moves first often loses" - Andrei Knight.Obsession with EUR/USD- This is another thing I have observed with traders. All they want to trade is EUR/USD. My question is “WHY”? Is it spread? Is it volatility? Is it because it’s the most traded currency pair in the world? Is it because the mentor also trades only EUR/USD? What is the reason that a trader wants to limit his trading potential by only wanting to trade EUR/USD? I personally love EUR/USD too, but there are so many times, when you don’t have any trading set up in that particular pair, but the other ones have gorgeous opportunities. What happens is that a trader “forces” a trade without any trading set up, and eventually loses. Don’t create an opportunity, rather than wait for the trade to come to you. Apart from EUR/USD, I very often trade AUD/USD and EUR/GBP and GBP/USD/
No Education, No Plan and No Rules- When anyone plans a trading career, he needs to be educated, he needs to understand the DO’s and DONT’s and he needs to be matured to start a business. When you start any other business, don’t you get properly well-informed? Trading is absolutely similar. A lot of traders think that by simply learning a few indicators, and seeing their demo account go to astronomical heights (they so conveniently ignore the emotional factor), and starting with $200 is enough to take their trading career to unbelievable heights. This is massive under capitalization. They have no idea about money management, but all they want is to “double” their account as soon as possible, and then plan to keep doing it. Traders should be flexible in dropping their position size whenever the market is not giving clear signals. For example, if you take an average position of 100,000 units in AUD/USD, you should be ready to reduce it to 30,000 units. This can happen either when trading counter trend or when the market is not displaying a strong trend. Your exposure to the market should depend on the market's mood at any given point in the market. All what happens with traders who ignore the planning part is that they fail miserably in a short time. One should focus on obtaining knowledge and gradually experience the market and become profitable.
Greediness and Fascination with # of pips- So many times I get this email, as to why I took profits only for 40 pips in a trade, and did not go for 100 pips or more. I reply to them, that the set up allowed for 40 pips, so why should I go for 100? Then they start searching for signal providers who make +100, +200 or more. Crazy fascination with the numbers, but unfortunately true. I am not suggesting becoming fearful or too conservative or only becoming a scalper, but is greed good? Definitely not.
Emotions- Trading is an expensive place to get emotional enthusiasm or to be treated as an adventure sport. Traders need to keep a high degree of emotional equilibrium to trade profitably. If you are worried because of some unrelated events, there is no need to add trading stress to it. Trading should be avoided in periods of high emotional stress. Don’t trade just for the sake of it.
Trading the news- The news trading is driven by emotion and panic. It’s a rush. Also, this is the period used by the market to entice novice traders into taking a position which might be contrary to the real trend which emerges only later in the day. Most experienced traders simply watch the markets for the first half of the news (unless already positioned for a day trade) to understand the patterns and trade any subsequent trading breakouts.
Overcomplicated Technical Systems – Over the past few years, I’ve often met traders who regularly ask me, do you really use just pivots, fibs, trendlines and SMA? How about all other indicators? Is that it? I said yes, and they find it hard to believe. You might be amazed by just how few indicators banks and other expert traders use. It is not unusual to find a big trader with only one indicator on their charts. Don’t over complicate your trading by placing multiple indicators on your charts. Keep it simple silly.
Unrealistic expectations- In the end, one thing that is unquestionably frequent to all traders who are losing money in the markets is that they have impractical expectations. If you have $300 to trade with, there is no way you are going to be able to live off your trading. You have to take into consideration what you can pragmatically expect to make each week, given the amount of money you have to trade with.
This doesn’t mean you can’t be a winning trader however. Being a successful trader means you are time and again making money in the markets. If you have a small trading account but are making consistent profits that are in-line with your small account, then you are a winner. The same habits that make a trader successful on a small account are the same habits of successful traders of large accounts. Bear in mind that trading success is not calculated by whether or not you get rich quick, instead it is measured by your consistency, and the only way you can become consistent is if your outlook is inline with the reality of your current financial situation and the reality of the markets. To boost your odds of success to near certainty requires understanding; acquiring knowledge takes hard work, study, perseverance and focus. Accumulate your knowledge without taking any shortcuts, thereby assuring a rock-solid establishment to build upon.
Tanmay
Founder/Chief Market Strategist
www.chartingtoday.com
Thursday, January 12, 2012
Wednesday, January 11, 2012
Wednesday, January 4, 2012
GBP/USD
Previous Trendline Resistance, now support. That trendline support was also a fib support. Love the confluences. Buy and took +36 for partial position. Expecting more...
USD/CAD
This one was quite similar to a trade set up last week. Sometimes, a daily trendline is enough to pull the trigger. It happened again, same pair, usd/cad..Bought at trendline and closed at +38.