Hi there, my name is Ivan, FX trader. After studying varies sources of information for the past few years, my understanding of the FX market has improved dramatically, with this blog simply intending to share with you all a journey within my mind. When I make it to full-time trading, I know the first person I should be grateful to is an Aussie PA trader named Jonathon; He has been inspirational and an enormours influence to gauge where the money flows to. His trades can be followed at http://forexpriceactiontrader.blogspot.com/ . What price is telling you is key, as it always whispers in low or high intensity what market intentions are. I do not endorse the use of any indicators, as they are lagging in nature; analysis should be based on pure price action. Besides, other factors like sentiment, fundamentals, risk control, rock-solid discipline, thousands of hours readings charts, also make up the equation to succesfully ride the FX waves. When entry triggers are detected, I act without hesitation, letting the market do its thing. Please note, information and opinions contained in this blog are for educational purposes only and do not constitute trading recommendations, thus will not take responisbility for any losses viewers may have. Trading FX carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. You should not invest money that you cannot afford to lose.







Saturday, 15 January 2011

OUTLOOK JAN 17-21

Below you can find the 5 potential set-ups for the upcoming week. Note in 3 of them we have JPY crosses involved. In order to comply with my plan, I will never place more than 1 trade against a currency basket, in this case btw CHF/JPY, GBP/JPY and CAD/JPY, I am inclined to go long on the latter. Find below explanation. I will also enter a long position on the BUOB in EUR/AUD, this decision will therefore exclude to take a trade in EUR/GBP, as I will be already positioned long EUR, so doesnt make much sense go short EUR/GBP.


EUR/GBP - TM down, KHL, Bearish PB, 50% fib rej, GBP sentiment +.



EUR/AUD - BUOB combined with changing sentiment in both currencies. Floods in Australia are likely to weaken the AUD further. EO 1.3325, SL 1.3190, TP 1.3640, risk 1%








GBP/JPY - TM up, BUOB played as a continuation pattern, GBP sentiment +.





CHF/JPY - TM up, KHL rej, 50% fib rej, Bullish PB






CAD/JPY - TM up, KHL rej, Bullish PB, 50% fib rej., sentiment + CAD.


EO 83.40, SL 82.90, TP 85.20. risk 2%. I tend to take breaks of the PB to confirm signal, however, sometimes if there is a logical area to retrace, my strategu may vary; this is one of these cases where I will aim first for a retrace to previous bar low.




This BUOB on the h4 supports my bullish bias









Posted by at
Labels: , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)