Euro Japanese yen Technical update Looking to target 128.40 area

Euro trade proved very profitable which I close around 1.1185, face a decent retreat from these levels and post a daily low 1.1129 .

Now I have seen the Eur/jpy chart around the levels of 127.60-70 area and seems these levels have decent buying bids into close, though U.S market are bit slow due to holiday but I would surely look to remain buying with stops around 127.35 area and targeting 128.30-40

Let's have a look at the chart 

Euro Update Picking Up profits around 1.1190 Levels

First of all look at my post here, which I posted on Friday Euro Shorts

I recommend shorts on Euro around 1.1257 closing levels on Friday close and put stops around 1.1275 levels and Now I am about to close my shorts around 1.1185 levels and recommend to remain on sidelines till the new opportunity arrives ahead of new session starts.

+70 Pips to start the week

Gbp/Usd Technical update. Waiting for Sterling stop bids around 1.4571

Hi, Traders Welcome to blog again, As I have start to update the technical portion on daily basis or when opportunity arrives as a rountine, I am here again to post few technical updates and start with Gbp/usd, Gbp/jpy and Eur/jpy.

First of all I always focused on what traders or smart money attempts at the start and the close of session and lined up pair for the next day as moves between supply and demand or say stops and hunting, because only time tell us whether there is demand or supply or even if there are failed attempts during a session, I don't take any trade as I start lined up the behavior after such failed attempts.

Pound is in consolidation pattern since last few days as it moves just above support and looking for direction so in such attempts we can find areas of rejection or false breakout just above the level if we see enough buckets of selling and buying bids were carry forward to hunt the stops and In such case I always look to sell the rally specially after day session close.

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Trader's mindset can be its worst enemy

Trader's predetermined mindset after seeing the candles patterns is its worst enemy specially when we find such pattern occurs at strong support and resistance, but what are the probabilities that such pattern will give away to reversal or new trend or even end of retracement or correcetion.

How much success does trading candles only with patterns brings and If there is so much success ratio, then How many trader's does really make a living or substantial profit out of those patterns. There might be few who might have been very strong in risk management or control or manage there trades well or does apply some filters and come up with a powerful strategy to consistently grow their account but It does take lot of years to be able to adapt to any strategy, that is why I always try to trade logics not the possibilities which I think is quite similar to gambling and probability of success and failure is not more than 10-15%.

Chart of gbp/usd have different answers for me

There are bundle of stop bids around 1.4570-80 area and If you could see consolidation attempts to run this stops today we could see a massive selling around 1.4571-90 levels soon.

Euro Dollar Weekly Update Possible low risk reward short entry

Hi, Traders Its been a fresh start of the year as trends glooms But we saw few reversals on Friday which is a good sign as there is some nice recovery seen in Crude Prices, But I not still in favor of Crude prices blown up by demand or it is just short covering ahead of big key events next week which are to be scheduled.

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Euro Dollar Update Chart

I would still like to short euro for price last demand level from 1.1183 and put the stops just ahead of Friday Session high's around 1.1275 level and pick the first profit and remain on sidelines till first level is achieved and till the U.S close on Monday.

How to spot trend reversals In strong trends

Hi, Traders

In my last post I post the how to spot trend reversals with basic demand and supply rules and In this post I will mention How to spot trend reversals with mechanical use of trendlne, chart patters and it is the best and easiest way to spot strong reversals specially when price goes up and down with a series of high and lows.

Trading reversals is made up of two-parts, one of them is emotional and other part logical. Logical part is one which is answered quickly that If risk is really worth it, specially when reward to risk is high enough that one is forced to take that risk and the emotional part is that the trader’s ego loves to call the top or bottom. The error with this emotional approach is that often, if the facts go against ones beliefs, then so much for the facts meaning that in order to protect beliefs that a top or bottom is in play, a trader will often push ahead trying to prove their theory correct.

Let's get the answer with an example

Best way to spot when a trend is about to reverse

Chart below is the cross gbp/jpy, which is in strong down trend and it is easier to spot a correction is in play when you see a series of high's and lows which can truly give an explanation that first clue of reversals will be trade with strong cash inflow in the larger to medium term downtrend.

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For me, Its always about keeping the simple and one that offers good reward to risk and which has strong logic of trading reversals. The logical part is that risk-reward is so favorable when trying to catch or trade a key turn. You often have heard how important risk to reward is to a trader’s ability to survive and thrive in their trading. Unfortunately, it’s easy to use Risk: Reward as an excuse for the emotional pull to attempt to buy the bottom or sell the top but what about the reversals offers few clues and has some strength going ahead, this approach should either be avoided or traded carefully in a manner that will be soon explained.