Forex trading oppprtunities & price action analysis of usd/cad

 Forex trading is all about opportunities but it does not stands for every oppprtunity should come our way or we need to keep looking for the opportunities day in and day out.

This is a self destructing antanomy that more we stick to the charts, more versed and more profits we make. If you ask me about how I go about forex trading as a novice, then there is no better place to get the answer but yourself.  Forex trading is so addictive that we get involved in it & that is the big reason for failures.

Also Read -How to look for top down analysis from weekly to day trading timeframes.

I just look to see sessions that are strong & carry momentum for strong breakouts but fall short of their targets. Usually institutions & banks use to manipulate traders who joined later to open trades but they most likely set pending orders when Price revist such area. Take a look at the chart below showing you a prime example & justifying my words.

Also watch :- Where to look for price action trades.

Daily time frame is good area to watch as I told in my previous post.  I agree to some that trend is strongly down on daily & weekly but h4 is mixed to bullish & several attempts to keep the downtrend intact has diminished & area of 1.2450-60 is strong s/r flip both sides but as Friday move was powerful and price is holding higher levels. I would recommend pending buy orders.

Buy @ 1.2460
Stop @ 1.2425
Target Ist 1.2560
Second 1.2640

Pound set to test the highs above 1.3800 stops around 1.3775

Pound set to test the highs around 1.3920
Pending buy order 1.3810
STOPS 1.3775
Target Ist 1.3920
Second 1.4010
Price action has been quite subdued and every bullish reaction in us sessions stalls at higher highs & Expecting this higher low to hold 1.3810 area

Price Action Zones defines price action and Eur/jpy trade update

It has been a good risk reward reward trade which clicks at the retest immediately @ 133.96.
Take a look at the post here

Wait for chart update little longer.
Seems to be little problem with google servers. Will post an update soon & for trade alert I would recommend trailing entry at 133.66.

How to define PA zones in a flag Forex Trading strategies

Its has quite fascinated to see pound rallies to the target. Now new trade opportunity awaiting and with a very good risk reward. But we need to see how Price action unfolds around 134.00 area.

Price has been in range of a flag and that area is quite a strong S/R flip & now if price manage to continue the rally towards the 133.00 area, then we probably will set a pending sell order at 133.96 & stop around 134.16 & profit should be 132.30 leaving you with 10 times Risk Reward.
Update of eur/jpy h4 chart.
Entry exact pip 133.96
Already 4 times reward at 133.08

Low volitality amid year end Holidays Still bullish on gbp and canadian dollar

Volitality has been very low amid new year & christmas but as this period will pass by I would be up and start buying both pound and usd/cad.

Buy usd cad around this level or look for a retrace towards 1.2650-70 level and set the stops 1.2590 & target should be around 1.2950 and 1.3070 area.

Usd cad entry based on weekly bullish candles and last rejecting weekly candle was strongly bullish and woukd like to see buying interest coming up again.

Gbp/usd - Price action is very range bound looking at weekly and strong momentum candles on weekly put the resistance and support on the both extrmes & I would expect price to find buyers again around 1.3270 level.
Stops around 1.3190
Target would be first 1.3490 & Second 1.3610

Merry Christmas to all and stay tuned for charts of both the pairs.