USDCAD 30.12.12

Hello fellas,

This trade in USDCAD might take little longer to know the results as this one is on daily TF, but never the less its a potential opportunity to make money so we need to act & take those opportunities with our both hands. I always believe it trade in all TF & with all strategy without avoiding my goal of being patience for the perfect price to trade. Here is my USDCAD on daily TF where I see potential bullish bat pattern developing. Price is now at point C & infact I am watching price action to take aggressive C trade as there is confluence of falling TL & structure. Although I believe point C is not yet completed, it will mark little move high, but I m watching it closely. The D will complete @ 0.9685 where FE 161.8, Fib ratio 88.6 & stucture falls in confluence. So please post your views on this, criticism is equally welcome.

Trade updates of 23 & 24th blog

GBPAUD - Well both levels were seen played out in terms with our expectation. If anyone shorted at the level 1.5990 would have profited 120 pips before the price bounced @ 1.5480 level where we marked potential risk of rejection. Those who took that trade, congratulation to all of you & those who missed it, doesn't matter opportunities do repeat themselves & we can always trade next setup.

Cheers!

NZDJPY - Well, well, well.....what can I say about this pair & its latest behavior ? It certainly looked very much in align with our expectation before triggering our SL level. We saw price rejection right at our expected level of 70.20 couple of times & price traded +30 pips one point of time (30 pips below our short entry) but I could not understand that last up trust, which was not normally seen in this kind of swing pattern before. I m still analyzing the reasons & potential nuances that can keep us away from this kind of setups. I took that trade & lost 40 pips. The loss could have been easily minimized by 10-15 pips but I was sleeping & could not take action to do so. If someone did exactly as I said in previous blog then might have only lost 20-30 pips (by closing manually if momentum candle close above 70.20 level, which it did). Well losses are unavoidable factor in trading, so lets accept it & move on to next setup.

Cheers!

 

NZDJPY

Risk Disclaimer: Forex trading is risky. See full Risk Disclosure in "RISK DISCLAIMER" page. 

Still as I previously said looking to short this pair, but now I have broader idea of price movement & expecting play in this fashion. This analysis is based on a swing pattern that I have seen before in other pairs. Current interesting level to short is 70.00 handle & candle close above 70.10-20 handle will invalidate the short move & then we step aside to gauge market behavior briefly. If sell trade kicks off then our target & next potential trade setup is @ 68.10 handle (Buy setup). A break & candle close below 67.90 will invalidate our long belief & we step aside momentarily. But if it plays out as per our expectation then hold & build positions for resumption of long moves on yen crosses. My analysis & beliefs are same for all the yen crosses but NZDJPY is giving us technical perfection as off now.

Cheers.

My Sell Limit - 70.00 SL - 70.40 (Will manually close if momentum filled candle closes above 70.20)
My Buy Limit - 68.10 SL - 67.70 (Will manually close if momentum filled candle closes below 67.90)

Merry Christmas !

Folks,

Wishing you & your family PEACE, JOY & HAPPINESS this Festive Season.

MERRY CHRISTMAS !
 
HAPPY NEW YEAR 2013 !

 Well, there nothing much happening in the market due to low liquidity, but still as per plan GBPAUD was seen respecting our level momentarily but I did not enter the trade as was not satisfied with the way it approached our level. NZDJPY also looked good as per our plan, but key is to see it being rejected 70.00 handle. Now I will update my blogs only in 2013 after holidays

Take care all of you till then !

Cheers ! :)

RISK DISCLAIMER

Risk Disclaimer: Online forex trading carries a high degree of risk to your capital and it is possible to lose your entire investment. Only speculate with money you can afford to lose. Forex trading may not be suitable for all investors, therefore ensure you fully understand the risks involved, and seek independent advice if necessary. Advisory: P2P Fund by Jay4Fx is a blog (community) where foreign exchange traders can come together to share ideas and trading strategies. P2P Fund by Jay4Fx provides economic and market information and analyses as an educational service, but does not give trading advice. Visitors are advised to carefully consider the opinions and analysis offered on P2P Fund by Jay4Fx in the context of the client or prospect’s individual analysis and decision making. Past performance is no guarantee of future results. Users are advised to carefully review all claims and representations made on this blog before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this blog is provided as general market commentary and does not constitute investment or trading advice. P2P Fund by Jay4Fx is not responsible for any losses sustained as a result of any reliance on the information contained herein. All parts of this trade plan are meant to serve an educational purpose and not meant to be interpreted as specific trading advice. Also, all trading results are hypothetical and meant to serve an educational purpose by exemplifying how trade plans can be built and how their outcomes can be both positive and negative. Therefore, the hypothetical trade results are not subject to slippage and other negative consequences that can result in a live trading account.

GBPAUD

Risk Disclaimer: Forex trading is risky. See full Risk Disclosure in "RISK DISCLAIMER" page.

Here's another one for coming week. Good risk defined opportunity in GBPAUD, the risk is above 1.5590 handle. If H1candle closes beyond this price handle than the trade is invalidated or else pretty much in play for south direction. Chart explains further expectations, but beware of 1.5480 -70 handle as it can stop the party.

Cheers

NZDJPY

Here is another pair that gave good no. of pips last week. NZDJPY has good chance of testing 67.50 handle in coming days. As far as price remains under 70.60 handle its not bad to looks for shorting opportunities. I have already trailed my stops to breakeven & if at all price decides to retrace, I will look for opportunity to re-enter market with sell order. Once the 70.60 handle is broken to north, then the shorts becomes invalid & bull will be considered in-charge. Look how it plays in coming weeks.

GBPUSD 22.12.2012

Lets get started here, lets get our hands dirty. Its not pretty right time to start off as the holidays are near & not many will be interested in trading in festive mood. But still this was something I analysed last week & closed my shorts with +80 pips & now again looking for retracement to join the party again. Price below 1.6240 level, bears in charge of this pair & should look for shorting opportunities. 

Small Introduction - Why this blogs ?

Hey there,

Why this blog posts ? Yes, if you are already asking this question then I can assume that you are very normal person & are mentally fit & will not follow my blogs blindly. Because last thing I would like to see is someone getting bankrupt following my posts :p

When I started in this field (forex trading), as a newbie I always kept searching for HOLY GRAIL in google & some of very famous forums. Then as time passed I understood I am searching for treasure in wrong places. For me treasure is Price & Patience. One can be found in charts & other can be found within oneself.  Apart from this there is nothing that can make you great trader. So through this blogs I want to reach newbies those who are searching for HOLY GRAIL, & present the real treasure (understanding of forex trading). Hope to see you guys coming again & again to this sweet area, where there will be something or other for everyone. In the meanwhile, guys feel free to comment & express your opinions on any blogs. All views are welcomed & appreciated.

Cheers

Jay4fx