Looking at the EUR vs CAD using the Ichimoku system we can see that price has bounced off of the bottom of the Kumo Cloud. The bottom of the cloud is resistance at the 1.32380 mark. Also we have Fib levels drawn in and the 50% retracement level is in confluence with the bottom of the cloud giving us even more reason to believe the resistance level will hold. The 100 period MA which is…Continue
Looking at the chart above of the NZD vs USD on the daily time frame all we want to do is determine the sentiment of the market and trade in that direction. So if the market is bullish we'll go long and if the market is bearish we'll go short. How do we determine the sentiment you ask? Well if…Continue
Added by ChaosTrader63 on August 21, 2012 at 11:29pm — No Comments
Traders it's been a while but hopefully I can remain active in posting to my blog. I am looking at the AUD vs USD on a daily chart above. Based off of the Ichimoku signals this is a bullish market and we can see that just basically by looking at the trend. No indicators needed to see that! It's been…Continue
I wont say much since I have already posted the start of this trade a few post back. So far the trade has moved 160 pips in my favor. Very close to being over extended as the 1 to 1 ratio is @ 80.880
The chart above is the daily and the chart below is the 4 hour time frame. Enjoy and…Continue
Added by ChaosTrader63 on May 6, 2012 at 10:55pm — No Comments
Looking at the chart above we are doing our top down analysis to find a trade on the 4 hour time frame. Therefore we start with this daily time frame to get the market sentiment. The things that we will take notice is:
1. Price vs Kumo:
Price is inside the Kumo…Continue
Added by ChaosTrader63 on April 30, 2012 at 4:27am — No Comments
In my opinion I believe support and resistance rules the market. If you know how to trade support and resistance levels then you probably could do very well with your trading. The Ichimoku system uses support levels of it’s own with the Kumo Cloud, the Kijun and also the Tenkan. Now I am going…Continue
Now that we have discussed the Two Necessities To Trade Successfully of what you need to trade successfully in part 1 of this series, it is time to get into part 2 of the series which is Developing the Two Traits. These are traits which you may not have at the moment, but you can totally develop with relative ease, a passion to be a successful trader, and with a…Continue
A Brief Story
We had this one trader (we'll call him James) at the broker who had been trading a small mini account (about $3,000) for several years. James could consistently bring it to about $10,000 in a matter of months. As he got to $10,000, James would then take $7,000 out and start all over again, only to do it again and again.
Eventually we all noticed James's ability to do this. Some of the people on the prop trading desk checked…Continue
Added by 2ndSkiesForex on September 11, 2011 at 10:45pm — No Comments
Added by 2ndSkiesForex on September 9, 2011 at 4:12pm — No Comments
The following are 20 quotes from European leaders that prove that they knowthat the financial system in Europe is doomed....
Anyone waking up to look at the charts without seeing the news first might have had quite a surprise look on their faces when seeing the EURCHF price jump over 9% and 1000pips in a matter of 3 hours.
Today, the SNB intervened in an unprecedented, sudden and aggressive move by setting a minimum rate for the Franc vs. the Euro in what they stated was to “achieve a substantial and sustained weakening” of the Franc which has been appreciating against the entire basket of G8…
Added by 2ndSkiesForex on September 6, 2011 at 12:20pm — No Comments
In what may be the most drastic move by a Central Bank in the last decade, the SNB has moved overnight and announced a commitment to set a base on the EUR/CHF exchange rate to 1.20. This saw the EUR/CHF cross rate jump 1000pips or 9% (see chart below) overnight in a period of 3hrs, while the CHF gained 1100pips against the GBP (8.7%) and 750pips vs. the USD (9.5%). …
*I am on vacation now and not taking any new trades Pre-NFP tomorrow which could have a large impact on the markets. However, I did have a newer trader email me with some questions they had about trading a few days ago.
His comments and experiences of a mistake he made was something I feel a lot of traders go through so I wanted to post his comments and then share my response which you may find valuable.
I also appreciate your comments on my response below and welcome your…
Added by 2ndSkiesForex on August 31, 2011 at 9:00pm — No Comments
Added by 2ndSkiesForex on August 31, 2011 at 11:38am — No Comments