2ndSkiesForex's Blog – May 2012 Archive (13)
Forex Price Action Setups - EUR/JPY Prints 12 Year Lows - May 31st
EUR/JPY Prints 12 Year Lows...More Downside?
Selling off for 8 days in a row, the EURJPY has been getting pummeled by the Greek tragedy and the Pain in Spain, which now (the latter) seems to be taking center stage. We checked the data and 8 days is the max. consecutive selling days this pair has printed over the last 12 years. It has only done this (8 days of consecutive selling) 2x in history, today completing the 2nd…
Added by 2ndSkiesForex on May 31, 2012 at 11:44pm — No Comments
Forex Price Action Setups - USD/CHF Breakout Retest Setup Plays to Perfection - May 30th
USDCHF - Breakout Retest Setup Plays Out to Perfection
Ahh, the Swissie, the gift that keeps on giving. Chocolate, good watches, offshore accounts, and textbook breakout retest setups.
Anyone following this blog will notice I've been writing on the forex price action…
ContinueAdded by 2ndSkiesForex on May 30, 2012 at 10:49pm — 1 Comment
Forex Price Action Setups - USD/CHF Head Fake Above .9600? May 29th
USD/CHF - Head Fake Above .9600?
The Swissie today formed its first daily close above the .9600 level which is the first time in over 14 months it has done this. The question is, is this a false break or head fake? Although it closed above the key level by 3pips, it has formed a rejection of the lows and the highs forming a trading range. As you can see from the chart below, price has thus opened inside the wick or rejection area of the prior…
Added by 2ndSkiesForex on May 29, 2012 at 11:02pm — 4 Comments
Forex Price Action Setups (Spain, Greece & the Horror with No End) May 28th
Spain, Greece and the Horror with No End...For Now
Although markets were calm today from the US Memorial Holiday, Spain today asked the EU to act in providing support for fiscally frail gov'ts (read 'Spain is begging for help') as its fiscal gaps and banking system (but, but...Bankia is fully solvent you said) are getting pummeled with soaring yields which are punishing the rates on bonds. Again, Spain is 4x larger than Greece so if Spain…
Added by 2ndSkiesForex on May 28, 2012 at 11:18pm — 4 Comments
Trading Rule #1 - Know Thyself / 2ndSkiesForex.com
I am going to start this article talking about one of the most important things developing traders will need to know - that is to 'Know Thyself'. This recently came up for me as a newer student sent me a few emails which made me realize how important this is for anyone starting on the learning process, but hasn't found the right trading system to trade from every day.
…
Added by 2ndSkiesForex on May 27, 2012 at 9:54pm — 15 Comments
Forex Price Action Setups - China Slowing, Fear & Loathing in Europe - May 24th
China Slowing Down, Fear & Loathing in Europe
Prior to the London open, the China HSBC Flash Manufacturing came out worse than expectated, alarming investors globally since the motherland slowing down is a big concern as the weakening output affects all. This initially sent the AUD and NZD lower but both recovered shortly after to hold modest gains throughout the day.
The situation did not get any better with German manufacturing also…
ContinueAdded by 2ndSkiesForex on May 24, 2012 at 11:00pm — No Comments
Forex Price Action Setups - Euro Hits Near 2-YR Low, Grexit Fears Persist May 23rd
Euro Hits Near 2-Yr Low, Grexit Fears Persist
The Euro got hammered in NY trading dropping 120+pips in about 3 hours as the EU summit didn't really calm any fears of an eventual Grexit from the EZ. Of course EZ officials telling members of the currency bloc to prepare contingency plans for an exit are not helping.
Oh yeah, did we forget to mention European banks have the highest loan-to-deposit ratio in the world (3x that of the US banks)?…
Added by 2ndSkiesForex on May 24, 2012 at 12:11am — 3 Comments
Meet my new IT Support Staff...
Definitely need to keep him happy :-)
Talk about security...
Added by 2ndSkiesForex on May 23, 2012 at 11:56pm — 4 Comments
Choose the Webinar 2ndSkiesForex.com
In conjunction with FXStreet, I am doing a webinar whereby you get to choose the topic!
Just go to the facebook page for the webinar here;
Chris Capre FXStreet.com Facebook Webinar Choose the Topic
Choose from any subject related to trading so make sure to cast your vote.
You have from May 28th to vote so make sure to do it soon.
The webinar will be on Thursday June 7th…
Added by 2ndSkiesForex on May 21, 2012 at 2:58pm — No Comments
Do You Have the Willpower to Trade Successfully?
I am going to start this article with a question which could signify a major portion of your current level of success or failure in trading.
The question is;
Do you believe willpower (and specifically - your willpower) is a limited resource, and if so, what do you think it limits you to learn, achieve and accomplish?
A follow up question to this is:
If you work on a difficult task,…
Added by 2ndSkiesForex on May 14, 2012 at 9:07pm — 3 Comments
Price Action Forex Trading - Exhaustion & Climax Reversal Bars; 2ndSkiesForex.com
In one of my most recent webinars on price action forex trading, I talked about a key method for detecting when a trend is over-extended, which is to look for a climax or exhaustion reversal bar. I had mentioned how from an order flow perspective why these exhaustion and climax bars tend to represent a high probability reversal coming based on the various…
ContinueAdded by 2ndSkiesForex on May 7, 2012 at 9:07pm — 6 Comments
A Question to All Traders
I have been working on a thought experiment for traders here that I will be doing a webinar on in about a month, but before that, wanted to ask all of you traders a question which I think will produce some interesting answers.
The question is the following;
What would you feel like if you were a highly successful trader?
…
Added by 2ndSkiesForex on May 4, 2012 at 2:40pm — 12 Comments
5 Mantras For the Developing Forex Trader
Lately I have been spending a lot of time crunching data on some of the forex price action algorithms my programmer and I created, that the data can at times become overwhelming to digest. In times like these, in needing a break, I often enjoy reading something completely unrelated to forex so I can engage other aspects of my brain. Recently, the subject…
ContinueAdded by 2ndSkiesForex on May 1, 2012 at 12:29am — 3 Comments
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