We go through the use of Support and Resistance Levels and how they can assist your trading. Learn how to draw them and what to look out for.
In this video, we discuss the 3 main types of charts that FOREX traders use. Line Chart, Bar Chart and Candles.
A good start to the week for us as we managed land a few pips in the USDCAD. There are another three pairs on the watch list this morning as all of them are at solid resistance levels. The dollar has been so dominant and Dean looking for this to cool at some point.
The end of last week was dominated by dollar strength. Dean was watching three Forex pairs this morning to see if they could wrestle back some of the initiative. Mainly because they were showing signs of momentum slowing and they were at major resistance levels. Let’s see how we got on.
Last week was dominated by the dollar as many of the Forex pairs we follow were handed a hiding by the US currency. Many are trading at significant lows and we will see if the USD can follow through or give back some of the gains. #StateCapture is also very much in the news
If one was trading off Daily or Weekly Charts you would be forgiven for asking what the fuss was all about, price action seemed rather boisterous this week, but in hindsight the longer terms charts will illustrate that in a lot of pairs price did not fluctuate that drastically from market open on Monday.
Dean not seeing a lot apart from a possible bounce in the EURUSD after a strong sell off yesterday. He does go through how he exits his FX trades which is where many of us fail.
The commodity currencies continued to trade a bit stronger yesterday and today may be the day we see a pull back. I am favouring the NZDUSD and USDZAR. More signs of divergence from these forex pairs and traders will be watching closely.
Yesterday’s focus was on the commodity currencies. Today Dean sees the possibility that they run out of some steam against the dollar. Trump and Hilary go head-to-head tonight for the last of the Presidential debates and then the US must choose … I pity them!
There has been plenty of data out over the last little bit. The dollar seems to have given up some more ground today in most FX pairs we follow. The commodity currencies have fared the best with the AUDUSD, NZDUSD and USDZAR all making gains.