The USD CAD is on the way up!
Posted on Tuesday, May 4th, 2010 at 5:57 am.
Dr. Blythe here,
Hey guys, on the daily charts there was a great break out of a long term trend line. This currency pair is setting us up for a nice move up. Trading in the Forex markets can be tricky but sometimes the trades are easy to spot. I will be watching for another entry off of the pop trade. So happy trading and get those pips!
Staying In the Profit
Posted on Thursday, April 29th, 2010 at 5:30 pm.
Dr. Blythe here,
Hi guys i just thought i would share some thoughts on staying profitable when trading in the Forex markets. I know the markets can be cruel and it is very hard to get your start and stay consistently profitable. Some things i like to tell people that are just getting started are first make sure to find a few trade types that you personally feel comfortable with and stick to them. There is no sense in trying to trade live with trade types that you are unfamiliar with or have not traded demo with or back tested. The second thing and one of the most important things is to make sure that you are not trading with larger lot sizes then your account can margin. Only risk a small percentage of your account at any given time. I will use no more than 5 percent at one time. That could also be over multiple trades. I do not like to use all of my margin on one trade, simply because you can miss out on other opportunities. I hope that helps. Happy Trading.
Retrace and then consolidates what is best to do
Posted on Tuesday, April 27th, 2010 at 11:04 pm.
Forex is a market where you are able to see big moves and you probably say them today. One thing to consider by trading Forex is that when you are trading and when you best feel the market fits the setups that you are looking for. You need to make sure of a few things understanding volitality, Behavior patterns, and time they move the least and most. It’s always best to trade the obvious this is a principle that Jesse Livermore talked about when we was trading stocks back in the 1920’s and was able to make over 200 million dollars in his trading career. It’s best to understand that you really don’t have to trade every day trade when you feel the best about the market and when the market moves and make sense too trade. So look for the EURUSD and the USDCHF to break out side of their consolidation you can cheat by using magic stick.
The New Week of trading
Posted on Monday, April 26th, 2010 at 7:09 am.
The amazing thing with Forex magic stick if you have it drawn and turned on for the new week to start and breaks the line it’s ready too go. Trading Forex with this tool has relieved alot of stress for tons of traders. This week in Forex probably will be an exciting week in trade because alot of pair are at some major levels or just recently just broken their major levels. We are looking for alot great trade opportunities so get ready to use magic stick and make some money.
EUR gain strength over night
Posted on Friday, April 23rd, 2010 at 2:33 am.
It’s amazing when you use magic stick and look for the commitment of the market of what direction it’s going it make it easier for trader that understand support and resistance and trendlines. The hardest thing for traders it too stay in front of the computer for the signal to get in and especially for everyone around the world. People sleep don’t they???? Well that is why magic stick is here to make sure you are able to take advantage of the market and look for that commit or other words make money while sleeping. I’m excited to say forex circle has really made a difference in the world of trading. Forex with the fundamentals, technical analysis and expert advisers. Now if you compare the forex magic stick with any robot there is amazing difference. Things change in the market daily what robot can you adjust to todays economy???? I would just say 1 that is right magic stick. We have done the research to know that all robot can work but depends on what market conditions. We are delivering a concepts that has worked in the 1920’s and now and also for the future traders.
New Home Sales
Posted on Thursday, April 22nd, 2010 at 9:16 pm.
Dr. Blythe here,
The New Home Sales announcement is coming out tomorrow morning. We aware that the forex markets related to the US dollar can really move as the news breaks. The news announcement comes out at 10:00 am Eastern time. Happy Trading.
Consolidation on GbpJpy
Posted on Wednesday, April 21st, 2010 at 3:49 pm.
Dr. Blythe here,
In the last Chart Therapy session we talked about watching for the consolidation breakout on the Pound Yen Forex currency pair. I have a breakout box setup and i will give you those levels. The top of the consolidation is 144.82 and the bottom is 139.20. These are great for big pips guys. If it breaks up there should be some really big moves to watch for. Happy Trading
Consolidation and the Cad
Posted on Tuesday, April 13th, 2010 at 3:59 pm.
The UsdCad right now is setting up for what I believe will be an excellent breakout. On the day time frame, for the last 5 candles we have had lots of downward pressure created from the quick downward swinging market. This is very visible on the hourly time frame, semi slow upward movement followed by huge red candlestick dropping down, which has created those downward pushing big wicked candles on the daily chart. This combined with a very nice little consolidation area tells me we should have a breakout very soon, and if it goes short, we should be able to take the trade for a pretty large profit. Two things I’m using for a breakout both on the hourly time frame. First, there is a clear trendline with points of support on the 7th, the 9th, and just two hours ago. If it breaks the trendline I will consider entering. Second yesterday’s low which is at 1.0009, if we get a close beyond there, I’m in. Now it’s just a waiting game for that breakout, good luck with this one and I wish you guys the best with your trades!
EurGbp current trading setup
Posted on Tuesday, April 13th, 2010 at 3:47 pm.
Right now the market is about 1 hour from getting our new pivots for Tuesday the 14th of March. The Eur/Gbp is completing a double bottom that it has been forming for the last two days. This is visible on the hourly time frame in the same support hit twice and on the daily time frame as two apposing candles with major upward pressure. I really like the setup on this right now and am simply waiting for the neckline breakout on the hourly time chart and I will trade back to the fibo level or the daily gap.
Gap In Market Data
Posted on Monday, April 12th, 2010 at 8:27 am.
Dr. Blythe here,
There have been some very large gaps in the market data over the weekend. From the time that the Forex market closes on Friday until it opens up again on Sunday most people think that trading stops all together. The Forex market is still moving, banks and other larger institutions are still causing the market to move, it is just the people like us that can not trade because the brokers close for the weekend. Most of the time when there is a gap in the market data the market will usually move to fill that gap so keep an eye out for this to happen. Happy Trading.
