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!
Side ways market what too do
Posted on Thursday, April 29th, 2010 at 10:58 pm.
As you can see the USDJPY is a perfect time too use the method called the box trade and look for the break out and you can use the trading tool Magic stick for this situation. it’s very easy to trade this you put a line on the top using the buystart command and putting your stop loss at the last swing point on the bottom side as buysl command and buytp at the next weekly pivot point. On the bottom draw a line and put sellstart as the command and then put your stop accordingly and there you go you don’t have too stay up all night and wait for the confirming candle stick and let the magic stick do it’s thing. A friendly reminder make sure your computer doesn’t go into the sleep mode or if you have our virtual server you won’t have too worry about a thing just make sure magic stick is turned on and you see a smilely face and the magic show start.
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 Trade happened
Posted on Tuesday, April 27th, 2010 at 6:09 am.
Trade did what we expected and if you were using magic stick on the GBPUSD you woulde be up about 80 pips. It’s amazing how easy it is too use especially when you can’t stay awake during london session. I personally use Forex.com for one of my brokers and exciting to see how accurate we have been hitting our take profit points. We do have some major fundamental news to happen here soon. I do expect alot of the YEN pairs to continue the drop and consistently dropping through out the day. All we hear is great feed back about magic stick giving the traders time to sleep and not having to worry about missing these big moves.
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.
YEN is Dropping like a ROCK
Posted on Wednesday, April 21st, 2010 at 6:42 pm.
All the Yen currency pairs are dropping we are looking for it to drop down all night until it hits a major resistance level. Those that have the magic stick should be happy because it should of kick you in the trade and making you some mad pips. Trading the Jpy pair there is alot more volitality involved so those that are in the market with the pros should see some really good results.
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.
Eur Gbp, BREAKOUT
Posted on Thursday, April 8th, 2010 at 1:55 pm.
This currency has made a few fakes at going back against the trend. It has really had some pretty serious moves against the trend and has somehow continued onward. Currently we are about 4 hours from the new darma and pivot points on for the 9th of April. The one hour chart seems to have had a double bottom movement with two areas hitting the same s and r line. Now this still needs to complete the bounce movement for me before entering any larger positions, but I am really looking at this to retrace before the end of the week. We should see a large defiant candlestick breaking the new daily pivot and the 13 ma. I hope to have many trading opportunities all the way to the 1 hour gap. The area that I am looking to trade back to point wise is going to be between .8800 – .8850… I have entered one rubber glove trade hoping that this is the bottom of our movement, if it breaks outside of the current low of .8740 I will jump back out. One more thing, if it does breakout and go the opposing direction then we are expecting, don’t hesitate to sell this pair but I hope we will be able to take a lot more pips if it goes long!
