GOOD EVENING STEEMIT!
It’s been another hectic weekend in my neck of the woods with Friday night spent ice skating with the Mrs, Saturday night at a 21st and Sunday coaching my football team to another victory to ensure we head into the finals with momentum. The boys have the bye in next week’s final round of games and have already locked in a finals spot so the pressure is off next week to have some fun while the rest of the league hopefully kicks six shades of shit out of each other!
I know I’m cutting it a bit fine with my weekend CHART ART of the forex majors by releasing it this late, but the die hards will be up for the Asian Session open in 10 or so hours with me. Plenty of time to get your pre-open planning done on how you’re going to look to attack the markets this week.
If you haven’t already taken a look at my WEEKEND CRYPTO UPDATE blog from yesterday then why not head over and take a look. If you’re a die hard forex market guy who hasn’t delved into the world of cryptos yet because you’re sceptical of how the markets move, then that blog will go a long way to changing your mindset. They’re markets that move in a VERY technical manner.
If you are or were a crypto trading sceptic, I’d love to hear from you in the comments. Charts get mundane, but personal trading stories are a great breaker. Hit me with yours!
CHART ART
FX Trader Magazine
I need to make these posts manageable to write as well as readable, so I’ve just gone the three majors at the top of my watch list. Once again, I’ll be starting with a higher time frame chart to find levels that are in play, before drilling down to an intraday chart in search of day trading opportunity.
I’m a boring guy and my trading reflects this fact. Find the same setups over and over again then exploit my risk:reward edge around them. This risk:reward edge is something I went through on the blog last week and is the key to why I’m able to consistently trade forex.
EUR/USD Daily:
After it looked like daily resistance held last week, I asked if it was time to short EUR/USD? The setup looked juicy at the time, but some fundies and continued USD weakness haven’t been kind.
The resistance zone on the daily is pretty clear and so long as there is no new high, any shorts from that post will still be in play for me.
EUR/USD Hourly:
If price can print an intraday double top inside this higher time frame resistance zone then that would be ideal for shorts. If it makes a new high then it’s good night. It’s as simple as that for me here.
GBP/USD Daily:
The key Cable daily levels are the Brexit drop range top, as well as the trend line you can see which has cut straight through the middle of it.
The horizontal level is too far away to bother with, but the trend line resistance level looks to be in play here.
GBP/USD Hourly:
Zoom into the hourly and it’s pretty apparent that it is.
I’ve added a short term resistance level that turned to support which was retested as the higher time frame trend line resistance level broke. But with a double top possibly forming similar to what we were looking at on EUR/USD above, it’s a wait and see here for me since I didn’t manage to get in early.
AUD/USD Daily:
Finally we come to the Aussie, with the key level in play being the 80c psychological level. The mainstream TV news reports even love this one, so you know the bulk of retail traders do too. Mark it and watch how price reacts.
I’ve also added the 0.8073 level which you can see price retested on both sides back in 2015.
AUD/USD is the pick of my forex charts at the moment and if price can hold this juicy daily resistance zone, then I’ll be shorting the shit out of short term rallies on the intraday charts.
AUD/USD Hourly:
Yep, those short term rallies!
If price doesn’t gap up, I’m going to be involved pretty early on Monday here I think.
If you’re in my part of the world then goodnight and if not, enjoy what’s left of your weekend. Just don’t get left behind by the Aussie short train.
Choo choo.
Peace!
Related @forexbrokr CHART ART Blogs
Instagram: @forexbrokr
Website: www.forexbrokr.com
Upvoted. I'll be resteeming this now :)
Thank you my friend. I hope it makes all your curation reward dreams come true!
I think you are the only person posting here forex charts that is great. I am learning forex trading and ubderstanding concepts. I will check your posts frequently to get more information about forex.
Cheers mate. I'm definitely not the only one posting forex charts and concepts on Steemit. Check the #forex, #trading and #chartart tags.
Looking forward to seeing your posts popping up there too :)
Hello friend @forexbrokr , great post, i congratulate you, keep it up
Thank you mate. Hope it added some value to your stream :)
You may have mentioned this in a previous blog, but how do your ForEx gains compare to crypto? I'm biased but I'm guessing crypto gotta b like an order of magnitude greater. 🤑😝
Goodnight n sleep tight!
I take it you just buy and sell crypto straight up?
Well the difference is that you can trade forex on leverage. Meaning you can control bigger position sizes through your broker. It's more for short term trading than longer term investments though.
You should definitely take a look at forex if you want to get into trading!
yea most I've ever had on margin leverage was 2.5 on polo, so not really huge sums, but given the percentage gains in crypto it was sufficient for me! Only ever used it to short and get free coins however. i assume there is less ambiguity or fewer ways to avoid taxation on forex trades tho.
I like being able to purchase Gyft cards w/ bitcoin or fund pre-paid reloadable debit cards using altcoins!!!! i guess you could say that I'm in love with the alternative lifestyle that living off crypto provides. But I've seen your posts and I might just get tempted to delve in!
While I've invested and hold crypto for the longer term, I'm not as deep into the lifestyle stuff as you yet :P
When I'm day trading forex or crypto, it really doesn't matter to me what pair I'm trading. They're all just the same patterns on a chart.
If you do get into forex (or even short term margin cyrpto) trading, just make sure that you don't get caught up in thinking about lifestyles or whatever when you're trading. They're just 'markets to trade'. Nothing more, nothing less!
I agree about emotionless trading being the way to go, only a couple of times i can remember when listening to my heart in regards to a trade worked out. technical analysis all the way!!!
I just like that I have mining rigs which give me free LTC everyday. even having worked as a mechanical engineer I could never wrap my head around the fact that I risked life and limb every day to commute to a computer, just to click a mouse for someone else. now I have computers working for me in a spare bedroom and I click the mouse button and pay myself!!!
all from the luxury of my sofa drinking coffee and watching the price is right and lets make a deal 😎
great post! Enjoy the content!
Cheers Nick!
Nice man! I'm looking to get short cable myself too; if there's a safe way aboard the train that is.
You've inspired me to journal some trades here on steemit too. Take a look if you're interested :)
https://steemit.com/forex/@dodgydave/market-highlights-week-1
These pretty much relied on DXY holding the support level that broke last night:
See if this is the final flush out before re-evaluating.
Anyway, I've followed you and look forward to seeing what you come up with each week :)
https://steemit.com/money/@silveradarsh/weekly-analysis-of-aud-usd
This is a link to my chart analysis sir please take a look at it you're interested :)
I've give you a follow and look forward to reading more of your analysis.
Use the #chartart tag and join the community :)
See you around!