Using Technical Analysis in Real Live Forex Trading

Today’s post will be focused on applying the steps of technical analysis in discretionary Forex trading. These steps have been laid out in a guide, which you can access here. For more information on trading the Forex market with less discretion, rules based, and a set and forget style, please take a look at this link.

STEP 1: SELECTING A PAIR

The Forex market offers a wide selection of currency pairs to choose from. Actually picking one of them is not always as an easy task. For today’s article I thought about analyzing plus discussing this week’s (after Monday’s price action) Aussie and Kiwi weakness, GBP slight rebound so far, and the CAD weakness. When scanning through the individual charts I decided to focus on USDCAD because price is offering interesting decision spots on the daily time frame. The formation of interest is the triangle chart pattern (blue trend lines); the bottom and top of the triangle are the decision spots.

STEP 2: IDENTIFY TREND

The trend on the weekly chart has been up: price built consecutive higher highs and higher lows (green circles) and price recently bounced off of the bottom channel line (green). The weekly trend is currently without doubt UP (also notice that the resistance line has been broken (red)).

The trend on the daily chart is also UP: price is moving up in an uptrend channel and it is above the 50 ema close as well (magenta). Furthermore price respected the 50 Fibonacci retracement level and its first target at the 27.2, which is a typical trending characteristic.

With the weekly and daily chart in an uptrend Forex traders can conclude that trend traders are in search of long opportunities, reversal trades are looking for smart shorts, and range traders are probably skipping this pair.

STEP 3: IDENTIFY PATTERNS

Let’s review the candle stick and chart patterns on various time frames.

Let’s start with the weekly chart. Last week closed bearish but the candle did not break the candle high and low of 2 weeks ago. I need to be cautious of the high at 1.11 which is the high of the last 2 weeks. No chart patterns.

The daily chart shows a pinbar formation on Friday at the 78.6% Fibonacci level and support trend line (blue). It also had a strong bullish candle on Monday (with a close near the high). There was also a previous chart pattern visible: an expanding wedge (purple lines). This pattern is quite rare and price managed to break above it in the meantime, adding to the bullishness.

STEP 4: IDENTIFY SUPPORT AND RESISTANCE

When I review the daily chart I am able to see that many resistance lines have already been broken. The trend seems to be the winning the clash with support and resistance. One line can be added to the chart (purple) but this trend line only has 2 hits. The biggest resistance could be last week’s high at 1.11.

CONCLUSION:

The uptrend looks strong at the moment. Let’s take a look at what spots traders can act:

1. Reversal traders could attempt shorts at the 1.11 weekly highs


2. Reversal traders could attempt shorts at the -61.8 target at 1.12 and weekly top at 1.1270


3. Reversal traders could attempt shorts upon the 4 hour shooting star (red circle) as price can always overextend in a trend (riskier trade)


4. Range traders would look for other pairs


5. Trend traders can look for longs at any of the Fibonacci levels (green box). The best is to wait for price action confirmation signals such as candle stick patterns at the Fibs (green arrow)


6. Trend traders could trade the break of resistance (red and dark red) but this will take some time before price retraces and breaks (purple arrows)

Do you agree with the above analysis and conclusion? Do you want to add something to the above mix? Let us know!

Thanks for your comments and shares, and Happy Trading

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Tips To Choose A Best Web Hosting Company

To make a website or blog accessible globally through internet it must be hosted on a server. A host server is a system that store necessary data and files of a website and connects with high speed internet to explore a website to worldwide visitors. A website owner can buy or rent a server hosting space from a web hosting service provider.There are uncountable hosting companies available in online and local host market. So, here quality matters a lot. If you are getting confusion to select a best company from the fish market of hosting company then you can check out the following factors. I hope it will help you to find your desire best hosting company.ALSO: READ: Best Tips To Choose Perfect Domain Name …

via Shine Mat:

To make a website or blog accessible globally through internet it must be hosted on a server. A host server is a system that store necessary data and files of a website and connects with high speed internet to explore a website to worldwide visitors. A website owner can buy or rent a server hosting space from a web hosting service provider.

There are uncountable hosting companies available in online and local host market. So, here quality matters a lot. If you are getting confusion to select a best company from the fish market of hosting company then you can check out the following factors. I hope it will help you to find your desire best hosting company.

ALSO: READ: Best Tips To Choose Perfect Domain Name For A Blog

1. Your actual needs

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Nowadays almost every web hosting company offers a variety of packages with different features. Pick up one that meets up your needs. Do not necessary to buy more than your demand. You can increase your limit anytime without any effects on your website.

2. The types of hosting

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There are two types hosting offered by hosting company. One is “Shared” and second is “Dedicated” Shared hosting designed as multiple users/ websites on a single server or a drive and Dedicated hosting designed as one server for one specific user for a single website. So, dedicated web hosting technology is a powerful and high speed option however it is very costly. Generally most websites use shared hosting system because of its huge demand and cost effective. So, if you choose shared hosting package then must inspect about total number of websites/ users are shared with you. Huge shared users can increase your site or server loading time or you can get server error messages while trying to visit your website.

• What Is Custom Domain, Subdomain And How Does Domain Work?

3. Product and service pricing

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Many webspace or hosting company offers two types of service. Free host and Paid host. If you are a beginner then Free hosting service suites you best but when it comes to professional then you must switch to paid service. Compare the prices and other features with another reputed company to select.

From my view, Hostgator has best pricing option for their different types of hosting services. You can check their price on Hostgator’s website.

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4. Server Up time and security

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Mostly all hosting company tells to serve with 99.9% server uptime. Actually even I don’t know, how much it is really true for all company? Well, you can not find the real truth instead of inspecting their background and talking with their other customers. It’s really an important part so be careful about server uptime. Also make sure their server is high secured and if any accident happen they are guaranteed to restore your backup files.

5. Best customer care and support

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Customer support is very important for web hosting company. All users are not expert and they may need help for settings or customer may need immediate support regarding their website crash, errors or such conditions. So, make sure they have solid and friendly customer support just like as wow!

• 20+ Spicy Tips To Make A Blog Popular

6. Internet connectivity speed:

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Web hosting server must be connected through a super fast internet connection. T1 or T3 are fast internet connections right now. Ensure that your chosen hosting company using high speed internet connection in their server system. Dial-up, broadband or any other slow connections should be avoided.

7. Other terms and conditions

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All web hosting company has their own terms and conditions or business policies. There you may find some restriction area on web script, image hosting, monetizing, web contents, payments and so on. So, it is important to read the terms and policies carefully of the service provider.

Best wishes on your blogging career. Ohhhh Hoooo!!!! Happy Valentines day in advance. Stay healthy pals. Allah Hafez.

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MLK and Education

Steve Heap / Shutterstock.com According to Martin Luther King, Jr., education plays a number of critical roles in our society, including: To save man from the morass of propaganda… Education must enable one to sift and weigh evidence, to discern the true from the false, the real from the unreal, and the facts from the fiction…; [and] to teach one to think intensively and to think critically. But education which stops with efficiency may prove the greatest menace to society. It seems appropriate, then, as we approach the 50th anniversary of Dr. King’s “I Have a Dream…” speech to take a look at how we are stacking up when it comes to his notions of education. To Save Man from the Morass of Propaganda…

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Steve Heap / Shutterstock.com

According to Martin Luther King, Jr., education plays a number of critical roles in our society, including:

To save man from the morass of propaganda… Education must enable one to sift and weigh evidence, to discern the true from the false, the real from the unreal, and the facts from the fiction…; [and]

to teach one to think intensively and to think critically. But education which stops with efficiency may prove the greatest menace to society.

It seems appropriate, then, as we approach the 50th anniversary of Dr. King’s “I Have a Dream…” speech to take a look at how we are stacking up when it comes to his notions of education.

To Save Man from the Morass of Propaganda

In this, the mature stages of the Information Age, we are individually and societally overwhelmed by propaganda, which Merriam-Webster (online) defines as “the spreading of ideas, information, or rumor for the purpose of helping or injuring an institution, a cause, or a person”. Through social media, 24-hour television and radio, the Internet and even blogs like this one, we are pounded by bias and opinions that are trying to persuade us to act or think in one way or another — usually to click on or buy something. It can be awfully difficult to “sift and weigh” the information that we are presented with and to “discern the true from the false”.

On the other hand, I think we are much better at it than we were 20, or probably even 10, years ago, because we have become much more adept at gleaning what is true, or at least useful, from the all the flash, splashy, over-the-top crap we have to wade through each day of the electronic era. One area in which Americans have displayed such skepticism is in the value of higher education in light of its soaring costs.

A 2010 report issued by Public Agenda on behalf of the National Center for Public Policy and Higher Education indicated that we are fulfilling King’s notion of what eduction should be: we are sifting through the propaganda that colleges and universities are feeding us about the skyrocketing expense of attending college. Public Agenda reported that we are “becoming more frustrated with higher education and more dubious that colleges and universities are cost-effective and doing all they can to keep tuition affordable.”

So when King spoke of education, perhaps he wasn’t speaking of it in a sense of the more formal, institutionalized learning experience that we think of when we consider education. The more formal idea of education has become a commodity. Americans believe “that higher education is… more necessary” than ever in order to find gainful employment. Colleges seem to be taking advantage of this fact by hiking costs. They justify tuition increases with arguments about the quality of education: they need to charge more in order to maintain educational standards.

Education Which Stops with Efficiency May Prove the Greatest Menace to Society

King would be proud of our ability to discern “the facts from the fiction” when it comes to education. A majority of respondents surveyed for the 2010 Public Agenda report were skeptical about institutional claims regarding educational quality. According to the report, 60% of respondents feel that colleges are more like business that care more about their bottom line than the educational experiences of their students. Nearly 70% believe that people are being denied access to higher education because the cost of attendance is simply too expensive. As one respondent said, “‘[W]e are getting a better idea of what [schools] really care about, and it isn’t the educational experience of [their] students.’”

At the same time, Dr. King would be disappointed in the way our higher education system has placed such emphasis on economic efficiency, to the great detriment of education education itself. On the other hand, King may argue that many of today’s educational institutions are not in the business of truly educating people.

In his work, The Purpose of Education, King says that the “goal of true education” is to instill “intelligence plus character” in individuals. If you look at the advertisements and propaganda that institutions today use to lure in students, particularly for-profit, online colleges but also the more traditional public and private schools, it is clear that they approach students with an economic message. They say that their students get jobs. They say that their students are more successful. Meanwhile, their students are, in reality, simply just poorer, strapped with debt that they cant afford because the promised job hasn’t materialized.

So, if hardship leads to character, maybe today’s colleges are, in fact, fulfilling King’s hopes for true education. But their leaders are not displaying much character in doing so.

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Stock Market Video – Outlook and Setups for Week of November 3, 2013 – "Time To Be Patient"

Hi traders. It was a tricky week on Wall Street this past week (at least for me) as the indexes pulled back a bit and individual stocks continued to give bearish signals in some cases and false signals in others. The former leaders of September and October continue to get beaten up, but the real problem is that there haven’t been as many to clearly step up and take their place. I am seeing some setups out there (which I highlight in the video among others) but the overall quality of them is not the same as they were a month or two ago. Because of that, I think it’s important to be patient here and not overtrade, as there may not be a big edge for …

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Hi traders. It was a tricky week on Wall Street this past week (at least for me) as the indexes pulled back a bit and individual stocks continued to give bearish signals in some cases and false signals in others. The former leaders of September and October continue to get beaten up, but…



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Stock Market Video – Outlook and Setups for Week of November 3, 2013 – "Time To Be Patient"

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