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Pound Plummets After Theresa May Calls Off Vote in Parliament

Market participants who took short positions on the pound gained yesterday. This was due to Theresa May cancelled the decision to decide the draft Brexit deal in the British Parliament by voting. Hence it looks likely that Britain will leave the European Union with a harsh Brexit, no deal at all. Another likely scenario is another referendum on Brexit. So, the pound fell to 18-month low. The outlook for the pound in the near-term looks […]

Daily Market Roundup — December 11th 2018

The greenback gained and British pound fell to a new 18-month low. The EUR/USD pair has failed to break the resistance at 1.1445. Support exists below at 1.1350. The resistance levels are 1.1453, 1.1547, and 1.1572. The support levels are 1.1350, 1.1306, and 1.1256. The USD/JPY pair is no longer in a clear channel and is suppressed by a bearish trendline. The resistance levels are 113.23, 114.18, and 114.74. The support levels are 112.19, 111.43, and 111.31. The GBP/USD […]

Strategy: Three Black Crows and Three White Soldiers Candlestick Patterns

In this video, you will learn how to identify and trade the three soldiers and the three crows pattern. You will locate the three soldiers pattern after a downtrend. It consists of three bullish candlesticks. The size of the second and third candlesticks should be nearly same. You can enter a long position here with a stop-loss. However, if the third candlestick appears with a slightly smaller body, it also indicates buyers […]

Refusing to Take a Loss — How to Deal with Trading Losses?

There is an old saying that the trend is your friend. But it is important that you must catch a move earlier. When you enter a trend a bit late, then there is no point hanging on to a losing trade. Also, it would be dangerous to your capital, if you shift your stop-loss hoping that the market would come back in your favor. This could […]

What Destroys USDX — December 10th 2018

The greenback could not gain from the macroeconomic data released from the US. A rate hike looks less likely from the speech of James Bullard, the President of St. Louis Federal Reserve. The US dollar index is trading at 96.50. The USD/JPY pair is trading at 112.60. The GDP data released for Japan does not look positive for the yen. However, the economy of Japan is in good condition. The macroeconomic data released from China […]

Daily Market Roundup — December 10th 2018

The US dollar and stocks are falling, while Gold, euro, and Swiss franc are strengthening. The EUR/USD pair has broken to the upside. The broken resistance at 1.1470 could act as support. The resistance levels are 1.1453, 1.1547, and 1.1572. The support levels are 1.1360, 1.1306, and 1.1256. The USD/JPY pair is trading in a descending price channel. Whenever money flows into safe haven currencies, the yen gains from it. The resistance levels […]

What Is Multiple Timeframe Analysis in Forex?

In this video, you will learn about multiple timeframe analysis in forex trading. Multiple timeframe analysis helps you to identify the market direction by comparing higher and lower timeframes for a currency pair. Instead of entering on a higher timeframe, you can use a smaller timeframe to take a trade, to minimize risk, and use a smaller stop-loss. You can use timeframes like the 15-min, 1-hour, 4-hour, and the daily. You can use the larger timeframe […]

Fatal Mistakes of System Hopping: Risks and Consequences

In this video, you will understand what system hopping is. Those who are new to forex trading, use a trading system using a demo account, without fully understanding it. They are happy as long as they make profits. But when they make a loss, they regret the system, and go for another one. They keep doing this for a long time searching for a holy grail. For example, consider a moving […]

How to Draw Trend Line Forex Strategy Correctly?

In this video, you will learn how to draw and trade using trend lines. Trend lines give you a better visual representation of an existing downtrend. You don't need great skills to draw them. Draw them by connecting the lows for an uptrend and connect the highs for a downtrend. It is not important if you use the body of the candlestick or the wicks. Use two consecutive lows or highs. As the trend progresses, you will see […]

Bitcoin Forecast — December 7th 2018

In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the December 7th session. Bitcoin/USD — Once again the markets attempted to rally, but failed due to bearish pressure. However, it looks like the markets have found a temporary support here before another major breakdown. Bitcoin suffers from the fact that it is just a cryptocurrency. It lacks any kind of adoption by major banks or governments. The market is […]