M.A

Lets look at the simple image below (which is drawn with the help of paint). Nothing messy, nothing rushy. Simple diagram attached is giving an indication of next probable target of Gbp/Usd. Area between red lines represent major highs and lows. Area between blue lines represent lower highs and higher lows. Image has 3 important levels highlighted. 1- Support trend line becoming Resistance trend line. 2- Higher high point. Bearish move started from this point 3- Price is moving below blue support line which is giving indication of its movement towards black line.

Thankyou for pointing out

Are you frustrated by your trading results? If not then continue ur practice. If yes then how about starting from "Point zero"? You r frustrated because u have considered forex as an "ehyip" (extremely high yeild investment program). IT IS NOT. If u r frustrated then u r no longer ready for trading. Neither on demo nor on live. Everything is already messed up so what good can u extract from this messed up situation. Take a break. Test ur stamina During messy period, you had learned a lot about trading but wasnt able to implement in past because ur brain was busy in calculating and then crying over the loss. Now that u have taken a break from trading, open a fresh demo account. Dont even look at ur past demo account. On NEW demo account, if u still want to scalp or even day trade... Think again. If you still want to be over aggressive... Think again. If you considering "NEW demo" still a demo.... Think again. For those of you (including me), who do not get real (hidden) message behind a phrase, Think Again = DO NOT. Trade on longer timeframes. You will not only increase your "patience" skill level but also be able to lower ur "greed" level significantly. Try to divide ur time, which u have allocated to trading, in more than one session. For example 4 sessions of 1 hour may be a good idea. After each trading session, take a break. Most of you may not be able to make more than 2 sessions but thats ok. The logic is that trading in different times will tell you which time yeilds better results for you. Place one trade in one hour. It means u have 59 minutes to analyze and 1 minute to place ur trade and if u r fast then just 20 seconds to place a trade and remaining time to analyze and read chart. Apply same strategy in all sessions. Analyze ur performance on monthly basis. Analyze collective performance and performance of each session. After 6 months, your results will tell u if you r able to trade on a real account or not. I have to remind you an important point... "Trade on longer timeframes".. You must look at daily and weekly or even monthly timeframe to analyze trend and then place ur trade accordingly which may end in a day or 2 or a week. Do not try to trade like a day trader or scalper when u r practicing.

:haha: Realistic goals are also challenging. dun u think?

:hmmmm: Closed with minor gain. right?

Have u ever tried to apply forex strategies in binary options? Do u think Strategies with TP and SL can work in binary options? IMO, timeframe, which is most important in binary options, is of less importance in forex. In forex u dont need to restrict ur trade to an hour, a day or a week or ............... But in binary options, u have to specify expiry time. So even if u can predict trend with high probability, in binary options, u have to make sure that price continues in predicted direction within the given timeframe. There can be other factors too which makes it very hard to implement forex strategies in binary options. Have u ever tried that?

There are no economic data release from U.K today. Yesterday, Preliminary GDP figures from U.K came as expected. Gbp/usd showed significant fall after GDP figures. It found support after weaker than expected data release from U.S. Gbp/usd is range-bound since then. It was expected to reach at resistance level of 1.5478 but strong U.S consumer sentiments data pulled it back below 1.5400. This week Eur/gbp found good support near 10-july low and retraced back above 0.8630. Long term trend remains bullish. But in short-term pair is mostly range-bound.

:applaud: :missy:..... Getting excited for my friday's entry. Dun want to be the first "random looser".

I am currently moving my post to news section..... I will provide the link soon.

CBI industrial orders data came better than expected but it wasnt enough to strengthen gbp against eur and usd. Gbp/usd has touched 1.5315. U.S home sales data is yet to come in next half an hour and it will have significant impact on gbp/usd.

As expected from previous image, eur/usd continues to play above support trend line. It has already touched minor support zone of 1.3250 to 1.3255 and then retraced back. As long as it remains above support trend line, expectations will remain bullish. By looking at current scenario, 1.3400 looks highly probable. Major support lies at 1.3416. Range-bound movements for usd/jpy continue to swing around 100 level. Breakout is expected to occur in favor of bears.

Great. :missy:.....

BBA mortgage approvals came weaker than expected which caused a loss of approximately 50 pips in gbp/usd. GBP is also down against eur, nzd and cad. It has gained significant strength against yen. Gbp/usd is trading near minor support level of 1.5325 and is expected to retrace from this level to continue bullish trend.

Eur/usd has consolidated around 1.3200 after retracing back from resistance zone. Overall trend has not changed and remains slightly bullish. Major support lies at 1.2994. Eur/usd has been bullish since 15-july and moving above support trend line. Usd/jpy was expected to go below 99.00 level to touch support level of 98.90 but it retraced well before that. Overall sentiments remains bearish. Major support lies at 1.9828.

Interesting:) Heads.... If there is an empty slot.