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General analysis about forex market: 2nd January – 6th January

GBPUSD Technical analysis: The GBPUSD pair showed some decent bullish movement in the last trading week after hitting the critical support level at 1.21963.The gained its bullish momentum in the market after the US dollar index slipped from its 14 years high in the market. However, the bullish move in the GBPUSD pair faded after hitting the critical resistance level at 1.23874.If the pair manages to break the critical resistance level at 1.2374 then we will see nice decent bullish move in the GBPUSD pair towards its next critical resistance level at 1.25387.This level is going to provide a significant amount of selling pressure to the GBPUSD pair and most of the professional price action traders will be looking to sell this pair at this level with bearish price action confirmation signal. However, a clear break of the price above that level will bring strong bullish momentum in the market towards the next critical resistance level at 1.27697. If the green bucks gain its strength back in the market then we will see a sharp drop in the GBPUSD pair. The first initial bearish target for the GBPUSD pair would be the next key support level at 1.21963.This level is going to provide strong bullish pressure to the GBPUSD pair but a clear decisive break of that level will bring a strong bearish momentum in the market. If the critical support level at 1.21963 fails to restrict the bearish move in the market then the pair will ultimately hit its…

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Secrets of price action trading strategy in the forex market

There are many different types of trading strategy in the forex market. Most of the retail traders use indicators based trading strategy and mess up their chart by using too many indicators. Trading with an indicator is not at all profitable since it creates too many false signals in the market. If you truly want to become a professional for trader then you need to learn how to trade the market using the price action trading signal. The price action trading strategy is nothing but the study of the raw price data in the market and execution of high probability trades in the key support and resistance level. Indicators can be your helping hand but being a professional forex trader you can never rely on indicators only. There are two types of indicators in the forex market. The first one leading and the second one is lagging indicators. Just by reading the name you can understand that indicators will give you early trade signals or late entry point in the market. But in order to trade the market profitable, you need to trade the live data of the market. In this article, we will be sharing some of the key secrets which made the price action strategy so much popular in today’s trading world. Précised trade setup: Those who are trading the forex market with the help indicators knows very accurately that indicators can never give them accurate entry point in the market. To be precise stop loss and take…

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Fundamental outlook for the major pairs and important news events.12th December – 16th December

There has been a massive chaos in the financial industry from the very beginning of the year 2016.The FED was supposed to hike their interest rate in the middle of 2016 but due to the ongoing weak economic performance they have delayed their rate hike. However, thighs are favored the FED hike decision recently as the performance significantly improved over the last two months. Though the starting of the last week was not that great for the green bucks but in the last trading day the dollar gained back its strength in the market to a significant amount. Professional long-term investors are suggesting this sudden turn back of the dollar as a positive sign for the rate hike decision on 14th December. There has been a sharp rise in the U.S dollar index which measure the dollar strength against the six major currencies in the world economy. The U.S index went up to 101.60 on Friday’s trading session and it was up by 0.48% and considering the overall performance of the last week, it ended up with 0.75% gain in the market. According to the FED rate hike monitor tools, there is 91.3% chance that the FED will hike their interest in the upcoming FOMC meeting minutes but investors are nearly 100 percent sure that rate hike will do by the FED officials in the month of December. Change of interest rate is very high impact economic event in the financial world. If FED comes up with a hawkish hike…

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Technical analysis on GBPUSD, AUDUSD, and USDCHF: 5th December -9th December

GBPUSD technical analysis: 5th December – 9th December     Figure: GBPUSD daily chart The Great Britain pound has suffered an extensive loss in the financial market during the Brexit event. At the event, the pair sharply dropped at the critical support level at 1.13142.From that level, the pair managed to find some strong support and started its bullish correction on the daily chart. Last week the mighty dollar was broadly weaker against its all major rivals in the forex industry. These created a sharp rally in the GBPUSD pair and the pair has breached a critical resistance level at 1.26667.Currently, this resistance level will act as strong support and the current bullish target for the GBPUSD pair would be the first critical resistance level at 1.28609.If the pair manages to breach that level then we will see another sharp rise in the price towards the 50% retracement level. From the critical resistance level at 1.31522 we are expecting strong bearish momentum in the market since a significant amount of resistance lies at that point. Currently, the GBPUSD pair is in strongly bullish retracement. However, if the pair fails to retain its bullish momentum then the first bearish target for the pair would the critical support level at 1.26806.A clear decisive break of the price below that level will bring strong bearish pressure in the market which will ultimately drive the price towards the next critical support level at 1.23330.This level is going to provide a significant amount of support…

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The three worst trading mistakes that every trader makes in forex options trading

Trading the financial instrument can be an extremely difficult task if you are relatively new in this industry. Forex trading and options trading are pretty much similar and you can earn a decent profit out of trading the financial instrument if you have a solid trading plan and strict trading discipline. There are many forex options trader in the financial industry who jumps into the trading world only to make quick money. But if you truly want to become a successful trader then you must consider trading as a business. Like any other business, it needs strict discipline and proper execution of the trading plan. Statistics suggest that almost 95 percent of the forex options trader lose money in the financial industry due to their lack of knowledge and proper implementation of trading discipline. The remaining 5 percent are the successful traders who are making money consistently in the market out of trading the financial instrument. In this article, we will highlight three deadly mistakes that every options trader make in their trading career. Revenge trading and overtrading This is one of the most common mistakes that every currency traders make in the early stage of their trading career. They spend a considerable amount of time in developing a valid trading strategy. Everything works fine in the beginning phase but things dramatically change after incurring few losses in the market. Most of the novice trader start taking low probability trades in the market right after a loss. They become emotional…

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General analysis about forex market: 28th November – 2nd December

EURUSD technical analysis In the last week, the EURUSD pair has shown nice sign of recovery after hitting the critical support level at 1.05181.This level is going to play a significant role in the next move of the EURUSD pair since the pair has tested this critical support level previously on 3rd December 2015.The daily stochastic is in the extremely oversold region which strongly favors the bullish price action confirmation signal on the daily chart. On the contrary, a doji if formed on the weekly chart which indicates the market is still in indecision and yet not ready to move up. The weekly RSI also suggest that the fall of the EURUSD pair has not yet been completed yet as the RSI is not in the oversold region. However, if the pair manages to climb up then the first bullish resistance for the EURUSD pair would the critical resistance level at 1.08484.A clear break of that level will bring fresh buying pressure in the market. There are two important economic events in the upcoming week. On Monday ECB President Mario Draghi is going to deliver his speech at the press conference. If he comes out with a solid plan to recover the current loss of their economy then the EURO might get fresh buying pressure in the market. On the contrary, the Non-firm payroll data is also going to affect the market to a great extent. A positive data will wash away all the bullish momentum of the EURUSD pair…

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