Trade to profit and not just to trade.Many traders think because they might sit in front of a trade station for a period of time they should be trading. A trader should only initiate a trade only when all odds are
staked in his favour and he had an edge.Patience and discipline is an integral part of successful and consistent trading and are traits that a trader must endeavour to possess.Always, use a stop loss after initiating a trade. Placing a stop loss does not essentially mean that you are expecting to experience a losing trade but will help minimize losses against unforeseen market circumstances caused by unforeseen events.Before initiating any trade, always know your risk and truly accept this risk. The risk is defined as the number of pips from your entry to your stop loss.

Daily outlook

03 September 2010

Most of the currencies consolidating within a small range waiting for the NFP, 8:30 AM EST watch the news and do not enter the market until you get a clear direction which way will continue. As usual we will see some wild move and you will get the itch to enter, don not enter until a clear trend has been identified. Most of the currencies are in a down trend or in an uptrend, plot your lines where support and resistance is and wait for a clear candle either above resistance or below support, then wait for the retest. All yesterday's analysis stands as it is, no changes for today. I am bearish on Euro Under 1.2795-1.2750, bearish on Gbp under 1.5350,Bullish Usd/Cad above 1.0550, Bullish on Usd/jpy above 84.88.

Go to Today's trade call for previous analysis

Daily outlook

02 September 2010

First day of September is gone, wild moves and swings, tomorrow NFP and life will go on.Lets take a look at what happen yesterday.

Usd/Jpy

Down to target one 83.58 and holding, ranging now between 83.58 and 84.65, Jpy will push over 85 and we may go to 86. areas to watch for are as follow 84.27, 84.60, 84.82, 85.27. Going down watch for 84.04, 83.58, 83.22 and 82.75

Aud/Usd

Up to resistance , down to support as shown on the 1H chart. .9116 to .9053 next to look for is .9147 up and.9027 down. Aussie having a good run up and ma reach .9220 if able to break and stay above .9147, watch for .9190 area to provide resistance.

Usd/Cad

Is doing what we expected, down to 1.0480 area and now consolidating waiting for the news, as I mentioned before, if you trading Usd/Cad look at Aud/Usd, if one go up, the other go down. Previous analysis stands, under 1.0477 look for1.0402, 1.0372 and1.0314. To the up side we need to go back above 1.0550 to continue the up move to 1.0662, 1.0752 and 1.0950

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Daily outlook

Daily outlook

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WTFOREX is not an investment advisor neither do we solicit clients for investment. WTFOREX provides education only for the purpose of understanding the FOREX market movement.