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Monthly Archives: July 2013

EURGBP monthly chart

EURGBP prints continuation pattern on monthly chart; finds support

EURGBP shows flag-like continuation pattern on Monthly Chart Flag or pennant-like chart patterns are trend continuation patterns. They consists of two key features: a ‘flagpole’ and a ‘flag’ or ‘pennant’. The flagpole represents the initial impulse and the flag represents a consolidation / retracement movement.

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Cost of forex scalping versus swing trading

Imagine a trader is a machine. This machine trades 10 times in an hour. Will machine wear out faster than another machine that trades once in a day? I trade once a day. I aim for 100 pips each time. Definitely I feel happier than another trader who trades 10 times an hour who make the same amount.

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It’s impossible not to know direction of currency with Boxes – illustrating GBPCAD

Yesterday, during preview, a potential client talked to me about his problem. He had hedged his positions (basically both long and short at the same time of same currency pair) and asked me for my opinion.

I was unwilling to answer, because whatever that I’ve said will be in different context from his understanding. Ultimately he arrived at a conclusion “maybe he should cut his positions with losses and start all over again”

I made a comment: Doing so will not solve your root problem. Starting over again requires a plan. Do you know your plan?