Hey how is your trading going? Actually… let met take a guess!
If you have been trading the EURUSD… you are not doing “that” well…
How do I know this… well, take a look at the following EURUSD chart:
It’s been almost impossible to trade in the last 45 days… notice how the big moves happened during important announcements, and as you already know, its very difficult to trade them.
If you’ve been successfully trading the EURUSD I’d like to hear about it… let me know in the comment section.
Now, if you have been looking for trades on other pairs or crosses, such as the AUDUSD… you might be doing a better job…
So… did I miss?
AUDUSD Analysis, EURUSD Analysis
Hey we have plenty of fundamental announcements coming up this week. Just to name a few:
Monday (yesterday): AUD interest rate
Wednesday: JPY interest rate
Thursday: GBP and EUR interest rate
Friday: USD Non-farm payrolls, CAD unemployment report
Pretty busy isn’t it?
You know how I handle them, I’ve wrote about it a few weeks ago, what I can say is that I’m just going to trade what I see on the charts, I’m not going to get biased on what I think the market will do based on fundamental announcements, etc.
Do you agree with me?
AUDUSD Analysis, CADCHF Analysis, forex, GBPAUD Analysis
Have you ever wondered whats the best way to determine the trend of the market?
There are plenty of tools, indicators, etc including:
- Technical indicators such as RSI, MACD, Momentum, etc
- Fibonacci retracements and extensions
- Elliot Waves
- Gann cycles
- Other tools
You name it… Some of them are pretty subjective, and some other techniques are good.
But the question remains, among them all, which one is the best?
I don’t know about you, but I think trading is not a game, and I rather use something objective…
So to determine the best tool, I’d recommend you to take the following considerations. Make your strategy:
- As objective as possible (there will always be a certain degree of subjectivity)
- As simple as possible (KISS principle)
Once your strategy (or system) these two characteristics, you’ll have a system with a very good profit potential :)
Ok, so now, want to know what my take on this? What is as objective and simple as possible?
You guessed it.
Support and resistance levels plus price action.
In todays article, I’m going to show you how you can use support and resistance levels plus price action to make a chart talk to you, to show you how to convert a chart like this one:
Into actionable and reliable trading advice.
AUDUSD Analysis, price action, support and resistance
If you’ve been reading my blog for a while you know how much I like to have trading plans…
And by trading plans I mean a clear picture of what the market needs to do, to make me open my trades.
You have no idea of simple it is to trade, once you have a clear trading plan…
Anyway… here is my plan for the AUDUSD
Let me show you first my long term chart:
AUDUSD Analysis, guessing, trading plan
Sometimes we like to overcomplicate things, we pull up our charts, use 10 indicators (just to determine which way to trade) then we use 10 more to determine our entry…
But I believe trading should be simpler than that, and in order to get there, a clear and simple trading plan makes all the difference.
Look at this chart, and try to come up with a plan, then compare it with mine (below):
AUDUSD Analysis, forex, trading plan