Weekly Trading Forecasts on Major Pairs

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Weekly Trading Forecasts on Major Pairs (September 1 - 5, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair is still currently bearish, but it is forming a base. A base is a kind of consolidation that precedes a breakout. With more weakness in the Euro, the price could reach the support lines at 1.3100 and 1.3050. Meanwhile, any rallies along the way might be contained at the resistance lines of 1.3250 and 1.3300. Any movement above the resistance line at 1.3300 would mean the end of the bearish bias, especially when the price closes above the line.

USDCHF
Dominant bias: Bullish
This pair is still currently bullish, but it is highly volatile. With more strength in the USD, the price could reach the resistance levels at 0.9200 and 0.9250. This is not what the bulls would find very easy to achieve, however. Meanwhile, any pullbacks along the way might be contained at the support levels of 0.9100 and 0.9050. Any movement below the support level at 0.9050 would mean the end of the bullish bias, especially when the price closes below that level.

GBPUSD
Dominant bias: Bearish
The Cable is also forming a base – and thus a breakout is normally expected. This week, the market (whose bias is still logically bearish) has not gone downwards significantly. In fact, the market has been consolidating to the upside. The price could go further downwards, testing the accumulation territories at 1.6550 and 1.6500. Possible rallies could push the price upwards to the distribution territories at 1.6650 and 1.6700. Should the price close above the distribution territory at 1.6700, it would mean a clean bullish signal.

USDJPY
Dominant bias: Bullish
This currency trading instrument has not been able to move upwards significantly recently. In fact, the bears are threatening the situation, which has already become precarious. Nevertheless, the price ought to breach the demand level at 103.00 before the bullish bias can be rendered useless. For the bullish bias to continue to be valid, the price needs to go further upwards, going towards the supply level at 104.50.

EURJPY
Dominant bias: Bearish
The weakness in the Euro as compared to the strength in the Yen has forced this cross to form a Bearish Confirmation Pattern in the market. It may be possible that the Euro would be strong somewhere else, but as long as the JPY is stronger than it, the confirmed bearish outlook may continue to hold, taking the price towards the demand zone at 136.00

This forecast is concluded with the quote below:

“Forex offers a level playing field for a wide variety of market participants — be it newbies or veterans, small or large accounts, full-time or part-time traders. Forex allows you to choose what fits you best: your time of the day, your preferred holding period, your trading style, your account size and your leverage.” - Gabriel Grammatidis
 
Weekly Trading Forecasts on Major Pairs (September 8 - 12, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The sudden weakness in the EUR has caused this pair to tumble. The pair was already bearish when this happened (it has been bearish since June 2014). On Thursday, September 4, 2014, the pair fell further by over 200 pips. In fact, all other EUR pairs tumbled. Therefore, it is plausible to expect further downward plunge in the market, and should this hold true, the price could reach the support levels at 1.2850 and 1.2800. On the other hand, it could have happened that the pair has hit a rock-solid bottom that may be a barrier to further southward journey for the next several weeks. Any rallies in the context of the downtrend could take the price back towards the resistance levels at 1.3100 and 1.3150.

USDCHF
Dominant bias: Bullish
Since the USD/CHF is negatively correlated to the EUR/USD, it is no wonder that the former has gone upwards determinedly. Really, our target for this week has been exceeded and price is now poised to go upwards towards the resistance levels at 0.9400 and 0.9450. However, the USD attainment of parity with the CHF is not likely in the long run – that is a far cry. As long as the EUR is weak and the USD is strong, the bullish trend would continue; but should the opposite occur, a strong bearish retracement may force the price to test the support levels at 0.9200 and 0.9150 respectively.

GBPUSD
Dominant bias: Bearish
The consolidated bullish attempt that occurred on the Cable last week turned out to be an opportunity to go short. This week, the market has dropped by over 300 pips, going below the distribution territory at 1.3650. The distribution territories at 1.6400 and 1.6450 could be barriers to any bullish attempts in the context of the currently strong downtrend. The next target in the market is the accumulation territory at 1.6200.

USDJPY
Dominant bias: Bullish
Since the Greenback has lots of stamina in it, it is more likely that this currency trading instrument would continue to go further upwards, going towards the supply level at 106.00. The demand level at 104.50 is an immediate hindrance to any pullback that may occur along the way.

EURJPY
Dominant bias: Bearish
The sudden loss of stamina in this cross (brought about by further weakness in the Euro) has led to a new lease of Bearish Confirmation Pattern in the market. The demand zone at 136.00 has been tested, and with further weakness of the cross, the price can go on towards another demand zone at 135.00.

This forecast is concluded with the quote below:

“Swing trading is actually one of the best trading styles for the beginning trader to get his or her feet wet, but it still offers significant profit potential for intermediate and advanced traders. Swing traders receive sufficient feedback on their trades after a couple of days to keep them motivated, but their long and short positions of several days are of the duration that does not lead to distraction.” – Jason Van Bergen
 
Weekly Trading Forecasts on Major Pairs (September 15 - 19, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The EURUSD has been consolidating recently – neither going upwards nor downwards significantly. A breakout is expected very soon, which may likely be in the direction of the dominant bias. This southward break may take the price towards the resistance levels at 1.2850 and 1.2800 successively. However, a rally above the resistance lines at 1.3000 and 1.3050 could mean the beginning of a new bullish journey.

USDCHF
Dominant bias: Bullish
As long as the EURUSD is weak, the USDCHF is bound to be strong. The resistance level at 0.9400 is about to be tested and should that happen, a breach of that resistance level could cause the price to nose towards another resistance level at 0.9450. Along the way, a sudden pullback may also try to take the price towards the support level at 0.9250.

GBPUSD
Dominant bias: Bearish
This currency trading instrument remains bearish when looking at the big picture, but the recent rally in the market can pose a threat to the big picture, especially if it continues. As long as the price is under the distribution territory at 1.6350, the bearish outlook is valid. Only a break above that distribution territory would signify a new bullish signal. Further bearish continuation can push the price towards the accumulation territory at 1.6100, which was previously tested.

USDJPY
Dominant bias: Bullish
As it was forecasted, this market was able to move above the demand levels at 106.00 and 106.50. The price is currently trading above the demand level at 107.00 and the next target could be the supply levels at 107.50 and 108.00. There are barriers to bears’ machinations at the demand levels at 106.50 and 106.00. The bullish signal remains valid as long as the market is above these demand levels.

EURJPY
Dominant bias: Bullish
The weakness in Yen and the bullish determination in the EUR have enabled this cross to shoot skywards. In fact, the skyward movement has resulted in a clean Bullish Confirmation Pattern in the market. From the demand zone at 136.00, the price has skyrocketed by over 260 pips (most other JPY pairs are also bullish). With more weakness in the Yen, the price might reach the supply zone at 140.00 soon.

This forecast is concluded with the quote below:

“Trading has a poor image among the public, which I don’t think it deserves... Good trading principles are also helpful in normal life.” - Rene Wolfram
 
Weekly Trading Forecasts on Major Pairs (September 22 - 26, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The bias on the EURUSD is still very bearish irrespective of the shallow rally the market is currently experiencing. In this market, rallies have proffered opportunities to sell short in the context of a downtrend. The continuation of the bearish bias may force the price to test the support line at 1.2800. Along the way, serious bullish breakouts may be contained at the resistance lines of 1.3000 and 1.3050. Any movement above these resistance lines would signify the beginning a new bullish journey.

USDCHF
Dominant bias: Bullish
This currency trading instrument is in a bullish mode – with a clean Bullish Confirmation Pattern in the market. The bulls have always been interested in pushing the pair further upwards, but this is not without stubborn challenges from the bears. The challenges have resulted in high volatility in the market, and the price may still manage to reach the resistance level at 0.9500, which is the target for next week (provided that the USD continues to be strong).

GBPUSD
Dominant bias: Bullish
This pair - unlike its EURUSD counterpart - has broken upwards in favor of the bulls. In fact, the price action in the market has resulted in an established bullish signal and short trades are no longer rational. The market is now moving above the accumulation territory at 1.6300, going towards the distribution territory at 1.6450. As long as the market is above the aforementioned accumulation territory, the bullish signal is considered valid.

USDJPY
Dominant bias: Bullish
This is a strong bull market which has been going upwards since July 2014. Since then, the perpetual weakness in the Yen has enabled this pair to move north by over 750 pips. The same weakness in the Yen has enabled most other JPY pairs go north significantly. This market looks very overbought and a reversal is imminent, but is not advisable to go against the trend until that reversal has taken place. The market can still go further north; testing the supply levels at 109.50 and 110.00. Should the Yen gain any considerable stamina, the market may plunge towards the demand levels at 107.00 and 106.50.

EURJPY
Dominant bias: Bullish
It is not a surprise that the EUR, which is weak somewhere else, is strong versus the JPY. The weakness in the JPY is the basic reason for the bullish momentum that is driving this market upwards. From the demand zone at 136.00, the price skyrocketed above the demand zone at 140.00, going further upwards. This is a movement of over 440 pips since last week. The market is overbought, but it is still seen as being capable of reaching the supply zones at 150.50 and 160.00 respectively. Nevertheless, the downside risk is now very high and any sudden strength in the Yen could make the price tumble, reaching the demand zones at 139.00 and 138.50.

This forecast is concluded with the quote below:

"With love and patience, nothing is impossible for a dedicated trader." -- Old Trader
 
Weekly Trading Forecasts on Major Pairs (September 29 – October 3, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The bearish journey of this pair has continued unabated; in a slow and steady manner. In the past several weeks, the market has been breaking one support line after the other and it is currently trading below the resistance line at 1.2800. Further bearish journey might cause the price to test another support lines at 1.2700 and 1.2650 successively. Along the way, there is also a risk of large rallies – which can be brought about by sudden weakness in the Greenback. The probable rallies can take the price towards the resistance lines at 1.2900 and 1.2950.

USDCHF
Dominant bias: Bullish
The USDCHF pair has been achieving incredible feats by breaking one resistance level after the other. The pair has succeeded in closing above the support level at 0.9400, going further upwards. As long as the USD is strong (and the EURUSD is weak), the pair would be going upwards. There are possible targets at the resistance levels at 0.9500 and 0.9550; whereas the support levels at 0.9350 and 0.9300 should act as barriers to southward attempts along way.

GBPUSD
Dominant bias: Bullish
There is a bullish signal in this market, as long as it stays above the accumulation territory of 1.6300. However, the bullish signal is very precarious because of the bears’ effort to drag the price further downwards. The market is largely moving sideways and thus, a breakout is expected. A breakout to the upside may cause the price to test the distribution territories at 1.6450 and 1.6500, while a break to the downside would cause the price to test the accumulation territories at 1.6200 and 1.6150 respectively.

USDJPY
Dominant bias: Bullish
This currency trading instrument is still strong, given the Bullish Confirmation Pattern in the market. The USDJPY can still go further north, but long orders should be handled with caution because the possibility of a determined bearish correction is now very high. While the USDJPY might manage to reach the psychological supply level at 100.00, any exponential weakness may cause the market to retrace southward towards the demand levels at 108.00 and 107.50.

EURJPY
Dominant bias: Bullish
This cross is still generally bullish, but the pullback that has occurred since last week has made the price action dangerous for the bulls. With a movement below the demand zone at 138.50, the bullish bias would be rendered completely invalid. The price needs to break the supply zone at 140.50 to the upside so that the bullish trend can resume; otherwise we may expect the bias to turn completely bearish.

This forecast is concluded with the quote below:

“In financial markets too, there are underlying forces an investor or trader has to know and needs to respect in order to be successful.” – Dirk Vandycke
 
Weekly Trading Forecasts on Major Pairs (October 6 - 10, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The EUR is now one of the weakest currencies among the majors, while the USD is the strongest currency among the majors. Hence, the EURUSD dropped sharply again last week, dropping below the resistance line at 1.2550. Further downwards movement may cause the price to test the support lines at 1.2500 and 1.2450. However, it is very much likely that the EUR would begin to rally before the end of this week, which may eventually cause the aforementioned support lines to end up aiding the bulls.

USDCHF
Dominant bias: Bullish
The movement of this market is largely determined by what is happening to the USD and the EURUSD. A serious rally in the EURUSD may result in a sharp pullback on the USDCHF, which may make it to test the support level at 0.9550; whereas a continuation of the weakness in the EURUSD may cause the USDCHF to test the resistance level at 0.9750. But it should not be thought that the USD would reach parity with the CHF.

GBPUSD
Dominant bias: Bearish
The Cable dropped by over 270 pips last week, closing below the distribution territory at 1.6000. The price may reach the accumulation territory at 1.5900, which could be easily test this week – it could even get breached to the downside. On the other hand, the distribution territories at 1.6050 and 1.6100 may be targeted by the bulls.

USDJPY
Dominant bias: Bullish
This is a very strong currency trading instrument, forming a Bullish Confirmation Pattern in the market. There was a sharp pullback in the market last week, brought about by transitory stamina in the Yen. Eventually, the sharp pullback proffered an opportunity to go long when things went on sale in the context of a downtrend. The current rally in the market could lead the price towards the supply level at 110.50.

EURJPY
Dominant bias: Bearish
Since this market tested the supply zone at 141.00, it has come down by over about 400 pips. The demand zone at 137.00 has been tested, and the demand zone to watch this week is at 136.00. Should the EUR rally significantly enough, there may be a bullish run in this market, which could become a threat to the current bearish outlook.

This forecast is concluded with the quote below:

“Information is power. Most big profits are gained through one person knowing something that most other people don’t.” – Skip Archimedes
 
Weekly Trading Forecasts on Major Pairs (October 13 - 17, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
Recently, this pair made some commendable effort to rally, but the Greenback is still very determined to continue showcasing its strength. The attempted rally in the market had almost invalidated the bearish outlook before the bears succeeded in pushing the price significantly south. The price is now under the resistance line at 1.2650, and should the bears hold out long enough, the price could test the support line at 1.2500 again.

USDCHF
Dominant bias: Bullish
The weakness on the EURUSD has invariably had salutary effect on the USDCHF. There was a pullback that almost resulted in a Bearish Confirmation Pattern, but the bulls were again able to push the price upwards, allowing it to go above the support level at 0.9550. With further bullish determination, the price may end up reaching the resistance level at 0.9701 – which is a level that has long been targeted by the bulls.

GBPUSD
Dominant bias: Bearish
Since the Cable is positively correlated with the EURUSD, it is no wonder that the former would go almost in the same direction with the latter (in most cases). There was a noticeable attempt to push the price upwards. However, the bears subjugated the bulls and ended up pushing the price downwards; which allowed the Bearish Confirmation Pattern to form in the market. Further southwards movement in the price may enable it to reach the accumulation territory at 1.5950 again.

USDJPY
Dominant bias: Bearish
Yes, the JPY is strong and the mighty USD is not even spared. This currency trading instrument has been going downwards recently, making it illogical to go long. Nevertheless, the demand levels at 107.50 and 107.00 may succeed in halting the bearish movement. While it is possible that the price may test the aforementioned demand levels, the possibility of a rally exists for next week, which may bring the price towards the supply levels at 109.00 and 109.50.

EURJPY
Dominant bias: Bearish
This market dropped by over 140 pips this week, breaching the demand zone at 136.00 to the downside. The demand zones at 135.50 and 135.00 may be tested, but they may end supporting the bullish effort, since it is possible that most JPY pairs may rally this week. Should this prove to be correct, the price may reach the supply levels at 137.00 and 138.00.

This forecast is concluded with the quote below:


“I have always been fascinated by being successful in the markets and making my way there.” – Rene Wolfram
 
Weekly Trading Forecasts on Major Pairs (October 20 - 24, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
The major determinant of the direction of the EUR/USD (including most other USD pairs) is the USD itself. As a result of the weakness in the USD, the EUR/USD pair has been able to sustain its bullish attempts, which have been going on for about two weeks. There is now a Bullish Confirmation Pattern in the chart, and the price may end up reaching the resistance line at 12900. There are support lines at 1.2700 and 1.2650. The current pullback in the market may proffer opportunities for long trades.

USDCHF
Dominant bias: Bearish
This pair has inevitably been moving in the opposite direction to the EUR/USD – hence the bearish outlook on it. Since October 6, 2014, the price has dropped by almost 300 pips. There is a high probability that the weakness in the market may continue, enabling the price to test the support lines at 0.9400 and 0.9350 respectively. Meanwhile, any bullish attempts may be frustrated at the resistance levels of 0.9550 and 0.9600.

GBPUSD
Dominant bias: Bullish
This market is bullish because of the bullish effort on it, and the bullish effort has become strong enough to drive the price above the accumulation territory at 1.6050. Long trades are no longer advisable here, unless the price drops below the accumulation territory at 1.6000. Really, the price is expected to continue going upwards within the next several trading days, reaching the distribution territory at 1.6200.

USDJPY
Dominant bias: Bearish
This has remained a bear market, unless the current rally in the context of the downtrend continues until the price is able to reach the supply level at 108.00. By all indication, it seems the market is bent on moving upwards, but one should stay aside until the supply level is breache to the upside. Otherwise, this may turn out to be another short-selling opportunity.

EURJPY
Dominant bias: Bearish
The scenario on this currency trading instrument is nearly similar to that of the USD/JPY. The market is making some commendable effort to go north, but the overall bias remains bearish. This is a highly volatile market, with upswings alternated by downswings. The high volatility should be put into consideration when trading. When the instrument moves above the demand zone at 137.00, it can be said the bearish bias is over; otherwise, buyers should be cautious.

This forecast is concluded with the quote below:

"At the heart of all trading is the simplest of all concepts—that the bottom-line results must show a positive mathematical expectation in order for the trading method to be profitable." - Chuck Branscomb
 
Weekly Trading Forecasts on Major Pairs (October 27 - 31, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This is a weak market, and the current shallow rally is another opportunity to go short. This week, there is a possibility that the price would go south, reaching the support lines at 1.2600 and 1.2550 respectively. The resistance lines at 1.2750 and 1.2800 ought to serve as hindrances to the bulls’ interests, for the bulls may want to push the price upwards.

USDCHF
Dominant bias: Bullish
The USDCHF has some strength in it, as opposed to the EURUSD, and the current negligible bearish retracement may give the bulls a good chance to enter the market at a better price. This week, there is a possibility that the price would go north, reaching the resistance levels at 0.9600 and 0.9650 successively. The support levels at 0.9450 and 0.9400 should act as formidable barriers to the bears’ interests, for the bears may want to push the price downwards.

GBPUSD
Dominant bias: Neutral
There is no clear directional bias on the Cable, especially as far as the recent price action is concerned. It is not unusual for the price to trend upwards, only to trend downwards again (all in the near term). Looking at the price action more closely, it would be noticed that the bulls are making some sincere effort to gain upper hands; hence the current consolidation to the upside. It is more likely that when a breakout does occur in the market, it would be to the upside. Should this prove to be correct, the price may reach the distribution territories at 1.6150 and 1.6200.

USDJPY
Dominant bias: Bullish
This currency trading instrument has been going upwards in a slow and steady manner. The price is currently above the demand level at 108.00, and a break above the demand level at 108.50 would result in a very strong Bullish Confirmation Pattern in the market. Given what is happening in this market, short trades are presently not advisable. There is a demand level at 107.00.

EURJPY
Dominant bias: Bullish
The Euro itself is not strong, but here, the Yen is weaker than it. This reality has reflected in the bullish effort on this cross. Since testing the demand zone at 135.50, the price has gone upwards by around 150 pips. The supply zone at 137.00 is now under siege – almost giving way as it is being battered by buying pressure. As it is expected of most JPY pairs, the cross may go further upwards this week, reaching the supply zones at 137.50 and 138.00.

This forecast is concluded with the quote below:

“I enjoy talking about trading and would like to convince people that you can learn to trade just as you can train for any other profession and that there's nothing "evil" about it.” - Ruediger Born
 
foreigner said:
Consistent losers are Consistent.
Click to expand...

It’s easy to criticize others while we’re being blinded to our imperfection. Everyone thinks they’re right, until the markets prove them wrong. We’ll do ourselves great favor by focusing on our own weaknesses and working on them: instead of focusing on other people’s weaknesses.

Our society is rife with perfectionism tendency, and that’s why there are many people who criticize everything, expecting too much of other people while they themselves aren’t perfect. Those who do well in life are probably correct less than half of the time, yet, mistakes are often ridiculed. Perfectionism has no place in profitable market speculation. You got to know that one needs to stick to a positive expectancy system even in a period of losses, for it’ll soon be in a winning period. However, most people dump such a system and look for another fool-proof one. The truth, however, is that another ‘fool-proof’ system that has good results in the past would also experience drawdowns. Would you then dump such a system again? You might trash the new system and look for another one.

A quote below ends this comment:

“But in the market any price is always history. It’s the price of the last transaction, holding no guarantee for even the nearest future.” – Dirk Vandycke
 
Weekly Trading Forecasts on Major Pairs (November 3 - 7, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This is a bear market, which continued its bearish trend last week. The bearish trend is expected to continue this week as well, although the possibilities of transitory rallies cannot be ruled out. The support line at 1.2500 has been tested and it would be tested again as the bears make more effort to push the price to the downside. Should they succeed in doing so, the next target in the market would be the support lines at 1.2450 and 1.2400.

USDCHF
Dominant bias: Bullish
This is a bull market, which moved further north last week. This northward movement is supposed to continue this week, in spite of occasional corrections in the market. The resistance level at 0.9650 was tested last week, and with further northward journey, it would be tested again and breached to the upside as the price targets another support level at 0.9750. The occasional correction would also be challenged at the support levels of 0.9550 and 0.9500.

GBPUSD
Dominant bias: Bearish
The GBP, which is currently strong versus some other currencies, is weak when compared to the USD. This is because the USD is now one of the strongest currencies among the majors. Besides, the GBPUSD is normally correlated with the EURUSD in a positive fashion and therefore, the former would go downwards when the latter goes downwards (except in rare cases). From the distribution territory at 1.6150, the price dived towards the accumulation territory at 1.5950, testing it a few times. With more strength in the USD, the accumulation territory would be breached to the downside as the price targets another accumulation territory at 1.5850.

USDJPY
Dominant bias: Bullish
Since the USD is very strong and the JPY is very weak, it is no wonder that this pair moved upwards by more than 450 pips last week. The trend is supposed to continue as long as the USD is strong versus the JPY, allowing the bulls to target the supply level at 113.50. The demand levels at 111.50 and 111.00 should act as challenges to southwards corrections along the way.

EURJPY
Dominant bias: Bullish
The Euro is not strong as such – only that the Yen is weak enough to allow this cross to rise upwards. The rise has been significant enough to generate a very formidable Bullish Confirmation Pattern in the market. On Friday, October 31, 2014, the price closed above the demand zone at 140.50. With additional weakness in the Yen and the further exertion of buying pressure, the market could reach the supply zone at 141.50 this week.

This forecast is concluded with the quote below:

“A trader is one who actively speculates on the market movement, drawing upon research and/or discretionary judgment to anticipate changes in prices.” – Dr. Brett N. Steenbarger
 
Weekly Trading Forecasts on Major Pairs (November 10 - 14, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The outlook on the EURUSD remains bearish as the market dropped below the support line at 1.2400. Since then, the market has bounced upwards a little, closing almost above 1.2450. While the price could hit the support line at 1.2400 again, it is now more likely that the EURUSD would rally next week or after that, especially when the market crosses the resistance line at 1.2600 to the upside. The bias would have turned bullish by then.

USDCHF
Dominant bias: Bullish
This currency trading instrument is now bullish, but things may not be so by the end of next week or after that. It is possible that the bulls may manage to push the price further upwards to the resistance line at 1.9750, but it is not likely that the price would go above that resistance line – at least for the time being. The price has being corrected lower (which some may see as an opportunity to go long). Should any strength develop in the CHF, which is expected to become strong next week or after that, the USDCHF would fall towards the support level at 0.9550.

GBPUSD
Dominant bias: Bearish
The Cable trended downwards last week, dropping by more than 200 pips. The price hit the accumulation territory at 1.5800 before the recent weak rally. With further strength in the Greenback, the Cable could fall below that accumulation territory, but there is a possibility of the currently weak rally becoming stronger, therefore taking the price towards the distribution territory at 1.6000.

USDJPY
Dominant bias: Bullish
This pair remains strong, with the Bullish Confirmation Pattern on it. The price went far beyond our weekly target and managed to test the supply level at 115.50, before turning a bit lower. With any stamina in the market, the supply level could be hit again. There is a demand level at 113.50, which is supposed to be a barrier to the bears’ effort, but the bullish outlook would be threatened when the price drops below the demand level at 113.00.

EURJPY
Dominant bias: Bullish
The market closed at 142.72, on Friday, November 7, 2014. The market has been moving sideways for a few days. The overall trend is bullish, which may make the market remain bullish as a result of the Euro making effort to gain strength. On the other hand, the bullish effort may be rendered useless on this course when the Yen possibly gains a measure of stamina.

This forecast is concluded with the quote below:


“Trading is a fantastic life-style. I can live and trade anywhere in the world… As long as I’ve a solid Internet connection, let’s go!” – Dr. Alexander Elder
 
Weekly Trading Forecasts on Major Pairs (November 17 - 21, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The outlook on this pair remains bearish, but it is now in a precarious condition. There was a significant bullish effort on Friday, and the bearish outlook may be put in a serious jeopardy when the price manages to go above the resistance line at 1.2600. As long as the price is below that resistance line, the bearish outlook may be valid. However, when the price breaches that resistance line to the upside, it could be the beginning of a medium-term bullish trend, which may hold out till early December 2014.

USDCHF
Dominant bias: Bullish
This currency trading instrument is also bullish – though that bullish outlook is now seriously threatened. The market traded largely sideways within the last several trading days and later broke out in favor of the bears. While some may think of buying low, any movement below the support level at 0.9550 would mean that it is no longer sensible to seek long trades. This would happen especially in the face of the increasing stamina in the CHF.

GBPUSD
Dominant bias: Bearish
This is a weak market. The GBP is now weak against most majors. The market dropped seriously this week, testing the accumulation territory at 1.5600, before the existing shallow upward bounce. With further weakness in the GBP, that accumulation territory may be tested again: it may even be breached to the downside. On the other hand, the Cable may also try to go into the normal positive correlation with its EURUSD counterpart, and in that case, a moderate transitory rally may be seen.

USDJPY
Dominant bias: Bullish
The USDJPY remains bullish as a result of the marked weakness in the Yen. This is evident on most other JPY pairs, and this uptrend may continue for the rest of this month. The best thing to do now is to look for buying opportunities when things go temporarily on sale in the context of the extant uptrend.

EURJPY
Dominant bias: Bullish
This cross was able to trend further higher recently; a bias which is expected to continue. Since last month, the cross has trended upwards by more than 1000 pips, for the Bullish Confirmation Pattern in the market is getting stronger and stronger. While the demand zone at 144.00 ought to be watched, the supply zone at 147.00 is a now potential target for the bulls.

This forecast is concluded with the quote below:


“Forex trading capitalizes on smooth, clean and consistent trends while mitigating risks. Currency price charts have many advantages in areas where you find drawbacks with stocks.” – Dr. Van K. Tharp
 
“Learn From the Generals of the Markets” – Almost Free Copies Now Available

In a recent interview in TRADERS’ magazine (November 2014), Ian Cassel says: “Always surround yourself with people that are better than you. Your friends have far greater influence over your future than you think. If you want to be successful, start hanging out with successful people. If you want a better marriage, hang out with other couples that have a great marriage. Your life will change for the better.”

How true is this statement! When you hang out with those who hate trading, those who’ve been floored by the markets and sworn not to have anything to do with the markets again, those who’re afraid of the challenges the markets offer, those whose job is to discourage you from attaining your goals in life, you can’t become successful in the markets.

We need to surround ourselves with successful traders or at least, read about them, plus the principles that can be learned from them. The 20 generals of the markets featured in this book below will inspire you and reveal the principles behind their success. You’ll do yourself a great favor when you buy the eBook; now at a giveaway price.

For a limited time only – just a few days – you’ve the opportunity to get the eBook version for 0.99 GBP, which is almost free.

Learn From the Generals of the Markets
 
Being Grateful as Traders

“Education is incredibly important for traders. Traders should look to educate themselves as much as they can along their trading journey.” – James Hughes

In USA, Thanksgiving Day is around the corner. Thanksgiving Day is a national holiday celebrated primarily in the United States and Canada as a day of giving thanks for the blessing of the harvest and of the preceding year. Several other places around the world observe similar celebrations. It is celebrated on the fourth Thursday of November in the United States and on the second Monday of October in Canada (definition source: Wikipedia.org). This year, Canada celebrated their Thanksgiving Day on October 13, 2014; the US will celebrate theirs on November 27, 2014.

The essence of this holiday is to give thanks. In trading also there are many things we can give thanks for. We tend to complain and fret over the disadvantages we think we face, without thinking of the advantages we enjoy. When we ponder the blessings we enjoy in our trading career (as well as in life), those seeming disadvantages pale into insignificance.

During my quite time, many reasons to be thankful as a trader came to my mind. Obviously, traders now enjoy great tools and services that were not available to those who were speculating just a few decades ago. Here are some of the reasons to be thankful. There are many more reasons than these. Could you think of additional reasons?

1. We’re grateful for the opportunity to trade and invest our money.

2. We’re grateful for good brokers out there who treat their clients fairly.

3. We’re grateful for funds managers who help us make profits by managing our funds. We’re grateful for great opportunities like copy trading/social trading, winning signals services, etc. which help us make money.

4. We’re grateful for regulatory bodies that regulate brokers, financial institutions, etc. They make financial markets safer for us to trade.

5. We’re grateful for cutting-edge trading platforms, data feeds and other tools that are available to us.

6. We’re grateful for free and paid education materials that are available to us. We enjoy trading education through various means, including books, DVDs, trading rooms, webinars, etc.

7. We’re thankful for many career opportunities that are available in the world of trading.

8. We’re grateful for winning trading systems and software – manual, semi-automated and automated strategies that are at our disposal. There are many strategies out there that work.

9. We’re thankful for those analytical tools and indicators that are available to us. These things help us to analyze the markets objectively.

10. We’re thankful for the fact that trading is a fantastic life-style. We can trade anywhere in the world as long as we have access to a good Internet connection.

11. We’re thankful that the markets don’t discriminate on the basis of nationality, gender, religion, education background, race, tribe, color, etc. The markets are a level playing ground, offering anyone an equal opportunity to be successful irrespective of the aforementioned factors.

12. We’re grateful that there are many good trading coaches the world over. They help us master various aspects of trading psychology, risk management, positions sizing, trading systems, chart patterns, trend cycles, etc. These coaches are selfless and altruistic individuals who love to help struggling traders. As for me, when the going was tough and I wanted to quit, I was inspired by successful coaches who made me realize that there are people who’re making consistent profits and that I can be successful too.

13. We’re thankful for the riches and financial freedom the markets proffer. Many people have made billions of dollars as traders and some of them are among the richest individuals on this planet. You mayn’t become a billionaire (or even a millionaire), but you can become financially free and live a fulfilled life. I define financial freedom as being able to meet your basic needs and still save money for future use.

14. We’re grateful for the availability of positive expectancy – which makes us make money regardless of occasional losses. If there were someone who can’t lose in the markets, that person would soon have all the money in the world. We do the right things to get the right results. The secret to trading success is in controlling your losses and adding to your winners.

15. We’re grateful that the markets don’t offer short-cuts to lasting success. More haste in trading is equal to less speed. Short-cuts are very dangerous. Those who take short-cuts are trying to dodge realities, but realities will face them eventually.

16. We’re grateful for the movement and liquidity present in the markets. Super rich individuals don’t seek to double their portfolios overnight. Instead, they seek slow and steady returns (which translate into great wealth over time). Retracements in the markets can be played by any trader, since they reflect smoothing of positions by large financial establishments. The smoothing of positions by large financial establishments sometimes cause contrarian movements in the markets, which are sometimes called significant rallies or dips.

17. We’re thankful that we’re free moral agents who can choose what our fate will be. Being active in the markets is a matter of interest and choice. When you’re interested in something, no-one needs to beg you or persuade you constantly before you do it. You’d even be willing to spend your time, resources and energy in order to master what you’re interested in. But if you aren’t interested in something, you won’t do it no matter how much noise is made about it, even if you’re persuaded again and again.

The list can go on… The tools and services we enjoy as traders ought not to be taken for granted. Can you think of any other reasons we should be grateful as traders?

Conclusion: We wish Americans a peaceful, blissful and rewarding Thanksgiving Day celebration. At the same time, we are grateful for wonderful opportunities the markets offer us. Yes, there are many reasons to be grateful as traders. When you taste success in your trading career, you’ll be hooked, and as such, you’d do well to strive for permanent success, not temporary success. May you become a successful trader.

I end this article with the quote below:

“Remember, trading from your highest and best self is all that matters to getting your desired trading results.” – Dr. Woody Johnson
 
Weekly Trading Forecasts on Major Pairs (November 24 - 28, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The hope of the EURUSD going seriously bullish in this month has been dashed. The price broke down through one support line and another, as the forlorn bull becomes listless. The price has closed below the resistance line at 1.2400, and it may soon test the support line at 1.2350. With further weakness in the market, the support line at 1.2300 may also be tested. The only thing that can change the situation is the weakness in the Greenback.

USDCHF
Dominant bias: Bullish
This pair has been able to shrug off the bearish pulls there were trying to weigh it down. The bearish effort has been nullified and the strength in the market may continue into December 2014. The price has now closed above the support level at 0.9650, threatening the resistance level at 0.9700. That resistance level is now almost yielding and the next target for the bull would be the resistance level at 0.9750.

GBPUSD
Dominant bias: Bearish
This is still a weak market – with no strong directional movement to the upside or to the downside last within the last several trading days. The accumulation territory at 1.5600 was tested last week and this week: it could be tested again. However, it is unlikely that the accumulation territory would be breached to the downside, and as a result of this, the price might make an attempt to rally anytime.

USDJPY
Dominant bias: Bullish
This currency trading instrument is very strong, with a Bullish Confirmation Pattern in the market. Most JPY pairs have the potential to remain strong till the end of this month, so it would be OK to look to buy on dips. The current shallow sale should be seen as another opportunity to go long at a better price. There is a supply level at 119.00, which could be reached and breached as the price resumes its northward journey.

EURJPY
Dominant bias: Bullish
From the supply zone at 149.00, the EURJPY plummeted by roughly 300 pips, closing below the supply zone at 146.50. The short-term outlook is bearish, but the dominant bias remains bullish, unless the price breaks the demand zone at 144.50 to the downside. A break below that demand zone would mean the end of the bearish outlook on this cross; otherwise the price can still resume its upwards journey.

This forecast is concluded with the quote below:

“Professional traders and institutional investors… use the odds offered by the markets to secure regular and, in particular, consistent incomes.” – Jens Rabe
 
Weekly Trading Forecasts on Major Pairs (December 1 - 5, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair showcases a seriously struggle between the bull and the bear, as price remains volatile. The bull is making attempt to push price upwards but now and then, this is being thwarted by the bear. Before it can be said that the bias has turned bullish, the pair must go above the resistance line at 1.2600. On the other hand, a movement below the support line at 1.2400 would signify the strengthening of the extant bearish bias.

USDCHF
Dominant bias: Bullish
As long as EURUSD is bearish, USDCHF will be bullish. In fact, it is very much likely that USDCHF would remain bullish for the rest of the year 2014, and therefore, one could look forward to buying short-term pullbacks. Pullbacks into the support levels at 0.9600 and 0.9550 could be good entry signal for buyers, especially when bullish candles form after these support levels are tested. Only a break below the support level of 0.9550 would mean the end of the bullish outlook, providing that price closes below that level.

GBPUSD
Dominant bias: Bearish
The weakness in the Cable is more pronounced than the weakness in EURUSD. Short trades are not currently recommended in this market, for price could test the accumulation territories at 1.5600 and 1.5550. The distribution territories at 1.5750 and 1.5800 should challenge any rallies that may want to start in the context of this downtrend. The idea of long trades may not be entertained until the distribution territory at 1.5800 is breached to the upside.

USDJPY
Dominant bias: Bullish
This currency trading instrument has not reached the supply level at 119.00, but it is now close to reaching it. With the presence of the Bullish Confirmation Pattern in the market, it is likely that the supply level would be breached to the upside, as price targets another supply level at 119.50. Bearish retracements that take price into 118.00 and 117.50 temporarily would offer good opportunities to buy.

EURJPY
Dominant bias: Bullish
EURJPY cross trended upwards at the beginning of this week and later moved sideways for a few days, forming a short-term base. On Friday, November 28, 2014, price broke upwards from the base – poised to go further upwards. The base is now a barrier to bearish retracements, being located around the demand level at 146.00. Price may now target the supply zone at 149.00.

This forecast is concluded with the quote below:

“Without the discipline to follow a plan, your trading results will be random at best.” – Dave Landry
 
Weekly Trading Forecasts on Major Pairs (December 8 - 12, 2014)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This is a weak market, and the broke below the line at 1.2400 (which is now a resistance line) led to the strengthening of the bearish bias as price went further downwards, closing below the resistance line at 1.2300. The target for next week is at the support line of 1.2200, which would be tested with the continuation of the weakness in this market. Any rallies, whether shallow or significant, should be seen as opportunities to sell short. As long as the rally does not take price above the resistance line at 1.2500, it cannot render the bearish bias invalid.

USDCHF
Dominant bias: Bullish
USD/CHF was able to close above the target at 0.9750, which is now a support level. Price was able to close above that level as it moves very close to the resistance level at 0.9800. The resistance level could be breached to the upside as price goes for another target at the resistance level of 0.9850. Could USD reach parity again with CHF? Only time will tell. However, if that would happen, it could be in this month.

GBPUSD
Dominant bias: Bearish
This currency trading instrument is also weak. It was able to break below the price territory at 1.5600, which had been a great hurdle for the bears for a few weeks. The great barrier has been overcome and the instrument has closed below that territory. Should price go further downwards, it would reach the accumulation territory at 1.5500. The distribution territory at 1.5600, which is now a great barrier, should do a good job in resisting possible rallies along the way. Any rally that is strong enough to break that distribution territory to the upside could be strong enough to threaten the existence of the extant bearish outlook.

USDJPY
Dominant bias: Bullish
The Bullish Confirmation Pattern on this pair is stronger than ever – because of a great strength in USD and a great weakness in JPY. The supply level at 121.50 is under siege and it would be broken to the upside. On the other hand, there could be a large pullback while the bulls are making effort to push price further north, as it is may be true of other JPY pairs. The possible pullback would be contained at the demand levels of 120.50 and 119.50.

EURJPY
Dominant bias: Bullish
This cross moved upwards by roughly 200 pips this week (USDJPY moved by 300 pips). Price ought to target the supply zone at 150.00, but the possibilities of bearish retracements cannot also be ruled out; though the retracements should be halted at the demand zones at 148.50 and 147.50. The bias remains bullish.

This forecast is concluded with the quote below:


“Trading is a matter of probabilities. We find a method that has a statistical edge and use that method over and over so that the law of averages will work in our favor.” – Joe Ross
 
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