”This is what I have. I see 92.30 and 94.50 SRs and the TL from 2007 is at 92.30 for today (different data may give a different TL level). If it manages to break these both SRs, then we have a clear path until 102, IMO.”

At the time of posting the price was at 90.35 see how the price broke 92.30 hit 94.50 and closed above then retested 92.30 and now is on it’s way back up again.

Is 102 the next long term target as Blackeagles charts suggested. WATCH THIS SPACE.

weekly chart below

Daily chart below

As you can see the price never goes to target in a straight line. We could have put a trade on at 92.30 and forgotten about utntil it hit 94.5 or we could have used the fractal nature of swings and closed and re-entered long on every retracement (buying on dips). Learning to trade will not happen overnight, but it can be done given time and hard work. Everything you need can be found for free online.

Trading doesn’t have to be difficult or stressful, we must always look at the higher timeframes to get the bigger picture.

Strats thread has some priceless posts on it, it is especially interesting now as it matures because you can read and see charts posted months back that have moves playing out in realtime now.

And some say technical analysis is rubbish, historical price movements cannot be indicators of future price movements, HEY REALLY???????

Learn to trade for free using Strats fantastic thread.

Click here for a free weeks trial in Anders Larsens live Trading room

I also learned how to trade forex and would wholeheartedly recommend the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

CLICK HERE To join my mailing list where I will be sharing my extensive result from trading with the fx500club and Zulutrade automated trading and other Expert Advisors automated trading systems

Click Here to get a FREE days entry into the fx500 club live trading room

2b reversal and 123 reversal trading instructions

Managed forex accounts with no fees  Zulutrade

I have now managed to find a few Zulutrader signal providers that are trading for me profitably, sign up for a demo account using my link above then contact me at info @ forex-experts.co.uk so that I can verify your email, I will then contact you with the traders details.

Strats free guide to Stress Free Trading the very best free place to learn to trade forex

Strat will teach you how to trade candlestick patterns at support and resistance, STEVE NISON also has some brilliant products that will help you become a protitable home day trader.

Click here to vist Steve Nisons website or

Click here to signup to his Free Newsletter Signup

I am in agreement with my first forex trader mentor that the price reacts to support and resistance levels created in the prior swing. Because of the fractal nature of a swing you need to drop down a timeframe to analyse the internal trend within that swing, this then allows you to draw your support and resistance lines onto your charts. 

The chart below shows a swing up on the h4 chart, the two verticle dotted white lines show the start and end of the swing.

We can now drop down to the h1 chart to see the trend within that swing.

I can then add my horizontal green support lines wherever the price makes a higher low that goes on to make a higher high, (a confirmed support level)

You will notice that as the price hits these prior levels of support it will bounce up off and either resume the uptrend or crash through if the sellers overpowered the buyers. If it does crash through then we wait for the price to retrace back to the old support before seeing the sellers take control and drive the price down. The phenomina is SBR, Support becomes resistance. Some call it a PPZ price pivot zone. It happens the same way on every timeframe.

This particulay example is beautiful because we can see clear gaps between the green support lines, these represent clear levels to trade and make very nice pips.

When you are considering entering a trade you must look at everything the prior swing that you are trading against to ensure you find anything that may cause your trade to fail. Have a look at the additional red lines and comment I have added to the h1 chart.

We are now seeing many reasons not to take this short trade. It is not a clear short trade. It’s a no brainer if you look back at the h4 chart I posted earlier, we can see this is most likely just a retracement to 1.29201 before continuing on up in the h4 and daily uptrend. This could present a very nice opportunity to go long, a hammer candle off that red support line on the daily chart would be an absolute gift. 

I have mapped out what I think may happen, I will be watching the move on the , 1 min, 5 min and 30 minute timeframes for scalping opportunities until the daily charts show their hand.

Finally to add another powerful weapon that I mentioned in my last post we could add fibonacci levels and see what they tell us. I won’t get started on elliott wave theory but we look like we are also entering the abc pullback stage to. Fibs are on the chart below.

It is amazing how all the different methods of trading technical analysis come together and help us trade like we do. However price action on the daily weekly and monthly charts override everything in my experience so ALWAYS check your daily charts for absolute safety before entering a trade. In this case the daily candle from Friday shows us a bearish outside bar, BEOB, a clear signal of selling and probably just profit taking.

Click here for a free weeks trial in Anders Larsens live Trading room

I also learned how to trade forex and would wholeheartedly recommend the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

CLICK HERE To join my mailing list where I will be sharing my extensive result from trading with the fx500club and Zulutrade automated trading and other Expert Advisors automated trading systems

Click Here to get a FREE days entry into the fx500 club live trading room

2b reversal and 123 reversal trading instructions

Managed forex accounts with no fees  Zulutrade

I have now managed to find a few Zulutrader signal providers that are trading for me profitably, sign up for a demo account using my link above then contact me at info @ forex-experts.co.uk so that I can verify your email, I will then contact you with the traders details.

Strats free guide to Stress Free Trading the very best free place to learn to trade forex

Strat will teach you how to trade candlestick patterns at support and resistance, STEVE NISON also has some brilliant products that will help you become a protitable home day trader.

Click here to vist Steve Nisons website or

Click here to signup to his Free Newsletter Signup

As far as recognising S&R and the value to add to each, you have to be patient and study thousands of charts and practice reading them. If the only time you get to use S&R is when you are trading then you will NEVER make it. You must study and practice on history.

Blackeagle already gave you a big hint on what to look for so, just to repeat and expand on that, draw your S&R lines and then ZOOM OUT. For each line you have drawn, find out HOW IMPORTANT THAT LINE was to the pair. How many times was it support? How many times was it resistance? Was it swing support/resistance? If so, how many times? Was it MAJOR swing support/resistance? If so, how many times? Was it a consolidation price?

By doing this, you will be able to see which SHOULD be the problem areas. Nothing is perfect and don’t ever expect it to be – there will always be a NEW support/resistance which takes us by surprise – but that is why we have MM.

The other thing you should do before each trade is either have targets or expectations. In other words, are you looking for a 200 pip trade or looking to get in on a new trend? You MUST know this before any trade otherwise you will come away with nothing or maybe a loss.

I make my charts after every trade I take, I post some to this and other websites and blogs in order to help other learn to trade. It also helps me to improve my trading, so not totally selfless, lol. Onwards and upwards folks, we are here to beat the brokers.

Commission free managed forex accounts Click here to see how Zulutrade do it and take the free trial demo

Click here to join my newsletter and receive information of Zulutraders that I am trading real money with. I will also be providing other useful FREE help and info to aid your profitability and help us all beat the brokers. 

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

CLICK HERE To join my mailing list where I will be sharing my extensive result from trading with the fx500club and Zulutrade automated trading and other Expert Advisors automated trading systems

Click Here to get a FREE days entry into the fx500 club live trading room

http://www.forexfactory.com/showthread.php?t=206723

How to trade support and resistance

It tells you how to draw accurate support and resistance levels and how to trade support and resistance properly.

What is support and resistance?
Why do you think price has a tendency to find support and resistance at these areas in particular?
Why was price unable to retest the S/R line in the first place?
What implications might this have when price does retest this level in the future?
Where’s the buyers?
Where’s the sellers?
Where’s the value?
Where does the loser get in and where is his pain threshold?

Support and resistance can also be described as supply and demand. 

A supply level is a resistance level. so if eurusd was bearish at that level it is because supply is greater than demand at that level. Sellers have waited at that area to sell because that area was a good area for selling before. Sellers see that the euro is expensive at that point compared to the dollar for example.

The euro in the euro usd pair is the commodity if you like. When sellers come in, as the price moves down the euro becomes cheaper and therefore there are more euros to the dollar.

The supply of the euro is therefore greater to the dollar at that point in time compared to what it was at the supply level when it was considered too expensive, hence the level acting as a supply level. As price moves away from the level the risk of getting in late is higher than if you had gotten in at the level. These supply and demand levels therefore offer us high probability/low risk trades compared to other signals on a chart that may be in-between supply and demand levels.

Supply/demand levels also have to considered in regards to the ‘health’ of the country’s economy. That’s what stops are for.

Vice versa for demand. Demand is support.

I make my charts after every trade I take, I post some to this and other websites and blogs in order to help other learn to trade. It also helps me to improve my trading, so not totally selfless, lol. Onwards and upwards folks, we are here to beat the brokers.

Commission free managed forex accounts Click here to see how Zulutrade do it and take the free trial demo

Click here to join my newsletter and receive information of Zulutraders that I am trading real money with. I will also be providing other useful FREE help and info to aid your profitability and help us all beat the brokers. 

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

CLICK HERE To join my mailing list where I will be sharing my extensive result from trading with the fx500club and Zulutrade automated trading and other Expert Advisors automated trading systems

Click Here to get a FREE days entry into the fx500 club live trading room

I have yet to find a robot trading system that is consistently profitable without incurring huge drawdown.

However I have found a Zulutrade forex signal provider that makes consistent profits.

•  
• 5.5% – 12% profits per month (based on last years performance)
• that’s equal to 63% to 120% profit per year (compounded)
• Minimal drawdown (about 20 pips per trade)
• 95% winning trades
• only 1% risk to capital per trade
• trialed and tested for over 9 months
• Read on to see how you can benefit for FREE
• No commission fees or charges It’s totally Free!!

That’s about $6300 profit on a $10,000 initial account size.December was a quiet month for this trader what with all the holidays etc, I am expecting nearer 500 – 600 pips a month or in excess of 10% a month profits about 120% a year if compounded.

I was so impressed with the way this zulutrade signal provider trades that I started trading my own LIVE FUNDS, REAL MONEY halfway through this demo accounts testing period.

I have not done all this hard work for nothing though, in order to get the details of this zulutrade signals provider for FREE you will need to signup to zulutrade using my link here When you have signed up to zulutrade via my link please contact me by email at ” info @ forex-experts.co.uk ” supplying the email address details that you
used when joining zulutrade, I will need this to verify that you signed up using my zulutrade link.

Once you are verified I will send you details of this profitable zulutrade signal provider along with the settings I use in order to trade in the safest possible way.

signup to zulutrade using my link here then contact me giving me your details. I will then contact you to let you know who to trade with and what settings I use. info @ forex-experts.co.uk

Anyway before I post details of a fantastic place to learn how to trade the daily charts I will post this mornings bread and butter trade that pays my bills. A cable long trade for a quick  30 pips. It was just a breakout trade as shown on my chart below.

This was a very straight forward trade, you can see my descending trendline, the moving averages were all pretty close together acting as support below the price, the cci 21 and 63 were crossing from below zero to above, I entered long at 1.6396, my stoploss at 1.6377, I banked 75% at 30 pips profit and will leave the rest on .

Dan Armitage one of the forex mentors / teachers in the www.fx500club.com  had different ideas to me, same trade just a different and deffinately safer entry at the break of the old high at 1.6412. The theory was the same so I am pleased with my analysis.

Ok on to the fantastic daily trade that I found whilst doing my weekend forex trading research.  The link to the thread about how to learn how to trade the longer term timeframes like the daily and weekly is below, just in case you are bored with my ranblings.

http://www.forexfactory.com/showthread.php?t=155459

Strat, the guy that the thread belongs to is a truly amazing forex trader and proved his huge knowledge of the forex markets by taking multiple trades at once and he trades with big money, I cannot remember exactly how much but $100 a pip wouldn’t surprise me. So 100 pips is ten thousand dollars. I have copied and pasted his trades from his thread below. It takes real balls and incredible forex knowledge to take just one of those trades let alone all of them simultaneously.

STRATS TRADES

“AUDJPY entered long above 7/13 hammer/BUOB and cycle bottom
AUDUSD ditto
CHFJPY ditto
EURJPY ditto
NZDJPY ditto
NZDUSD ditto
USDJPY ditto
EURCAD short from 7/1 BEOB on Sunday bar and again below 7/13 BEOB and again below 7/14 bar (broke support)
GBPJPY entered long above BUOB on Sunday bar at cycle bottom and confluence with other JPY pairs
GBPUSD ditto
USDCAD short as per previous post”

I will show you my charts for the aud/jpy trade to explain his entry.

Strat trades many different styles and systems but in order to keep thing simple for novice traders his thread is about how he trades the daily charts using price action at support and resistance using candlestick and pricebar analysis along with moving averages. Strat describes how to use hammers, shooting stars (inverted hammers), and outside bars to signal his entries on the daily charts. There are two types of outside bars he uses, the bearish outside bar / candle ( beob ) and the bullish outside bar / candle (buob ).

The two moving averages that strat uses for his daily chart analysis are the daily 20 ema and the daily 50 sma, he also uses the weekly 20 and 50 moving averages (the daily 100 and 300). Strat refers to the daily charts as the WORKER and the weekly charts as the BOSS. Don’t quote me on any of these technical settings, go and read his thread YOURSELF.

Do yourself a favour and read, read and then re-read his thread, it will make you very wealthy.

Cable Update now over 100 pips in profit from this mornings trade, THANKYOU www.fx500club.com .

Back to Strats charts and his aud/jpy trade from a hammer candle which also happened to be a bullish outside bar (beob) on the daily chart.

As you can see from the daily aud/jpy chart above the verticle red line shows an inside bar on the 12th, an inside bar usually signifys uncertainty, the buyers and sellers are unsure which way to go. The next bar is a hammer, checkout my candlestick analysis videos at this link, http://www.forex-experts.co.uk/acatalog/Candlestick-Videos.html .

A hammer candlstick has a long tail or wick below a short body, this shows that the sellers tried to push the price down and got beaten by the buyers, a very bullish signal when at a strong support level, as you can see at this stage we had three daily bars that had tested the 71.00 level, a triple bottom another strong bullish signal. I dont know exactly where Strat took his long entry but anywhere after the colse of that daily hammer is good at about 72.98, the target would be the descending trendline at about 76.00 300 pips away.

Ok I am going to add my 2 pence worth and show how I should have taken this trade had I been watching the daily charts. It’s based on the 2b. It enables you to get a very tight entry with a very small stoploss, in this case 71.40 with a stoploss at 70.50.

The two red X’s are the most recent tests of the 71.00 level a double bottom , part of the triple bottom i refered to on the daily charts. The red horizontal line is the previous low which represents swing 1 of the 2b setup, the bar that this cuts through represents the trigger bar, once the price moves up and closes above the triggers high we can then enter a long trade.  The initial target for this 2b would be the high of swing 1 at about 73.00. The 2b is a brilliant price reversal pattern that give tight stops and good targets, brilliant for a profitable reward risk ratio, normally 3 or 4 to one.

Strat must have made 1000’s of pips from all those trades he took, that in it’s self is astounding, but what is even more astounding is that he took them all at the same time, true genius and thankyou Strat if you ever read this for taking the time to try to teach others how to trade the daily charts FOR FREE, NO PERSONAL GAIN WHATSOEVER.

I make my charts after every trade I take, I post some to this and other websites and blogs in order to help other learn to trade. It also helps me to improve my trading, so not totally selfless, lol. Onwards and upwards folks, we are here to beat the brokers.

Commission free managed forex accounts Click here to see how Zulutrade do it and take the free trial demo

Click here to join my newsletter and receive information of Zulutraders that I am trading real money with. I will also be providing other useful FREE help and info to aid your profitability and help us all beat the brokers. 

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

CLICK HERE To join my mailing list where I will be sharing my extensive result from trading with the fx500club and Zulutrade automated trading and other Expert Advisors automated trading systems

Click Here to get a FREE days entry into the fx500 club live trading room

I didn’t post yesterdays trades because the weather was too nice to be stuck in front of my trading station all day, however I had another great days trading using the www.fx500club.com trading strategies. Yesterday I took a few of the breakout trades that Dan armitage called in the fx500club Live Trading room and bagged some good pips by selling cable and gbp/jpy short. I also took a few 123 trades in euro/gbp and euro/usd.

Todays trades in the www.fx500club.com live online trading room were breakout trades, fast and very profitable, euro/jpy short and usd/jpy short. The chart below shows the eur/jpy trade for over 80 pips profit so far and it is not even 8 am yet. I love making money working just an hour or two a day in the comfort of my own home. The only downside is that the wife has me doing all sorts of jobs around the house all day.

Another bunched moving averages trade where the price was below all the moving averages and also the daily pivot using them as resistance above and clear air for the price to freefall below.

I had my eye on this trade before joining this mornings live session in the www.fx500club.com so it was nice to have my trade confirmed by Dan Armitage in the fx500 club Live Trading School Room. The cci 21 dropping below zero along with the white ma 4 crossing down through the 20 ma got me into this trade short at 129.93, all the other ccis representing the trend on the higher time frames were down so this was a high probability trade with the longer term trend. As I write this post it is at 128.75 and dropping like a stone. 125 pips from entry. JOB DONE!!

Have a look at the charts for some of the trades I took yesterday working with the www.fx500club.com live trading room. Euro pound was a similar setup to this mornings ej short.

Look below at the euro pound on the 15 minute chart, see how the cci5 retraced above zero before crossing below zero acting as the trigger for the short trade, notice that the cci 21 and 84 had also moved up towards the zero line before turning back down again. This was the PERFECT setup, the one to watch out for.

The chf/jpy trade was taken using slightly different rules to the two euro trades above. I was using the old resistance becomes new support rule along with the crossover of the moving averages to show me direction. The long entry was from 85.54 with my stop very tight below the old low at 85.40, the target 86.23 was an old high.

Finally a long trade in euro / usd from yesterday based on divergence on the cci21, see how the price made a lower low but the cci 21 made a higher low, this is called divergence and can be a very good trade setup. Target the previous high.

These are just a few examples of trades we are taught to take in the www.fx500club.com live online trading school. Every day now I see members posting how well they are doing by following Dan and the other forex teachers strategies in the live forex trading room. We are all benefitting from everything they teach us and for just £97 per month it is fantastic value.

Oh I forgot to mention there were probably another 150 or so pips available from trade signals that were sent out from the fx500club by email as well, I didn’t take them because I was out enjoying the sunshine.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room

Today is Wednesday July 1st 2009 and I am still holding this trade I took yesterday evening, in fact I have added to the trade after taking some profits and then letting it retrace.

Yesterday morning was a slow start with no clear setups but once the US markets opened the direction became clearer, I took USD / CAD long and usd/ jpy long, both very clear setups using the 15 minute charts , both worth over 100 pips each. Both taken using the www.fx500club.com live online trading school system / strategy.

Put simply the www.fx500club.com strategy is to use moving averages pivot points and price action to identify levels of support and resistance, we then use cci indicators and also price action on the lower time frames to get very precise entry points. Profit target are also determined by previous levels of support and resistance, old highs, pivots, round numbers etc.

My entry for the e/j trade shown in the chart above was 135.17 putting my stoploss below the daily pivot at 134.85,  my first target being the previous high 135.73, I took the trade before the setup was 100 % perfect but the euro was looking strong against the other currencies and the stop was quite small, it represented a good reward risk ratio. When I woke up this morning I had hit my first target so closed half the trade anticipating a retracement, I got it and added back on at 135.60, if all goes well I will keep doing this, taking profits at the highs and adding to the trade on the dips.

The perfect setup came at just after midnight. I have saved the 5 minute chart below to show you the correct entry, notice that all the moving averages are below the price, along with the monthly and daily pivots, they are all acting as support under the price with clear space above, nothing to stop the price going up, lovely.

I am so glad I found Dan Armitage and his live online trading school, the www.fx500club.com, he along with James Boord, Zak Lloyd and Hemal Pandya have transformed my profits from trading forex, the live trading room is also a great place to spend your time whilst waiting for good trading setups, the men and women in the group are becoming great friends, they are from all nationalities and all ages so there is never a dull moment. Who said earning money trading forex wouldn’t be fun.

The best thing is the price of membership to the www.fx500club.com, at just £97 per month you can make that back 10 fold in just one trade.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room