How will forex trading streamline a debt consolidation program? Forex trading has played an important role in helping debtors get out of debt. What you earn from trading currencies can help you in making payments for the debt consolidation program. When you know you have got an additional source of income, you can make use of the cash for meeting different financial obligations.

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Forex trading will also help if you take out a consolidation loan

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After a rally of nearly 20% in 2 weeks, almost continuous up days, I cannot even see one decent red candle on this chart, I feel we are due for a correction.
1008 which was the top of 4 Nov 2008 and the top of the ‘Wedge’ trend line has been reached and today’s candle was in my opinion hangman so i am expecting a wide reange down day tomorow, targeting 980 and over the coming days 960 maybe lower.

My strategy is to short at this level (998-1002) with a stop above 910 and targets as mentioned above.

Please remember that this analysis is only my personal opinion.

Any trades are done at your own risk and I take no responsibility for you acting on this or any of my other opinions or trading ideas.

Always do your own homework and never blindly follow someone else’s recommendations.

This is pretty much the same situation as Eur/Jpy, where we broke down through the trend line 2 weeks back and now are retesting that same trend line. I am still a believer that this pair will go sub 1.35 before it goes past 1.45. This is based on technicals and the fact that I expect the major indices to make another big dive within the next three months.

My strategy here is to short 1.4280 to 1.4350 with a stop above 1.4420.

Good Tradin’

Please remember that this analysis is only my personal opinion.

Any trades are done at your own risk and I take no responsibility for you acting on this or any of my other opinions or trading ideas.

Always do your own homework and never blindly follow someone else’s recommendations.

My last post about this pair was when it was about to break down of the wedge it had been trading in.
This occurred and hopefully you got a good short trade out of it.

However, instead of it continuing the breakdown, it stopped and reversed back up. What I think is happening is that it is retesting the breakout trend line of the wedge, which it can continue to do for a couple more days.

My strategy is to short 135.20-136.20 with a stop above 137.20

Good tradin’!

Please remember that this analysis is only my personal opinion.

Any trades are done at your own risk and I take no responsibility for you acting on this or any of my other opinions or trading ideas.

Always do your own homework and never blindly follow someone else’s recommendations.

It seems to me Eur Jpy has formed a big bear wedge on the daily chart over the last 9 months.

It almost reached a 50% retracement of the entire move down from the 170 high point in mid 2008.

A break and close below 132 on this pair would make me very bearish and the let me to target 125 if not 120.

However if that 132 level is not broken there is still room to move up to the 50% retracement level of 140 before heading back down so I would not be taking any positions right now but waiting for a confirmation of the direction of the trend.

Please remember that this analysis is only my personal opinion.

Any trades are done at your own risk and I take no responsibility for you acting on this or any of my other opinions or trading ideas.

Always do your own homework and never blindly follow someone else’s recommendations

It seems to me that Eur Usd is creating a massive triangle on the daily chart with the top currently sitting at 1.4250 and the bottom at 1.2670. Yes that is a massive triangle.

I feel that we broke a ascending trendline so the direction is bearish at least until the next ascending trendline, I’m targetting 1.37 and if that trend line breaks chances are big that this pair heads towards the bottom of the massive triangle at the sub 1.30 level.

However if my analysis is incorrect and it breaks out above 1.43 that would be very bullish and it may be possible to head to 1.50 if higher but for now I am not in favour of that idea.

Please remember that this analysis is only my personal opinion.

Any trades are done at your own risk and I take no responsibility for you acting on this or any of my other opinions or trading ideas.

Always do your own homework and never blindly follow someone else’s recommendations

1- Analysis and research

This is the easy aspect of trading, because it is totally learnable.
You need to study technical analysis which is the study of price action of a security. I.e. chart reading and pattern recognition.

Using techincal analysis for short term trades and entry points on all trades, and fundamental analysis for much longer term directions, you will be able to get 6 or more trades out of 10 correct every single time on a long-term basis.

This is a fact, if you are not getting this correctly, you need to go back and hit the books until you know technical analysis off by heart, that you know every single pattern and formation, indicators and different time-frames.

2- Money Management and Discipline

This is the hard part and causes most traders to go broke or give up trading.

Getting the trades right is one thing, even if you are one of the best traders in the world and get 8 or 9 out of 10 trades correct, if you lose more in those 1 or 2 trades you get wrong than that you win with the 8 trades you get right, then you are a losing trader.

The problem is the ego and emotions.
If a trade goes against you and you think you are good so it will come right, and you go bigger, double-up and overleverage, and the trade keeps going against you, it can wipe out your account, only because you were arrogant enough that you could predict the market.

What can you do about this?

ALWAYS USE A PRE-DETERMINED STOP LOSS.
This way you know exactly what amount you are risking and if the trade goes against you and you were wrong, you know what you will lose, and you will not get emotional and decide to hold on to that trade just because you think you are right. Also, it will help you not having to sit in front of your screen the whole day!

NEVER RISK MORE THAN 5% OF YOUR ACCOUNT ON A SINGLE TRADE
This rule in combination with your stop loss is a winner.
It means that you can get 20 trades wrong in a row before you wipe out your account and go broke or have to quit. Of course you can get a bad streak of 3 or 5 bad trades in a row, but really if you are a decent trader and you know your technical analysis, it should not be more that 5 losing trades in a row. If that does happen, you seriously need to take a break, hit the books and review your technical analysis skills.
After 5 bad trades in a row you are down 25% in total, but you still have 75% of your account to trade with, which is more than enough to make the money back and continue building up.

I hope you enjoyed this post and apply the rules
Diggy