I started watching the USD/CHF right after 1:30AM EST and price was hovering just below the pivot level of 0.94204 (purple line). Of course, with price under that level that would suggest that the pivot could provide an area for put options, with the expectation that price would come up, bounce off, and continue lower. […]
I decided to trade a new asset to start the week. On traderush.com, the USD/CHF pays out at 85% (net profit of the total investment size), whereas the EUR/USD offers 81%. I came to this realization shortly after I began using Trade Rush about a month ago, but I continued to trade the EUR/USD just […]
The Euro was on a bit of an upstreak this morning. If you look at a daily chart of the EUR/USD, you’ll see that we are down at around the lows from mid-May. Being these could act as support level, I wasn’t surprised that the Euro made some gains against the USD today. That said, […]
Trading the channel on July 2, 2013: 4/4 ITM I started watching the EUR/USD at around 3:30AM EST on Tuesday. If I had started trading about five minutes earlier I would have had a nice call option set-up on the 3:25 candle due to support that had formed earlier on the 2:15-2:25 candles. But with […]
Wednesday (June 26) was a bit of a strange trading day, as no pure support and resistance trades set up very well. I started watching the EUR/USD just after 4AM and it was tough to get a general feel for the market. There would be some choppiness and indecision in the market, only for a […]
I’ve been a bit busy this week, so I haven’t traded since Monday and took just one trade today. I had three main levels that I was eyeing for trades today: the pivot level (purple line – 1.33467), the support 1 level (yellow line – 1.33039), and the 23.6% Fibonacci retracement that I have drawn […]
In my recent blog posts I’ve been doing a lot of trade analysis, going over my daily trades and explaining the thought process that went into each one. But quite honestly, the reason why many traders have issues becoming consistently profitable is not so much about finding an effective strategy (although it’s immensely important) as […]
June 10, 2013 My first trade on Monday was a put option on the 2:10 candle. There had been some minor congestion at the 1.3200 level earlier in the morning, but nothing major. My trade was mainly based off the whole number of 1.32. I’ve found that more often than not, trades at whole numbers […]
June 7, 2013 One event that many traders look forward to each month is the nonfarm payrolls (NFP). In short, it’s a statistical report over the current state of the labor market in the United States regarding the number of jobs that were added (or lost) over the course of the previous month, excluding farm […]
I traded the EUR/USD from around 2AM-7:30AM EST on Thursday and found five set-ups to trade. The first trade I took occurred on the 2:15 candle where I was looking at a call option on a retrace back to a previous resistance area. For about one hour, price had been consolidating around the 1.31046 price […]