“How To” Start Trading The Forex Market?

What Is FOREX or FOREX MARKET? PART I

The Foreign Exchange market (also referred to as the Forex or FX market) is the largest financial market in the world, with over $1.5 trillion changing hands every day.

That is larger than all US equity and Treasury markets combined!

Unlike other financial markets that operate at a centralized location (i.e. stock exchange), the worldwide Forex market has no central location. It is a global electronic network of banks, financial ...

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EUR/USD H1

General overview for 09/10/2014 11:30 CET

There are some first indications that the main degree  impulsive wave might have been completed ( wave 1 pink) and the market is in corrective cycle in wave 2 pink or it is only a first internal sub-cycle of this wave. Nevertheless, the current situation looks like an upside push to the supply zone and a possible failure is expected here. The abc green correction looks completed as well in a shape of a Zig-Zag pattern, which is VERY POPULAR in wave two overall. Now the market must return to the golden channel and after testing the upper boundary, it must impulsively breakout to the downside, below the intraday support at the level of 1.2698 ( and even lower).
Please notice that any breakout higher above the level of 1.2814 is bullish and next resistance is at the level of 1.3000.

Support/Resistance:

1.2999 - 1.2970 - Demand Breakthrough Zone
1.2900 - Previous Wave 4 Level
1.2832 - WR3
1.2814 - Technical Resistance|Key Level|
1.278 - 1.2814 - Supply Zone
1.2777 - WR2
1.2698 - Intraday Support
1.2620 - WR1
1.2584 - Key Level To The Downside
1.2560 - Weekly Pivot

Trading recommendations:

Long and mid-term trend is BEARISH and only SELL orders should be opened on this pair. First one to try is to short at the current price levels with SL above 1.2814 and TP open for now, but targeting NEW SWING LOW.

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Dax Futures Daily

General Overview for 24/09/2014:
On Daily time frame we can see the price has made a very deep retracement to 88.6%Fibo  in shape of a Triple Zig-Zag pattern wave (ii). We can see as well the Key Support and Resistance levels: only a valid breakout below one of this levels would indicate that our anticipations are confirmed: breakout below support at the level of 8899 means long term top is confirmed, and breakout above the resistance at the level of 10056 means the alternate count is in play and uptrend will continue. Trend change confirmation comes with the level of 8899 breakout.



Support/Resistance:
10056 - Key Resistance
9898 - 88%Fibo
9530 - Support
9367 - Support
9037 - Support
8899 - Key Support

Trading recommendaions:
There is still some degree of uncertainty regarding the corrective cycle completion, but any sell orders should have the SL above the level of 9898. Trend change confirmation comes with the level of 8899 breakout.

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GBP/USD M15

General Overview for 20/09/2014:
Short-term (h4 and h1):
The corrective cycle in wave 4 has hit 38%Fibo of the last swing and sharply reversed. The corrective cycle was a pattern of abc irregular flat, where wave c=161% of wave a. Now the impulsive decline is almost done and after the corrective cycle in wave ii this pair might continue the downtrend. Please notice this pair might be making a Head&Shoulders formation as well and that supports the view for more decline coming.

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EUR/USD H1

General Overview for 18/09/2014:
The impulsive wave progression is developing as anticipated some time ago. Currently it looks like after the extended fifth wave of a wave 3 green, it is a time for a corrective bounce in wave 4 green. The target levels for this correction are at the levels of 1.2972 - 12994 ( basically 1.3000 round number level) and if this one is broken and corrective cycle will become more complex - 1.3111.

Support/Resistance:
1.2819 - WS2
1.2833 - Swing Low
1.2906 - WS1
1.2944 - Weekly Pivot
1.2972 - 1.2994 - Demand Breakthrough Zone

Trading recommendations:
Please wait for the corrective cycle to complete and enter SELL orders in the direction of the trend of the larger degree.

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Gold Weekly

Just saying....

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AUD/USD H4

General overview for 10/09/2014:
Currently market is in a complex WXY corrective cycle that has not been finished yet as there are some downward sub-waves missing. Please notice that the price is below 100 and 200 WMA that confluence with wave 1 top and only a breakout higher is bullish.
H4 chart looks like unfinished double Zig-Zag structure inside of wave Y of more complex and time consuming corrective wave 2. 
Key short term level for bulls and if broken - first clue of bullishness increasing. The targets for wave 2 bottom are either on 50%Fibo, or, more possibly, on 61%Fibo. From this two levels the failure and rebound should be expected.
ANY BREAKOUT BELOW THE LEVEL OF 0.8547 INVALIDATES BULLISH IMPULSIVE COUNT!!!

Support/Resistance:
0.8981 - 61%Fibo
0.9081 - 50%Fibo
0.9111 - Swing Low
0.9151 - WS3
0.9210 - WS2

Trading recommendations:
Not really a good place to either enter short or long positions as R/R ratio is not attractive at the moment. Refrain from trading until more clear structure will occur.

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