Forex Analysis Report - 24 January 2008 (night)
It was a nice trading day. I have been thinking about some good ways to make these reports more useful for you but couldn’t come to any conclusion. It tried to post one more report every morning but the problem is that most of you read the reports when it is too late to enter to any trade. Of course for trading with 4hrs and daily I can publish the reports on time but the problem is that most of you are intraday traders who don’t like to have any open position during the night.
So what is the solution? I need you to help me.
I think one solution is focusing on a very limited number of currency pairs like the 4 majors or even one currency pair like GBP-JPY and reporting any opportunity that I find during the day. You will have to check my weblog several times a day then to find the updates. Of course I like to check so many currency pairs for my own trades and I will keep on doing that but having all of them on the reports takes a lot of time and you will receive the reports with delay.
Even if I focus on one or a few currency pairs, I will have at least one weekly report for all the currency pairs motioned here for those who are interested in swing trading.
So please let me know about your suggestions. I know that EUR-USD has the highest amount of trades and is the most popular currency pair but some other currency pairs like GBP-JPY are so popular too.
The other thing that I need you to let me know is that are you more interested in learning the technical analysis in the way that I have been teaching them in my reports or you like to receive pure buy/sell signals and you don’t care about analysis.
I will be waiting for your suggestions. Please post your suggestions at the below address because I want them to be organized on one page. Thanks in advance!
What Is Going on in the Forex Market?
Fundamentals: Not any special news for tomorrow.
1. Euro against US Dollar (EUR-USD)
The daily chart looks so Bullish. The Hanging man that we had last night as a warning, didn’t work and the price kept on going up. I will show it on the smaller time frames that how you could find out that the price would go up and would not go down.
The big green candlestick shows that the triangle is broken out and the price goes up.
The one hour chart shows the breakout with more details and you could take your position about two hours sooner using the one hour chart.
The uptrend is almost close to the end. So get ready to collect your profit.
2. US Dollar against Swiss Franc (USD-CHF)
The USD-CHF moved against the EUR-USD as usual and went down. Currently it is inside a descending triangle. The rule says that descending triangle breaks down in a downtrend but as you know I don’t trade according to these rules because sometimes they work and sometime they don’t work. You should have learned what to do when the price is inside a triangle. Yes; you have to wait for the breakout. If it broke up, go long and if it broke down go short.
3. British Pound against US Dollar (GBP-USD)
Please read my explanations about the tricky breakout the GBP-USD had today.
The last daily candlestick is a big Bullish candlestick and the Bollinger middle band is broken. The price is still inside the channel it was used to move for more than 2 months.
The 4hrs shows that the price is so close to the resistance. Be careful if you have a long position.
4. US Dollar against Japanese Yen (USD-JPY)
The price broke out of the triangle 5 hours ago. I don’t know why but I don’t like to trade USD-JPY tonight.
5. British Pound against Japanese Yen (GBP-JPY)
The daily chart has a very similar pattern to USD-JPY. The price broke out of the triangle about 15 hours ago and has been going up so far. I don’t see any reversal signal and it seems it will keep on going up.
6. Euro against Japanese Yen (EUR-JPY)
This one is also completely like the GBP-JPY and is going up.
Further Reading:
Read and learn more about forex
trading and technical analysis
i would be interested in purely day-trading signals of GBP-JPY since this currency pair is the most profitable one I’ve found and the most volatile..
hi vahid
i am learning so much from your reports and other articles and gave me whole new idea (breakout technique and wait for the confirmation) for trading. i like the current style which gives us learning and as well as the trading idea. everyday i try to do it myself and when your report comes, i compare and looks that i am improving. i know its very hard for you to make the report on 16-20 currency pairs on daily basis.
my humble suggestion is to you to cut the currency pairs from 16-20 to eur/usd, usd/jpy, usd/chf, gbp/usd, eur/jpy, gbp/jpy, usd/cad, aud/usd and nzs/usd with the current style. but please keep the current style and write learning articles so that we can learn from you.
whatever you do, i am 100% with you because you are the only person in forex markt who shares his idea and knowledge with other people.
God bless you.
ateeq
Since I still have a day job to pay the bills, I am more of a swing trader and enjoy reading your technical analysis in an effort to learn more about forex and to become profitable. Thank you for all of the information that you provide.
I think there could be a compromise, time permitting:
2 intra-day with multiple updates (EURUSD, GBPJPY perhaps)
4 to 8 other popular pairs twice daily
others once daily to once a week
I love the technical analysis, not interested in a signal only. I like to draw the charts up and see if I come to the same conclusions. This is really helping my game and correcting some bad habits. The only thing I am struggling with is overnight holding. Would like some help with SL and TP for European session. I love my sleep, too unfortunately.
I like this site and am glad I stumbled upon it! I am new to Forex and I find your analysis to be very, very helpful. I think you should continue with the technical analysis as well as implement buy/sell signals. I visit this site daily.
analysis and bit of detailed signal in form of if this go short or long
Morning Vahid,
I must admit whilst I am still learning I only look at 5 of the reports Cable, EUR/USD, GBP/JPY,EUR/JPY, USD/JPY. I find them fascinating and very informative - please keep going with at least these 5 and the technical information/analysis. Obviously I would love to know exactly when you are entering and signals would be great, but I also need to know why, how, when etc on my own. I am able to check the weblog regularly thoughout the day and early morning (UK time) for updates. I know from certain sites you are able to receive SMS updates/alerts? That would be great! I wouldn’t even mind if you woke me up at 3am with a text to say Short GBP/JPY if it made me some pips!
Whatever you do we are grateful for the time you put into it and the willingness you show to help
Best regards
Paul
Hello,
i follow the EUR/USD for daytrading , so i am verry interesting in that pair.
But your analysis are verry nice and iI follow them every day.These are verry good.
Thanks for the good work.( Sorry for my poorr englisch)
I would rather see your technical analysis with a comment on possible future direction/breakout points.
Analysis on the majors Intraday and for swing trading on some others as well.
Your reports are excellent!!! I really enjoy them very much. You have a well-rounded knowledge of the Forex market. Personally, the four majors would be good to keep as part of the analysis. Please also include the GBP/JPY and EUR/JPY as well, because they offer a lot more opportunities on an intraday basis. If possible, the USD/CAD is another good analysis to do on a regular basis because this pair acts much more independently than many of the other pairs and is great for trading the news. Thanks again for your excellence in Forex trading!!!
Hi Vahid,
Thank you so much for what you are doing! For 1, 5 years I’m learning from everyone and
everything, and I think that your analysis is exceptionally good.( Do not feel ashamed again I have to admit: BEST what I found). I’m a home staying mom (1Uni and 1 higsch.) and I’m trying to help. Still mini account. So please, if you are willing to send us buy/sell signal I will be glad to pay for that, I think that you absolutely deserve it. Waiting for your analysis became part of my daily routine.
Milka
Hi Vahid,
What you have been doing is excellent. I think just concentrate on 2 pairs- one weak, one strong and 2 on swing. We need to know those pairs like our best friends so we have to know them day in day out. Thanks for helping us all
Chris
Jennifer,
Absolutely. GBP-JPY is the one of the best to trade. I will focus on it if I want to choose one currency pair to report on my weblog. Thanks again.
Ateeq,
Thanks a lot. I will try to do my best to publish the reports as per your suggestion.
Paul,
I will keep on doing the reports as per your suggestion. For the intraday chances, I will focus on GBP-JPY and will publish reports when there is an opportunity to trade.
To receive and SMS alert, you can use the http://pingie.com/beta/index.php service which is free. Just go there and enter your email address and my site RSS feed which is http://feeds.feedburner.com/weboma for all the posts and if you like to receive only the forex related posts through SMS, you should enter http://www.weboma.com/category/forex/feed as the RSS feed address.
Tim,
That’s a good suggestion. Thanks!
About the stop loss and limit, it seems there are a lot of traders who have this problem. So I will write an article about it.
Milka,
Thanks for your kindness.
I am stay at home dad. I will try to do my best to make the reports as useful as possible for you and you will not have to pay for it. It is a free service. I enjoy doing it. Blogging is what I love to do.