So I’ve been consistently trying out the FOREX market and it seems that consistency is key.  When you continue to strive for a goal, you must not give up and just try and try consistently.  I started off by gaining and then losing most of my gains.  I kept going and studied what went wrong with my previous trades.  Where I entered, where I placed my stops, where I placed my profit level, did I risk too much and did I risk too little.  After many attempts and a lot of studying, I found that my entries points got much better and my stops got much tighter.  This means that I don’t risk as much and I gain much more.

Now that I’m getting used to it more, I will continue to post more often.  My goal is to go through each trade after i have completed it.  I will list possible bargain days ahead of time and do some tech analysis once in a while.

I will use this blog to voice my thoughts and if it helps anyone along the way, then that’ll be great!

So since consistency is the key, then I will try and be more consistent with the writing.

Thanks for the patience!

Potential bargain day pairs:
USDCAD
GBPUSD
USDJPY

Let’s keep an eye on these pairs to see what happens in the next few days

So I’ve been looking into the FOREX market and found that it is a bit different.  Its traded 24 hours a day and it is strange to see price action when its usually end of day for equity markets.  Due to a day job, I need to do end of day analysis and its strange to see ACTIVE price action happening when I look at the market.  There are some things that got simple too.  Instead of tons of stocks to evaluate, I look at 6 major currency pairs.  Of course I focused on ETFs and index futures in the past (still do a lot of times), but I would also trade options on stocks which caused me to do longer fundamental analysis on companies that might be of interest to me.

I’m beginning to understand and learn the different currency pair characteristics and I believe that learning will always progress.  I’m excited to see where this journey leads and I will try to chronicle it as much as I can.  I’ve been trying to finalize things and will start posting more on my trades.

Its been quite a long time since I’ve been able to post anything on the blog but I’m starting to gain some extra time these days.  Its been quite an interesting journey the past year and a half and now things are starting to settle down much more.

I have shifted my focus into the FOREX market and will start posting more about currencies.  I will continue looking at the equity markets but this will not be my focus.

I will start posting on a little more regular basis within 2 weeks.

Until then!

Pivot Points and Price Targets (Supports and Resistance) for Monday, 05/12/08, for QQQQ to look out for:

• Pivot Point = 48.19
• Support Level 1 = 47.92.  Support Level 2 = 47.63
• Resistance Level 1 = 48.48.  Resistance Level 2 = 48.75

Have a wonderful weekend!

Yesterday we saw a bit of a sell off in the Q’s and we closed lower than the previous day.

Today we see a wide range consolidation and we saw prices closing a little higher than yesterday.  The last few days we see that volume was high and the battle was strong.  Today, the sentiment is not pulling one way or the other and therefore we will have to see who will win tomorrow.

Pivot Points and Price Targets (Supports and Resistance) for Friday, 05/09/08, for QQQQ to look out for:

• Pivot Point = 48.39
• Support Level 1 = 48.08.  Support Level 2 = 47.75
• Resistance Level 1 = 48.72.  Resistance Level 2 = 49.03

Let’s keep an eye tomorrow to see if the bulls or the bears win!

Today was a good day in the market.  The Q’s did pretty well and had a pretty good trend day up.  We saw a little selloff at the beginning of the session but then saw the uptrend start at about 12:15PM.  According to the 6 month chart, we have seen higher highs and higher lows meaning that the Q’s are actually in an up trend.  Price is above the 20 & 50 EMAs and is currently using the 200 SMA as its support.  The 20 & 50 EMAs are moving upwards and the 200 SMA is flattening out. 

Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 05/07/08, for QQQQ to look out for:

• Pivot Point = 48.73
• Support Level 1 = 48.33.  Support Level 2 = 47.74
• Resistance Level 1 = 49.32.  Resistance Level 2 = 49.72

It does look like we are heading in an upward momentum both in the short and long term! 

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 05/06/08, for QQQQ to look out for:

• Pivot Point = 48.69
• Support Level 1 = 48.35.  Support Level 2 = 48.06
• Resistance Level 1 = 48.98.  Resistance Level 2 = 49.32

Be safe out there!!!

Pivot Points and Price Targets (Supports and Resistance) for Monday, 05/05/08, for QQQQ to look out for:

• Pivot Point = 48.77
• Support Level 1 = 48.35.  Support Level 2 = 47.92
• Resistance Level 1 = 49.20.  Resistance Level 2 = 49.62

Let’s see what will happen on Monday!