Danske’s technical analysis:
Market is in a downtrend. Suggested strategy is to attempt long (buy) if price breaks 1.6201 with first profit target at 1.7235. Place the stops at 1.5530 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5400.

Ino MarketClub’s Trend analysis:
Strong Down Trend (score -100)

Points to watch from my pivot-calculation are the 3rd resistance (1.6207) and 1st support (1.5533)

At the time I wrote this, gbp/usd price was ranging around 1.5770. My plan is to place long order if price breaks 1.6200. Anticipate-stops will be at 1.6100. I will place short order if price breaks 1.5530. Anticipate stops will be at 1.5630.

Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.

• Intraday Trading Idea 05-11-2008
• Intraday Trading Idea 30-10-2008
• Intraday Trading Idea 31-10-2008
• My Current Floating Sell Order on GBP/USD (100+ pips)
• Top 4 Free Forex Technical Analysis I read

There are actually many forex-learning resources which provide free trading videos,  InformedTrades is one of them. InformedTrades tries to help people learn to trade by providing trading courses. They incorporate a bunch of free trading videos within their free courses. I browsed around the site and found tremendous amount of info for those who want to know and learn to trade. InformedTrades cover both technical and non-technical sides of trading.

It seems that the host (David Waring) is trying to present the course-materials as systematic as possible. He categorize the course into 8 categories including course on forex, stock, futures and options trading. Up to this point you can see that InformedTrades is not only about forex trading.

I currently enjoy reading articles within Fundamental Analysis category. You know I’m poor in this field. Articles listed there are pretty well-written and has helped me a lot in learning this topic. This sub prime (loan) crisis article for example, gives “two thumbs up” introduction and explanation about sub prime loans and the issues they are causing for the consumer, the economy, and in the financial markets in general. You know that subprime loan has recently been associated to the current US Economic crisis

• US President’s Day 18-02-2008
• What is Forex
• Do I Provide Paid Forex Signals
• Strategy 10:Low Risk-High Return Currency Trading
• Forex History

Mizuho’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) at 1.5880; stop below 1.5400. First target 1.6000.

Danske’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) if price breaks 1.6675 with first profit target at 1.7235. Place the stop at 1.5585 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5400.

Ino MarketClub’s Trend analysis:
Strong Down Trend (score -100)

At the time I wrote this, gbp/usd price was ranging around 1.5890. My plan is to place long order if price breaks 1.6000 The stops will be at 1.5900 and trailled. I will place short order if price breaks 1.5500. Stops for this short order will be at 1.5585 and trailled.

Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.

• Day Trading Idea 10-11-2008
• Intraday Trading Idea 30-10-2008
• Intraday Trading Idea 31-10-2008
• My Current Floating Sell Order on GBP/USD (100+ pips)
• Top 4 Free Forex Technical Analysis I read

Before you continue reading, please note that by showing this trade’s result (and any other trade’s result within this blog) I’m not trying to hype you with such thing like “the easy way to gain thousand pips a month“. I’m just trying to tell you that you can make profit using data from these free resources. Actually, my daily pip target for gbp/usd is only 20 pips.

The above image shows my floating trade with 204 pips (it was captured about 1 hour before I write this). I opened that trade yesterday at 1.5989. That entry point was defined in my previous trading plan (along with profit target at 1.5590).

There are two thing that convinced me to opened that trade: first, the failure of gbp/usd price to make new bullish trend. Note that white-circled part, price rebounded to south (downward) and broke the trendline. Second, Danske analysis for 03-11-2008 (yesterday)which suggested a short trade if price broke 1.6000.

I didn’t put any clear stops, instead I planned to close the trade if price opened above 1.6075. This price (1.6075) was taken from second support defined by Mizuho yesterday (03-11-2008). I also planned to use trailling stops.

The above image shows that price got support at around 1.5800. That matched with third support defined by Mizuho yesterday (03-11-2008) which was 1.5800. Now, you are probably questioning why I haven’t closed that trade?

Well, you see that I have secured 100 pips from that trade by moving the stops (trailling stops) to 1.5889. As I wrote above, my daily target for gbp/usd is only 20 pips. 100 pips is equal to my target for 5 days, therefore I dare to wait my recent profit target (1.5590) to be reached. Moreover, the latest Trend Analysis says that it is a strong downtrend (score : -100)

• Intraday Trading Idea 05-11-2008
• Day Trading Idea 10-11-2008
• 211 Pips on Cable Yesterday, Yippi!
• Top 4 Free Forex Technical Analysis I read
• Intraday Trading Idea 31-10-2008

Mizuho’s technical analysis:
Market is sideways. Suggested strategy is to attempt tiny shorts (sell) at 1.6400; stop above 1.6685. First target 1.6200 and second target is 1.5800.

Danske’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) if price breaks 1.6675 with first profit target at 1.7235. Place the stop at 1.5875 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5590.

Ino MarketClub’s Trend analysis:
A downtrend is underway (score -75)

At the time I write this, gbp/usd price was ranging around 1.6160. I’m expecting a possible short (sell) entry if price breaks 1.5989 on my 1 Hour chart. If I make this trade, I will place the stop at 1.6040 (mizuho’s technical analysis’ second support) and place profit target at 1.5875 or 1.5590. I will closely watch this trade.

Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.

• Intraday Trading Idea 05-11-2008
• Day Trading Idea 10-11-2008
• Intraday Trading Idea 30-10-2008
• 211 Pips on Cable Yesterday, Yippi!
• Top 4 Free Forex Technical Analysis I read

As I wrote there, the main reason I published that “trading idea” was to show you how I use the free technical analysis data for my intraday trading. Almost the same reason why I tell you the result, not to show off but to show you that it works. Those free resources are really useful.

As you can see on the above image, I opened the trade at 1.6453. That was actually late entry, I should had opened that trade at some pips below 1.6514. But that was it.

I will write detail explanation of this trade in a separate article. Well, in case you wonder.

• My Current Floating Sell Order on GBP/USD (100+ pips)
• Pipholic GBP/USD Daily Pivot Trading
• Intraday Trading Idea 31-10-2008
• Top 4 Free Forex Technical Analysis I read
• US President’s Day 18-02-2008

Mizuho technical analysis:
Market is sideways. Suggested strategy is to attempt long at 1.6590 with first profit target at 1.6800.

Danske technical analysis:
Market is sideways. Suggested strategy is to attempt long if price breaks 1.6730 with first profit target at 1.7235

Ino MarketClub Trend analysis:
A downtrend is underway (score -85)

Sideways market is usually a sign of possibly trend reversal. Based on above data I’m expecting a downtrend.

At the time I write this, gbp/usd price was ranging around 1.6590. It got support at about 1.6674 and resistance at about 1.6514.

My intraday trading idea is to attempt buying (buy stop) at 1.6595 with stop at 1.6514 and profit target at 1.6674 (or probably follow the flow to 1.6800). I will attempt to sell if price breaks 1.6514. The stops will be at 1.6590 and profit target will be at 1.6440 (or probably follow the flow to south).

Please note that this is just a trading idea,  I do not execute  trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.

• Intraday Trading Idea 05-11-2008
• Day Trading Idea 10-11-2008
• Intraday Trading Idea 31-10-2008
• Top 4 Free Forex Technical Analysis I read
• 211 Pips on Cable Yesterday, Yippi!