FTSE Does it Again: Respecting Support and Resistance Levels
(Click on Image for Larger view) This morning, out of total randomness, I thought I had a look at the FTSE on a 2 min chart. The chart above was what I found, it was respecting Support and Resistance (S/R) levels like a textbook chart, bouncing and breaking various levels as it should and making…
EURUSD: Has It Tanked Enough Yet?
(Click image for Larger View) The EURUSD currency pair has been in a strong downtrend since early May. The chart above is a 4 hour chart and has the following price characteristics: Price channel is well defined with little over and undershoots Meeting a trend definition of Lower Highs and Lower Lows This is yet another…
Video: Mind Over Market – Interview with Mark Douglas
The mind is the greatest tool any trader can own. This is an interview on this subject with Mark Douglas – a successful trader, author and trading mentor. I hope you’ll enjoy this as much as I did. By the way, here are the two books mentioned in interview: Trading in the Zone: Master the…
When Expensive becomes Cheap: Resistance Turn Support
Related article: Understanding Support and Resistance (S/R). Prices breaks above Resistance level In the past 12 months, the retail price of apples has been ranging between £0.50 (Support) and £0.75 (Resistance) in a specific market. One day, there were rumours about a local government initiative to increase the price of fruit fertilisers. This would have a direct…
Gold Descending out of a Triangle
(Click on image for Larger View) Gold fell by more than 40 points today, breaking out of a descending triangle. If you’re not familiar with descending triangles, may be this would be another example of how triangles would work. A breakout trader would likely have entered the trade at the break of the previous swing low (1623.22).…
FTSE Bounces Between Support and Resistance
(Click on image for Larger View) This is another example of how price interacts with Support and Resistance levels. If you’ve not read my earlier article on this subject, please feel free to have a read here. This is the FTSE 100 on a 5 min chart on the 2nd of May 2012. Price was…
GBPAUD went South after an Ascending Triangle: Be Prepared for Anything
(Click on image for Larger View) A conventional Ascending Triangle would normally have more upward pressure and there would be more expectation for price to breakout to the upside. However, this is an example of GBPAUD on a 15min chart that went south from an Ascending Triangle. Any breakout traders who went long in this would have…
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
My Views This book is a brilliant book for traders as the author identifies the various Human Psychology that affects the market. As a Price Action trader, human psychology is what drives price patterns. Description The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today.…
A Breakout of the Triangle? Where is the Dollar going next?
(Click on image for Larger View) The dollar index has now broken below a trenline (and triangle) and then a re-test of the trenline. It looks like it has move out of a consolidation phase and it’s potentially ready to move again. My current bias is bearish but I do need to see a convincing…
Understanding Support and Resistance: All about Apples and Oranges
Related article: When Expensive becomes Cheap: Resistance Turn Support You’re a huge apple fan and you’ve been buying apples from a specific fruit stall for the past 12 months. During the peak apple season, apples are in abundance and they cost in the region of £0.50 each. In the off peak season, when apples are harder…
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