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Technical parameters| (14th – 18th January) 2019
Possible entry point with critical support and resistance level. But when you trade at this level make sure that you are using price action confirmation signal. We have prepared these key support and resistance level based on the Fibonacci retracement levels, 100&200 SMA, key swings point and chart patterns formed in the higher time frame. Focus on AUDUSD technical analysis
Look for selling opportunity near the critical resistance
First critical Resistance: Click here
Second critical Resistance: 1.18071
First critical Support: Click here
Second Critical Support: 1.09100
Overall Sentiment: Bearish
For GBPUSD, AUDUSD, USDCAD and USDJPY analysis
All the technical parameters are applicable from 14th January to 18th January 2019. The overall sentiment indicates the prevailing trend of the market. We highly recommend you to trade in favor of the market sentiment (overall sentiment) to reduce the risk of exposure in trading. Trade the critical support and resistance level with price action confirmation signal. If you want to get the technical chart analysis along with logical explanations, feel free to contact us.
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We publish regular technical analysis on all the major pairs every Monday. Please visit our site www.forextradingforyou.com to get details about our technical analysis.
There are a lot of systems that work..in the beginning. the problem is the technology has gotten to the point where computers can run a billion scans a second and would pick up on a winning system. and if you could find a winning system you could build a system that specifically takes money from the people using the winning system in the processes making it a losing system.
now if you had a trading robot and keep it quiet and didn't trade in such huge size that you could keep it on the downlow, i suppose it could make you money for years before someone programmed the system to front run your system.
with the recent popularity of systems there are tons of free ones that you can modify one little parameter here or there, so in essence everyone would be using different systems. this does hold some intrigue to me.
there are trading robots that can make big cash in the futures markets, so there is some hope for a forex bot. but forex is an unregulated scammers paradise. if it were me, i'd go old school and tweak the old richard dennis and bill eckhardt turtle trader system (10 period breakout system) and i'd try and avoid forex if you could.
but for doubters, once a month in Barrons, in the back they give results from the largest 300 hedges funds right after that list they give result for the largest 200 managed futures funds. about a quarter of these (managed futures) are traded purely on a trading system, no human input needed.
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Forex market is open 24 hours a day, but it’s not always active for the entire day. You can make money trading when the market moves up and moves down. But you will have a very difficult time trying to make money when the market doesn’t move at all.
Forex Market Hours
The forex market can be broken up into four major trading sessions: the Sydney session, the Tokyo session, the London session, the New York session. Premium Forex course of ForexTradingForYou always there to help you if you are interested.
Actual open and close times are based on local business hours, with most business hours starting somewhere between 7-9 AM local time. Open and close times will also vary during the months of October/November and March/April as some countries (like the United States, England and Australia) shift to/from daylight savings time (DST).
The day of the month that a country shifts to/from DST also varies, confusing us even more. And Japan doesn’t observe daylight savings, so thank you Japan for keeping it simple.
Now, you’re probably looking at the Sydney Open and wondering why it shifts two hours in the Eastern Time zone.
You’d think that Sydney’s Open would only move one hour when the U.S. adjusts for standard time, but remember that when the U.S. shifts one hour back, Sydney actually moves forward by one hour (seasons are opposite in Australia).
You should always remember this if you ever plan to trade during that time period. Also take notice that in between each forex trading session, there is a period of time where two sessions are open at the same time. During the summer, from 3:00-4:00 AM ET, for example, the Tokyo session and London session overlap, and during both summer and winter from 8:00 AM-12:00 PM ET, the London session and the New York session overlap.
Naturally, these are the busiest times during the trading day because there is more volume when two markets are open at the same time.
This makes sense because, during those times, all the market participants are wheelin’ and dealin’, which means that more money is transferring hands.
Now let’s take a look at the average pip movement of the major currency pairs during each forex trading session.
From the table, you will see that the London session normally provides the most movement.