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Posted on April 25th, 2010
by Rapid Forex
This the is the weekly Forex Sailing Analysis for the 6 MAJOR currency pairs used for online forex trading for the daily trend direction.
This analysis IS NOT a trade recommendation. I am providing this to give you an idea of what direction to look for Forex Sailing opportunities in the 4-hour charts. This IS NOT a recommendation to trade daily charts.
To understand how to use this analysis, please read “Fibonacci Wave Zones for Online Forex Trading” to further understand the logic of why this analysis is important for trading Forex Sailing.
Currency Pair Sailing Direction Summary
USD/JPY & AUD/USD are in uptrends, so we’ll be looking for LONG FOREX TRADING opportunities this week.
USD/CAD is in a downtrend, so we’ll be looking for SHORT FOREX TRADING opportunities this week.
EUR/USD, GBP/USD, USD/CHF are in consolidation patterns, so we will avoid trying to sail them until a full fibonacci wave is formed outside of the consolidation channel.
USD/JPY Details
The USD/JPY is in it’s second UP TRADE ZONE (traveling from V to VI in a fibonacci wave pattern). This is a very strong uptrend to look for LONG FOREX SAILING opportunities in the 4-hour charts.
Fundamental announcements for the USD/JPY are happening frequently this week from Tuesday through Friday for both Japan and the United States. With so many announcements, this could cause too much volatility to go Sailing. Although the trend looks great, it would be wise to not go Sailing on this currency pair this week.
AUD/USD Details
The AUD/USD has just completed it’s third fibonacci wave in a recent daily uptrend. For Forex Sailing purposes, it’s still ok to look for LONG FOREX TRADING opportunities in the 4-hour charts. Watch this carefully as a consolidation or trendline break is very possible soon.
The USD has a HIGH IMPACT fundamental announcement being released every day this week between Tuesday and Friday. There are also several medium level announcements being released as well. This is not a good week to be trading currency pairs involving the USD as those HIGH IMPACT fundamental announcements could be too stormy for Forex Sailing.
USD/CAD Details
The USD/CAD has nearly completed it’s third fibonacci wave in a downtrend. Look for SHORT FOREX SAILING opportunities, but also look for an upcoming trend reversal or consolidation. Although trends can continue past a third fibonacci wave, there is a higher probability of consolidation or reversal after the third wave.
The USD has a HIGH IMPACT fundamental announcement being released every day this week between Tuesday and Friday. There are also several medium level announcements being released as well. This is not a good week to be trading currency pairs involving the USD as those HIGH IMPACT fundamental announcements could be too stormy for Forex Sailing.
Consolidating Currencies EUR/USD, GBP/USD, USD/CHF
These currency pairs are all in a consolidation pattern. This is probably because of indecision regarding the many HIGH IMPACT announcements scheduled this week for the US which forex traders are waiting to see the outcome of before moving. At this point, we want to avoid online forex trading these currency pairs and wait until trends form after the dust settles from these announcements.
EUR/USD
GBP/USD
USD/CHF
Cool Forex Sailing Trading Opportunity GBP/CHF
Just because the 6 MAJOR currency pairs don’t have many Forex Sailing opportunities this week, doesn’t mean that other currency pairs don’t!
Look at the GBP/CHF:
The GBP/CHF is in the first trading wave of an uptrending fibonacci wave pattern (moving from III to IV). there are no MAJOR news events, so this should be a smooth Sailing week for forex trading the GBP/CHF on LONG 4-HOUR CANDLE CHART Sails.
Posted in
Forex Sailing
Posted on April 18th, 2010
by Rapid Forex
Starting today, I’ll be sharing a weekly forex market daily trend analysis for the upcoming week. These updates will go live 1 hour before the Forex market opens (4 pm EST on Sundays).
This analysis is useful for spotting Forex Sailing trading opportunities. If you haven’t learned how to sail the forex market yet, make sure you sign up for the free 20 part eCourse to get your free online forex trading courses.
This week’s Forex Sailing Trading Analysis covers the daily trend direction of 6 MAJOR currency pairs with brief commentary and fundamental news to be aware of.
Currently the EUR/USD, GBP/USD, USD/JPY, AUD/USD are in an uptrend. The USD/CAD is in a downtrend. The USD/CHF is in a consolidation.
Here are the quick forex chart shots along with a short explanation to be aware of for Forex Sailing opportunities this week:
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EUR/USD is in an uptrend – The daily EUR/USD broke a downtrend that started in December 2009. A new fibonacci wave has signaled a new uptrend. As this uptrend continues, only look for LONG Forex Sailing trading opportunities.
EUR/USD Fundamentals – there are no major fundamental announcements this week that will affect Forex Sailing opportunities. It should be smooth sailing this week.
EUR/USD News - News is a little mixed. Greece is still having financial trouble (bad for uptrend), but I believe the worst has been played out. I don’t believe this is a major story that will continue a daily downtrend. The USD could rally further, but the EUR/USD has probably lost it’s downward momentum. This is an opinion as the news has lost it’s “panic” feeling that was happening during this entire downtrend.
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GBP/USD is in an uptrend – The daily GBP/USD broke a downtrend that started earlier this year. A fibonacci wave & part of a second wave has confirmed a new uptrend. As this uptrend continues, only look for LONG Forex Sailing trading opportunities.
GBP/USD Fundamentals – there are several announcements stacked on top of each other for the GBP this week. On Tuesday, Wednesday & Friday morning there will be a lot of volatility causing stormy weather for Forex Sailing. It would be best to wait until at least next week until this storm blows over.
GBP/USD News - No major news happening that affects this currency pair, just a lot of fundamental announcements happening with the GBP this week.
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USD/JPY is in an uptrend – The daily USD/JPY has formed a perfect Fibonacci wave after breaking out of a month long consolidation following a several month downtrend. This is a very strong Forex Sailing opportunity. As this uptrend continues, only look for LONG Forex Sailing trading opportunities.
USD/JPY Fundamentals – on Monday morning at 5 am EST JPY will have two medium level announcements. It would be best to wait until the 9 am EST on Monday to look for a way to ride this wave..
USD/JPY News - No significant news affecting this currency pair is currently being reported.
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AUD/USD is in an uptrend – The daily AUD/USD has been in a solid 3 wave uptrend for the past 10 weeks. Although the trend is currently still legitimately moving up, it shows signs that it may be entering a consolidation. Look for LONG Forex Sailing trading opportunities, but don’t plan to ride the wave as high as usual.
AUD/USD Fundamentals – there are no major fundamental announcements this week that will affect Forex Sailing opportunities. It should be smooth sailing this week.
AUD/USD News - News signaling a potential trend reversal is being reported on the AUD. Although you may still look for Sailing opportunities, what may happen is you may notice that there aren’t any forex trading opportunities for sailing as the trend may start to reverse. This is a currency pair you want to watch closely as you attempt to trade it.
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USD/CAD is in an downtrend – The daily USD/CAD is near completion of the third Fibonacci downtrend wave for the past 10 weeks. The trend shows potential signs of a reversal, but it’s still too soon to tell. Look for only SHORT Forex Sailing opportunities, but watch this pair closely as it may go into a consolidation or reverse into an uptrend soon.
USD/CAD Fundamentals – At 1 pm EST on Tuesday and 12:30 pm EST on Friday the CAD will make two high impact fundamental announcements. Exit any trades before these announcements to avoid the potentially volatile stormy weather.
USD/CAD News - A potential reversal signal from the news is that the Bank of Canada is risking the strength of the CAD with their recent decision. This is something to be aware of as a potential reversal signal is looking likely.
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USD/CHF is in a consolidation – The daily USD/CHF has been consolidating for the past month. No Forex Sailing opportunities are possible as Forex Sailing does not work in consolidated trading ranges.
USD/CHF Fundamentals – since we don’t trade currency pairs in a consolidation, the fundamental announcements for this currency pair are irrelevant.
USD/CHF News - since we don’t trade currency pairs in a consolidation, the forex news for this currency pair are irrelevant.
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This analysis should be good until April 23rd, 2010. If any major developments happen, I will post an update to the rapid forex blog.
How to Go Sailing?
This is the first weekly Forex Sailing analysis on the rapid forex blog. While Forex Sailing will be taught in more depth this week, currently some of this may be mysterious. Until the complete version of Forex Sailing is released, just look at your Forex Charts and try to see this analysis for yourself.
Soon you’ll know exactly what to do with this online forex trading opportunity analysis.
Posted in
Forex Sailing
Posted on March 14th, 2010
by Rapid Forex
Yesterday you were introduced to the concept of forex trading and trending days, Today you’re going to learn how forex trading on trading days works.
The best chart for trading forex on a trading day on is a 15-minute or 30-minute chart.
When trading forex on a trading day, your best bet is to trade the formation of an upper bell curve or a lower bell curve. You will find additional security in that trade if you look for a convergence (a price where more than one indicator signals a buy or a sell). First, draw all of your trendlines.
Second, set your Fibonacci lines from the last swing. Try to imagine the market forming an upper (lower) bell curve – if it did, would it be at a convergence price? If so, prepare to trade that convergence.
For example, you draw your trendlines and find, based on your outer trendline that the market is in an overall uptrend. You will then be looking for a lower bell curve to form.
Find the market’s last up swing and, from there, draw your Fibonacci number lines. You can anticipate that the retracement of that up swing (the left side of the lower bell curve) will bounce at the .382, .618, or .786.
Say that you find the .786 is at the outer trendline – you have just found a convergence (there are two educated reasons for the market to bounce at this price). You now have two good reasons to believe that the market will bounce, forming the tip of the lower bell curve, at the .786 (also the outer trendline).
Create a market order to buy at the .786 (also the outer trendline and the tip of the lower bell curve) and anticipate the market to carry you to near the session’s opening price (on this type of trade you should expect a 60-90 pip profit).
You have just traded a convergence that offered you three educated reasons to buy: a .786 Fibonacci line, an outer trendline, and a lower bell curve on a trading day. Remember to trade in the direction of the trend! Do not sell at the beginning of the lower bell curve, planning to get out at the tip; instead, buy at the tip of the bell curve, where you have two other good reasons to buy, trading in the direction of the overall uptrend.
Rules for Trading on a Trading Day
As always, there are several general rules for trading forex on a trading day:
- Check to ensure that no fundamental announcements will be released during this trading session.
- Draw a horizontal line at the opening price of the session – you can expect the market to close near that price.
- Find and draw all of your trendlines. In order to trade the bell curve in the direction of the trend, you need to accurately understand what that direction is.
- Look at the price where the market opens and anticipate a 60 to 90 pip move upward or downward from that price. Look for a .618 or .786 Fibonacci trendline convergence as an upper or lower bell curve forms. If you find a convergence price, set up a trade there, planning to buy or sell at the tip of the bell curve.
- Locate all of your levels of resistance and support. Set your stop loss at the last level of resistance (support).
- Practice sound money management. If the trade presents too much risk for you, don’t trade.
- Create a trading plan. Trade the plan. Traders get in big trouble when they become emotionally invested in a particular trade and so hang on too long to a losing trade. Even if you follow all of the trading rules and trade all of your indicators correctly, you will lose on some trades, just as any business takes losses as well as profits. By sticking to your trading plan you will maximize your profits and minimize your losses.
Now that you know how trading forex works on a trading day, tomorrow I’ll show you the procedure for trading forex on a trending day.
Posted in
Fundamental Announcements
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