It's been quite difficult trading my 4 hour trading system lately because technically speaking I should still be going short on the GBP/USD and EUR/USD pairs because the daily Supertrend indicator is still red. However this week I just felt that they were both massively oversold and went long on both of them when the EMAs crossed upwards on the 4 hour chart.
You may recall that I discussed the EUR/USD pair a few days ago on this blog, and talked about why I think this pair may have reached a bottom based on the long-term chart. Well Adam Hewison (founder of the Marketclub trading service) seems to agree with me because he has just released a new video in which he highlights the various fibonacci retracement levels, and shows why the price is more likely to rise than fall from this point onwards.
In today's blog post I just want to let you know that Bill Poulos, a veteran forex trader, is offering a free forex training session this coming Wednesday. In this session he plans to reveal some of his most profitable trading tips and strategies.
There are three sessions in total and they are More on Forex Coaching With Bill Poulos
I'm back from my extended holiday in Thailand and am ready to start blogging again. Thailand was amazing by the way and I will definitely be going back later in the year. Thanks to Matt, one of my blog readers, for showing me round Phuket. I had a great time.
I want to start by looking at the EUR/USD pair. Before I left I wrote this post on 19 January explaining why you should look out for a breakout below 1.4218 and 1.4141. Well as it turned out the price More on EUR/USD Analysis - 27 February 2009
Just before I go on holiday, I thought I would leave you with a long-term forex trading system that you may want to play around with. I came up with it over the weekend and it does seem to be very promising so far. It basically uses four variations of the Supertrend indicator, and seems to be most profitable on the weekly charts (where you start to get the really big trends).
So the indicators you need are as follows:
