I have been posting some charts on the forum showing what trades I will be looking at for the coming week. Here’s the forum link http://www.pipomatic.com/forum/forex/no-pain-support-resistance-trading/page-1/ Feel free to share your comments.
EURUSD, GBPUSD, USDCAD, EURCHF, EURJPY, EURCAD, AUDUSD, EURGBP
Based on a new strategy being worked on by David and me, I have identified this nice looking S/R trade.
A nice, easy example.
Note, this strategy is based on a strategy traded by Steve at http://www.nobrainertrades.com/ I strongly recommend Steve’s strategy and blog. Excellent stuff !!
Join the forum discussion on this post - (10) Posts 
Both the Euro and Australian Dollar are strong currencies at the moment. The Daily chart (attached) shows that the pair is at the bottom of a daily up trend line. Looking out a little further, the Weekly shows price has been in a horizontal trading range for quite some time.
So my thinking is… price will come back to the daily trend line and then move back up, heading to the upper end of the weekly channel.
Discuss this setup in the forums … CLICK ME
I received a news letter from the Sam Seiden at the Online Trading Academy earlier today and thought it would be useful to share the basic but SO VERY TRUE information contained within it.
You can read the article yourself by clicking on this link.
The trainers at the Online Trading Academy seem to be among the best teachers around. The newsletters they send out each weeks are excellent and I advise everyone to sign up. Here is a link to their Newsletter archive to see for yourself.
The Forex markets are markets that move. In a market that has significant and consistent movement, using breakouts is very appropriate. As with any strategy, there is a right way to understand and use it and a wrong way….
The chart above is the EURUSD. Notice the horizontal resistance line and let’s work left to right in our understanding of what’s really happening behind these candles in the chart. The first circled pivot high on the left becomes that pivot high because supply in this market greatly exceeds demand at that price level. When price reaches the line, some of the sellers that make up that supply get to sell but there is still much more supply than demand so price has to fall. The drop from that first circled area is significant as we would expect. The next time price revisits that level, it declines again but this time, the decline is shallow compared to the prior visit. This is because each time you revisit the level, more sellers that make up that supply get to sell so the supply and demand equation is becoming more in balance.
