Forex weekly techical analysis - forex trading business plan template

Forex weekly techical analysis ~ forex trading business plan template

Forex technical analis
I will post here my weekly technical analysis on popular currencies pairs.
Today i will cover USD/CAD so lets get started, look at the daily chart

Not much to talk about but we can get clear picture of what is going on, this pair is currently heading down and is near the resistance level, so it will be proboably go down as this is very strong resistance (tested many times). Now look at MACD histogram, the divargence is very small it indicates that bull momentum is very weak, so i think USD/CAD will stay bearish.
Now lets look at 4H chart



-Check out trendline, it was hit 3 times so it is quite important trendline
-Now look at Fibbonaci retracemnet last bull move was retraced to 66%, and it looks like this resistance level was strong enough to defend itself
-Look at RSI i put a trendline on it and we can clearly see that RSI is also in bullish trend

So putting it all together i think we will have short term bullish run back to 1.1725+-25 pips and then double top on 4H chart will be formed which ofcourse mean trend reversal and market will become bearish.

Quick fundamental analis.
CAD is strongly correlated with oil price wich is heading up, so CAD will most likely get stronger and stronger, on the other hand USD is also heading up but it is not as strong as CAD is.
So there is high probability of bearish trend.

What to do?
This is what i will do, but keep in mind that no one knows where the market is going so i can easily be wrong.
I will take long position near the resistance level about 1.16 and put stop loss based on 15M chart so you have to do it yourself but i wont make it more than 30pips away from opening price, and i will put take profit somwhere about 100 pips away from open price proboably 1.1725.
When the bullish move will end i will wait for a trend reversal candle (1D chart).

So this is it, waiting for your comments.

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Marketiva good or bad - how to start forex trading at home

Marketiva good or bad ~ how to start forex trading at home

Proboably everyone heard about Marketiva, the most controversive Forex broker, forum threads about it are like soap opera, but they are not giving any info on this broker, they are just arguments and flame wars, so i decided to put hear my objective review on them.

First of all trading is real business, where big money are made and big money are lost, so when my cash is at risk i would like at least to know who is holding them, Marketiva gives us only their team happy faces (which i couldnt actually find by now so they may be gone) and their first names, needless to say i expectet something more from company holding huge amounts of cash.

You can ofcourse try to contact Marketiva team via their website and ther is another surprise, no contact information, no postal address, no telephones, no fax, no nothing only contact form which is used on personal websites and shouldnt be used by professional company IF it is registred company, i am not sure about that, but i am sure they are not registred in any broker organization.
Marketiva claims to be fully automated company working on the internet, so this may be the reason why they do not give any contact info but that is a poor explenation in my opinion.

I also checked their domain name there is everything ok, domain registred for a long time so they are proboably here to stay, but domain costs only 10$ a year. Well there isnt much more i can say about their domain and hosting everything looks good, there are even some contact information but i didnt checked them out.

There also seems to be a problem with Marketiva support, some people where complaining about it, but i never had a problem with support and this is natural that there always will be someone who is complaining, but keep in mind i am not saying thoose who were/are complaining arent right it is just impossible to prove who is right.

Now most important part, their treading platform, i have to admit it looks nice, it has many "tabs" which can be drag and droped anywhere you like, charts look fine, fast access to account center, help, chat, alerts and signals, and unfortunetly this are all pros.
Open positions behave funny, i wont tell you what i exactly mean you have to see it by yourself, OpenPositionPrice-CurrentPrice rearly seems to match. Charting software has got a lot of indicators but do not allows to draw on charts (trndlines and Fibonacci).
When we are talking about trading it is important to tell that they allow to trade for as small as 1$, this is the biggest adventage over other brokers.

They accept deposits via e-gold (also bank wirehard and e-bullion but this is off interest to me right now) it is hard to tell if it is good, first of all money transfered via e-gold can be laundred, but many users like to pay by e-gold it is very popular and cheap no commissions. Also Marketiva takes only 8$ commision from withdrawals by e-gold most brokers have at least 20$ (by bank wire and it is actually bank commission but i dont care commission is a commission)

My conclusion is if you have more then 500$ to trade forget about Marketiva there are better brokers, but if you want to start trading or learning how to trade and have small amount of cas between 10$ and 100$ Marketiva is best for you. What about those with money between 100$ and 500$? Well you have to decide by yourself do you have enough information about them, do you think your money will be safe with them and remember that there are at least 2 brokers (besides Marketiva) that allow to trade less then 1 mini lot.

Click here to visit Marketiva.
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Forex Candles - become rich trading forex at home

Forex Candles ~ become rich trading forex at home

Lately i sterted to wounder, candles where made for stock market which is open only 8 hours a day, so every daily candle on stock market has its own meaning it is seperated timeframe, on the other hand Forex is never close (except weekends) so what is the value of Forex daily candle?

My doubts became even bigger when i found out that Steve Nison (world class candlesticks expert) has a seminar on diffrences between Forex and Stock Market candles, so there must be something on it.

Anyway I am not Steve Nison but here is my take on it.

1. Diffrent people can have diffrent candles on their monitors, for example when i see doji, someone on the other side of the globe can see "hammer" or any other candle, why? Anserw is simple no one can tell you when one day on forex market has passed, it can be diffrent hour in Europe, diffrent in America and diffrent in Asia, more over traders in one country can have diffrent candle patterns on their charts, it is very subjective, everything comes down to defined hour of the day when new candle is open.
On the other hand there isnt such problem on the Stock Market everyone has got the same daily candle.

2. I said it before but i will reapeat it here, Forex market do not close, actually it do not have such a thing a session (unless you threat time from monday to friday as a session). On Stock Market yesterday candle has got nothing common with todays candle, hard to belive it but this is the way it is and that is why there are so many gaps on stocks charts, dont get me wrong i am not saying that trend do not exists im just saying that daily candles on Stock Market are "self dependent", unlike Forex candles they are almost always close to each other, one cadle close price is next candle open price, it is very common you have to agree.

3. As for gaps, you will hardly see them on Forex, but sometimes they occur, espacially after weekend it looks like "something" had to happen to move open price far away from last close price, on Stock Market it happens daily on Forex weekly, in fact it can be even monthly.

These are my thoughts, but i have got one question for you. What is the point in using candles on 5M charts? They cant even make a simple formation, even if they do it is pointless to use it You proboably saw 5 or more doji in a row on charts less then 5M is there any interpretation for this, each of them means trend reversal? I do not think so.
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