Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair trended downwards from Monday to Thursday and then rallied significantly. This has resulted in a bullish bias on the market, as price nearly reached the resistance line at 1.0700. This week, further rally is anticipated because the outlook on Greenback is bearish for the week: a factor that may be favorable to EURUSD. The first target for the week is the resistance line at 1.0700, and then followed by the resistance lines at 1.0750 and 1.0800.

USDCHF
Dominant bias: Bullish
There is still a weak bullish outlook on this pair, though it is currently showing some weakness.  As long as EURUSD goes upwards, USDCHF would find it very difficult to go upwards. Price was corrected lower on Friday, and since USD is expected to be weak this week, the support levels at 1.0050 and 1.0000 could be tested. Attempts to breach the resistance level at 1.0150 has already failed and that resistance level would serve as a strong barrier to any bullish effort this week.

GBPUSD
Dominant bias: Bearish
GBPUSD went south by 140 pips last week. Price has trended downwards by 310 pips since February 27, 2017, resulting in a clear Bearish Confirmation Pattern in the market. There is now a bearish siege at the accumulation territory of 1.2150, which has been battered without any success. While GBP could fall further versus other currencies like CHF, AUD and NZD, it may not fall further versus USD, since USD may experience some weakness this week, coupled with strong obstacles at the accumulation territories of 1.1250 and 1.1200. There is a logical expectation of some rally in GBPUSD.

USDJPY
Dominant bias: Bullish
The market managed to go upwards last week after moving sideways in the first few trading days of the week. The bias is bullish, though not a strong one. Price closed below the supply level at 115.00 on March 10, and it might make effort to go upwards from there. This week, the outlook on JPY pairs is bullish, but the expected weakness in USD might scuttle bullish effort in the market.  There are supply levels at 116.00, 115.50 and 115.00. There are also demand levels at 114.50, 114.00 and 113.50.

EURJPY
Dominant bias: Bullish 
Just like USDJPY, this cross pair moved sideways in the first few days of the last trading week, and then broke upwards in agreement with the recent bullish outlook on the market. From the weekly low of 120.01, price went north by 280 pips, and closed at 122.51 on Friday. There is a Bullish Confirmation Pattern in the market, and since the outlook on JPY pairs is bullish for this week, further movement is expected on EURJPY (a movement of at least, 200 pips). EUR is currently strong in its own right and this is a factor that could help the cross pair upwards.

This forecast is concluded with the quote below:

“Trading is a business.” – Joe Ross 

Hello Forumers:

Something is not clear to me and I would love to hear a correct answer from you. Please.

I have a Gmail account and a blogspot account (blog). I also have a standalone website.

I applied for Google Adsense for my blogger.com area (blog). I also applied for Adsense for my website. I applied through the same Gmail account/ blogger (using the same login details).

Eventually, Adsense started running on the blog and the website.

However my question is this:

In my earnings record, do you think either the earnings from the blog or the website is being recorded?

Or is it accurate to believe that the earnings here, https://www.google.com/adsense, come from the blog and the website altogether?

I would be happy from enlightenment/explanation from a savvy person.

Many thanks…

GOLD (XAUUSD)
Dominant Bias: Bullish 
Gold trended upwards in January and February 2017. Price topped at 1263.61 on February 27 and then began to pull back. The pullback is significant, (about 4,600-pip movement to the south), but it is not strong enough to override the extant bullish outlook on the market, unless price pulls back further by another 4,000 pips, which would require a serious selling pressure. Price could move upwards from here, recovering recent losses. The targets for this month are located around the resistance levels at 1230.00, 1250.00 and 1300.00 this month. 

SILVER (XAGUSD)
Dominant Bias: Bullish
Silver also trended upwards in January and February, and then started going south from the beginning of March. The southwards movement has been serious enough to generate a short-term bearish bias, while the long-term bias remains bullish. As long as price does not go below the demand level at 16.0000, the long-term bias would not turn bearish. There may be an outright rally from here; or price may go further south before the rally occurs. Whatever the case may be, price would make some effort to reach the supply levels at 17.7000, 18.0000 and 18.5000 this month.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin is a bull market – with a Bullish Confirmation Pattern in it. Price has been going steadily upwards within the last several months, and this is something that is expected to continue. The pullback that occurred on March 7 was a result of a temporary sale in the context of a long-term uptrend, as price does not go in a straight line. It is possible for price to pull back further, but that would not threaten the bullish outlook on this market, for it is expected to go north by at least 10,000 pips this month. The market went up more than 24,000 pips last month.

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
EURUSD went downwards last week, tested the support line at 1.0500, and then rallied significantly on Friday.  Actually, the Friday rally might end up being a good opportunity to sell short at better prices (unless the resistance line at 1.0700 is breached to the upside, which would result in bullish signal). This week, price could test the support lines at 1.0450, 1.0400 and 1.0350; for the outlook on EURUSD is bearish.

USDCHF
Dominant bias: Bullish
There is still a weak bullish outlook on this pair, though it is currently showing some weakness. Price is now above the support level at 1.0050, and as long as EURUSD continues going downwards, USDCH would continue trudging upwards, possibly reaching the resistance levels at 1.0100 (which was actually tested and breached temporarily last week), 1.0150 and 1.0200. On the other hand, a movement below the support level at 1.0000 would result in a bearish outlook. 

GBPUSD
Dominant bias: Bearish
GBPUSD dropped 200 pips last week, briefly moving below the accumulation territory at 1.2250, before bouncing upwards from there. The upward bounce is something that is supposed to be transitory, for the outlook on the market is bearish for this week. The targets to be possibly reached are located at the accumulation territories at 1.2250, 1.2200 and 1.2150. Some other GBP pairs like GBPNZD and GBPAUD might also be seen going bearish this week.

USDJPY
Dominant bias: Bullish
There is a bullish bias on this trading instrument, but this is nothing yet over-the-top. Price went upwards from the demand level at 112.00, reaching the supply level at 114.50 (a northwards movement of 250 pips). Since there is some kind of weakness in JPY, it is possible that the supply levels at 115.00, 115.50 and 116.00 would be attained this week. Should that happen, the bullish bias would simply become stronger.

EURJPY
Dominant bias: Bullish 
This cross went north by 270 pips last week. Price rose from the demand zone at 118.50, and closing above the demand zone at 121.00 on March 3. There is a strong Bullish Confirmation Pattern in the market. Since the outlook on JPY pairs is bullish for this week, it is anticipated that this EURJPY would continue going upwards, reaching the supply zones at 121.50, 122.00 and 122.50 before the end of this week.

This forecast is concluded with the quote below:

“Traders, by their very nature, are optimistic risk takers. We believe we can make money. We say ‘Yes’ to risk. We say ‘Yes’ to learning about how to trade effectively. We say ‘Yes’ to a brighter future for ourselves and our family.” – Louise Bedford

AUS200
Dominant bias: Bullish
While this market went bearish in January, it went bullish in February. In the context of an uptrend, price was corrected last week, and then started March on a bullish note. The outlook on the market is bullish, and there is a possibility that the resistance lines at 5775.00 and 5800.00 would be tested. The ultimate target for this month is 5831.42, which was the high of last month. This means that price could meet some challenge at the resistance line resistance line of 5830.00, but a strong buying pressure could make price go above it.

SPX500
Dominant bias: Bullish
SPX500 is a very interesting market. Price has gone seriously upwards, just as it was forecast last month. Actually, the current bullish movement started in November 2016, following a long –term consolidation in the market. Since then, the market has gained 3700 point (since the low of November 2016). In February 2017 alone, the market gained 900 points. Having begun March on a strong bullish note, further northward movement is anticipated, which may push price towards the resistance levels at 2400.0, 2500.0 and 2600.0. 

US30
Dominant bias: Bullish
It is no big surprise that the movement on US30 is quite similar to the movement on SPX500. Since November 2016, price has moved upwards by close to 3700 pips (starting from the low of November 2106). The market gained more than 850 points in February 2017 - with little retracements along the way – and again trended significantly upwards this week. Since price has gone above one accumulation territory after the other, it is assumed that, it would eventually reach the distribution territories at 21500, 22000 and 22500 in March and/or April.

GER30
Dominant bias: Bullish
This trading instrument is volatile but bullish. Just as it was mentioned in the last forecast, price went upwards in February, in conjunction with the bullish movement that started a few months back. This has resulted in a vivid Bullish Confirmation Pattern in the market; and despite some bearish retracements that would be transitory, the overall movement in the market would be bearish this month. The next targets are located at the supply levels of 12100.0, 12300.0 and 12500.0. The bullish outlook cannot be rendered invalid until there is at least, a 1000-point movement to the downside.

FRA40
Dominant bias: Bullish
FRA40 went bearish in January this year, which almost forced a bearish outlook on the market. In February, the market made some bullish attempt and then started coming down from February 16. Last week was particularly bearish, but further bearish movement was rejected at the demand zone of 4840.0. Price bounced upwards from that demand zone (February 24), consolidated this Monday and Tuesday, and then broke out northwards on Wednesday (March 1). This could be the beginning of a serious bullish journey, which may enable price to reach the supply zones at 4990.0, 5100.0 and 5050.0.

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
From Monday to Wednesday, this pair went downwards, moving below briefly below the support line at 1.0550. Price then rallied above the resistance line at 1.0650, before getting corrected lower on Friday. The outlook on the market is bearish, and further bearish movement is expected this week, as price targets the support lines at 1.0550 (which was tested last week), 1.0500 and 1.0450. 

USDCHF
Dominant bias: Bearish
Oddly enough, the current outlook on USDCHF is bearish, just like the outlook on EURUSD. One of the reasons behind this is occasional bouts of stamina in CHF, which sometimes put checks on USDCHF bullish ambitions. The market level at 1.0000 has now become insignificant, since price just goes above and below it at will. For example, price went below it on February 16, only to go above it on February 17. Only a very strong bearish plunge on EURUSD would help push USDCHF upwards considerably.

GBPUSD
Dominant bias: Neutral
GBPUSD has been moving sideways for at least, two weeks. The market did nothing noteworthy last week. This directionless movement would soon end, and a strong momentum would rise, pushing price in a clear direction. A closer look at the market shows that bears’ hands are currently stronger than bulls’ hands, and following the ongoing impasse, price could plunge southwards. The outlook on GBP pairs remains bearish.

USDJPY
Dominant bias: Bearish
In the context of a downtrend, price moved upwards from February 9 – 15, and then began to pull back from that day. On February 17, price closed below the demand level at 113.000, leading to a Bearish Confirmation Pattern in the market. The targets for this week are the demand levels at 112.50, 112.00 and 111.50. This, however, does not rule out a possibility of a strong rally before the end of the month. 

EURJPY
Dominant bias: Bearish 
This cross is bearish in the long-term and neutral in the short-term. The market consolidated from Monday to Friday and then started moving downwards as it plunged by over 120 pips that day. This is in agreement with the southward movement that was started in the beginning of this month; plus further southward movement is possible. On the other hand, a possibility of a serious rally still remains… on JPY pairs.

This forecast is concluded with the quote below:

“For some traders, commitment to success is not optional but mandatory.” – Joe Ross

I was having a catch up with my good mate and uber cool pad holder Jarrod yesterday – we both share a fascination with human performance. We are both interested in what we can get out of the machine we wander around in all day. As part of this quest he had recently been to see a dietitian who works with several AFL clubs and during the conversation they mentioned that as part of their regime they didn’t count calories. We both thought this was odd for the simple reason that without data you are operating in a vacuum, without knowledge about your calorie intake and in particular your intake of various macro nutrients you are simply guessing. And guessing simply doesn’t count when it come to assessing change.

The point here is obvious, if you are not in some way tracking the performance of your trading then you have no means by which to judge your performance. Without having a series of metrics that tell you how you are doing  then you are also operating in a state of ignorance and in many cases delusion. I understand that some people dont want to track their system since this would defeat the entertainment component of trading. Knowing how badly you are doing would take the fun out of it. The same is true for people who struggle with their weight – they dont want to know how badly they are doing. Ignorance is bliss.

Performance tracking does not have to be complex – it only needs to tell you a simple story, how many trades did you get wrong, how many did you get right, what is your average profit/loss per trade and do you have more money at the end of the year than at the beginning. All this can be achieved in a spreadsheet with a little bit of playing around.

Author: Chris Tate

Article reproduced with kind permission of Tradinggame.com.au

“Be careful! It doesn't matter how good you are, if you don't use proper risk management you will fail.” - Jarratt Davis 

“Having a diversified system does help but it does still make you wary of taking the next trade. But it always seems to be the next trade that you don’t take that turns things around.” – Chris Tate

Tallinex.com wants you to make money from the markets

Weekly Trading Forecasts on Major Pairs (February 13 - 17, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair trended downwards last week, going below the resistance line at 1.0650. The movement so far this month is essentially bearish and there is a possibility that further bearish movement would continue to hold out, as the support lines at 1.0600, 1.0550 and 1.0500 are targeted this week. There is a need for price to go above the resistance line at 1.0800 before the current outlook can be rendered invalid.

USDCHF
Dominant bias: Bearish
USDCHF is bearish in the medium-term, and bullish in the short-term. In the short-term, price has moved from the support level at 0.9900, towards the resistance level at 1.0050. This has already generated a short-term bullish signal, and a movement above another resistance level at 1.0150 would result in a Bullish Confirmation Pattern in the market. It is important to note that price has succeeded in breaching the great level at 1.0000 to the upside, making more bullish movement very likely.   

GBPUSD
Dominant bias: Neutral
GBPUSD is currently in an equilibrium phase – having moved generally sideways last week (though price was volatile on February 7). While the market could remain in the equilibrium phase, there is going to be a serious breakout this week or next, which would most probably favor bears. The outlook on GBP pairs for this month remains bearish and heavy selling pressure could start anytime.   

USDJPY
Dominant bias: Bearish
The bullish expectation for JPY pairs did not materialize last week, save a weak rally that was seen on Thursday. The bias on the market is still bearish, and price could attempt to test the demand levels at 112.50 and 112.00. On the other hand, the bullish expectation on JPY pairs are still in place: JPY pairs could assume strong rallies any day this week or next; with USDJPY being caught in a strong buying pressure.

EURJPY
Dominant bias: Bearish 
From Monday to Wednesday, this cross pair went down 180 pips, testing the demand zone at 119.50. Price has been making some negligible bullish attempt since then, rallying by 170 pips and getting corrected lower on Friday. This kind of alternative but transient victories between the bull and the bear would continue until there is a protracted, directional movement, which is expected to be in favor of the bull. Short trades are may not be held onto for too long.

This forecast is concluded with the quote below:

“By the way, the absolute best trading opportunities these days are in Forex.” – Dr. Van K. Tharp

Monthly Forecasts for CFDs (February 2017)

AUS200
Dominant bias: Bearish
The market was mostly bearish in January, and that was strong enough to bring about a bearish outlook on the market. Although volatile, price has not trended significantly in February, but it is more likely that further bearish movement would be witnessed. The current bearish outlook would remain valid until price is able to break the resistance line at 5800.00, an occurrence that would require a strong bullish pressure. Normally, the resistance lines at 5600.00, 5500.00 and 5000.00 could be reached.

SPX500
Dominant bias: Bullish
SPX500 is neutral in the short-term, but bullish in the long-term. Price consolidated mostly in January – an event that is still in place. The consolidation is in the context of an uptrend, and it is seen as a mere pause. A rise in momentum is expected soon, and it would most probably be in favor of the long-term bullish outlook. A movement below the support level at 2250.0 would render this expectation ineffectual, while the expectation would be effectual as long as price does not break the support level to the downside. Possible targets for this week are around the resistance levels at 2350.0, 2400.0 and 2450.0.

US30
Dominant bias: Bullish
The movement on US30 is quite similar to the movement on SPX500. Price went flat throughout January, while the dominant bias remains bullish. Price has formed a base as a result of the recent flat movement in the market, and the base would be in place until a strong movement happens in the market, which would most probably shoot price northwards. The distribution territories at 20500, 20600 and 20700 could be easily attained this month. A movement below the accumulation territory at 19600 would lead to a bearish signal.

GER30
Dominant bias: Bullish
This trading instrument is in a bullish mode, which was started by the strong rally that happened in November 2016. Price consolidated in January 2017, and attempted to rally on January 25, but further bullish movement was rejected at the supply level of 11900.0. The market would attempt to rally again this month, reach the aforementioned supply level and then go further upwards towards another supply levels at 12000.0 and 12050.0. Nonetheless, this would require a strong buying pressure to achieve – especially a breach of the supply level at 12000.0.

FRA40
Dominant bias: Bearish
FRA40 rallied in December 2016, forming a bullish bias: But the perpetual bearish movement in January 2017 has led to a Bearish Confirmation Pattern in the market, which is still a kind of new, and which has much room to go. From the beginning of the year, price has come down more than 1400 points, and there is a possibility that it may reach the demand zones at 4700.0, 4650.0 and 4600.0. The only thing that can render this expectation invalid is a situation in which price rallies again by at least, 1400 points, bringing about a bullish bias again. 

Weekly Trading Forecasts on Major Pairs (February 6 - 10, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
The bias on this pair is currently bullish. Price managed to go upwards last week, reaching the resistance line at 1.0800, but not able to stay above it. Several failed attempts were made, to breach the resistance line to the upside, and the goal must be achieved to save the current bullish bias. A movement above the resistance line at 1.0800 would reinforce the bullish bias – and failure to do that would eventually bring about a large pullback in the market.

USDCHF
Dominant bias: Bearish
This market has been trudging south since the beginning of this year. From early January till now, price has gone down roughly 350 pips. As long as EURUSD goes north, USDCHF will continue to go south, for only a serious pullback on EURUSD can bring a meaningful rally on USDCHF. CHF is expected to become strong this month; plus the resistance level at 1.0000 would endeavor to impede rallies in the market. It would be difficult for a strong rally to take place. 

GBPUSD
Dominant bias: Bullish
GBPUSD made attempt to go upwards last week, but further upwards movement was rejected at the distribution territory at 1.2700. From there, price got corrected by over 200 pips, to close above the accumulation territory at 1.2450 on Friday. An upward movement from here would save the recent bullish bias, while a downwards movement from here would render the bullish bias invalid. Generally, GBP pairs are supposed to trend seriously upwards this month. 

USDJPY
Dominant bias: Bearish
The current bias on this currency trading instrument is bearish, because price has been trending downwards since the beginning of this year. Price has come down more than 500 pips since January, and it is approaching major demand levels. The demand levels at 112.00 and 111.00 could be tested on breached, temporarily. There is a strong possibility that JPY pairs would rally this week (most probably within Monday to Wednesday), and should that happen, USDJPY would rally seriously. 

EURJPY
Dominant bias: Neutral 
The bias on this cross pair is essentially neutral, though there are bearish signals in small timeframes. The neutral bias can be ended by the expected rally on JPY pairs, which would also carry this cross pair along. Price might temporarily reach the demand zones at 121.00, 120.50 and 120.00. On the other hand, a serious rally would push price upwards by a minimum of 200 pips this week. 

This forecast is concluded with the quote below:

“Don't let another year go by where you aren't inspired to cash in on everything the markets have to offer.” – Louise Bedford

Monthly Technical Reviews on Gold, Silver and Bitcoin (February 2017)

GOLD (XAUUSD)
Dominant Bias: Bullish 
Gold rallied seriously at the beginning of this year, and in spite of the bearish retracement that was seen in the last several days of January. The month of February has also started on bullish note, leading to a bullish bias on the market. Price would target the supply levels at 1250.00, 1270.00 and 1290.00 this month. Bearish retracements would be temporary, leading to further bullish movements. The demand level at 1180.00 is set to impede bearish attempts this month, and as long as price stays above it, the bullish bias would be rational.

SILVER (XAGUSD)
Dominant Bias: Bullish
The movement on Silver is quite similar to the movement on Gold. Price rallied in January 2017 and got corrected a little within the last several days of the month. A clean northward journey started again before the end of January and it has continued till now. There is a clean Bullish Confirmation Pattern in the market, and further northward journey is expected this month. There is an accumulation territory at 16.5000, which would try to hinder bearish attempts; the current bullish bias would be sensible as long as price does not stay below it. The targets for this month are situated around the distribution territories at 18.0000 and 18.5000 and 19.0000.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin has been bullish for several months in a row, though January 2017 was quite volatile. In the context of an uptrend, price consolidated last week, and ended the consolidation this week as it resumes the upwards journey. There may be increasing volatility or pullbacks in the market, but the overall movement should be bullish in February. The resistance levels at 1000.00, 1050.00 and 1100.00 could be reached this month, owing to the strong Bullish Confirmation Pattern in the market. The buying pressure is high. 

Super Trading Strategies - Tapping the Hidden Treasure in the Markets

“So much to know, so much to earn
So much wisdom to seek and learn
If we raise our hands, we’ll touch the sky
Our beds are low, our dreams are high…” - Niyi Osundare

I was born into a poor family of many children, and my parents struggled desperately to survive economically. I am a first-hand witness of extreme poverty, suffering, job loss and a high unemployment rate happening in the environment where I used to live. If you are reading this and you think you are currently suffering, you probably did not suffer as much as I did.

Throughout my teenage years, I engaged in hard and exhausting manual labour to support myself and help my parents. This is one reason why I was fortunate enough to get an education.

In spite of this, I was able to perform well at school because I developed an intense love for reading when I was eight years old. I liked to read anything I could lay my hands on. This has helped me gain lots of knowledge in many fields such as electronics, computers, history, literature, etc.

When I was a young adult, the future looked bleak indeed! In spite of my knowledge, I was thinking of taking a loan to get a used car for commercial driving. However, I decided to teach at private schools for a time, for paltry pay, which managed to keep me alive.

In 2007, my uncle called me and advised me to learn Forex trading, because it was very popular in my country at that time. I found someone to train me, but sadly, it was a poor training, and I suffered in the market for the next few years.

No matter what I did I was losing money, until I got to a point where I began to think of doing something else with my life. I went to a friend’s house and I saw an old copy of TRADERS’ magazine on his table. I begged him to lend me the magazine.

I went home to read it and I was enthralled by what Dr. Van. K. Tharp, who was interviewed in the magazine, said about successful traders. There I was! So there are successful traders! What are their secrets? What do they do differently and how might I benefit from their thoughts, trading styles and principles?


The rest is a testimony…


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These quotes end this piece:

“The fact is, if you are trading in a professional way, you are out of the market much of time.” – Andy Jordan


“Psychologists show that most people generally are overconfident about their abilities and about the precision of their knowledge. Security selection can be a difficult task, and it is precisely in such difficult tasks that people exhibit the greatest overconfidence.” - James D. Di Virgilio


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Weekly Trading Forecasts on Major Pairs (January 30 – February 3, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair went flat from Monday to Wednesday, not being able to stay above the resistance line at 1.0750. Price then declined a bit, in the context of an uptrend. Price has been going upward gradually since the beginning of this year, and this has led to a bullish bias, which would, however, be challenged in February. The downtrend may even start this week, as EUR is expected to become weak versus other currencies (except JPY) in February.

USDCHF
Dominant bias: Bearish
USDCHF went sideways throughout last week – slightly below the resistance level at 1.0000. Price may temporarily go above that resistance level, but it would later journey further south. Apart from the sideways movement that was seen last week, price has been coming down gradually since the beginning of this year, and this has led to a bearish bias on the market. The bearish bias should continue in the month of February, owing to expected stamina in CHF.  A bearish journey in EURUSD may help bring about some transitory rallies on USDCHF, but the overall movement would be bearish in February.

GBPUSD
Dominant bias: Bullish
Cable rallied 280 pips last week, topping at the distribution territory of 1.2650, before the shallow retracement that started on Thursday. Since the low of January 16, price has moved upwards by 650 pips, but the bullish bias that has resulted from that may end soon, as a result of a bearish outlook on the Cable (and some other GBP pairs) in the month of February. While, price could test the distribution territories at 1.2700, 1.2750 and 1.2800, it might not be able to go very far, as chances of serious bearish movements are very high in February.

USDJPY
Dominant bias: Bearish
This trading instrument has been coming down gradually since early January, and that has led to a Bearish Confirmation Pattern in the market. On Thursday, price began to rise and later on Friday, it closed above the demand level at 115.00. Further movement may take price towards the supply levels at 116.00, 116.50 and 117.00; and that may end up invalidating the recent bearish bias. Generally, the outlook on USDJPY for February is bullish.

EURJPY
Dominant bias: Bullish
This cross pair is bullish in the short-term and neutral in the medium-term. Price managed to journey northward last week, creating a short-term bullish signal. In February, the only factor that would help this cross further upwards is the expected weakness in Yen (which would also help most other JPY pairs to rally). In February, an overall movement of at least, 500 pips, is expected in favor of bulls. Nonetheless, there may be some serious but shallow pullbacks along the way.

This forecast is concluded with the quote below:


 “It's time to tap into your inner conquistador and become a winning trader.” – Trading Educators

Here’s the market outlook for the week:
                                         
EURUSD
Dominant bias: Bullish
EURUSD moved upwards by about 100 pips last week, now testing the resistance line at 1.0700. The upwards movement last week was not strong, but it was noticeable enough to show that the recent bullishness in the market remains a valid thing. This week, the resistance lines at 1.0750, 1.0800 and 1.0850, may be attained, as long as EUR continues to be stronger than USD in the near-term.
 
USDCHF
Dominant bias: Bearish
USDCHF went down lower and lower last week, continuing the bearish journey that started early this month. The great psychological level at 1.0000 was tested again and again, but price could not breach it to the downside (staying below it). Price has repeatedly bounced off the psychological level, but as the bias is bearish, upwards bounces would only provide good short-selling opportunities. As long as EURUSD goes up, USDCHF would go down, and the psychological level at 1.0000 would end up being breached.

GBPUSD
Dominant bias: Bearish   
GBPUSD began the last week on a bearish note (other GBP pairs gapped down and then started trending upwards). Price moved up by more than 410 pips, reaching the distribution territory at 1.2400. However, the strong rally was not enough to overturn the recent bearish outlook on the market. For the bearish outlook to be overturned, price would need to go upwards by at least, another 300 pips this week; otherwise, the rally that happened can eventually turn out to be a temporary rally that later confirms bears’ supremacy. 

USDJPY
Dominant bias: Bearish
This pair went downwards on Monday and Tuesday and then started to go upwards from Wednesday to Friday. There is still a Bearish Confirmation Pattern in the 4-hour chart. Unless price is able to stay above the supply level at 117.00 - which would require a serious rally - the bearish outlook would remain logical. There are demand levels at 114.00, 113.50 and 113.00, which may be tested again, in case price comes down.
                                                                                                                               
EURJPY
Dominant bias: Neutral
This cross pair briefly ended its sideways movement when it assumed a southward journey on January 9. Price attempted to go further downwards last week, but further downwards movement was rejected before it reached the demand zone at 120.50. And since price has gone upwards on January 18 and 19, it has been forced back into a neutral region. This week, a serious northwards movement would bring about a “buy” signal; while a southward movement would simply bring back the recent “sell” signal in the market.

This forecast is concluded with the quote below:


 “What I do believe, most of the time, are the numbers on the statement of my trading account. If they are getting bigger, then I am winning.”  – Joe Ross

Weekly Trading Forecasts on Major Pairs (December 26 - 30, 2016)     
   
Here’s the market outlook for the week:
   
EURUSD
Dominant bias: Bearish   
This pair trended downwards on Monday and Tuesday, and then began to make some bullish attempt, all in the context of a downtrend. A strong movement is not anticipated this week (although it is a possibility), for the market may not do more than it did last week. No matter what happens, there is not going to be an end to the current bearish outlook this year. In fact, price may test the support lines at 1.0400 and 1.0350.   

USDCHF
Dominant bias: Bullish
USDCH merely zigzagged throughout last week, with no directional movement. The overall bias is bullish, and thus, when momentum returns to the market, it may be in favor of the bias. Just like EURUSD, strong movement is not expected this week (but it can happen). There are resistance levels at 1.0300 and 1.0350. As long as price does to go below the psychological level at 1.0000, the outlook on the market would remain bullish.   

GBPUSD
Dominant bias: Bearish   
GBPUSD dropped 250 pips last week, giving more and more emphasis on current weakness in the market. Price closed below the distribution territory at 1.2300 on Friday, targeting the accumulation territories at 1.2250, 1.2200 and 1.2150. There are huge Bearish Confirmation Patterns in the daily and 4-hour charts, which make long trades illogical at the present. A very strong bearish movement may be witnessed on GBPUSD before the end of the year. 

USDJPY
Dominant bias: Bullish
The market consolidated throughout last week. The major bias is bullish, and that is supposed to continue till the end of this year. There may be a rise in momentum, which may push price towards the supply levels at 117.50, 118.00, and 118.50. These supply levels were previously tested this month, and they could be tested again. Only a movement of about 200 pips to the south could threaten the current bias.
   
EURJPY
Dominant bias: Bullish   
This currency instrument trended downwards on Monday and then moved sideways till the end of the week, closing at 122.515 on Friday. There would soon be a directional movement in the market, but right now, it is better to stay away until that happens (unless scalping is being done in the market). A movement below the demand zone at 120.50 would end the bullish bias, while a movement above the supply zones at 123.50 and 124.00 would strengthen it.

This forecast is concluded with the quote below:

“[In trading] I choose joy over disappointment and contentment rather than instant gratification.” - D. R. Barton, Jr.

Weekly Trading Forecasts on Major Pairs (December 19 - 23, 2016)      
   
Here’s the market outlook for the week:
   
EURUSD
Dominant bias: Bearish   
EURUSD trended downwards last week, just as it was expected. Price moved sideways from Monday till Wednesday, when it started dropping further downwards. The support line at 1.0400 was tested, and although price closed above it, it would be tested again. The outlook on EURUSD is bearish for this week. So we may see further bearish movements which may enable price to break the support lines at 1.0400, 1.0350 and 1.0300 to the downside. Eventually, EUR might reach parity with USD. 

USDCHF
Dominant bias: Bullish
In exact opposite manner to EURUSD, this market underwent a shallow bearish retracement within December 12 and 14. Price went up significantly on December 14, moving briefly above the resistance level at 1.0300, and later closing below it. USDCHF would continue to make rally attempts, though it would come across some challenges this week. While bearish corrections could be contained around the support levels of 1.0050 and 1.0000, the resistance levels at 1.0300 and 1.0400 would be the targets for this week.

GBPUSD
Dominant bias: Bearish   
This market consolidated on Monday and Tuesday, to drop southward on Wednesday, according to forecast last week, in the context of a downtrend. The accumulation territory at 1.2400 has been tested again and again, but there is a considerable amount of opposition to the bearish movement, around the accumulation territory. Price would go below it this week, owing to the fact that the bias on GBPUSD (as well as some GBP pairs), remains bearish for this week and for the rest of this month. Price would still go downwards by a minimum of 300 pips before the end of this year.

USDJPY
Dominant bias: Bullish
According to last week analysis, this trading instrument went upwards 300 pips last week, after moving sideways on Monday and Tuesday. Since November 9, price has trended northwards more than 1700 pips; and the northward movement could continue this week. There is Bullish Confirmation Pattern in the market and the supply levels at 118.50 and 119.00 may be tested this week. As from now on, the movements on JPY pairs would be determined by strength of individual currency, not the weakness in Yen. This means USDJPY could rally further while GBPJPY could plummet.
   
EURJPY
Dominant bias: Bullish   
There are going to be serious movements in the JPY markets this week (while next week would be quiet), and EURJPY would not be an exception. This is a bull market, and while there may be occasional pauses and consolidation along the way, there could be further bullish movement. However, the ongoing weakness in EUR could scuttle this expectation. As long as price does not cross the demand zone at 121.00 to the downside, the bullish bias would hold.   

This forecast is concluded with the quote below:

“In order to taste success in the trading market, you'll need to develop really simple strategies. You're likely to take trading decisions in a more confident way, remain headstrong and gain more winning opportunities when you follow some really simple strategies.” - Sean Lee

“It’s Monday morning. You are warm and toasty in your bed, hearing the world around you wake up. You allow yourself a little sleep in, and then pull open the curtains. Your swimming pool is shimmering in the sun light, and your outdoor lounge beckons. After a satisfying breakfast, the markets open, and you casually look to see how your trades are doing. Then you settle back on the lounge and plan out your day. On your terms. Answering to no-one but yourself. Safe and confident in the knowledge that your trades are working for you... This could be your future.” – Louise Bedford (Source: Tradinggame.com.au)

In April 2016, I wrote about 3 best traders I’ve even seen. These brilliant trades aren’t stars in the world of trading, but they beat the so-called stars. Their outperformance is huge!

I promised to give you an update on the result and identities of these mad geniuses. They’re really exceptional in that they even participated in another private contests, which consisted of 100 profitable traders, and they came out on top again. This happened in spite of the fact that the market conditions during the first contest was completely different than the market conditions during the second contest.  So they have strategies that can survive all market conditions. I’m very happy for them.

For a reminder, these are the details of their recent performances: 

The contestant who came first turned 2,500 USD into 1,433,480 USD (57,239.20%).
The contestant who came second turned 2,500 USD into 741,365 USD (29,554.60%).
The contestant who came third turned 2,500 USD into 713,076 USD (28,423.04%).

The top three traders are Andris D, a Latvian; Bogdan D, an American; and LD N, also an American. This is no surprise, Americans are among the most effective traders on this planet.

WHAT THE BEST TRADERS HAVE IN COMMON
These traders were interviewed, as well as other profitable traders. I read the interviews myself and would like to give you tips on what they’ve in common.

They were gainfully employed before they became traders
They even kept their day jobs after becoming traders. One is a soccer player. One is an electrical engineer, while one is a former submariner and currently a wealth manager in a trading firm. Being gainfully employed before one becomes a trader will help one’s psychology, contrary to the impatient and risky tendency of a jobless trader.

It’s good to become a trader while you’re earning a steady source of income, not when you’re jobless and destitute. Those who’ve sources of income find it easier to speculate with monies they can afford to lose. They can also make rational trading decisions because their existence isn’t dependent on a single trading capital. This goes in a sharp contrast to someone who must make profits in the markets or go hungry.

When you talk about trading in the hearing of those who’ve good jobs, they’ll reply that they aren’t interested. However, when they lose their jobs, they come to trading as the last resort. This is the worst time to become traders. It’s far better to become traders when you’re comfortable, and when you become consistently profitable, you can then go solo as a trader, if you think that’s viable.

They’ve years of trading experience before reaching profitability
One has 6 years of experience. One has 5 years of experience; while another has 10 years of experience. This means they’d been playing the markets for long, before they got to the stage in which they can pull out profits consistently.

Let me tell you a fact. It’ll take you years to master the markets personally. Anyone who tells you otherwise is fooling you. Even if you buy a good trading system, you’ll need some experience to use it successfully. The way an experienced trader applies a trading system is different from the way a rookie uses a trading system. 

Don’t think you’ll come to trading and start making consistent profits right away. It’ll take you some years to do that.

They go into trading to make money
This is why we become traders: We want to make money. The major reason these geniuses become traders is to make money, and they craved profits badly enough. They wanted better living standards. They wanted financial freedom. They were aware that trading brings wonderful opportunities.

But you don’t make money because you want money. You make money because you’re persistent, perseverant, diligent, and patient. You need to crave success badly enough.

They use manual and automated strategies
Manual strategies are good. Automated strategies are good. There is a genius who made huge money based on manual trading only. There is a genius who made huge gains based on automated strategies only. As long as you control your risk, stick to your rules and approach trading rationally, you would be victorious.

They’ve vowed never to quit trading
Whether the going is good or bad, these exceptional traders look forward to trading forever (until they drop dead). Unlike undisciplined traders who threaten to quit when they face drawdowns and promise to continue when they see positivity, these profitable traders have decided to continue trading, come rain or shine.

Would you keep on being a trader, moving forward in your journey to success? Or would you stop being a trader because of the current roadblocks? Would you give what it takes to ensure that you reach consistent profitability?

May you be given the wisdom to make decisions that would make it possible for you to be a testimony to others in future?

Conclusion: Maximiliano Lepez’s college professor once told him he was foolish for thinking he could beat the markets. That statement was enough to discourage many people from trading, or who would not take a word of a college professor seriously? But Maximiliano didn’t allow himself to be discouraged. He went to the battlefield of the financial markets and became a proficient trader, using algorithmic strategies. He’s the last laugh. 

This article is ended by the quote below:

“It’s a matter of finding an approach that works for the individual.  A person has to know whether they are comfortable with fundamental or technical, long term or short term, certain types of markets, wider risk or less risk… You can go through a whole checklist of things and find it’s different for each individual.” - Jack Schwager

“One of the keys to a trader’s success was not the results of a trade but rather how a trader reacted to the results of a trade.” – Dan Gamza

Why me? Why did this happen to me? Those are some of the questions that disturb losing traders. After a series of losses, some of them develop hatred for trading. Suffering that results from negative trades, drawdowns and margin calls can make people easily disappointed in trading.

Nonetheless, no matter how bad your trading is, it could’ve been worse. No matter how bad things are, there are still some reasons to be thankful, if you can think deep.

There are events that move the markets and which professionals focus on. These events often are filled with uncertainties, bringing profits and losses to people. Just some months ago, Greece was a hot topic, and speculators were mulling opening positions on the seemingly overextended markets, but some had serious misgivings. At times, the stakes may be higher than the rewards.

There Is Really Nothing Like Losses
There is really nothing like losses, for what brings losses to some people is what brings profits to others. The market moves up or down – not losing up or down. When you buy EURUSD and it goes up, you win (but a seller will lose). When you sell AUDJPY and it goes up, you lose (but a buyer will win). When you enter a direction in the market and it moves seriously in your favor, all those who go in that direction will make money, provided there are no wide differences in their entry prices.

What you call losses is what brings profits to some people. What you call profits is what brings losses to some people.

People Don’t Learn Their Lessons
Despite well-meaning efforts to solve the problem of loss, there are millions of traders around the world who’re still losing because of dangerous trading habits. People don’t learn their lessons.

During a funeral process, many attendees will be remorseful, thinking about the brevity of life and futility of wickedness, anxiety, love of money and so on. But once the funeral is done, you’ll see many of those attendees living their lives as if they’d not die again.

Too many traders lost in the past because they didn’t use stop loss on live and simulated accounts. When they come back to trading, you’ll see them using the same trading approaches that led to their downfall the last time, namely, high lot sizes and no stop loss. People don’t learn their lessons.

Traders who test new trading ideas on demos don’t use stops; and I wonder how that idea can survive on live accounts in the long haul, because they may apply it to a demo account once they’ve been lucky enough to gather some gains.

A Way Out?
After many years of grappling with the markets, traders who complained in the past may later show their gratitude; and for the fact that the markets cannot be blamed for what happen to them (though we may feel disappointed sometimes). There are days when they become sad, and they complain when they think of their seeming helplessness. Nonetheless, they’d have come to understand that the markets don’t set out to punish individuals.

Interacting with good traders as well as reading about super successful ones would’ve made them stronger psychologically and kept their spirits up.

Reflecting on a possibility of a risk-free trading approach reassures those who’re currently losing. Good trading coaches care about them, knowing full well that the end of their struggles is in sight. Focusing on such hope can give a trader the fortitude to endure certain negativity now.

Conclusion: Are you disappointed in trading? Well those who currently make loads of money from trading were once disappointed at some time in their careers. Those whose marriage is now successful were at one time, frustrated by their spouse. But these people, for example, profitable traders (as well as happily married persons), looked for solutions to their problems and apply those solutions faithfully. That doesn’t mean they’re luckier or better than others: that means they’re able to overcome the causes of frustrations and disappointment in their careers.

This article is ended with the quote below:

“Markets are people. So beating them asks for insight in what they are doing. And, perhaps more importantly, how they feel, because that will direct their future actions and, in the end, what markets will do.” – Dirk Vandycke

Weekly Trading Forecasts on Major Pairs (December 12 – 16, 2016)     
   
Here’s the market outlook for the week:
   
EURUSD
Dominant bias: Bearish   
This pair made some bullish attempt in the first few days of last week. Price rallied 300 pips, testing the resistance line at 1.0850, before it began a serious bearish movement. The bullish gains that were initially made last week, were eventually lost as price plummeted, to close just above the support line at 1.0550, after testing it. The market outlook is bearish for this week, since EUR is expected to continue its weakness while USD would continue gathering stamina. There is a possibility that EUR would reach parity with USD in a foreseeable future.

USDCHF
Dominant bias: Bullish
Last week, USD/CHF moved sideways from Monday till Wednesday, and then started moving upwards on Thursday, in conjunction with the extant bullish bias. Price tested the resistance level at 1.0200, and later closed below it. The outlook on the market is bullish for this week; price could reach the resistance levels at 1.0250 and 1.0300. However, it would also be seen that CHF is rallying versus some major currencies, which may prove to be a challenge for the bullishness of USDCHF.

GBPUSD
Dominant bias: Bearish   
Cable went upwards on Monday and Tuesday, reached the distribution territory at 1.2750. Price attempted to stay above that distribution territory, but the attempt was rejected as a southwards movement began, which eventually posed a threat to any bullish signal in the market. Price would move further southwards this week, going below one accumulation territory after the other. The outlook on GBP pairs is bearish for the week.   

USDJPY
Dominant bias: Bullish
USD/JPY consolidated from December 5 to 7, and the rallied on December 8 and 9 (though the consolidation started earlier than that). Since the low of November 9, the market has gone up by 1400 pips, and this would continue. As it was forecast every week in the last three weeks, the outlook on this market, and as well as other JPY pairs, remains bullish. The supply levels at 115.50, 116.00 and 116.50 could be reached this week.

   
EURJPY
Dominant bias: Bullish   
There is a conspicuous Bullish Confirmation Pattern on this trading instrument, albeit it is currently volatile. Price has recently swung up and down in the context of an uptrend, but the overall movement would be bullish. The targets for the week are supply zones at 122.00, 122.50 and 123.00, which were all tested last week. The major reason why price is generally bullish here is because there is a serious weakness in Yen, and as long as the weakness continues, EUR (which is weak on its own), would manage to keep on going upwards against it. 

This forecast is concluded with the quote below:

“Trading and markets have been a major part of my life for almost 60 years. Trading has been the means through which my family and I have received many blessings.” – Joe Ross

WHAT YOU NEED TO KNOW ABOUT MASTER TRADERS – PART 22

“It never ceases to amaze me the impact that controlling your losses has on your performance.” – Chris Tate  

Name: Crispin Odey
Date of birth: January 31, 1959
Nationality: British
Website: Odey.com

A QUALIFIED LAWYER BECOMES A TRADER
Crispin was born in east Yorkshire and educated at Harrow School. His dad had been a head boy at that school.

Crispin went to Oxford and got a degree in history and economics, after which he qualified as a lawyer. But instead of practicing law, he joined Framlington fund managers. He also worked at Baring, managing the Baring European Growth Trust.

He founded Odey Asset Management in 1991, a London-based hedge fund. He’s now a partner at the firm, which has about $9.3 billion under management, and Odey personally running $4 billion of assets. George Soros was one of the original seed investors of the firm, investing $150 million in it.

Crisping has been successful overall, but there were times he was wrong, like the year 1994, when he suffered a considerable amount of loss on his funds. Nevertheless, he thrived, like the year 2001, for he foresaw that the value of insurers would rise after the September 11 attacks on New York.

He once worked closely with Hugh Hendry, thus the quip, “Odey in the 1990s was a one-man band; Odey in the 2000s was a two-man band.” In 2008, he made lots of money from bear markets of the year, growing by 54.8% and paying himself 28 million GBP.  He’d shorted some banks, getting called a “Big Business Shot.”

Whenever he lost some money, he lost some investors and his net worth declined. Whenever he made some money, he gained some investors and his net worth increased.

Trading is a lifelong career.

As of 2015, Crispin was worth £1.1 billion GBP, jointly with wife. He’s married to Nichola Pease. He lives in Chelsea, London and has a house in English Bicknor.

What You Need to Know:
1.   Crispin’s multi-billion hedge fund has world leading investors and has an exceptional performance record across their conventional and hedge fund portfolios. You've got to look at assumptions behind markets long before you look at markets.

2.   To be a successful long term investor you must think like an owner - know when to take risk and when to preserve capital, according to Crispin. You need to preserve your capital and generate superior returns eventually.

3.   Losses are great teachers. A loss may wipe you out. Another loss would teach you how to survive and another loss would bring you profits and enjoyment.

4.   Your qualifications don’t matter much when it comes to being a great trader. When it comes to speculation, History degree is far more useful than a CFA [Chartered Financial Analyst].

5.   When you got great talent and skills and flexibility, you’ve control over your life. You may be under a boss, but eventually you may need to stand out on your own. Crispin broke away from Barings to found his own business at time when some felt that the private client side was playing second fiddle to the institutional business. Anyone with creativity had to operate outside the system.

6.   Good traders have a knack for finding setups that would do well in spite of the vagaries of the markets.  These markets are very hard to read, but some instruments would give you clear signals and you have to trade with confidence.  

7.   “Investment styles need to adapt as opportunities change. Living in investment denial must be avoided - if an investment is not working, we won't wait until it does,” says Crispin.    

8.   Good traders and investors are pretty good at making money; plus don't take too much out, either.

9.   Other business also have their risks. Many people suffer in other areas of human endeavors. Crispin’s dad made money as an entrepreneur and then lost it because he broke his own rules. You’ll need to take your time to make money, thinking like the opulent. Don’t look for quick riches.

10.   Genius traders fall and rise up again. A good trader may suffer a temporary loss, loss of revenues and loss of investors. Nonetheless, they would eventually grow, grow revenues and gain new investors.  

11.   You don’t know when a downtrend or an uptrend would end. Those who chase the market lose money, and those who get chased by the market make money. You need to stay ahead of the market.

This article is ended with a quote from Crispin:

“What we do is work very hard not to lose money. We don't live with hope in the portfolio; we live with fear. Our view of the market now is: Take care of the downside, and let the upside take care of itself.”

 

Super Trading Strategies: Advfnbooks.com/books/supertradingstrategies/index.html