Giuseppe Basile, CSTA/IFTA
FibStalker Trading
In this session I wanted to answer a number of recurring questions I get all the time and particularly in the last few weeks.
I addressed some of the aspects that starting and intermediate traders have to consider. Firstly charting (depending on how "visual" your method is). For instance I trace tents of hundreds Fibonacci studies every year on my charts and that study has to be smooth, along with the clarity I get from the chart itself, and how price is represented.
It is very personal. There is no one-size-fits all and if you are starting just be happy with MT4 with a leading broker (check on FXStreet website the comparison between different brokers).
As you account grows (with experience, thus start small), you can pick different solution and different brokerages solution that open up to other asset classes and instruments.
A typical evolution is to trade forex using currency futures on the CME/Globex.
Watch the full video for more information and the hooks and advices on your typical path as a trader.
We then analyzed the EUR/USD ready for a potential move into 1.1020 to test for longs, AUD/JPY which could trade into 85.15 and find resistance, for a move into the 82 area and the EUR/CAD which has traded daily resistance, for a potential continuation lower into 1.2880 area.
-----
Come daily to Live Video and chat with experts and traders.
-----
The content provided through the FibStalker brand and websites is property of Giuseppe Basile and any views or opinions expressed herein are those solely of Giuseppe Basile. The information provided is for educational purposes only, so it should be used at own risk. Giuseppe Basile is not a broker-dealer, legal advisor, tax advisor, accounting advisor or investment advisor of any kind, and does not recommend or advise on the suitability of any trade or investment, nor provide legal, tax or any other investment advice. Release of Liability: Through viewing or using the information in the FibStalker websites, and other sites you agree to hold Giuseppe Basile, 8762538 Canada Inc., FXStreet, and any websites and connected operators, harmless and to completely release them from any and all liabilities due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur.
Editors’ Picks
EUR/USD recovers modestly, stays below 1.1900
EUR/USD gains traction and edges higher toward 1.1900 in the second half of the day on Thursday. The US Dollar struggles to benefit from the upbeat employment data following an initial positive reaction, allowing the pair to find a foothold.
GBP/USD holds above 1.3600 after UK data dump
GBP/USD clings to moderate gains above 1.3600 following the release of the UK Q4 preliminary GDP, which showed that the UK economy expanded at an annual pave of 1% in Q4. Meanwhile, the improving risk mood causes the USD to lose interest and helps the pair edge higher.
USD/JPY consolidates around 153.00 favoured by lower Fed easing bets
USD/JPY steadies around 153.00 after hitting two-week lows at 152.25. A strong US Nonfarm Payrolls report provided some support for the US Dollar on Wednesday. The Yen remains on track for a 2.6% weekly rally, boosted by Takaichi's victory at Sunday's elections.
Editors’ Picks
EUR/USD recovers modestly, stays below 1.1900
EUR/USD gains traction and edges higher toward 1.1900 in the second half of the day on Thursday. The US Dollar struggles to benefit from the upbeat employment data following an initial positive reaction, allowing the pair to find a foothold.
GBP/USD holds above 1.3600 after UK data dump
GBP/USD clings to moderate gains above 1.3600 following the release of the UK Q4 preliminary GDP, which showed that the UK economy expanded at an annual pave of 1% in Q4. Meanwhile, the improving risk mood causes the USD to lose interest and helps the pair edge higher.
Gold retreats from February highs, holds above $5,000
Gold corrects lower after touching a fresh February-high above $5,100 but manages to hold comfortably above $5,000. The positive shift seen in risk mood limits the safe-haven precious metal's strength, while the trading action remains choppy ahead of Friday's key US inflation data.
LayerZero Price Forecast: ZRO steadies as markets digest Zero blockchain announcement
LayerZero (ZRO) trades above $2.00 at press time on Thursday, holding steady after a 17% rebound the previous day, which aligned with the public announcement of the Zero blockchain and Cathie Wood joining the advisory board.
A tale of two labour markets: Headline strength masks underlying weakness
Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and selling pressure. Chart patterns have a proven track-record, and traders use them to identify continuation or reversal signals, to open positions and identify price targets.
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.