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Monday, December 12

Online forex: More Simple ways to trade profitably

 This article is based on personal experience. For some years, I have been on this – eight years. This article is meant to make forex trading simple and profitable, reduce your fears and emotions, and build your trading confidence. This can make you a good account manager rather than having investors breathe down your neck. These 5Ps’ may be more comprehended by those who have started live accounts and demo. Practicability on live accounts will yield a better result on your profit and confidence level, as your real investment (money) is involved. On demo accounts, the issue of confidence level may not arise because you have nothing to lose and when you make money, it is virtual.

The market is a repeating pattern, as they say in forex trading. What we do in forex trading to make profit or loss is simply buying and selling.
The position here is described as the current market price in a broader outlook of the chart of the currency pair, based on periodicity in use. Periodicity is one of the 5Ps’ and determines the category of trader you belong to, be it scalper, short-term, intra-day or swinger.
The market position may be up (good for sellers) or down (good for buyers) or in the middle (which you may have to avoid, though not completely, depending on your experience and skill in the market analysis). I will do an exposé on USDJPY pair based on my candlesticks analysis of the daily, weekly and monthly charts.
On the weekly chart, the broad view position of the USDJPY is up. Penultimate week had a long bullish spinning top.  Precisely, last week, between December 4 and December 8, the market obeyed. Last week’s bullish candlestick also gave an indication that the market might continue in that direction.
On the monthly chart, it looks sweet to make money on bullish trend in this pair in the month of December. Here, the position is fair and bullish. Though this is not sacrosanct, chances of losing in this pair are very low unless you fail to employ good money management. Give or take, I give it 90 per cent success on an uptrend. BUY position is good.

As earlier said, periodicity is a component of the winning 5Ps’ ways. On MT4 Platform, periodicity or period ranges from one-minute (M1) price chart up to one month (MN). In between are M5, M15,M30,H1,H4,D1 and W1. The timeframe you employ most in placing your orders determines if you are scalper, intra-day or swinger. Market analysis of longer time frame does override short-time frames. Presently, the lower period and higher period market are selling on H4, but an analysis on W1 may support buy. Candlesticks analysis on USDJPY, on weekly and monthly chart, supports the bullish trend. These are the highest periodicity time on MT4 and still give the much reliability to depend on, or uphold that trade decision.
Monthly chart supports position. Candlestick analysis of November gave a strong bullish candle. You have two of the 5Ps’ in your favour. With good money management, let us ride on this. The fear may be your entry point; the lower and earlier you are in, the better. As the two higher periods technically, do analysis on lower time frames to see what the market is actually saying. This might be some support levels; by setting buy limits and other market analysis tools that you have in your arsenal.
We should be smiling by the time you read from me in this column come December 25; based on market analysis given below. Remember it was a good ride in the last one as predicted.
See you then and happy trading. Merry Christmas in advance.

Market analysis for the week Monday 11th – Friday 18th 2016
Entry and exit may be at discretion of traders
 USDJPY (Buy) Entry between 114.00-114.73 TP. 117.52
USDHKD (Buy) Entry between 7.7560-7.7565 TP 7.7655
CADJPY (Buy) Entry between 86.00 – 86.34 TP 88.75

GBPJPY (Buy) Entry between 143.70– 144.50 TP 151.40

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