“I certainly don’t expect
anyone to make 10% a day in their account. What about per week? Still a bit
unrealistic. Monthly? Possibly. Quarterly? Probably. Yearly? Definitely so!” – Rick Wright
Last
month, the currency markets were generally able to maintain their predominant
biases, in spite of prevalent corrections and equilibrium phases. These biases
are expected to continue in the month of December 2012 – it’ll even be seen
till the end of 2012. However, this doesn’t rule out the possibility of
pullbacks and rallies in near-term.
Below is
the summary of some of my trading forecasts this month:
AUDUSD
Primary
trend: Bullish
Last month, the AUDUSD consolidated to the
upside. We can say that the bullish trend in the market is still valid. The
MACD histogram and signal line are above the zero line. The ADX +DI is still
above its –DI counterpart. I would prefer a long trade for this month.
AUDJPY
Primary trend: Bullish
The bullish trade that was called for the
month of November 2012 was valid on this market. This cross moved up by more
than 300 pips last week – good news for trend riders. Right now, this bias is
still valid. The MACD and the ADX are still showing very strong bullish
inclination, I would prefer to go long.
EURNZD
Primary
trend: Bullish
This
cross moved up moderately last month. The northward bias is till valid, though
the trend is very weak right now. The ADX signal line and histogram are still
above the zero line, but the ADX period 14 needs more confirmation before a
long position is opened.
EURCAD
Primary trend: Bullish
Despite a dip
in the price at the beginning of November 2012, the price is still bullish. It
can be said that the price has gained what it lost, as far as October is
concerned. The ADX 14 is pointing towards the level 30, showing a strong trend
(the ADX +DI is above the -DI). Even the MACD supports this view. BUY.
AUDNZD
Primary trend: Bullish
This exotic cross broke upwards in the earlier part
of the last month, but was caught in some equilibrium zone
towards the end of that month. There are conflicting indications on the chart.
The ADX 14 is giving a sell signal while the MACD is giving a buy signal. It is
better to stay out of this market right now…till a clearer signal signal.
GBPCHF
Primary trend: Bearish
The GBPCHF cross dropped by more than 230 pips last month.
Right now, the price is around the accumulation zone at 1.4800, and should the
price break it downwards, the next target could be the accumulation zone at
1.4700. The indicators on the chart also give bullish confirmation pattern.
Conclusion: Just because a seemingly
perfect setup occurs, that doesn’t necessarily mean that it must be a winner.
Consequently, sometimes a trade may look unsure, but in reality it may be that
our maturity and patience is simply under test. We shouldn’t impulsively take
any signals we see, but we should take into consideration other factors as well
before taking a trade. It does not matter if your situation looks hopeless.
Risk management and positive expectancy will eventually bring good returns!
Some
mornings I wake up with appreciation in my heart. I am so happy to be a trader,
and I’m thankful for that. How grateful to say that we love trading and that
trading is good.
The
article is ended by the quotes below:
“There are only two types of people that want to learn to
trade: those that want to know everything about trading and are prepared to
spend the time to learn about the markets and those who just want to make
money.” - John Bartlett
“…The get rich quick idea can have quite the allure. The
problem is that nothing works that way. To trade well you have to get
comfortable with taking losses. Over and over and over.” - Richard
Chignell
Your questions and opinions are highly welcome.
Thank you.
With best regards,
Azeez Mustapha
Forex Signals Strategist, Funds
Manager &Coach
For more articles at FXempire.com, go to:http://www.fxempire.com/author/mustaphaazeez/
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