Forex Education: Weekly analysis for week starting 10/02/08

Posted by Nick 7 Comments

Hey guys,

I had some mic issues today and I could not shoot the weekly analysis at the normal time. I got a new mic eventually and I manged to get it out today. Things have changed a little this week, in my opinion the 207.00 line is not a good line anymore and as I write this I can see that it actually reversed a little. The analysis I shot was a short time after the initial break and I basically said I was not getting in however that’s not much help now.

If you got into the 207.00 break I can see why you entered and it was not a bad move on your part. I was actually tempted to enter, it looked like it could be a good trade but I just had a feeling it wouldn’t work. The bottom line is even the best traders get the occasional bad trade, it is impossible not to so if you got in this trade and lost pips just brush it off and get ready for the next one.

This week it is mostly scalps this week only one proper line.

Check out the analysis!

Regards, Nick

P.S. To all you Americans that have emailed me about my date being wrong….. in the world outside America the date is written day/month/year. I think you are the only or one of the only countries that’s writes it month/day/year.

Tags: forex, forex analysis, forex profit, forex trading, forex trading education, free forex education, free forex signals, gbp/jpy, nick, trade update, weekly analysis

tamiraem

What about any upside plays or breaks. At this time 20677 is the low and
and if anything 20700 is acting more like support. what about a break of 20882
or 21055?
admin

Well I mentioned a one upside breaks, I mentioned I would not trade a 210.55 break as the line does not look good at the moment. It does not look good since it has been hit way too much recently.

Anyway I do not make-up lines just so I can enter trades. That is a sure way to lose money. I look for what is actually on my chart and what would constitute a trade. This week we do not have much to go on and that happens some weeks.

To me 206.77 is really just a scalp line and 207.00 is an actual support line. Support lines do not work perfectly all the time especially when they are overused.
http://www.eltonforex.blogspot.com Syres

Hi, Nick,

I did my analysis yesterday and I’m really glad to see that my thoughts have been 90% the same on lines as well as their strength . I also colored them for that purpose and could see it at glance while looking your analysis.

The only difference was that I had 204.60 as a scalp line initially, because I hadn’t noticed it was a yearly low and also a low from several years back. I’ll remember to keep an eye on those kind of lows and highs in the future.

Currently I would see a scalp line at 206.75 because it has had 2 bounces now, not only one as it basically was during the shooting of the video. Do you think my thoughts are correct or am I overdoing it a bit? =)

Best regards,

Syres.
Christian K

Thanks Nick for the Analysis, better late than never. I got in short at the 207.00 line and that didn’t turn out so well, but I feel better you saying that it wasn’t a bad trade (when I entered). Looking forward to the scalps this week and your updated analysis. Cheers
willj

hey Nick, thanks again for the analysis, i got in on the 207.00 break looked good but didn’t turn out, but oh well can’t win them all, just have to wait for some scalps.
Metalhawk

I also got burned on 207.00, but most of it was gained back on the break of 209.90.
Wes

Hi Nick,

I made some pips this week using your analysis. Thanks so much for the help!

Wes