Forex education: Weekly analysis for week starting 9th March 2008

Posted by Nick 14 Comments

Hey guys,

It’s the start of a new week of pip making again and it looks like it could be an interesting week. We have a new 2 year low at 203.44 which should make for a great short if broken. A lot of the times these significant highs and lows cause quite a bit of movement when broken so hopefully it heads down there. On the bullish side we have two lines a scalp at 208.00 and a normal trade on the break of the 208.80 resistance line.

Remember though, I cannot predict candle formations and there are always trades to be had based on candle patterns. Be it a reversal pattern or a candle that creates a new scalp line trades can form during the week. So keep your eyes open for those trades.

Check out the video below for detailed analysis.

Also Forex 4 Noobs is getting a face lift. I know I do minor site changes every other week but all in all the site has remained the same. This time I am doing a complete overhaul and it will look like a completely different site. It will look much more modern and much sexier.

Good luck this week!

Tags: Candle patterns, forex, forex 4 noob, forex analysis, forex profit, forex trading, forex trading education, free forex education, free forex signals, gbp/jpy, scalp line, trade update, weekly analysis

dogbaron

Cheers Nick,

Great insight as usual. Thanks for including about the 204.90 scalp at the end.

Good luck everyone.
O’Zeeke

Thanks again Nick, starting to understand this stuff better now
http://fasttrackplans.com Roadrat

Thanks, that’s cleared up a few queries I had.
http://www.eltonforex.blogspot.com Syres

Nick,

I saw that you had gone over a few lines and tweaked them to better fit with the recent data.

Recent lessons:
1) line tweaking
2) trading conditions near the beginning or the end of a week
3) NFP

Thank you for continuous patience and teachings.

Syres.
Snikad

Thanks, I almost had it spot on but I missed 1 or 2 things so thanks for clearing that up!
Wes

Hi Nick,

Thanks so much for sharing and helping others succeed. God speed.

Wes
Mike

Hi Nick,

Thank you for helping us all understand a little of this fascinating world of trading. I would like to ask you if you consider your method applicable to all forex pairs and if so, don’t you think that by anticipanting what happens with the GBP/JPY can offer us a good enter on other pairs involving JPY like USD/JPY, AUD, JPY and so on.

Have a pipiscous week, month, year…..life!!!
Brandi

Just want to say thanks for making this site available. Great, Great information, and thanks for keeping forex trading SIMPLE!!!
Tony

Just took a trade on the break of the 203.44 line. We’ll see how it turns out.
admin

Well that trade didn’t work out!

Ah well, it puts an end to a very nice streak of wins.
snikad

Bit of a mishap on my part. I accidentally closed the trade with about 20 pips profit; all and all it worked out for the best I suppose. Time to regroup!

Matt
tami

wheres the update or latest blog version?
admin

I hate these vague posts that make no sense. What do you mean where is the update or latest blog version?
Jean-Michel

WHat a SUnday night ! I guess that the new S&R will then be now 192.50 (about kind of same levels…2 years and a half ago…) or about 1000 pips below Friday’s… Was just wondering if anybody managed to make some money on that one !