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Hey everyone, for this Monday presentation I take a look at a small currency basket. I have constructed trade plans for the Euro USD, Euro Pound, USD Yen and Pound Yen. The USD Yen and Euro USD are both in some tight 4 hr price traps that I am watching closely for a break out. In addition to this analysis I talk about using the USD Yen and Euro Pound as proxy pairs for trading other USD and Yen related pairs. I hope you enjoy the video and good luck today!! David Pegler
Originally posted 2010-03-09 20:38:30. Republished by Old Post Promoter
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Hi Nab, thanks for your questions.
I don’t ignore fundamentals but I am for the most part a technical trader so my bias is based on price action, through different chart time frames, daily, 4hr, 2hr and hourly. As far as a proxy pair for the most part I’m watching the Euro Pound and USD Yen. As forex traders we essentially only trading the Yen and USD everything else is simply a relative strength game.
Good luck!!
David
Greetings David, I love all your commentaries especially because I trade on longer term charts to.
I have 2 questions
1) How do you form a bias? Understand that you are very bearish on the GBP these few weeks. Was this view formed purely based on fundamentals before looking at the charts?
2) How do you decide which currency pair to use as a proxy of how the particular currency is moving. ie. you mentioned to use USD/JPY as a guide for all the JPY pairs.
Appreciate your response.
THANK YOU!
Thank you David,
every morning an analysis-you are like a clock.
Thanks David!
excellent commentary!