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Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.82% Silver: 0.65% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KVfIXfvjtM
  • Gold breaks out of the range-bound price action from earlier this week as the 10-Year US Treasury yield slips to a fresh monthly low (1.53%). Get your $XAUUSD market update from @DavidJSong here:https://t.co/QlflNxQb8o https://t.co/cMYBlVaH5X
  • Bank of America sets bond sale at $15 billion, new record issuance for a bank - BBG $BAC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.51%, while traders in Germany 30 are at opposite extremes with 80.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Rt3UaXS0iz
  • CI Global Asset Mgmt to launch world's first Ethereum ETF - BBG $ETH
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.28% US 500: 0.16% France 40: 0.08% FTSE 100: 0.08% Germany 30: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GMkjgMV7IS
  • US Indices are mixed today. The S&P 500 and Dow are up while Tech and Small Caps are trading slightly in the red. DOW +0.28% SPX +0.17% NDX -0.12% RUT -0.13% $DIA $SPY $QQQ $IWM
  • The US 10yr Treasury yield has slightly risen from the one month low hit yesterday around 1.53% to currently trade around 1.57%. Yields remain depressed compared to their levels from late March/early April. $USD https://t.co/uJJHXPaOhm
  • Retail CFD traders (at IG) have built up their heaviest short and net short position on the $SPX since we hit the peak at the beginning of September: https://www.dailyfx.com/sentiment https://t.co/IGK0KKRwwB
  • Hey traders! Wrap up the week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/qLtlinTzj8
The Trader’s Approach

The Trader’s Approach

Thomas Long, Course Instructor

Typically we see new traders open up a short-term chart like the 5-minute or 15-minute, place as many indicators as possible on that chart and wonder what they should do next.  We recommend taking a step back to get a good feel for the mood of the market and then to look for your trade.  What we mean by that is to first start with a daily chart with one year of trading to identify the direction of the trend.  If the market is trading between two similar price levels, then the market is range bound and we want to buy above support and sell below resistance.  If the market is in an uptrend, we want to buy the pullbacks off of the highs down to support.  If the market is in a downtrend, we want to sell the rallies up to a resistance level.  We would prefer that all new traders use the daily chart to both identify the trend and to find a trading opportunity.  However, there are many times when no trades are setting up on the daily chart.  So, at that time we recommend moving down to the 4-hour chart to find your trade, but always in the direction of the daily trend.  If there are no setups on the 4-hour chart, you can then move down to the hourly chart to find a trade, but still only in the direction of the daily trend.  This keeps you on the momentum side of the market and puts you in a position to be in on some of the big moves that the FX markets are known for.  Most likely, you will find that the best trades are found on the daily charts and as the time frame shortens, the trades become less reliable.  However, you will find many more trading opportunities on the hourly chart than on the daily chart.  But if you always trade with the trend on the daily chart, you increase your chance of success and should be able to find plenty of quality setups. 

euraud

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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