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  • USD/JPY strengthening during trade, adding to an impressive run for the Dollar/Yen pair in 2021 https://t.co/xHRuS8D2i0
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: -0.21% Oil - US Crude: -0.21% Gold: -1.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4hoyPt34ex
  • The latest CFTC positioning data for the week ending March 2nd saw speculators continue to unwind their US Dollar net shorts. Get your market update from @JMcQueenFX here:https://t.co/S3Kx4OBphE https://t.co/fejOV0AXYv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/klgOuNPYtk
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD https://t.co/Oj9JYasyTU
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
Foundations of Technical Analysis: Seeing the Forest from the Trees

Foundations of Technical Analysis: Seeing the Forest from the Trees

Michael Boutros, Strategist

In this episode of our bi-weekly webinar on the Foundations of Technical Analysis we discuss the intricacies of trade execution as well as how and when to recognize proper trade entries. Its important to always keep in mind that you will never KNOW with certainty the performance of a given setup beforehand- the point is to look for as much evidence to support your thesis and adjust your trade size accordingly, always keeping risk management at the forefront. Being trigger shy is often a sign of over-leveraged trading or a lack of conviction- each setup should always be taken on its own merits and trade size should be based on how much evidence is available.

New to Forex Trading? Get started with this Free Beginners Guide

Topics discussed:

  • Capital preservation above all else
  • Multi-timeframe approach
  • Flexibility – being just as willing to go short/long depending on where price is in relation to trend
  • Significance of weekly / daily high / low closes
  • Conviction- how we make this determination- what constitutes a high conviction setup?
  • Using leverage as a tool – diversifying trade size based on the conviction level
  • Confluence regions- identifying areas of technical confluence support / resistance
  • Scaling into winners – NOT losers
  • Review of actual trades taken this week across the majors
  • Trading Q&A Session

Why does the average trader lose? Avoid these Mistakes in your trading

Recent Technical Trade Setups

A review of the latest AUD/USD, Gold, EUR/USD and Crude Oil setups published earlier this month highlight live examples of how we utilize our technical approach to translate an idea into an actionable trade.

Join us for the next Foundations of Technical Analysis Q&A webinar on Friday September 7th at 10am EDT- Register Now!

Send requests on topics for upcoming Foundations of Technical Analysis webinars to mboutros@dailyfx.com

Previous Foundations of Technical Analysis Webinars

Build Confidence in your trading with our Free DailyFX Guide

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

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