Daily Outlook for EURUSD

Back after about a week or so.. I am fresh and hopefully stronger and better than before. Now, lets get down to the analysis. This pair still seems to be stuck in a range for the past so many weeks. Though it has had its share of ups and downs and wild swings, you can see that all of this has been within a range and this range has been much smaller when compares to the swings that the other pairs have had.

To me, this ranging has shown the strength of this pair more than anything else. You can see that this pair has not broken down below 1.38 during all these time. Of course, it has not exceeded 1.42 as well but the fact that this pair did not fall when all other pairs did, shows the strength of this pair.

As for today, i expect the ranging to continue as so far, there has not been any trigger for it to break the range. On the upside, the resistances are at 1.3980, 1.4008 and then at 1.4050. On the downside, the supports are at 1.3950, 1.3920 and then at 1.3850. I expect the price to range between these S and R for the whole of today unless there is a major breakout. In such a case, we simply take a trade in that direction.

No Updates !!??

Many of you might have been wondering on how i have not been updating this blog for the past couple of days. In fact, i have also not given signals nor written any articles, nor posted anything on forums for the past couple of days. The main reason for this has been the fact that i have been a bit busy with some personal work and hence decided to take a break from forex for this week.

Forex is a tough and taxing thing and it needs me to always be on top of it to write/give proper analysis. So, instead of me spending less time on it and thus giving wrong analysis, i thought i would rather take a full break and come back stronger than ever from next week and spend more time in analysis so that i can pass on the same to you guys. So, its time for a break this week.

But this week, i have been utilising it very well to spend time with family and also work on our automated forex system along with Richard. Working on this has been a fascinating experience so far. It amazing how much of hard and thorough work is involved in this and how much of coding we have had to do. We have had to import data, write macros, check the history, collect data history, format them into the way we want it, run it through the software, optimize it, change parameters, re-optimize it. HMMM...Thats a lot of work...Isnt it??!!

But well worth all the effort so far as can be seen in our results for GU. Now we are optimizing it for GBPCHF and EURJPY and we should have them ready in a couple of months time and then we will have a better system and even better results !! Quite amazing to think of the potential.

Already, we have been contacted by a couple of funds who have expressed interest and we are thinking of having our own fund along with being traders for these funds as well. We will have to see how things go. Thats all for now !!

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As expected, this pair continued to range yesterday as well though the low of the range was a bit less than what was expected. But considering the fall in other pairs like GU, GJ etc., the fall in this pair was smaller and also within the expected range.

After the fall yesterday, we have seen this pair again move up into the nice range that it has been for the past so many days. Not much of a major news is expected from any country today except for a bit of news from GB. So, i do not expect this pair to be affected much and i would expect this pair to continue to range today as well within the ranges that were mentioned yesterday.

What has also been shown yesterday is the strength of this pair in the fact that this pair has refused to fall even considering the huge fall in other pair. So buying dips is the way to go on this pair.

Just to repeat, on the downside, this pair has support at 1.3920 and then at 1.3885 and i do not expect this support to be broken today. On the upside, the resistance would be at 1.40 and then at 1.4060 and then a strong one at 1.41. Expect more ranging today with bias to the upside.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As can be seen, the week has started quite badly for this pair. It has gone down to its support level at 1.3950 and now has just about started to pick up. The main point to note here is that this pair is still within its range in which it has been for the past 3-4 weeks. I do not see this range being broken anytime soon. Unless something drastic happens, i dont see this range being broken. If and when it does, it is going to be a very big move.

There is not much news during the day but the US markets would be back after the long weekend and this could make the markets interesting today. I dont expect the range to be broken today as well.

On the downside, this pair has strong support at 1.3950 and then a huge support at 1.3920 and i do not expect this support to be broken today. On the upside, the resistance is at 1.40 and then at 1.4050 and a strong one at 1.41.

I expect this pair to range between these supports and resistances today.

More Updates on the Automated System

End of another quiet steady week. The trading was nice and easy and steady. No major hiccups and no major upheavals as well. Just standard stuff of about 100 pips a day. Nice, slow, steady and easy. There is a saying that Good Trading is Boring. How true that is.

Coming back to the automated system, it continues on its ways and it has been going on nice and steady. This system has been automated and optimized for GBPUSD and has been providing some very good, steady trades. Myself and Richard are now training our attention on EURJPY and GBPCHF currently and we hope to fully optimize it in the next 2-3 months. Once these 2 pairs are optimized, we should be having some good steady returns of 25-30% a month atleast. This is indeed a long term project and we ultimately plan to optimize this system for atleast 20 pairs which should take quite a bit of time but which would be worth the effort.

Attached is the list of trades that this system has taken ever since it was put into a live account from Jan 1, 2009. It started off with a balance of $5000 and now it has a balance of over $13,000 which is pretty good going considering the fact that we have used it to trade only one pair so far.

I will keep you guys updated on how this system goes. In the meantime, if anyone has any queries about the system or the managed fund, do mail me at kartram.77@gmail.com.

Automated System - Managed Fund

A few days back, i had announced the launch of the automated system which i had been developing along with Richard and which had been under test in a live account for 6 mnths and i had also asked for suggestions from all of you on what can be done with it to make it useful for everyone involved.

An overwhelming number of you had suggested to use the automated system in a managed fund. After all, thats what the hedge funds do. They take your money and put them in funds which are traded by automated trading systems. So, a lot of you had suggested that i could start a managed fund and use the automated system to run on this fund.

I already do manage funds but they have been managed directly by me. This automated system returns 7-10% a month on a consistent basis and so i think this would be a good option for those who want consistent returns.

So, if anyone of you is interested in joining in this managed fund, please do let me know. You can mail me at kartram.77@gmail.com ...We can discuss details over mail.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Yesterday was a day of a huge fall which shows that there is huge resistance around 1.41-1.42 and i really cannot see how this pair can break that resistance. There have been several attempts to break that resistance but all those attempts have been futile.

To the credit of this pair, it has also not fallen below 1.37 and this pair has been ranging within these 300-400 pips for about 3 weeks now. There does not seem to be any breakout in this pair. Everytime a breakout has been threatened, it has only fallen back into the range.

Yesterday we saw the huge fall and we saw the price being taken to strong support around 1.3920 as can be seen from the chart. We have also seen the price bounce from there for about 50 pips now and it has now been capped by resistance at 1.3980.

Today, there is very little, if any, news around and it is also a holiday in the US which would mean low volume. This could either mean slow movements in price or high volatility as low volume enables easy manipulation. We need to have our fingers crossed.

With this scenario, i expect a day of more ranging with 1.3920 providing good support. I do not expect this price to be broken today. On the upside, i expect resistance at 1.3980, 1.40 and then around 1.4050. I would be quite surprised if either 1.3920 or 1.4050 is broken today considering the circumstances.