OSB Daily Technical Analysis
OSB Daily Technical Analysis for August 14, 2014
EUR/USD: downtrend and weakness remain intact
GBP/USD: at key turning points looking to test 200 DMA
EUR/JPY: looking to test 20 DMA with potential push to retest 200 DMA
NZD/USD: retesting 200 DMA for third time this year
USD/CAD: bullish signs
USD/JPY: bullish signs
USD/CHF: bullish signs
The daily technical report is our new offering that will be available on our site mid-morning from Monday to Friday. Our objective is to offer a high level overview of the general market direction of the G10 currency pairs and some of the major indices and most liquid and highly trader commodities.
We are currently working to develop proprietary tools to add to our daily reports and will be rolling those out in due course.
The analyst preparing our charts, a long time student of the market, offers his general guidelines about the markets and trading to bear in mind while reviewing the charts.
1. Day trading is for tremendously gifted traders, for the rest of us it’s a loser’s game.
2. Understanding and managing emotions: greed, fear, hope and despair is imperative.
3. Get a trading plan and stick to it – clear, simple rules are more effective than complex ones.
4. Most chart patterns, particularly those of shorter timeframes will never fail to disappoint.
5. Your goal as a trader is to execute your plan and manage risk.
6. There will be losing trades and periods. Accept it.
7. Be ruthless with losing trades. Successful traders are patient winners not patient losers.
8. Making money over long periods of time is more important than being right or catching a ten bagger.
9. You will fail to stick to your plan. The sooner you do the quicker you can move on and correct your mistakes.
10. Successful trading and money management is not about intelligence. It is about Patience, persistence and discipline.
Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.
All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.
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