OSB Daily Technical Analysis for August 15, 2014

EUR/USD – Looking bullish, possible move higher

GBP/USD – Bearish, looking to test 200 DMA

EUR/JPY – EUR consolidation against JPY

NZD/USD – Bullish, testing 200 DMA

USD/CAD – Correction following test of resistance levels

USD/JPY – Consolidation after five positive days

USD/CHF – Bearish, consolidation with possible move lower

AUD/USD – Close above 200 DMA, possible retest, consolidation

EUR/CHF – Bearish, 9 consequent negative days

EUR/GBP – Bullish move to close the week

NOTE

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.

 

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