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Simit Patel Simit Patel is online now

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About Me

  • About Simit Patel
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  • Last Activity: Yesterday 10:34 PM
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Post Thanks / Like

07-23-2014
09:34 AM - Shantala clicked Thanks for this post: Placing Stops by Simit Patel
06:49 AM - Simit Patel clicked Thanks for this post: Placing Stops by Tekmnd
07-21-2014
08:52 AM - Simit Patel clicked Thanks for this post: A very good trading system by pipwoof by wolverine
03:03 AM - Mr. Newman clicked Thanks for this post: Full auto bot by Simit Patel
07-20-2014
09:47 PM - marcussl55 clicked Thanks for this post: Relative strength index (RSI) trading by Simit Patel
06:36 AM - Simit Patel clicked Thanks for this post: A very good trading system by pipwoof by wolverine
07-17-2014
08:47 AM - tomcollins clicked Thanks for this post: What about SWISS bot? by Simit Patel
07-16-2014
07:39 AM - Simit Patel clicked Thanks for this post: Counting Pips by Tekmnd
07-15-2014
09:07 PM - N Cole clicked Thanks for this post: Counting Pips by Simit Patel
07-07-2014
10:40 AM - adura clicked Thanks for this post: Scalping Tips by Simit Patel
10:39 AM - adura clicked Thanks for this post: Scalping Tips by Simit Patel
07-05-2014
09:48 PM - Shantala clicked Thanks for this post: Specialist Trading (Steve Primo) Free Donchian Channel Strategy by Simit Patel
07:04 PM - Simit Patel clicked Thanks for this post: Mispronouncing his name by
06-28-2014
02:25 PM - N Cole clicked Thanks for this post: setting The Periods by Simit Patel
06-26-2014
11:25 AM - rebecca123 clicked Thanks for this post: nasdaq delisting doubts by Simit Patel
06-22-2014
07:49 PM - clicked Thanks for this post: The Five Basic Steps to Becoming a Successful Trader by Simit Patel
06-18-2014
10:54 AM - alio clicked Thanks for this post: Volume by Simit Patel
06-09-2014
05:59 PM - clicked Thanks for this post: Daily Forex Trade Review, June 5, 2014 by Simit Patel
11:34 AM - Shantala clicked Thanks for this post: [text] Japan’s Population Problem in Five Charts: Declining Population, Birth Rates, Fertility Rates, and Lower Marriage Rates by Simit Patel
06-07-2014
09:15 PM - Uttam9l21 clicked Thanks for this post: broker for fx and stocks by Simit Patel

Blog

Latest Blog Entry

Posted Yesterday at 08:26 AM by Simit Patel Comments 0
Posted in Uncategorized
USDCAD has been in a downtrend since March 20th of this year; that is when the current trendline, visualized in this chart, commenced. Price has pulled back to this trendline, is just below the 50 SMA and the 200 EMA, and not too short of the 50% retracement line from the recent swing high to swing low. The candlesticks over the past few daily trading sessions also suggest that price is in an accumulation or distribution pattern, getting ready to breakout. In light of the trendline, I'm speculating...

Posted 07-22-2014 at 08:44 AM by Simit Patel Comments 0
Posted in Uncategorized
The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY and CADJPY, and a pending order to go long GBPJPY. And now, I'm adding a long NZDJPY trade to this as well.

By now the setup is familiar: the pairs were all trending up, but have recently pulled back to the 50 SMA, which is near a horizontal support level, and where price is forming doji candlestick patterns...

Posted 07-21-2014 at 08:26 AM by Simit Patel Comments 0
Posted in Uncategorized
I'm already long CADJPY and AUDJPY, and now seems like a good time to go long GBPJPY. Price has pulled back to the 61.8% Fibonacci retracement from its recent swing low to swing high, and is also sitting just above its 50 SMA, which is coinciding with a horizontal support level. Friday's candle was also an inverted hammer at support, which I'm interpreting as a sign that bulls are stepping in.

As such, I'm long at 172.72 with my stop at 171.87. My target profit is just above the...

Posted 07-21-2014 at 08:21 AM by Simit Patel Comments 0
Posted in Uncategorized
This setup offers everything I like to see:

1. A clear trend -- price is below the 50 SMA and 200 EMA
2. Price is touching the 50 SMA, which is acting as resistance
3. Price has pulled back 50% from the recent swing low to swing high
4. A doji candlestick is in the works on today's candle

Four out of four, so I decided to short at 0812 with my stop at 0844. My target profit is at support at 0629. I'm risking 32 to gain 183, so the reward/risk on...

Posted 07-18-2014 at 05:59 AM by Simit Patel Comments 0
Posted in Uncategorized
One of my favorite technical patterns here on NZDUSD: today's candlestick is forming a dojo at a previously established support level, and has also bounced off the 50 SMA. Price is in an uptrend and has pulled back. I should note the candle hasn't closed yet, and price hasn't reached the 50% Fibonacci retracement from the recent swing low to swing high -- another preference of mine -- but I thought the signs were strong enough to warrant entering. I'm also seeing signs of NZD strength and USD weakness...
Recent Comments
hi corey, great question....
Posted 07-16-2014 at 08:10 AM by Simit Patel Simit Patel is online now
How long would you keep...
Posted 07-15-2014 at 12:16 PM by coreydelgado coreydelgado is offline
IMO I would be out of...
Posted 07-06-2014 at 06:14 AM by hektor hektor is offline
Best of luck. There...
Posted 06-20-2014 at 01:33 PM by wolverine wolverine is online now
[Image]...
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