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Simit Patel Simit Patel is online now

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Post Thanks / Like

08-26-2014
04:47 PM - N Cole clicked Thanks for this post: Daily FX & Daily FX Plus by Simit Patel
08-15-2014
08:26 AM - Simit Patel clicked Thanks for this post: [text] Putin says Russia should aim to sell energy in roubles because the dollar monopoly in energy trade is dangerous | Reuters by LitheInvestor
08-11-2014
03:09 PM - rebecca123 clicked Thanks for this post: scanning criteria by Simit Patel
03:09 PM - clicked Thanks for this post: scanning criteria by Simit Patel
08-02-2014
08:18 PM - N Cole clicked Thanks for this post: Forex Trading Books Covering Technical Analysis by Simit Patel
07-31-2014
01:22 PM - clicked Thanks for this post: new trader training and mentoring by Simit Patel
07-26-2014
10:33 AM - Simit Patel clicked Thanks for this post: Sphereless by
07-24-2014
08:18 AM - Simit Patel clicked Thanks for this post: Placing Stops by Tekmnd
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

Blog

Latest Blog Entry

Posted 08-21-2014 at 08:45 AM by Simit Patel Comments 0
Posted in Uncategorized
I really like this USDSGD setup; we see a clear downtrend, price has pulled back to a resistance level within this downtrend, which happens to coincide with the key 200 EMA. Moreover, we are seeing a reversal candlestick at this level as well.

The biggest question, in my opinion, is the extent to which we will have an additional pullback -- or if we are headed straight down from here. I'm set to short at resistance at 2523, but will the market pullback to that level again? Or is...

Posted 08-14-2014 at 09:05 AM by Simit Patel Comments 0
Posted in Uncategorized
CADCHF exhibits a scenario with a few signs I really like:

1. First are the moving averages. The 50 SMA and 200 EMA are very close to each other, and price is just a shade below both. Moreover, price clearly is responding to this level as a resistance level.
2. At the same time, or rather related to the fact that price is below the moving averages, is that I think we are in the early phases of a downtrend.
3. Price has also pulled back a bit from its recent lows, and...

Posted 08-12-2014 at 08:37 AM by Simit Patel Comments 0
Posted in Uncategorized
A great setup here on EURAUD that should delight many swing traders. Here's what we see:

1. Price is in a clear downtrend, below 50 SMA which in turn is below the 200 EMA
2. Price makes a 61.8% pullback from recent swing high to swing low
3. This 61.8% level intersects with the 50 SMA
4. Candlesticks show signs of exhaustion

All these factors, in addition to the fact that we are seeing signs of AUD strength and EUR weakness against other currencies,...

Posted 08-11-2014 at 08:47 AM by Simit Patel Comments 0
Posted in Uncategorized
Fine wine, a beautiful view of the ocean, sunny skies.......all of them are beautiful, but not quite as beautiful as a hammer off support. The only way this could be better is if price was above the 50 SMA, but at this point, the trend looks strong enough and the hammer is favorably positioned. I'm long at support at 86.30, where the hammer bounced off, with my stop at 85.45 and my target profit at 89.65 (where a double top has clearly formed). I'm risking 85 pips to gain 335, which gives me a reward/risk...

Posted 08-08-2014 at 08:16 AM by Simit Patel Comments 0
Posted in Uncategorized
It is definitely the pattern I find hardest to resist: when we see a long wick forming off support or resistance, I'm take an extra close look. And in the case of USDSGD, this long wick off resistance is coinciding with the 200 EMA, while we have pattern of lower highs in the background. All of this suggests the market may be ready to head back down. I'm short at 2532 with my stop at 2568 and my target profit at 2361. I'm risking 36 pips to gain 171, which gives me a reward/risk of 4.75.
...
Recent Comments
hi dylane,
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Posted 08-01-2014 at 01:45 PM by Simit Patel Simit Patel is online now
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