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Simit Patel Simit Patel is offline

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Badges Showcase - 15 Badges - 320 Points
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IQ Score Bonus: + 50
Issue time: 09-15-2009 02:23 PM
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About Me

  • About Simit Patel
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Nuru International
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Gift purchased at 04-23-2011 03:39 PM

Kiva Bank Fund
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Post Thanks / Like

09-16-2014
07:45 AM - N Cole clicked Thanks for this post: Live Trading Accounts by Simit Patel
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09-13-2014
01:39 PM - clicked Thanks for this post: PLUG. What are your thoughts? $6, $7? or less? by Simit Patel
09-06-2014
09:44 PM - Shantala clicked Thanks for this post: Support & Resistance-draw lines on wicks or sticks?? by Simit Patel
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09:53 PM - Shantala clicked Thanks for this post: Why is it so hard to stick to a trading plan? by Simit Patel
08-31-2014
09:08 AM - Simit Patel clicked Thanks for this post: Market Traders Institute Review by Rob123
08-28-2014
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08-26-2014
04:47 PM - N Cole clicked Thanks for this post: Daily FX & Daily FX Plus by Simit Patel
08-15-2014
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08-11-2014
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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
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07-26-2014
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07-24-2014
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07-23-2014
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07-21-2014
08:52 AM - Simit Patel clicked Thanks for this post: A very good trading system by pipwoof by wolverine

Blog

Latest Blog Entry

Posted Yesterday at 08:21 AM by Simit Patel Comments 0
Posted in Uncategorized
AUDCHF is forming a bullish engulfing candlestick pattern right at support. We also have the 200 EMA there. Price is still clearly in an uptrend, as illustrated by the pattern of higher lows and the general slope of the daily chart since the start of 2014. As such, I'm set to go long at support at 8382, with my stop 75 pips away at 8307. My target profit is 8730, which means I'm risking 75 pips to gain 348 -- a reward/risk ratio of 4.64.

...

Posted 09-17-2014 at 08:00 AM by Simit Patel Comments 0
Posted in Uncategorized
I've got an order to go long AUDNZD, and I see another opportunity to speculate on a bullish AUD against EUR (which is also showing some weakness). Here we see a downward sloping 50 SMA and 200 EMA, with the 50 below the 200, thus confirming a strong downtrend. Price has pulled back to resistance at 4373, but dropped quickly after doing so; I'm looking for another pullback to that level. My stop is just above at 4433, while my target profit is the swing low from early September. This is a wonderful...

Posted 09-16-2014 at 07:55 AM by Simit Patel Comments 1
Posted in Uncategorized
AUDNZD started this week off with a novice gap -- meaning price gapped in the direction of the prevailing trend -- which is often a sign of an imminent reversal. Adding to this is that price has hit a support level, and today's candle is a strong bullish one; it may end up resutling in a bullish engulfing pattern if it can rally a bit more. One factor I'd normally want to see and would wait for is for price to complete a 50% retracement from its recent swing low on July 14 to swing high on September...

Posted 09-15-2014 at 08:35 AM by Simit Patel Comments 0
Posted in Uncategorized
On GBPCAD, we're seeing:

1. A sharp rally that has now run into resistance, with today's candle being the first tentatively bearish candle since September 5
2. A 50% pullback from the swing high on August 5 to the Swing low on September 7
3. Price is just above the 50 SMA, and is well below the 200 EMA
4. Signs of GBP weakness and CAD strength are visible on other currency pairs as well

In light of these factors, I shorted GBPCAD at 8012, with my...

Posted 09-11-2014 at 09:41 AM by Simit Patel Comments 1
Posted in Uncategorized
What I'd really like to see out of this is a bit more candlestick confirmation, but I think there are enough signs in place to warrant pulling the trigger and placing an order. Price has pulled back to a 50% Fibonacci retracement level, and is above the 50 SMA and 200 EMA. While the candlestick confirmation could be stronger, we do still have long wicks on today and the preceding trading day. Moreover, we are seeing AUD approach key levels in other pairs, like GBPAUD.

...
Recent Comments
Hello Mr Patel, I exited...
Posted 09-14-2014 at 04:46 PM by dinastar dinastar is offline
hi dylane,
...
Posted 08-01-2014 at 01:45 PM by Simit Patel Simit Patel is offline
Hi Simit,
been...
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Hi,
I am New...
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