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Simit Patel Simit Patel is offline

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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 04:39 PM

Kiva Bank Fund
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Post Thanks / Like

12-17-2014
11:43 AM - x3mtrading clicked Thanks for this post: Oil Crash of 2014: The How and Why by Simit Patel
12-15-2014
08:12 AM - Simit Patel clicked Thanks for this post: 'Trend Stop' - Indicator by wolverine
12-04-2014
04:56 AM - Orses clicked Thanks for this post: The Market Forces of Supply and Demand by Simit Patel
01:18 AM - marcussl55 clicked Thanks for this post: What does it take to succeed in trading? by Simit Patel
12-03-2014
12:35 PM - Power Broker clicked Thanks for this post: If You Want to Trade Oil, You May Want to Trade These Forex Pairs Too by Simit Patel
12-02-2014
06:28 PM - clicked Thanks for this post: Trader Psychology by Simit Patel
08:32 AM - Simit Patel clicked Thanks for this post: How Low Will Oil Go? by jaro
11-29-2014
06:05 AM - marcussl55 clicked Thanks for this post: 3 Keys to A Winning Edge by Simit Patel
05:17 AM - marcussl55 clicked Thanks for this post: The Danger of Textbook Chart Patterns by Simit Patel
11-27-2014
08:57 PM - Shantala clicked Thanks for this post: EUR/USD -- Time to Sell? by Simit Patel
01:48 PM - Steebo clicked Thanks for this post: Investor psychology -- How to deal with the herd? by Simit Patel
01:07 PM - Simit Patel clicked Thanks for this post: Investor psychology -- How to deal with the herd? by Steebo
11-25-2014
05:20 AM - marcussl55 clicked Thanks for this post: Van Tharp on the Top Five Beliefs of Successful Traders by Simit Patel
11-24-2014
12:06 PM - Simit Patel clicked Thanks for this post: Techincal Strategy Seems to be working on Paper Money - but how can it be so EASY? by marcussl55
11-14-2014
12:14 PM - marcussl55 clicked Thanks for this post: Understanding Leverage in Forex Trading by Simit Patel
11-10-2014
06:37 PM - StockJock clicked Thanks for this post: Stock Rental by Simit Patel
11-03-2014
08:25 AM - Simit Patel clicked Thanks for this post: Gann HiLo Activator by wolverine
11-02-2014
01:06 PM - Power Broker clicked Thanks for this post: A Near Term Bottom on Oil? by Simit Patel
11-01-2014
01:21 AM - tmurray clicked Thanks for this post: What does it take to succeed in trading? by Simit Patel
10-31-2014
08:57 AM - Simit Patel clicked Thanks for this post: What does it take to succeed in trading? by tmurray

Blog

Latest Blog Entry

Posted 12-15-2014 at 08:57 AM by Simit Patel Comments 0
Posted in Uncategorized
USDSGD falls to the bottom of a price channel, which is also a horizontal support level and the 50% Fibonacci retracement from the swing low to swing high. We are also seeing considerable USD strength across the board. As such, I'm long at 30936, with my stop at 30665 and my target profit at the recent swing high at 32390. This needs a pullback of about 40 pips at the time of this writing to get filled; 40 pips is quite a bit for the relatively tight trading USDSGD, so this order might not get filled....

Posted 12-12-2014 at 08:53 AM by Simit Patel Comments 0
Posted in Uncategorized
NZDUSD is in a clear downtrend, but has now snapped back to a resistance level that coincides with the 50 SMA. At the same time, we're seeing price action stall and reversal candlestick patterns form. I've got my stop just above the recent swing high, and my target profit is the support based on the weekly chart. This gives me a reward/risk of about 3.5.


Posted 12-11-2014 at 10:20 AM by Simit Patel Comments 0
Posted in Uncategorized
I've been looking for a chance to jump in on the short yen trade, which has been one of the best trades in 2014 -- especially over the past two months. I finally got what could be the pullback I'm looking for, as AUDJPY appears to be bouncing off support at 98.50. As such, I'm long at 98.50, with my stop at 97.05 and my target profit at 105.14 -- a resistance level visible on the weekly chart. This is a relatively small position, as I'm leaving more capital ready in case USDJPY pulls back even more....

Posted 12-09-2014 at 08:42 AM by Simit Patel Comments 0
Posted in Uncategorized
I split this into two orders, since in my experience reversal candlesticks like this one often don't provide the pullback one would hope for. So I'm short at 2.030905 and at 2.05041; my stop for both orders is at 2.05995, with my take profit at 1.96389. The rationale for the trade is simple; we're seeing a downward channel on GBPNZD, and now we have a reversal candlestick at the top of that channel that could portend a move down.

...

Posted 12-05-2014 at 09:27 AM by Simit Patel Comments 0
Posted in Uncategorized
NZDCHF has pulled back to support, its current price is above its upwardly-sloped 50 SMA, there is a pattern of higher lows, and a hammer candlestick pattern appears to be in place. Moreover, we are seeing signs of strength on other NZD pairs, most notably NZDCAD. In light of these factors, I'm going long at 75514, with my stop at 75061 and my target profit at 7741. This gives me a reward/risk of about 4.19.

Recent Comments
luckily i made an error...
Posted 11-26-2014 at 10:40 AM by Simit Patel Simit Patel is offline
Tough one, Simit......
Posted 11-26-2014 at 09:21 AM by DREBG DREBG is offline
The head and shoulders...
Posted 10-30-2014 at 12:06 PM by slaidais slaidais is offline
Dear Mr. Patel, ...
Posted 10-30-2014 at 12:44 AM by CXN CXN is offline
Hello Simit,
...
Posted 10-09-2014 at 11:10 AM by wolverine wolverine is online now

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