MARKET UPDATE FOR DEC 31-4TH JAN 2013@HILLFOCUSFOREX

EUR/USD  formed a pin on Friday that consolidated with the weekly price range.This market is undecided right now but given the subsequent price action we still favor rotations down to the next support zone in the mid term.

GBP/USD retraced the large pin that was formed on Thursday as anticipated by our previous analysis.

The retracement closed below the horizontal resistance zone which added confluence to the setup and also we are open to any bearish setup around the resistance zone at 1.6209-1.6177 .Because of the holiday in the horizon the volume of trade may be affected and will expect it to pick up in the new year.

USD/JPY formed a counter trend pin bar that may leads to rotation to fill the gap created early last week.We don't like to always take counter trend setup unless they are obvious and have confluence because counter trend setup has lower probability of working out.

MARKET UPDATE FOR 28/12/12@HILLFOCUSFOREX

EUR/USD tried to move up today getting to the recent 50% retracement of the  pin bar formed early this week but met the bearish pressure that resulted in another small pin.We would like to see the breaking of the mother bar around 1.3155 though this zone is close to the near term support around 1.3119.Our bearish bias we received a great boost of probability based on the price action in these zone.

GBP/USD formed a fakey setup that was anticipated yesterday based on inside bar setup.Based on the large size of this fakey we would love to see a retracement .The conservative way would be to wait for retracement but also given the breaking of the mother bar and also the inside bar, we maybe tempted to enter at market close."

USD/CAD formed a fakey setup after two consecutive inside bars.We stick with the dominant bullish momentum.

EUR/USD formed what can be called a fakey,but based on the condition of this market, our bias is still uncleared about the intended direction in the near term given that we are still trading above the support zone of 1.3119.

GBP/USD formed inside bar that closed below the resistance zone of 1.6169.We are anticipating the breaking of the low of the inside bar to solidify our bearish bias.

MARKET UPDATE FOR 24/12/2012@HILLFOCUSFOREX

EUR/USD formed an inside bar today, stalling the recent moves created by the 50% retracement of the pinbar formed previous week.We are anticipating a fakey setup in due course.Bearish bias will be triggered if the low of the mother bar got broken.

GBP/USD  formed a pinbar that closed below the near term support around 1.6177.The pinbar later pair loss in to the New York close.Because of the size of this pinbar, we will love to see a retracement of the pinbar to give us a better R/R ratio.

USD/CAD formed an inside bar today below a key horizontal resistance.We will like to use this inside bar as a continuation signal given the recent rally.A break of the high of the mother bar increase the probability of our bullish bia.

DAILY MARKET UPDATE FOR 21/12/12 @HILLFOCUSFOREX

EUR/USD  rotate lower today as we anticipated in our yesterday market update.To reinforce our bearish bias, we have to wait patiently for price action development around key zone of 1.3120.

              

GBP/USD rotate lower today as anticipated by our previous day analysis.The 50% retracement setup work out perfectly today thereby given us a probability of strong bearish momentum in the offing.The pair succeeded in closing below the support level at 1.6177.Next week we will look out for intraday setups  to support our bearish bias in the near term.

  

AUD/USD dropped the clanger today.We are anticipating  rotation to 1.0367 zone and a possible retracement to 1.457 zone for a possible bearish set up to join the near term bearish momentum

   

DAILY MARKET UPDATE 21/12/12@HILLFOCUSFOREX

EUR/USD retraced more than 50 percent, today given us a clue for lower prices in due course.The low of the counter trend pin formed yesterday was violated early immediately after New York close but later pair gain back at New York close today.As stated yesterday we are patiently waiting for price Action development at 1.3120.

GBP/USD  formed a high probability 50 percent retracement candle today.Given the location of the counter trend formed yesterday and the formation of the retracement today, our bias for shorting has received a great boost of high probability.We are anticipating a retrace back to the key support zone at 1.6177, where we can be on the look out for a possible shorting setup to back up our  bearish bias.

DAILY MARKET UPDATE FOR 20/12/12@HILLFOCUSFOREX

The Eur/Usd formed a counter trend pinbar today. Immediately after the New York close the low of the pinbar was violated giving us a clue for the probability of a low price in due course.Giving the level at which  the pinbar was formed, we are anticipating a low price/reversal.We still retain a slight bullish bias because of the recent momentum.Based on the price action outlook at 1.3120 in the future, provided the reversal momentum get there,our bias can change.

(2) GBP/USD

GBP/USD formed a reversal pinbar today.The level at which pinbar was formed can be said to be a key level/confluence.We will watch closely for a retracement setup around 16177 region for an opportunity to ride in the probabilty of the falling knife.

MY FOREX TRADING JOURNEY.

Today(17/12/12) marks the innauguration of my long standing experience into the cyber world of sharing personal experiences of forex trading journey.I ventured into the journey of forex trading in August 2008,with an unarmed mentality and totally green about the process and procedurial developmental stages of a TRADER.It was a journey that was marred by greed and also sincerely wrong passion, but at the end it worth it. i will give details account of how i was  transformed by the largest financial market in the world in my subsequent post.STAY TUNED.