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Although I conduct periodic MT4 webinars there is a demand for knowledge regarding this platform. With that in mind I wanted to have this available for any trader who needed to review or who is new to MT4 to have the ability to be educated on the mechanics of this platform. Please utilize this link to download the latest MT4 version platform:
CHART SETUP & FEATURES PART II – creating a chart and template
Traders are as esoteric as they are skillful. With that stated, it means that traders who are specifically TECHNICALLY minded or are “purely technical” have cultivated discipline unequal to most homo sapiens. This following link will describe a similarity to what a trader experiences once in the market. With proper guidelines and accurate execution the result is most certainly a positive ending. Watch the Taylor family below in action. Mark Taylor is also a Forex trader. He and his family have a lineage and created a blood line into RALLYING.
The Japanese Yen or JPY as it is known is the THIRD MOST traded currency pair in the Foreign Exchange Market. First is the EUR then US Dollar then JPY. However, the Yen (JPY) is also widely used as a reserve currency or anchor currency after the US Dollar and EURO and Pound Sterling.
By reserve currency is meant: A currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. It also tends to be the international pricing currency for products traded on a global market, and commodities such as oil, gold, etc.
This permits the issuing country to purchase the commodities at a marginally lower rate than other nations, which must exchange their currencies with each purchase and pay a transaction cost. For major currencies, (US DOLLAR, EURO, JAPANESE YEN, SWISS FRANC, GREAT BRITISH POUND, CANADIAN DOLLAR, AUSTRALIAN DOLLAR AND NZ DOLLAR) this transaction cost is negligible with respect to the price of the commodity.
It also permits the government issuing the currency to borrow money at a better rate, as there will always be a larger market for that currency than others. The YEN is paired with Swiss Franc CHF/JPY “CHF= consolidated helvetica franc”; Great British Pound GBP/JPY; US Dollar USD/JPY; Australian Dollar AUD/JPY; Euro EUR/JPY; and quite often these currencies observed on the charts are traveling in the same direction.
EUR/JPY – 5th July 2010 – New York time
First Chart image: Looking over the EUR/JPY 1 hourly chart – we observe price flirt between 109.53 and 110.84. Current support is located close to the .50 level and this hourly chart provides a wide channel ranging 130 pips (price interest points).
Second Chart image: Also EUR/JPY 1 Hourly chart – zoomed in we observe a current BULL FLAG chart pattern in the making.
EUR/JPY 1 hour – 4th July 2010
After a tremendous decline in price (resistance 113.41 and traveled to support 107.31) we observed a 123 bottom pattern on the hourly chart. Price projection was 110.90 and price subsequently rallying and currently 4th July 2010 price short by 20 price interest points (pips) to that projected target. Bearing in mind that once the 110.90 target is met, price is then closely located at a 00 level. (Psychological Barrier!!!)
The Fibonacci tool shows 50% at 110.36 and 61.8% at 111.02. The 50% held firmly and we saw banks taking profit at this level and price being driven as low at 109.64 some 68 pip pull back to our 38.2% level before leveling out at 110.36 again.
The weekly chart contains a buy setting up / “in the making”. Note that price is located at the 50% level and could flirt around 38.2 and 61.8 prior to taking its course/direction. I would be watching the weekly for direction.