A few of the clearest currency pairs to trade today

Written by Raul Lopez on . Posted in Trades & Analysis

You already know about the importance to choose the right currency pairs to trade each day.

Look, even if you have the best system in the world, if you choose the wrong currency to trade you wont get too far.

On the other hand, if you are using an average system, but you trade the right currency pairs each day, you’ll be fine in the long run.

What’s your take about this?

How do you choose which currency pairs to trade each day?

Now, these are a few of the currency pairs that I believe are trading in a very clear market condition.

GBPUSD Analysis

The GBPUSD is trading in a very clear bearish condition, let me show you why I think its bearish:

GBPUSD

I’m going to short the EURUSD

Written by Raul Lopez on . Posted in Trades & Analysis

euro

A few weeks back I analyzed the EURUSD… back then it was trading near a long term level and talked about two possible scenarios:

  • Bullish condition, if it broke through the upper resistance level
  • Bearish condition, if it broke through the lower support level

I favored the later one, specially because we had more than 500 pips before we reach the next LT level…

And you know what… that’s exactly what happened!

The EURUSD broke through the bottom of the range, triggering a bearish condition. And now, I’m going to look for short opportunities.

The ultimate guide to choose a forex broker

Written by Raul Lopez on . Posted in Articles & Education

Forex Brokers

I get this question over and over again, so I decided to create an article about it and direct traders to this article instead of writing a complete essay every time I answer it (saves me time hehe)…

The question is:

Where should I open my live account? Who is the best forex broker?

I’ve heard horror stories about brokers (specially a certain kind of brokers that you are about to learn) not allowing traders to withdraw their capital, or stopping traders out just enough to wipe out their entire trading accounts, and so on and so forth.

So I dont want this to happen to you ok.

Look, trading itself its difficult enough to add another type of risk, which is what I call: Broker Risk.

You might ask: What are the sort of things that could go wrong with your broker?

A new swing in the NZDJPY

Written by Raul Lopez on . Posted in Trades & Analysis

A few weeks back I wrote about the NZDJPY, back then the NZDJPY was rejected from the LT resistance level at 89.57…

It was trading in a very clear bearish condition and because of that, only short opportunities were in play.

Then it hit the next LT support level 86.25 and it traded for a few days around that level… And apparently the NZDJPY has been already rejected from that level…

Here is how the dialy chart looks like:

NZDJPY 1D

There are a couple things that I like about this chart:

Possible 500 pip trade in the EURUSD

Written by Raul Lopez on . Posted in Trades & Analysis

Euro Flag

You know that before taking a trade I like to do a complete analysis of both, the long term and the short term charts.

I do this to make sure that both, long and short term charts are pointing in the same direction, therefore the likelihood of my trade moving in the intended direction increases.

But there is another reason of why I like to do this…

I while back I was reading an article about Warren Buffet and how he thought about risk… He said something about risk that became part of the way I see the market right now:

“Risk comes from not knowing what you are doing”

You know something, he is dead right about it!

From that moment, I understood that it is very important to try to understand what the market is doing right now.

Once you understand what the market is doing right now, you also know what the market is likely to do, and having that information could be the difference between a profitable trader and a trader with negative results.

What do you think?

Anyways… here is why I think there is a possible 500 pip trade in the EURUSD.

CADCHF Update

Written by Raul Lopez on . Posted in Trades & Analysis

Hello Trader, how is your trading week so far?

For me, its been difficult to find trade opportunities… mostly because of the fundamental announcements…

Last week we had the NFP report and the FOMC statement, this week was the interest rate announcement from the ECB and BoE plus the RBA… And if you add a few unemployment reports you’ve got a fundamentally driven week…

Well… guess what? In the next two weeks there arent many important fundamental announcements, so the market should give us plenty of opportunities (I hope so…)

Anyway… Last week I talked about the CADCHF and my trading plan for it…

Here is how I’m going to trade the USDCAD

Written by Raul Lopez on . Posted in Trades & Analysis

canadian dollar

Hey trader, how did you do last week with the FOMC Statement and the NFP report?

And you thought everything was over? I dont think so…

Later this week we’ve got a few important announcements we need to be careful about:

  • NZD Unemployment rate
  • AUD Unemployment rate
  • GBP Interest rate
  • EUR Interest rate
  • JPY Monetary policy statement

Among others…

This is why you should take in consideration the fundamental releases in your trading strategy…

How do you deal with them?

Anyways… This is how I’m going to trade the USDCAD

Long Signal in the GBPNZD

Written by Raul Lopez on . Posted in Trades & Analysis

Hey traders, how did you do yesterday with the US GDP and FOMC statement?

Did you have any trade open or just closed them out?

Now, tomorrow we’ve got the Non-farm payrolls report, so again we need to be careful about your open positions…

But not too much, in the last few months we haven’t seen much impact after the NFP report, but that doesn’t mean it doesn’t have the potential to have a large impact in the market…

So we still need to be careful alright?

How do you handle your trades during important announcements like these ones?

Ok, now to our signal.

This is my trading plan for the CADCHF

Written by Raul Lopez on . Posted in Trades & Analysis

Non farm Payrolls report

I dont think I’ve seen the market as slow as it has been trading this week in a while… What are your thoughts about this?

So my question to you is this one: What currency pairs are you trading/monitoring?

Now, do you think that the fundamental announcements have something to do with it?

Tomorrow we’ve got the FOMC minutes (which has proved to be the most important fundamental announcements, or at least the ones that has the most impact in the market) and the Advanced GDP.

Then later this week, on friday we’ve for the Non-farm payrolls report…

So yes, I have a feeling that that’s the reason the market has been so slow… 3 of the most important announcements in the same week…

What do you think?

Ok, now to the CADCHF Analysis

Is it time to trade the EURUSD?

Written by Raul Lopez on . Posted in Trades & Analysis

Euro Flag

The EURUSD is the most traded currency pair…

A lot of traders are attracted to this pair because of its spread, which is probably the currency pair with the tightest spread around…

The spread that some brokers use in the EURUSD its even less than a pip…

Let met tell you a little secret… I did the same thing when I started to trade…

But now with all these years of experience I know that it was a mistake, why would I trade the same currency pair, everyday regardless of its market condition…

I used to force my self to trade it because of its spread even when I had no idea of what the market was likely to do and oh boy, what a mistake it was…

Now I have a different approach, I trade the currency pairs that has the clearest market conditions… the ones that I feel comfortable with, the ones that have clear S&R levels and clear swings… Those are the ones that I focus each and every day…

And believe me, the results are self evident!

StraightForex
Raul Lopez Forex

Trading should be simple

I like to trade using simple tools such as support and resistance levels, candlesticks, price action and others. If you like simplicity, you'll love my Forex Coaching. Read more about me.

If you have any question about anything, please feel free to contact me at: info@straightforex.com or call +1 518 300 3828

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