Nobody is perfect – You’re too not an exceptional

We do work in different fields for example somebody is a forex trader and somebody is a teacher in school. Somebody has spent more time in a particular work so he/she may be good at that work. But it is not necessary that he/she must be perfect to perform a particular work perfectly. A banker may be good at distributing cash to customers but he/she may not be perfect in feeding inputs to the PC. He/She may not capable of typing without looking at keyboards. But he/she is a good banker because he/she can do his/her work smoothly.

Same things applies to forex trading professionals too. Every forex trader has different ideas, techniques, knowledge etc. He/she is free to apply any strategy to his/her tradings.

Perfection comes from regular practices. If we do a lot of practice then one day we’ll able to perform well in the profession. If we have a right mindset then nobody can stop us to be good at our work. With time we’ll become better. In the course of performing our work we’ll able to learn new things and it’ll help us to become more capable.

We shouldn’t compare ourselves to anybody else. Somebody may be good at some part but he/she may not be good at others. For example if you’re good at technical analysis then it is not necessary that a trader who is earning more than you also good at that part. In other words everybody has some types of good qualities and we can’t say that one person is good at trading than other.

To improve your performance in any work you need few things which are very important to consider.

1) Interest: First of all you’ve to develop some types of interest in a particular work. Only then you’ll able to concentrate on the work. You’ll not get tired even you spend more time in learning in a work where you like to make a career.

2) Morale support: Obviously you must have some types of morale support from others e.g. family members, friends. Who can encourage you and help you at your need.

3) Time: You must ready to give more time in any work. Either to learn, to know or to involve more with your work you have to give more time. If you’ve no time for your work then you’ll never able to perform well in that particular work. For example, many working professionals want to do forex trading. Most of them failed because they do not want to give more time to this work. It may be due to lack of interest or lack of time.

4) Ready to learn all the time: Without learning anything you can’t be capable of handling that work perfectly. Perfectly in other sense in a better way. So for a better performance you’ve to learn everything which is required to be good at that particular work. Never stop learning it is the key to success.

Today I’ve discussed few things which always click us. When we look at other good traders we feel inferior. We think that we’re a worst trader. But we do not want to know how the trader earned so much profit. What strategy he/she has used for his/her tradings. Is there any scope for improving our own strategy? etc. So we’ve to be very positive in every step of life. Even we fail we’ve to stand up because everybody fails and nobody is perfect in this world.

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USDJPY – Daily Analysis – 22nd December, 2016

Date: 22nd December, 2016

Currency Pair: USDJPY

USDJPY has been trading in an overbought territory. Currently the pair is hovering near pivot level i.e. 117.57. The 1st support can be found at 117.08. Any break here could force the pair towards next support level i.e. 116.61 and then 116.12 will come into play.

On other hand 118.04 is offering a strong resistance. Above the level 118.53 and 119.00 are other resistances.

USDJPY has been moving in a very limited range. We can expect some sell off from here. But before that the price needs to go below 117.08 which is the immediate support for today. Bias is bearish.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
USD Core Durable Goods Orders m/m High 0.2%
0.8%
USD Final GDP q/q High 3.3% 3.2%
USD Unemployment Claims High 255K 254K
USD Durable Goods Orders m/m Medium -4.9% 4.6%
USD Final GDP Price Index q/q Low 1.4% 1.4%
USD HPI m/m Low 0.4% 0.6%
USD Core PCE Price Index m/m Medium 0.1% 0.1%
USD Personal Spending m/m Medium 0.4% 0.3%
USD CB Leading Index m/m Low 0.2% 0.1%
USD Personal Income m/m Low 0.3% 0.6%
USD Natural Gas Storage Low -201B -147B

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
USDJPY 117.08 116.61 116.12 118.04 118.53 119.00
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GBPUSD – Daily Analysis – 22nd December, 2016

Date: 22nd December, 2016

Currency Pair: GBPUSD

After much fall GBPUSD is trying to stabilize at current level. At present the pair is trading just above daily pivot level i.e. 1.2356. The pair is trying to approach the immediate resistance i.e. 1.2388. For a clear one sided movement i.e. towards up the price needs to cross 1.2388. Above the level 1.2423 and 1.2455 are offering 2nd and 3rd resistance respectively.

On flip side 1.2321 is a strong support for today. Subsequently, 1.2289 and 1.2254 are other support levels.

GBP has been trying to consolidate in a strong bearish territory. Today we’ve some important economic releases specially related to USD. We may see some directional move during NY session. Before that we can expect some upward move from this pair. Bias is bullish.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
GBP GfK Consumer Confidence Low -7 -8 -8
USD Core Durable Goods Orders m/m High 0.2%
0.8%
USD Final GDP q/q High 3.3% 3.2%
USD Unemployment Claims High 255K 254K
USD Durable Goods Orders m/m Medium -4.9% 4.6%
USD Final GDP Price Index q/q Low 1.4% 1.4%
USD HPI m/m Low 0.4% 0.6%
USD Core PCE Price Index m/m Medium 0.1% 0.1%
USD Personal Spending m/m Medium 0.4% 0.3%
USD CB Leading Index m/m Low 0.2% 0.1%
USD Personal Income m/m Low 0.3% 0.6%
USD Natural Gas Storage Low -201B -147B

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.2321 1.2289 1.2254 1.2388 1.2423 1.2455
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EURUSD – Daily Analysis – 22nd December, 2016

Date: 22nd December, 2016

Currency Pair: EURUSD

EURUSD pair has able to sustain above strong support zone. The price level 1.0387 is offering the immediate support for today. Below the level we can find other supports at 1.0350 and 1.0319.

On other hand 1.0455 is the 1st resistance for today. A clear uptrend movement will only possible once it breaks the level. If it is broken then 1.0486 will be the next target followed by 1.0523.

EURUSD pair has been trading in a strong support area. In last trading session the pair has unable to cross strong resistance. However we can expect a sharp rise once it crosses 1.0455 resistance.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
EUR German Import Prices m/m Low 0.2% 0.9%
EUR ECB Economic Bulletin Low
EUR Italian Retail Sales m/m Low 0.4% -0.6%
USD Core Durable Goods Orders m/m High 0.2%
0.8%
USD Final GDP q/q High 3.3% 3.2%
USD Unemployment Claims High 255K 254K
USD Durable Goods Orders m/m Medium -4.9% 4.6%
USD Final GDP Price Index q/q Low 1.4% 1.4%
USD HPI m/m Low 0.4% 0.6%
USD Core PCE Price Index m/m Medium 0.1% 0.1%
USD Personal Spending m/m Medium 0.4% 0.3%
USD CB Leading Index m/m Low 0.2% 0.1%
USD Personal Income m/m Low 0.3% 0.6%
USD Natural Gas Storage Low -201B -147B

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
EURUSD 1.0387 1.0350 1.0319 1.0455 1.0486 1.0523
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USDJPY – Daily Analysis – 16th December, 2016

Date: 16th December, 2016

Currency Pair: USDJPY

After sharp bullish move USDJPY is now become flat. At present the price is hovering few pips above 117.94 i.e. daily pivot level. The upside limit is capped by 118.88 which is the 1st resistance for today. Above the level 119.59 and 120.53 are other resistance levels.

On opposite side the 117.23 is offering the 1st support for today. Subsequently, 116.29 and 115.58 are other support levels.

Yesterday USDJPY has rose to a new high and printed a new price level. Today we can see that the pair is trying to follow yesterday’s bullish move. However the price would need to cross 118.88 price for a new bullish leg.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
USD TIC Long-Term Purchases Low 9.4B -32.3B -26.2B
USD Building Permits High 1.24M
1.26M
USD Housing Starts Medium 1.23M 1.32M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
USDJPY 117.23 116.29 115.58 118.88 119.59 120.53
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GBPUSD – Daily Analysis – 16th December, 2016

Date: 16th December, 2016

Currency Pair: GBPUSD

Yesterday the pair has fallen sharply to hit key support level. Currently the price is hovering above intra-day support i.e. 1.2340. From here we can expect some recovery, to be confirmed with a break above 1.2532 which is the 1st resistance for today. Above the level 1.2645 and 1.2724 are other subsequent resistance levels.

On the downside the immediate support is seen at 1.2340. Other support levels are at 1.2261 and 1.2148.

GBPUSD pair has been trading in a well defined bearish slope. As long as the price stands above 1.2340 i.e. 1st support we can expect some reversal. Any break here proved as significant on technical perspective. Bias is bullish as we can expect some reversal from current position.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
USD TIC Long-Term Purchases Low 9.4B -32.3B -26.2B
GBP CBI Industrial Order Expectations Low -5 -3
GBP BOE Quarterly Bulletin Low
USD Building Permits High 1.24M
1.26M
USD Housing Starts Medium 1.23M 1.32M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.2340 1.2261 1.2148 1.2532 1.2645 1.2724
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EURUSD – Daily Analysis – 16th December, 2016

Date: 16th December, 2016

Currency Pair: EURUSD

EURUSD has finished the last trading session sharply lower. The pair has been under strong bearish pressure. At present the price is trying to consolidate below mid lines. The immediate support is seen at 1.0340. Any break below the level may push the pair towards 1.0267 and then 1.0168.

On other hand 1.0512 is offering the 1st resistance for today. Above the resistance 1.0611 and 1.0684 are other resistance levels.

EURUSD has been following a sharp bearish slope. From technical perspective US Dollar became strong across the board. For any recovery attempt the price needs to cross 1.0512 for a clear confirmation. Bias is bullish above 1.0512 resistance.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
USD TIC Long-Term Purchases Low 9.4B -32.3B -26.2B
EUR Italian Trade Balance Low 4.21B 3.67B
EUR Final CPI y/y Medium 0.6% 0.6%
EUR Final Core CPI y/y Low 0.8% 0.8%
EUR Trade Balance Low 25.2B 24.9B
USD Building Permits High 1.24M
1.26M
USD Housing Starts Medium 1.23M 1.32M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
EURUSD 1.0340 1.0267 1.0168 1.0512 1.0611 1.0684
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USDJPY – Daily Analysis – 14th December, 2016

Date: 14th December, 2016

Currency Pair: USDJPY

USDJPY is flat around daily pivot level i.e. 115.12. In last trading session the pair has able to sustain above 114.78 which is also the 1st support for today. As long as the price stands above the support level we may see further consolidation. Any break here could bring more bearish pressure to the pair and the price may approach towards 114.38 and then 114.04.

On flip side strong resistance is seen at 115.52. Above the resistance we can find other resistance levels at 115.86 and 116.26.

USDJPY is ranging in a very limited range. Today there are some important economic data releases particularly related to USD. So we’ve to wait for the release of data to see any significant movement. From technical perspective the pair is still in an overbought territory. From here we can expect some selling pressure. Bias is bearish.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
JPY Tankan Manufacturing Index Medium 10 10 6
JPY Tankan Non-Manufacturing Index Medium 18 19 18
JPY Revised Industrial Production m/m Low 0.1% 0.1%
USD Core Retail Sales m/m High 0.4% 0.8%
USD PPI m/m High 0.1% 0.0%
USD Retail Sales m/m High 0.3% 0.8%
USD Core PPI m/m Medium 0.2% -0.2%
USD Capacity Utilization Rate Medium 75.1% 75.3%
USD Industrial Production m/m Medium -0.2% 0.0%
USD Business Inventories m/m Low -0.1% 0.1%
USD Crude Oil Inventories High -2.4M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
USDJPY 114.78 114.38 114.04 115.52 115.86 116.26
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GBPUSD – Daily Analysis – 14th December, 2016

Date: 14th December, 2016

Currency Pair: GBPUSD

In the last trading session we’ve seen some selling pressure in GBPUSD pair. Now the pair is trying to stable above key support level i.e. 1.2629 any break below the level may force the pair towards 1.2603 and then 1.2554.

On the opposite upside limit is capped by 1.2704. Other resistance levels are at 1.2753 and 1.2779.

By looking at previous days performance We may expect a short term bearish correction from this pair. Also today we’ve some important economic data which will be released during market opening session. Bias is bearish below 1.2629.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
GBP Average Earnings Index 3m/y High 2.3% 2.3%
GBP Claimant Count Change High 6.2K 9.8K
GBP Unemployment Rate Medium 4.8% 4.8%
GBP BOE Gov Carney Speaks High
USD Core Retail Sales m/m High 0.4% 0.8%
USD PPI m/m High 0.1% 0.0%
USD Retail Sales m/m High 0.3% 0.8%
USD Core PPI m/m Medium 0.2% -0.2%
USD Capacity Utilization Rate Medium 75.1% 75.3%
USD Industrial Production m/m Medium -0.2% 0.0%
USD Business Inventories m/m Low -0.1% 0.1%
USD Crude Oil Inventories High -2.4M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.2629 1.2603 1.2554 1.2704 1.2753 1.2779
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EURUSD – Daily Analysis – 14th December, 2016

Date: 14th December, 2016

Currency Pair: EURUSD

EURUSD has been hovering in a quite limited range, lacking any proper direction. Currently the pair is ranging near daily pivot level i.e. 1.0631. Only a break above 1.0660 will favour the price to move further up. Once it happens 1.0694 and 1.0723 will come into play.

As far as downside movement is concerned 1.0597 support level would able to defend the price from any downfall. Below the level 1.0568 ad 1.0534 are other support levels.

As we can view in the technical chart there is no proper directional move. Since yesterday we’ve not seen any significant movement from the pair. Recently the pair has able to overcome from strong support level. Any continuation towards up, the price needs to cross 1.0660 i.e. 1st resistance for today. Bias is bullish above the said level.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
EUR French Final CPI m/m Low 0.0% 0.0%
EUR Industrial Production m/m Low 0.2% -0.8%
USD Core Retail Sales m/m High 0.4% 0.8%
USD PPI m/m High 0.1% 0.0%
USD Retail Sales m/m High 0.3% 0.8%
USD Core PPI m/m Medium 0.2% -0.2%
USD Capacity Utilization Rate Medium 75.1% 75.3%
USD Industrial Production m/m Medium -0.2% 0.0%
USD Business Inventories m/m Low -0.1% 0.1%
USD Crude Oil Inventories High -2.4M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
EURUSD 1.0597 1.0568 1.0534 1.0660 1.0694 1.0723
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