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Martin Njoroge
Open an account with Exness https://goo.gl/ft93FA to participate in their first round of trading contests in 2018. The trader with the highest equity at the end of the 4 day competition wins 3000 USD. The contest is risk free and will be done in their demo account...
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Martin Njoroge
Published post NZD/USD FUNDAMENTAL ANALYSIS
NZD/USD may trade lower as markets digest New Zealand's disappointing QoQ and YoY Gross Domestic Product. These figures reveal that the economy's expansion was slower than expected. The market sentiment has turned bearish with 64.5% of traders opening short positions...
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Martin Njoroge
I have entered a long position on USDCAD based on Technical analysis. It's a little late in the trend but as long as prices trade within the channel and above the fib support, I expect the prices to continue higher. Its important to take note of Economic releases during the week as this may affect the setup. Have a happy trading week and remember to trade responsibly.
Martin Njoroge
Major USD Macroeconomic Events 11-17 March 2018
13th March Tuesday
Headline Inflation figure. FED will be looking at the CPI figure to determine whether there will be an interest rate hike in their March meeting. The previous figure was 2.1% while forecast is at 2.2%. A higher than expected figure should be taken as bullish.
14th March Wednesday
Retail sales. It’s the foremost indicator of consumer spending. A higher than expected figure should be taken as bullish for the dollar.
15th March Thursday
Weekly jobless claims. Previous figure at 231k, forecast at 225k. A lower than expected figure should be taken as bullish.
16th March Friday
Building permit February; JOLTs job Openings January; Industrial product index m/m February; U. of Mich. Sentiment.
13th March Tuesday
Headline Inflation figure. FED will be looking at the CPI figure to determine whether there will be an interest rate hike in their March meeting. The previous figure was 2.1% while forecast is at 2.2%. A higher than expected figure should be taken as bullish.
14th March Wednesday
Retail sales. It’s the foremost indicator of consumer spending. A higher than expected figure should be taken as bullish for the dollar.
15th March Thursday
Weekly jobless claims. Previous figure at 231k, forecast at 225k. A lower than expected figure should be taken as bullish.
16th March Friday
Building permit February; JOLTs job Openings January; Industrial product index m/m February; U. of Mich. Sentiment.
Martin Njoroge
This will be a volatile week with many important macro economic data and key Central bank speakers.
Martin Njoroge
- EUR/GBP Major support is at 0.836 level at the 38.2 Fibonacci retracement level - The General trend of the pair has been on an uptrend since 2015 - The near time trend support lies at the 0.8808 level - The pair has formed a resistance - Since the trend is bullish I am to long the pair...
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Martin Njoroge
Why Struggle with complex strategies? Applying good money management to this strategy and you'll be trading better than a professional.
Martin Njoroge
Since December 28th the GBP/USD pair has been respecting 200mva on the 15 min chart as a strong Resistance. This has been creating nice entry points for short positions.
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Martin Njoroge
Experience has taught me that it doesn't matter how good of a strategy you have, in the long if you have no money management in place your bound to fail. Money management can turn a strategy that has a probability of 50% winning into being very profitable. The same is true for Expert advisers...
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Martin Njoroge
This week trading economic events has become very challenging. Markets are ignoring the impact of the news. This could be caused by low liquidity during news releases as many traders are fearful entering into trades pre FOMC rate decision.
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Martin Njoroge
Published post Choosing Your Broker
The internet is flooded by Forex brokers many claiming incredible offers. The best and most Efficient broker i have dealt with so far is Exness. Click here to view https://www.exness.com/a/s9mir4bp. Why? 1. They have the most professional chat support. They are always willing to help...
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Martin Njoroge
This is the lowest RSI(14) has ever been on the EURUSD hourly chat. Going to as low as 11. If you entered a buy position hoping to catch a retracement on the large move don't despair yet. Wait for the end of the US session and we will see a pull back before the down trend continues.
It significant to note that EURUSD is near support of a 33 week wedge pattern. A break below this support will push the EURUSD further down and we can expect an even bigger breakout.
It significant to note that EURUSD is near support of a 33 week wedge pattern. A break below this support will push the EURUSD further down and we can expect an even bigger breakout.
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Martin Njoroge
Warren Buffet said there are two rules to keep in mind while trading :
1. Never loose any money
2. Never Forget rule no.1
1. Never loose any money
2. Never Forget rule no.1
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Martin Njoroge
The Dollar has been Forming a series of Lower highs and lower lows. We may see a bullish breakout by the dollar. The dollar is at the donchian channel high. Should this not hold as resistance expect the dollar to continue rising further.
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Martin Njoroge
This is a very simple and effective strategy I have developed using a Renko Chart. Renko charts are not time sensitive and a candle is formed only when price moves a number of pips you've set. On my chart I've set it to paint a candle for every 5 pips move in price the time frame is 1 min. So every time a 5 pips move is made a candle is formed. I have smoothed out the Renko candles with a heikenAshi indicator. The Yellow lines are Donchian channels. They are used to identify a breakout. The first Signal given by the Donchian channels is the best. You put your stop loss at the opposite channel and keep adjusting it as it goes down. Trading breakouts can be very profitable. The two bottom oscillators are stochastic and CCI . If you are unfamiliar with their use you'll find a lot of information by google searching them.
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