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It's Friday!!! Two days without markets ahead :(

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How to trade

“I have not failed. I have just found 10,000 ways that won’t work.” – Thomas Edison I don't know about you fellow traders out there, but that is certainly how I feel about my beginnings in the financial markets. It all sounds so simple. You open almost any book about trading and read about how putting an indicatior on your chart can give you entries and exits and will make you rich. Excited about the insight you pull up your chart software and start seeing the described entries all over the place. No way to lose money with this knowledge, right? Well, it's not that easy. And how could it be? Do you really think something like "the 20 period moving average acts as support" is the essence of investing? Huh?? I mean, come on folks! It might work a few times, it might even work in the long run for some people. But the truth is: what these technical, indicator-driven strategies try to do is to exploit a statistical abnormality . Following these rules religiously is very t...
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Traders and blogs worth following

It is sometimes hard to tell in detail where the different influences in your trading strategy come from. But some people in the business stick more than others. Here are some of the people/blogs/traders that I regularly follow. Sam Seiden from Online Trading Academy  or also found on  Fx Street . I like his counter-trend approach and also enjoy his definition of supply and demand zones. Jason Stapleton from Trade Empowered Jason trades a mix of patterns, fibonnaccis and support and resistance zones. He is very enthusiastic, transparent and just seems real. I enjoy watching his weekly forex market preview. Thanks Jason!  Chuck Butler's Daily Pfennig A daily recap of developments in financial markets and politics. Although the Pfennig is not doing any market prognosis and therefore generating trade ideas,  it's very useful for keeping up with the latest news. Zerohedge A well-known classic in the trading and (I guess) conspiracy scene, this blo...
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$GBPUSD chart analysis

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Look at the break of the massive shelf around 1.5250/1.5375 in GBPUSD. I expect this to be a meaningful change of sentiment for the currency pair. What the heck are the British doing to their money??? Next support zones as marked by the blue lines below current price: S1: ~1.5000/1.5125 S2: ~1.4850/1.4875 Of course I got long within the brokes support around 1.5375 and now I'm in trouble with this one. So I will have to figure out how to reduce the damage.
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