Forex,  Investment

Forex Signals Blast Off Chart Analysis (Week of Nov. 1st)

Forex Signals Blast Off Chart Analysis

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I understand that following Forex signals can be challenging. After all, since you are not looking at the same things on the charts as the signal provider, signal followers are often “flying blind”.

This is also the case for my signals service, Forex Signals Blast Off.

Since I am out of the market for all currency pairs covered by the service, I thought this would be a good opportunity to show some of the chart analysis.

Basically, this is a part of what I’m looking at, and this should give you a clue as to what I need to have happen to take action.


GBPJPY Chart Analysis

forex-signals-blast-off-chart-analysis nov 1

 

I’m currently only looking for BUY trades. But I need my strategy to trigger a buy entry. If I do get this buy signal, I would also like to see it break this short term trend line as an added confirmation.

A lot of times you get two moves. You can clearly see the first move up was very nice. And if we get a second move, it could be similar to the first.  

The only thing we can do at this point is be patient and wait for the market and my strategy to tell us when to take action.


GBPUSD Chart Analysis

forex-signals-blast-off-chart-analysis nov 1

The bias is not as clear on this chart. I could make the case for a sell bias or buy bias. So, the only thing we can do is wait for the market to reveal itself.

I’ll be looking for my strategy to trigger an entry, and would like to see that coincide with a break of one of these trendlines.

Be patient, and let the market do its thing.


GBPAUD Chart Analysis

forex-signals-blast-off-chart-analysis nov 1

 

It is easy to see we are in a strong SELL bias right now.

Unfortunately, I didn’t have this currency pair in the service in time to profit on this move… and profit on this move we would have.

But don’t worry, the way you catch the next moves in the market is to be patient and keep trading over the long term. Great moves will happen, and if you keep trading the signals… you are going to catch a lot of them.

I’d need to see a pullback and a sell signal trigger, or a buy signal and the break of this trendline to take action.  Time and market movement will tell us what to do.


Final Thoughts

Look, obviously I am not revealing my entire trading strategy on the charts here. There is a lot more to it than what I’ve shown you here.

But simple price action confirmations are a part of it. When my strategy triggers a trade around a trendline or significant price level, they are very powerful. And they help us have confidence in our trading decisions.

I know it is difficult to simply follow the signals blindly… so I wanted to give a little context to what I am looking at on the charts.

Remember, long term success is not about how many trades you take, or how often you trade. Long term success is about waiting for high probability trade setups. And I wanted to let you know that price action is a part of what gives my trading an edge.

And knowing that I am not simply blasting out signal after signal with no good reason should give you confidence as well.


Price Increase November 1st

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To Your Wealth,
Edward Lomax

Take Immediate, Relentless Action

“Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action.”

–Napoleon Hill

Focus Only On What Works

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.”



–Zig Ziglar

Succeed Where Others Fail

“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.”

-Jim Rohn
 

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