I apologize for the lack of posts! I’ve been incredibly busy since April, so I appreciate your patience! I’ve been traveling a lot, and will soon move across the country (again), so I’ve been distracted to say the least! Fortunately my schedule is settling down, so I’m looking forward to blogging more, and sharing my weekly videos with you again. There have been several fantastic bargain day opportunities recently, and hopefully we can blog more of them as they arrive.

Traders Love My New Book Making Money in Forex!

I have to admit, I’m relieved to read the positive comments made about my new book Making Money in Forex! Since it’s release last month I have received several emails, and comments from traders who have put it’s techniques to use. Thank you to everyone who has bought the book! You have made the book #11 in sales among foreign exchange titles, and #20 in international finance titles on Amazon.com as of this evening! The book as been out only a month, and I hope we can break into the top ten soon! If your not sure about Making Money in Forex, I encourage you to read the comments left on this blog by other traders. Additionally, the endorsements on the back of my book are from real traders, working real day jobs who have gained real value from my book. I’m confident it can help you, and if you have any questions email me. Thank you again!

Thoughts on the Vancouver Forex Meet-Up

Last week I was in Vancouver, British Columbia to speak with a group of currency traders about supply and demand based trading. I had a great time, and I wanted to thank everyone who came out to see my presentation. We had standing room only in the back, and I can be long winded when excited about trading! I’d also like to acknowledge my friend and CEO of Trading Metro Samuel Araki for hosting the event.Finally, Vancouver is a great city and I’d encourage you to visit when you get a chance. It’s neighborhoods are distinct, it has a lot of outdoor activities and Canada has the coolest money ever printed because they have hockey players on it. If you have a currency trading group, and you’d like me to speak at it; send me an email and we’ll work out the details.

EUR/USD Sunday Planning

I always try to spend time on Sunday planning trade ideas ahead of the market open. This exercise gets me prepared for the trading week, and reminds me where major price action boundaries exist so hopefully I won’t miss one during trade planning. Sunday planning is really quite simple for me. I mark the previous week’s high, and low trading zones, along with the major “000″ numbers that may be in play during the trading week. I usually start with a monthly or weekly chart, then move daily and four hour. Since I try to focus on EUR/USD with this blog, that currency pair is the subject of today’s post.

Tonight’s planning will start with the monthly chart. I think long term, Euro is still in trouble technically. May’s price action smashed any hope Euro bulls had about holding trend line support near $1.30, and it looks vulnerable with no major support until the November 2000 lows. Euro may get a bounce back to test the trend line and $1.30 barrier, but it looks bad. Short term price action on the four hour chart sets up a triangle consolidation pattern along support at last week’s low price of $1.22. The pattern traders are no doubt looking for a breakout on this triangle, but if it happens long it may be a fake out. The weekly high supply zone near $1.26 may cut any long breakouts short. If that scenario plays out, we may see the breakout longs get their stops tripped below $1.22 and accelerate the slide. That being said, their may be teeth to a Euro breakout long even if it is just a pull back correction on the weekly or monthly charts. The selling has been vicious, and if risk sentiment eases a bit Euro may find some buyers. The U.S. is observing Memorial day so Monday the U.S. equity markets are closed. I don’t think there will be anything decent to work with until Tuesday evening.

Best of luck this week!

Ryan