Recommendation: Forextell – Filtered Trade Ideas by Axitrader
Hi all, just wanted to share with you this great resource- Forextell. It is a website that provides filtered trade ideas, such as Goldman’s spot desk recommendations, order flow information (where the hedge funds have their stop losses and pending orders) and a summary of trading opportunities for the week ahead.
I find the weekly summary useful because I very quickly get a bias on which direction I should be trading for the next week for each currency pair, without having to look at the chart. Of course you must still do your own analysis, but it helps in providing a bias on the individual currency pairs.
How to use it: For example, this week (5 Jan 2014 to 9 Jan 2014), the bias on the majors is:
- Short GBP/USD (Trend)
- Long USD/JPY (Trend)
- Short AUD/USD (Trend)
- Short EUR/USD (Trend)
- Short NZD/USD (Trend)
- Long USD/CHF (Trend)
- Long AUD/NZD (Reversal)
- Long EUR/GBP (Reversal)
- Long USD/CAD (Trend)
So I would be looking to sell rallies on GBPUSD, EURUSD, because the daily & 4 hourly trend is down. You could sell rallies when it hits a bear trend line, or when it pulls back to the 20 EMA. It is entirely up to you.
Good luck to your trading!