Heikin Ashi Forex Trading Blog.

Heikin Ashi - daily chart and hourly chart analysis!18/01

I for one have never been too fond of indicators and have strived to minimise the paralysis by analysis. But I think a new view is not too bad an idea. I am presenting here a new chart with 2 indicators which are : 1) Donchian channel
2) Aroon indicator.

The channel is good to know where I can expect natural resistance or support and good profit taking areas. Aroon indicator is a good trend indicator and with heikin ashi gives me more reason to stay in the trend. Sometimes when I trade intraday, I happen to get a very good entry, with heikin ashi but the first sign of retracement, and I am ready to bail out, thereby missing out on a good move. So I hope that these 2 will help me stay in a trend and raise the overall profatibility of each day.

Yesterday was another day of indecision as the GBP is still in a sideways range move.
However this is exactly the days that we should be looking forward to as the explosion moves arise from these range bound markets. So we can expect a good large move to be coming anytime soon. Going by the charts, I think we are headed to the downside for quite some time now. Prices are going down after reaching the top of the channel and aroon indicator is showing weakness to. The time that Aroon crosses, we can push our positions as the bottom of the channel is about 450pips lower.

Intraday Chart :

Pretty much in a range still and we will try and pick small trends and bail out with a small profit.

posted by ProphetOfProfit @ 5:34 AM