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Friday, January 31, 2014

EURUSD Buy Recommendation January 31st 2014

Currency Pair: EURUSD

Timeframe: 4-Hour Chart (H4)

Recommendation: Buy USDCHF @ 1.3480

Take Profit @ 1.3650

Stop Loss @ 1.3400

Monday, January 27, 2014

USDCHF Buy Recommendation January 27th 2014

Currency Pair: USDCHF

Timeframe: 4-Hour Chart (H4)

Recommendation: Buy USDCHF @ 0.8950

Take Profit @ 0.9100

Stop Loss @ 0.8875

Wednesday, January 22, 2014

Forex Tutorials: How to show trade levels?

Today's lesson will show you how to show your trade levels in your MetaTrader 4 platform. It depends on your trading style, but it is often very beneficial to have a visual in your trading charts where you have entered your trades as it can make the management of existing trades easier. Those of you who do not have their MT4 trading platform can head over to PaxForex and download the PaxForex MT4 Trading Platform.

Here is how you show trade levels in your MT4 trading platform:

1. Open your MetaTrader 4 platform by double-clicking the MT4 icon on your desktop.

2. Click on Tools which is by default located in your top menu bar. From the drop-down menu select Options as visible in the picture below:

3. Click on Charts and the tick the empty box preceding Show Trade Levels; exit the window by confirming with OK. You can see this process in the picture below:

Now your existing trades will show up in your forex charts created in your MT4 platform. 

Friday, January 17, 2014

EURAUD Sell Recommendation January 17th 2014

Currency Pair: EURAUD

Timeframe: 4-Hour Chart (H4)

Recommendation: Sell EURAUD @ 1.5500

Take Profit @ 1.5150

Stop Loss @ 1.5700

Monday, January 13, 2014

Forex Tutorials: How to enter a pending order?

Today we will take a look at how to enter a pending order in your MetaTrader 4 platform. MetaTrader is the most popular trading platform among retail traders which is why we will focus our tutorials on this trading platform only. You will get the download link to your trading platform from your forex broker when you open an account or you can download the PaxForex MetaTrader 4 by clicking on the link provided.

Here is how you enter your pending order for in your MetaTrader 4 platform:

1. Open your MetaTrader 4 platform by double-clicking on the MT4 icon on your desktop.

2. Select the currency pair you would like to trade (after you have conducted your proper analysis). We will use the AUDUSD currency pair as visible in the picture below:

3. Double-click the currency pair in your Market Watch window which is usually located on the left side of your trading terminal. Once you double-clicked the currency pair you will see the following window:

4. Now click on the drop-down menu located next to Type:. The default entry is always Instant Execution, but when you click on it you will see Pending Order. Clicking on Pending Order will change the window and you should see this:

5. Now you need to do the following three things which are highlighted by the green, red and blue box. 
  • First you will select the volume in lots which you would like to trade, add a stop loss level as well as a take profit target in accordance with your risk management. This area has been marked by the green box in the above picture.
  • Now you have to select the type of order you would like as you have four options: Buy Limit, Sell Limit, Buy Stop and Sell Stop. This area has been marked by the red box in the above picture.
  • Once you have selected your order type all that is left to do is click Place which is marked by the blue box in the above picture.

Friday, January 10, 2014

USDCAD Sell Recommendation January 10th 2014

Currency Pair: USDCAD

Timeframe: 4-Hour Chart (H4)

Recommendation: Sell USDCAD @ 1.0925

Take Profit @ 1.0750

Stop Loss @ 1.1025

Monday, January 6, 2014

2014 - An Exciting Year?

Today is the real start of trading for 2014. Sure, we had two trading sessions last week which were plagued by low volume as most traders were still away on sometimes much deserved and earned vacation times. Today is the first full trading week of 2014 and most if not all traders are back in front of their trading desks.

There are plenty of great things to look forward to in 2014 and we here at The Last Bear decided it is time to crank it up and take it to the next level as this blog evolves and matures. We understand that you guys reading this blog are out there in the forex market trying to pip away every day. 

It is Monday after-all so we decided to roll it back a few decades and thought this song and video will provide the perfect start for the first full trading week of 2014:

Now that you enjoyed a nice classic, here is what you can expect from The Last Bear in 2014:
  1. Each Monday we will provide you a valuable forex lesson or discuss an important even which will move currency pairs in order to give you an educational leg up on the other forex traders who do not read this blog. Feel free to submit any questions you have to us or educational topics you may want us to cover.
  2. Each Friday we will give you a free forex trade which we will trade in our very own forex portfolio. You should always conduct your own analysis and not blindly follow our trades, but please share your experiences if you do trade one of our recommendations.