I was invited to join their Pro group for a few weeks and see what their Pro services were all about. This was not only a big surprise but also a huge honor. In addition to his role as Chief Market Strategist for fxKnight.com and a series of private funds, Andrei Knight is also a regular contributor to FXstreet, DailyFX, Forex Factory’s FNN, BabyPips, ForexPros, and the International Business Times, where he also sits on the advisory board. He is the author of “Trading Forex for a Living”, a certified NLP Practitioner, and a Certified Professional Life Coach. With a resume like that, you know you are in good hands when investing in your forex education with fxKnight.com. Here’s a summary of my own experiences inside the Pro services at fxKnight.com so that you can judge if their services would also be right for you.
The first thing I did was to explore the Pro Forum area where you can watch over 30 hours of introductory videos to learn from at your own pace thanks to their forums administrator Rich G who does a lot to maintain the forum area and keep it up-to-date. The indicators and strategies covered here include many of the indicators and tools that I also use and teach here at Forex-Nation such as: pivot points, moving averages, fibonacci, candlestick patterns, and money management. But add to that Andrei’s input on the mental and spiritual aspects of being a forex trader and you have a well rounded educational experience for any type of trader, new or experienced. These videos aren’t some highly polished commercialized lessons, but rather actual recorded live trading room sessions in which Andrei himself taught each indicator and strategy in simple terms and then related their usage back into the complex world of the forex market with real live trading examples. You see Andrei able to not only teach but also respond to the other traders questions and input so that the lesson isn’t just a boring monolog but rather more like an engaging conversation. This is exactly what it’s like during the daily live trading room sessions that I’ll get into later. Basically, this core material will give new traders a major leap in their basic forex education and add more depth for the more experienced traders. There is also a “Best of” videos section which are Pro session recordings that members have voted as most helpful for teaching some additional topic of trading, so the amount of archived material alone is worth your membership!
One of the most unique features of fxKnight.com’s Pro services was their Belt system. The concept stems from martial arts dojos around the world, places where students come to be formally trained in their art. Here it’s the Pro room itself where members are assigned colored “belts” based upon their level of experience and current area of focus so whenever you log into the live trading room you can quickly see what level each member is at based on the color of their screen name. There are four belts (green, blue, red, and black) and in order to achieve the next belt status you must be able to demonstrate specific skill sets in the live trading room in order to pass the Belt Test. Examples of some of the skills one must learn to master include: identifying trend-following and ranging trade setups, advanced position management skills, and identifying what moves the markets will make before they happen. Many of these Belt Tests are also archived in the Pro forum area so you can learn what it takes to move up in rank from previous tests.
The live sessions take place in the Pro room where members can log in anytime and discuss forex amongst themselves. There are two hour long live trading sessions hosted by Andrei or one of his team members with Session 1 starting at 7:00 – 8:00 GMT and Session 2 starting at 17:00 – 18:00 GMT. This is a specific time in which members can discuss their trades and learn about other trade setups from Andrei himself through the use of the live chat and what is called a whiteboard feature, which is basically a way to copy and paste content from your computer into the Pro room for everyone to see and go over. Andre splits the time up very well between answering members questions and input and his own daily lesson plans. Each day also has its own theme so that you never feel like each day is a repeat of the last and every daily session is also recorded so you won’t miss out if you’re unable to make it to the live session.
There’s far more I could go into, but I believe the points mentioned above should be sufficient enough for you to see that fxKnight.com is not in the same league as most of the other educational forex websites. Perhaps the biggest point that I could get across is the sense of community and overall positive environment that Andrei and his team have created. Andre does not come across as some sort of conceited forex guru whose choosing to bestow upon us the powers of reading the forex market. Instead he seems very down to earth and well informed and delivers his knowledge and experiences in an exceptionally encouraging manner that leaves one with more affirmation that they too can become a successful trader while not having to feel like the road is going to be long and hard and perhaps even a dead end at the end of the day. Whether you are seeking a foundation on which to build your forex career, or you are simply looking for that elusive edge that will get you to that next level of trading, I personal can vouch for the services offered at fxKnight.com.
To learn how to become a member of fxKnight.com click here
 
Here’s a simple look at my 4 hr chart where I only have my trendline and fib levels showing. The fact that we have the 61.8 fib level syncing up perfectly with a nice round price level like 1.3000 shows that we are at a critical level (I believe) for the euro. For 9 days in a row now, that 1.3000 price and 61.8 fib level has been tested and yet not broken on the daily chart as well. There is LOTS more resistance levels above than support levels below, leading me to guess that the rally we’ve been riding high on is at a plateau and soon we’ll see a reversal in trend. Above the 1.3000, we have two big forms of resistance: one is the weekly R1 at 1.3050 and the daily R1 at 1.3057. There’s also minor resistance at 1.3035. To the downside, a break of 1.2970 would peek my interest that momentum has shifted, but ultimately we should watch that red trendline to confirm a true reversal has happened.
I’ve been trading the range (which I have at 1.2970/1.3030) on the hourly chart for modest 40 pip T/P with a 20 pip S/L and had 3 successful trades this week doing that, and I will continue to do so until the market breaks out of this counter-trend. Trading ranging markets is brutal sometimes since about 80% of all breakouts become fake-outs, and I like to ensure that I never get emotionally attached to the trade so that if the trade goes against me, I still can re-evaluate and jump back on board in order to not miss out on the next trade setup. If anyone has questions or comments feel free to leave them below. Good luck out there!
Well last week I posted the graphic showing how the 50 fib level provided resistance to the strong rally we were seeing all week and reminded everyone of the powerful tool that fibonacci levels are to trading. Well now the next level up, and one of the most crucial levels to know about, 61.8 has provided a stronger source of resistance by capping any rallies above it three days in a row. We have now seen a sell-off that currently finds support at the 50 fib level (support turned resistance). The pair is now consolidating in a tight range between 1.2790 and 1.2830. Whichever of those two levels is broken first, that’s the next entry setup for you to take advantage of.
I failed to realize this yesterday, so here is an actual image to show that the recent stall in this most recent rally occurred right at the 50% fib level on the daily chart from this year’s April to May swing high and low. This is why you need to know how to use fib.’s my friends! Also Adding to the resistance was our Weekly R1 which price action broke but hasn’t closed above on the hourly, and the daily R1 just above there (not seen in this image).
The Euro reached a 2-month high after breaking above 1.2700 and continuing up to 1.2737 reaching the highest price since May 12. As I write this, my smaller time frames (hourly and 15 min) show extreme overbought conditions and it’s a safe bet that we will see the EUR/USD trigger some bearish corrective movement now and into the close of New York’s session. Most analysts that I keep up with say to watch for 1.2660/70 area to be the key: if it’s under, corrective movement could extend close to the 1.2600 area, while if price holds above the level, price action should resume bullish trend.
I traded two classic setups according to my strategy and using the 1 hour chart. First, during the initial morning hours of the European session when the EUR/USD was falling, price action reached the daily S1 and came within 5 pips of the Weekly S1 as well, triggering a high probability buy that I managed to leave open during the subsequent rally that took of when New York opened its session. We then just had what’s known as a tweezer candlestick formation occur on the hourly timeframe for the 11:00am and 12:00 pm candlesticks. Whenever you have price action at extreme levels and two consecutive candlesticks close moving in opposite directions (bullish candle followed by a bearish one) and both of them have tails or wicks of equal length, that’s usually a great entry for a corrective move in the opposite direction of the initial surge. Hope that makes sense, if not feel free to comment. Sorry, but I’m not leaving a graphic up for this one, but it’s better to discover these things on your own charts since most every trader I know has a customized chart anyway.
So looking ahead, again watch the 1.2660/70b area as I just mentioned for an indication of which direction we are going to go in for the rest of the week. Of course news will effect this recent momentum as well and coming up tomorrow are several key economic releases out of both the U.S and Europe to pay attention to. 1.2880 would be the next big resistance area to watch for as that was last year’s lowest level of support in mid-April, so it should now become crucial resistance for this pair to overcome now that the other levels are out of the way. Also the 100 day MA is approaching above the 1.2937 level. Good luck trading!
Just wanted to look at this Sterling Yen chart which really is an amazing pair, and although I am not in any way attached to currencies as in a favourite little friend, this one comes out pretty rock ‘n’ roll in my top movers list. These shocking pink head and shoulders patterns, which we can find on all time frames, contain some serious moves with plenty of momentum and can help in the identification of areas where the big money may be sitting with orders. These areas are where we hopefully can hitch a ride to some important moves whilst keeping our risk in the market at an acceptable level depending on our MM plan.
The simple upward trend line, with corresponding horizontal resistance could have provided a way into the market where our technical analysis had created a high probability entry order with low risk and a potential 60pip first target. Remember there are no guarantees, and our analysis is only zooming us in closer and closer to the trade that is most likely to go in our favor based on historical evidence. The market never makes a false move, I talk about false breakouts a lot of the time, but of course their not false, they just don’t fit into my little trading picture, but they are very real and true.
In this GY chart example our trend line has been tested several times and held. What this starts to create in our trading mind is an idea of what the big money is looking at, are they looking at this same trend line? if they are then the probability of trading with them just increased. The next time the price arrives at the line we can place our trade and have a plan already built-in so as to keep our subjectivity out of the button pushing. We will have certain expectations for the trade and the means to get out quickly if things go against us.
On the Sterling Dollar chart we can recognise how for the last week the price has prefered to stay in this 130pip range with some little excursions higher and lower that have met swift opposition. This is important intelligence to be able to understand the overall feeling traders have of the pair. We can apply S&R lines from higher time frames and look for smaller time frame entry points, only of course for trades that carry a high probability of success. This is the way I trade profitably, I do have losses but they are kept to a minimum because I won’t just take any trade, and this inevitably means that my trades can be infrequent, that’s not a worry for me. I know and believe that good set-ups exist a lot of the time and it’s only a matter of choosing the highest probability ones to end up being a winner in forex. This is what I would like novice traders to know and believe as well.
See more posts like this at http://forexdawn2010.blogspot.com
EUR/JPY price entering into a heavy resistance zone at the moment that could just cap this corrective trend and keep consolidating the price or alternatively pick up some sellers and accelerate with the overriding trend down as we have seen four times previously. I will be looking to trade the high probability trade for me which would be the sell off rather than the breakout to new highs, at least for the moment. Obviously a very similar set up to the GBP/JPY .
See more posts like this at http://forexdawn2010.blogspot.com
Here’s an update to my 1 hour chart from yesterday. So far I’ve been correct with regards to the current bullish momentum the EUR/USD, and I would continue to look for opportunities to buy on the dips in price action. But I should also caution you all to watch price action closely once it reaches the 1.2435/45 area that I wrote about in Monday’s fundamental analysis. As always, feel free to leave questions or comments below.
I thought I would put up a graphic of my 1 hour chart which I use for determining mid-term support resistance and also for drawing most of my trendlines and weekly and daily pivot levels. I’ve included some text to describe what you are seeing. Notice that the alligator is contracting and could perhaps cross over signaling a reversal in direction. But keep in mind that the current trend is a slightly bullish one and we are in an upward channel for right now, so I continue to look for buy entries over sell entries. Also, you’ll notice that a hammer candlestick has formed from the previous candlestick and this is usually a good indication of a bullish reversal.
Just having a look again into which general direction the Dollar and the Euro are potentially headed for in the near future. The markets have been showing signs of taking on more risk recently and there maybe an important swing low being established after an extended period of consolidation in the downtrend on the EURX chart.
The USDX also indicates this move away from the reserve currency into more profitable but riskier trades. For the moment I am staying out of the market until I can see some confirmation of a bigger trend formation. It won’t take much to spook the risk takers in my opinion, but the calender is fairly light on important news this week so maybe we could see a short but continuous period of optimism until the next European bombshell.
The reason this is important to know for me is it will have an effect on my trading plan which for most of the year has been seen to buy dollars, with some exceptions, and follow the uptrend which is the secret to those high probability trades. If this is about to change, even for a short time, I need to be aware otherwise I will be trading against the majority and reducing my chance of success with my strategy considerably.
You can follow George Richards at his blog http://forexdawn2010.blogspot.com
After achieving a 4-year low of 1.1875 last Monday, the EUR/USD closed last week at levels above 1.2100 area, shifting the pair’s near-term risk to the topside. Many experts are calling for a corrective rebound to 1.2330 and 1.2445 before we see a resumption of the main downtrend from there. I believe we could see the upper 1.2500’s reached if fundamentals continue to come in solid as they have over the last week. The consensus for this weeks’ Eurozone industrial production is for a lower amount than the previous readings, however given that April’s EU manufacturing PMI came out at a 46-month high and that German manufacturing PMI data showed its fastest sector growth since 1996 could mean there is significant upside momentum available depending on this months data. Germany and France both account for around 50% of EU growth.
So looking ahead for tomorrow we have German ZEW Economic Sentiment coming out and then on Wednesday EU CPI reports are due. As stated above, the results of those reports will either add to the current rally or stall it out. Keep in mind that there is also lots of data out of the U.S. on Wednesday (PPI and Core PPI to name a few) that could interfere with the current rally so I would advise against trading based exclusively on the data. Watch you charts and keep an eye on those key fib levels (38.2, 50, and 61.8) and previous support lines now turned resistance, especially if they sync up with weekly and daily pivots. I’ve got to be short and sweet due to some unforeseen and unwelcomed “problems” that have arisen lately so although the site might not have as many updates, I will be checking in on it just as much over the next week so feel free to leave questions and comments as always. Good luck trading!
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