A Look at the Eur/Usd Pair and Ninja Trader

The Eur/Usd rallied a little over the past couple of days and has now stalled out. It seems that we've reached a pivotal point and soon we will should see a pretty big move in one direction or the other. The Eur/Usd rally topped out around the 1.3330 area and it has fallen back from that level twice now. I think the important breaking levels for the pair are 1.34 and 1.31. A break and close on the daily chart that is beyond either of these levels will most likely confirm a move in that direction. Here's an hourly chart that shows the overhead resistance level that the pair has not been able to break so far.
I'm still short the pair because my daily trend following system is giving the short signal for the Eur/Usd but it appears that a buy signal is not far away if the current rally continues...note that sometimes this situation (i.e. having a signal in one direction but being on the brink of change) provides a great low risk entry in the direction of the primary trend.

On a different note, I have downloaded and started playing around with Ninja Trader recently. This is an interesting platform that allows for free advanced charting and trading simulation. I'm mostly interested in the simulation trading. You can trade actual back data as if you were in real-time and you can also trade randomly generated data to hone your trading skills.

Practice trading is something that I've been meaning to do for quite some time now, but I never could get around to it. According to many trading coaches and learning experts, practicing in structured environments on a regular basis is an important step that helps in gaining the skills necessary to successfully take on a major endeavor like trading. I'm still getting to know and getting comfortable with the Ninja Trader software but I hope that it will be a valuable learning tool and I will post an update and review of the program once I get some more experience with it. I encourage you to give it or another similar type of program a try to see if it helps your trading.

Good luck out there.

TLT