About Huzefa Hamid
I’m a retail Forex trader and I exclusively use Technical Analysis to trade. I believe that Technical Analysis offers the cleanest way to predict the future direction of price movements. The fundamentals and news create the market sentiment and emotions, and that in turn is reflected in the price chart. Your bet as a trader is not on the fundamentals – it’s on what happens to the price as a result of those fundamentals.
My charts have few indicators. I use Fibonacci retracement levels favoring the 50% and 61.8% levels. I have a systematic method of trading, but it is not automated. I mark my charts manually and my method allows me to have a high win rate combined with a good reward/risk ratio.
I am interested in trading high volume liquid markets. This means I trade the majors, EUR/USD, GBP/USD, USD/CAD, AUD/USD, USD/JPY etc. and some crosses. Technical Analysis works on principles of crowd psychology in that large crowds have more predictable behavior than a collection of fewer individuals. For example, a single institution could not move the S&P500 or even a single large capitalization stock such as Apple. And a single institution could not move the EUR/USD by itself in U.S. Open. However, a single institution could move the price of a low volume stock or thinly traded Forex pair. The latter scenario is where Technical Analysis breaks down.
For charting, I mostly use MetaTrader. It does have its limitations, but it has enough functionality for my style of trading. As my trading is not dependent on proprietary tools or sets of formulae, I can use any platform offered by the brokers I have.
My preferred trading session is the U.S. Open. I like the London Open too but as I now live in Toronto, the London Open is in the middle of the night for me! I trade four days a week, about three hours per session. I trade the 15-minute, 1-hour, 4-hour and Daily charts.
Senior Analyst at DailyForx since 2012
Analyst at Deloitte and PriceWaterhouseCoopers, Member of the Canadian Society of Technical Analysts
Latest 10 Articles
- Forex Forecast: Pairs in Focus
- 03/28/2021 7:30
Success in Forex trading is highly dependent upon which currency pairs you choose to trade each week and in which direction, and less so on the exact trading methods you use to determine trade entries and exits.
- Become a Fibonacci Pro
- 03/24/2021 12:11
In this webinar, we take a close look at how the Fibonacci series and ratios are derived, and how they can be applied to your charts to find entries and targets.
- Weekly Market Analysis - March 9, 2021
- 03/10/2021 12:39
Conducting a weekly market analysis is an important step to executing successful trades.
- How to Harness the Power of Trend Reversals
- 02/24/2021 11:09
It’s essential to spot reversal patterns, as you may still hang on to the old trend direction and not capitalize on a newly formed trend.
- Weekly Market Analysis - February 9, 2021
- 02/11/2021 7:29
Join Huzefa as he guides you through the world of Forex trading and takes a closer look at the most popular currency pairs in this week's trading.
- How to Find and Trade Forex Trends
- 01/28/2021 11:21
If you've ever traded Forex, you've probably heard people say, “find the trend, that's where the money is”, or “the trend is your friend”. While that's accurate, it's also a bit oversimplified.
- Weekly Market Analysis - January 17, 2021
- 01/18/2021 11:04
One of the most important things to learn when trading in Forex is conducting a weekly market analysis.
- How to Trade Breakouts
- 12/24/2020 8:49
What is breakout trading and how do you trade a breakout?
- Trading Support & Resistance
- 12/09/2020 12:20
There are five keys to support and resistance that helps us understand some of the foundational concepts around support and resistance – Read more to find out!
- Trading Strategies Using Technical Analysis
- 12/09/2020 9:23
For my analyses, I primarily use the price chart, support and resistance levels & key Fibonacci levels. Learn trading strategies using technical analysis here.