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USDJPYHello all - DuncanForex.com here with another trade idea As per my Gold short trade - I think USDJPY is ready to head a lot higher. (see related trade below) On the monthly chart it printed an amazing pin bar (back in Jan) It is now at the 61.8% retrace level (just under it by about -60 pips (on a weekly chart) I think this could head up to 115 level easily on a Fibonacci extension. I have entered 3 trades at 106.91 area DuncanForex.com coming soon (about 1 week) Thanks for looking Duncan
Long
by UnknownUnicorn483829
2
Trade Update: EUR/USD analysisUS fundamental on CPI remained unchanged, this was a pivotal macro indicator which large investors were waiting for, sentiment, therefore, remains more at ease, from a technical perspective price tapped a key liquidity barrier however we rejected this zone with an evening star reversal pattern then a 4HR bearish engulfing candle closing below a minor trendline signifying large downside pressure, its likely that price could rally to targeted zone of 1.25000 then potentially extend to a psychological level of 1.20000
Short
by danresdidualfx
The new safe-haven asset: GOLDThe price is finally over the key dynamic support identified by the EMA200 weekly passing for $ 1269 an ounce. So now the support at 1324 dollars is a key level in the very short term. It will drive the price to the first significant increase in trading volume. It could reach directly the support at 1299 or the second resistance at 1348. Basically the most probable hypothesis is an uptrend from this point. With the FED still standing on its monetary policy at least until September and with this uncertainty of the markets. The price of various commodities such as gold and silver should still benefit for a few sessions. In fact the main analysts expect a retest of the price of gold at the psychological level of $ 1400 an ounce for the month of August. For September, with a probable announcement by Powell on the resumption of a highly restrictive monetary policy, retracements on precious metals should be seen. So this will be in favor of a strong appreciation of the American currency (USD). To recap The new safe-haven asset is GOLD so: we recommend a long entrance with the first target the resistance to 1348. Second target on 1360. The final one is about $ 1,400. It is advisable to set a very short-term stop loss below 1299. Even if the analysis is invalidated at the break of $ 1269.
TVC:GOLDLong
by BFCMInvest
GBP/JPY - Neutral (Risk Off) Downward wedge 4 HR ChartWaiting on Japanese session reaction to GBP pullback. (PatiencePays) If there is a breakout off the downward wedge (Long position) Take profit 1: 140.000 (Resistance & just below 50% Fibonacci Retracement) Take Profit 2: 142.650 (fibonacci Retracement 61%) Fundamentals affecting decision: Long Position positive news on trade war negotiations and continuation in reversal of the DOW/S&P 500. Short position wedge continuation (Risk Off) Safe Haven Currency considering the uncertainty in the market.
by darrenkav25
BTC, a strong shorting opportunity looms Background Traders, investors, the public and the crypto world spent the beginning of 2018 fixated on the parabolic rise and equally sudden plummet from 20k to 6,000. By mid-2018, it was clear that the bull run was over and a massive descending triangle was forming with a base at around 6,000. The Minsky moment came at the end of 2018 with an introductory drop to 5,500 followed by a plummet which finally found support at 3,200. Since then, BTC has rocketed ahead, becoming one of the best asset classes of 2019, rising nearly 60% to 6,200 at the time of writing and crushing all other traditional asset classes. Resistance ahead The focus today is on 2018’s year long descending triangle and support base at 6,000 - 6,500 which provides todays opportunity. This support zone bounced sellers 5 times during 2018 and was the focus of crypto traders all over the world. Now with price reaching this important technical level, traders will undoubtedly be fixated on such an important technical level and may see this as an excuse to take profits, wait on the side lines or flip and open a short. Bearish divergence RSI levels have also been moving into overbought territory for the past month on the daily. Bear in mind that this by itself is a terrible reason to short given that BTC is so sentiment driven, however a bearish divergence (higher price with lower RSI) is forming on the daily, giving support to our thesis. Plan As we are shorting into a bullish trend, we need to be cautious, scaling into our position and re evaluating frequently. I recommend scaling into shorts around the 6,400 region, watching for double tops and signs of exhaustion on the 4hr. As price is still trending up, we will have tight stops, giving up quickly at around the 6,600 area. There are some special situations where we are just going to run away immediately, if one of Bitcoin’s infamous BGD wicks up rapidly and through our entry range, we are not going to enter any position. So, we will not leave any limit orders overnight and instead monitor our entries closely. If there is fundamental news, such as more clarity around Bakkt, US crypto regulations, or news, like a resolution to the Binance hack or Bitfinex situation then we will also have to stay on the side lines and potentially go long. Take profit levels are at the support levels of 5,600 and 5,200 with deeper profit levels at 4,200. Once again, we will be re evaluating frequently, looking for signs of weaknesses at each level before determining whether to continue.
BITMEX:BTCUSD.PShort
by RDaneelSeldon
The only way to profit from trading is discipline. Wrong Wrong !We all come to trading for freedom, financial freedom, free of work, trade whenever and wherever we want to... Now, everyone told you that you must be disciplined in order to be profitable from trading. Can you do it? Instead of discipline, you should be responsible... Yes, Responsibilities will change your trading. You are responsible for protecting your account, working on time, your health and etc... Please watch it and like and share if you think this video is useful. Thank you for watching!
Education
by FxFran
Psych Hack #0007 - decision-making - it's what we do. Everybody - I mean everybody - who is actively trading has to make decisions. Entry points, exit points, trailing stops, stop-losses and so on - they all involve decisions. But what affects the integrity of our decision-making ? Some say we don't need to make decisions, once we follow a mechanical trading plan. I disagree 100%. If everybody could follow a mechanical trading plan and be millionaires it would have happened already - it ain't happening! End of. I say that our decisions are made in our heads - our brains, our minds. I say that I (we) need to know about the pitfalls in decision-making - pitfalls that may affect our minds. I'm sharing some things I've learned with others. These may not be of relevance to everybody. However, as the hard evidence shows that between 75 and 90% of all traders lose money consistently, I think it should be of relevance to a majority. Declaration : None of this is advice - even if so construed. Opinions on the two charts shown are not be relied upon. Your losses are entirely your own.
Education
by Captain_Walker
AUDCAD (1D): Possible short positionAUDCAD (1d) can break north or south. The position here is very tricky. Long squeezes of momentum and ATR resistance can be followed by price going either way. At this time only, there's more on the chart suggesting probability for the south. On the last bullish limb up to 3rd Dec 2018, price retraced down to a 76.4% Fib before a struggling recovery from 1st March 2018 of a 50% fib. This latest retracement noreth looks weak - but of course strange things can happen. My probability estimate is for the south. How wrong I am will be limited by a stop loss. No pain, no gain. :)
Short
by Captain_Walker
COTD - 12/04 XAUUSD Revisiting our Chart of the Day from Tuesday, where we took a look at the safe haven asset of Gold. On Tuesday we were seeing Gold catching a bid and trading higher on the back of a softer dollar and investors cycling out of riskier assets and aligning themselves with the risk-off assets. We discussed the longer-term setup of the head & shoulders pattern forming and also the declining trendline that has been capping the asset and causing the lower highs. As we look at it now, the U.S. dollar was on the front foot yesterday and as investors cycle back out of safe-haven assets we can see that Gold meets the declining trend line and fails just as it touches it, we have some support today on the weekly pivot level, but for the time being the original two ideas are still in play as we are yet to see a break of the neckline on the head & shoulders formation or a convincing push above the trendline. OANDA:XAUUSD
OANDA:XAUUSD
by Alex_GoMarkets
END OF DOWN TREND? POSSIBLE 600 PIP TRADEGood day risk takers, The Market has been in an intermediate down trend since early April 2018, for the first two months of the downtrend it had a strong momentum. Market then started to run out of steam but slowly pushing down until entering an 11 month channel with occasional fake outs to trap sellers and buyers. In November 2018 Market tested support at 1.1216 which is a very important level which held in May-June 2017 and November 2016. Price failed to break through and continued in its channel until testing the support again in 09 March 2019 and now which is current market price (02 April 2019). We see divergence on the weekly time frame for the 14 period RSI which indicates a reversal is eminent. The question we have to answer now is that is this the end of a downtrend(intermediate), there is an 11 year old trend line which the market respects and could possibly be the long term target if the market were to reverse which is also a resistance for the primary downtrend. In terms of fundamentals the US-China trade talks are still the main issue of concern, there is also Brexit for the Euro and Quantitative Easing, all these would be instrumental in driving the pair up to the 1.1800 which is possible were the trend line would extend to at the time.
Long
by ZAYN1001