The latest news from Goldcorp (GG) is that the mining company started gold production in its Éléonore project. Currently, the company plans to produce around 50,000 ounces of gold this year and ramp up to full production capacity by 2018. Considering…
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Good trends are hitting the Forex market and creating interesting conditions for Forex traders. For instance, the US Dollar strength is rocking the market strongly. The times when the EURUSD was knocking on the doorsteps of the 1.40 level seem ages ago and price in the meantime has hit the 1.25 level.
There is another trend that should not go unnoticed: the Australian Dollar weakness during the month of September. This time around we are reviewing the GBPAUD as the AUDUSD has already been analyzed in an earlier post of this week (click here).
The Great British Pound in fact is probably the 2nd strongest in the market as of late. It is losing the least ground versus the USD, beating the EUR and NZD, roughly even against the JPY and dominating the AUD (Australian Dollar).
WEEKLY ENGLUFING TWINS
The bounce off of the 38.2 weekly Fibonacci retracement level can simply be described as massive. That momentum is still dominating the GBPAUD as each subsequent weekly candle posted higher highs and higher lows. Weekly engulfing twins at a confluence of Fibonacci levels (38.2 retracement and -27.2 target) can be very powerful!
The good news is that last week’s high has again been broken. With intra-week resistance out of the way, there could be awesome trade potential for intra-week and intra-day traders . Let’s zoom in!
UPTREND CONFIRMED
The 4 hour uptrend is confirming the bullish weekly candles – although if you look closer at recent price action, it becomes noticeable that the current trend angle is significantly shallower (red lines) compared to the beginning (green lines). Also, price does not break as far above resistance (purple circles on top of candles) as it did at the beginning of the uptrend.
Conclusion: price is in an uptrend but showing signs of slowdown.
Warning: this is where reversal traders often lose out a lot as they start to anticipate trend reversal way too soon. They strike out a dozen times and then do not take the actual reversal because of the previous failed attempts.
Solution: the trend is still UP. Focus on long trades unless very strong and clear momentum is present.
ENTRY OPTIONS
The break of the falling wedge chart pattern (purple lines) just at/above support (green line) was a great trade setup. Now it could be a good moment to wait for the pullback and continuation.
I will place a Fibonacci retracement key (orange) on the current swing high and swing low, which could have to be moved to the new top if price continues with its higher highs and higher lows. Any of the Fibonacci levels could be a good entry.
The very best reward to risk ratio is at the 88.6 Fibonacci level, but there is not a high chance price could retrace that deep. The 88.6 Fib is also the armpit level (blue line), which provides extra confluence.
But basically any of these Fib levels could be the bouncing spot for trend continuation. The best is to wait for candle stick chart patterns as a confirmation that price is bouncing at one of the Fib levels.
Stop loss should be below the swing low. Take profit at the -27.2 Fibonacci target and/or trailing stop loss of 1 hour bottoms.
Are you keeping an eye on this pair? What specific tools would you add to the analysis?
Happy Trading!
The post Understand Current Trends to Make a Profit for Forex Traders appeared first on FX FOREX.
As I sit here thinking about what I want to write, I reflect back on my journey in business and finance that has brought me to where I am today. How, in conducting business, it is results, outcomes and accountability that have always carried weight. Serving customers well and adding value – making them more […]
Environmental Management & Sustainability News
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via SMB Capital – Day Trading Blog:
Options Tribe meetings are free to the public on the first Tuesday of each month. All other meetings require an annual membership to OptionsTribe.com. Click here Read more [...]
For more info: Public Options Webinar: Marc Principato: Currency Options for Profit
SMB Capital – Day Trading Blog
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via ZIFX.com:
GBP/USD Open 1.6712 High 1.6742 Low 1.6655 Close 1.6719
On Wednesday Pound/Dollar increased with 85 pips. The Cable appreciated from 1.6655 to 1.6742 yesterday, in line with the positive money flow sentiment at over +14%, closing the day at 1.6719. Today the British Pound is trading quietly, with movements at the upper end of yesterday’s range for the time being.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel has slowed down. First resistance is yesterday’s peak at 1.6742. Break above it should extend the bullish movement further towards 1.6865. The nearest support level is yesterday’s bottom at 1.6655. Going below it should extend British Pound’s reduction further down towards next downward objective 1.6532.
Today are BoE Interest rate decision, and Asset purchase facility, both at 12 GMT.
Quotes are moving above the 20 and 50 the EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.6742 1.6865 1.7000
Technical support levels: 1.6655 1.6532 1.6400
Already made +20 pips profit/loss on GBP/USD today from the following sent to clients only signal:
5:15 GMT Buy GBP/USD at 1.6709 SL 1.6683 TP 1.6769, exit sent at 6:27 GMT.
Today so far +44, yesterday +92, as shown ;here.
For more info: Cable Steady Ahead Of BoE At 12
The post Cable Steady Ahead Of BoE At 12 appeared first on FX FOREX.
via ZIFX.com:
USD/JPY Open 102.13 High 102.67 Low 101.98 Close 102.20
On Monday Dollar/Yen decreased with 70 pips. The currency couple depreciated from 102.67 to 101.98 yesterday, matching the negative money flow sentiment at nearly -14%, closing the day at 102.20. This morning the Dollar is trading quietly against the Yen, with movements within yesterday’s range for now.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the upward channel has turned into range trading. Break above yesterday’s top and nearest resistance 102.67 would encourage further recovery of the Dollar. Immediate support is yesterday’s bottom at 101.98, and consistent break below it could strengthen the Yen further down towards next target 101.08.
Today is Japan National Foundation Day, Tertiary industry index, Machinery orders, and M2+CD money supply, at 23:50 GMT.
Quotes are moving above the close 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.
Technical resistance levels: 102.67 103.56 104.48
Technical support levels: 101.98 101.08 100.26
Today so far +5 pips profit/loss on USD/JPY today from the following sent to clients only signal:
5:15 GMT Sell USD/JPY at 102.25 SL 102.51 TP 101.75, exit sent at 8:01 GMT.
Today so far +84,yesterday +55, as shown ;here. Have a great day!
For more info: USD/JPY Steady In Pre Fed’s Yellen Views
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Both the U.S. and EU made significant policy decisions last week, here’s a brief review of trading implicationsUS: Symbolic Taper Bullish For Both USD And StocksLast week the U.S. provided markets with both the start of a slow tightening process with the start of the taper, yet at the same time convince markets that it stays dovish for the near term, benefiting both the USD and stocks. Quite a balancing act. See here for full details of how they did it, lessons and ramifications.EU: Symbolic Bank Reform: Bearish for EUR, EU StocksMeanwhile, the EU dished up a bank reform policy that perversely seems likely to accomplish the opposite of what was intended; see here for our full special report.How To ProfitThere are a …
via traders – Google Blog Search:
Both the U.S. and EU made significant policy decisions last week, here's a brief review of trading implications. US: Symbolic Taper Bullish For Both USD And Stocks. Last week the U.S. provided markets with both the start of a …
For more info: How Forex Traders Can Profit From The Latest Huge Fed, EU …
The post How Forex Traders Can Profit From The Latest Huge Fed, EU … appeared first on FX FOREX.
