Get started

Askforex100

Trading Speed Bump Ahead!!Looking ahead, the EURJPY is poised to be the most trending pair in the coming week, with a bullish Euro and bearish Yen driving the market. This presents a great opportunity for trend traders, as the pair is expected to rise steadily. Personally, I will be watching for a retest of 149.53 on the 1-hourly chart as an entry point for a trend-continuation trade. However, it is important to note that a potential trading speed bump may arise on the daily chart due to the completion of a bearish AB=CD pattern at 150.76. While this may be a cause for concern, experienced traders will set an alert at 150.76 and wait for a confirmation signal before acting on the pattern. It's important not to let "what-if" scenarios deter you from making a trade - stick to your trading rules and use them to your advantage.
Long
by RaynLim
2
Why News Headlines Can Be MisleadingIn recent times, we have been bombarded with headlines such as "Dollar Slide", "US Debt Ceiling Closing", "US Bank Failure", "19 Countries show interest in joining the BRICS". While these news items may give the impression of a weakening US Dollar, it is important to take a closer look at the chart. Contrary to these headlines, the US Dollar is actually appreciating! Smart traders know it is important to analyse chart patterns and not rely solely on news headlines. For trend traders, a buying opportunity could arise when the market retraces and sits on the blue trendline. Meanwhile, counter-trend traders may need to adopt an aggressive approach by waiting for the 3-bar reversal to appear within the red box for a potential counter-trend trading move. Remember, don't be misled by news headlines, always analyse the chart and make informed trading decisions.
Long
by RaynLim
Critical Support Level Identified for GBPUSDOn closer analysis of the GBPUSD on a higher timeframe, it is evident that the candlestick has closed above the previous high, thereby confirming the bullish trend of the currency. However, one must exercise caution before diving in, as the current market price is currently situated on the weekly chart supply zone, which traditionally indicates a sell zone. Nevertheless, my outlook remains bullish on the GBPUSD, and I plan to take a measured approach by waiting for the market to retrace back to 1.2500 and watch out for a Double Bottom on the 1-hourly chart before making any trading decisions. This strategy will enable me to minimize risk while maximizing potential returns.
Long
by RaynLim
Profit in Both Bull and Bear MarketsThe EURUSD demonstrates a clear bullish trend based on the current market conditions. As a result, trend traders may seek to capitalize on potential buying opportunities at the support level of 1.0967. Conversely, counter-trend traders may be interested in shorting the currency pair at the resistance level of 1.1035-1.1044 while placing initial stop-loss orders above 1.1067 to minimise risk. With a well-defined plan, traders can confidently approach the market from either direction and potentially reap substantial profits.
Long
by RaynLim
This could be a Big OneAs an experienced trader, I've identified a significant trading opportunity that I'm eager to execute. My strategy involves a buy and hold approach, with a focus on minimizing risk and maximizing rewards. Rather than setting multiple targets, I prefer to extend my targets and remain flexible based on the market conditions and candlestick patterns that emerge. This comprehensive trading plan enables me to minimize the time I spend monitoring the markets, allowing me to focus on other important aspects of my work. With a keen eye for detail and a commitment to achieving my goals, I'm excited to see what the future holds for this trade.
Long
by RaynLim
Seize the Day: Aggressive Traders Can Short GBPAUD with 5-0Despite the current bullish trend in GBPAUD, the market is showing signs of a potential shorting opportunity on the 5-0 pattern, with the 3-bar reversal pattern. This presents a unique trading opportunity for aggressive traders to engage in a short-term trade at 1.8577, with a stop loss set above 1.8605 and an appropriate buffer. What's even more enticing about this setup is when executed correctly, this trade could yield a profit factor of 2, making it a potentially lucrative opportunity for savvy traders looking to capitalize on market movements.
Short
by RaynLim
Double Your Chances: How to Profit from Both Buying and Selling Double Your Chances: How to Profit from Both Buying and Selling Opportunities on the AUDUSD For traders seeking a buying opportunity on the AUDUSD, keep a close eye on the 0.6686 level for a potential entry point. While waiting for a retest after a market break and close above 0.6709 may provide added comfort, don't hesitate to take advantage of the opportunity at hand. Alternatively, those looking to short the AUDUSD should keep an eye on the 0.6703 level for a potential entry. However, be warned that a market close above 0.6709 could signal a shift in the market and may not be the best opportunity for shorting. By considering both potential outcomes, traders can position themselves for success and maximize their chances of profit on the AUDUSD.
Short
by RaynLim
Profit from Your Dollar BiasCalling all like-minded traders! We've got a winning trading idea that's sure to pique your interest. For those seeking an aggressive entry, keep a close eye on the Potential Head and Shoulders setup, which is set to complete at the 134.03 level. Alternatively, a buying opportunity could arise with the completion of the Bullish Shark Pattern at 132.51. With two potential setups in play, the opportunities to capitalize on the market are plentiful. Don't hesitate to take advantage of these setups and maximize your trading success.
Long
by RaynLim
Swim with the Bulls: Capitalize on the Bullish Shark Pattern forAre you on the hunt for a buying opportunity on the GBPUSD pair? Well, look no further! The bullish shark pattern may just be the key to unlock your trading success. At the potential buying opportunity completion level of 1.2338, all that's needed is a 3-bar reversal for the final confirmation, making it a prime time to take advantage of this bullish market trend. Don't miss out on this opportunity to enter the market and potentially reap the rewards. Keep a close eye on the GBPUSD pair and the bullish shark pattern to stay ahead of the game.
Long
by RaynLim
Reap the Rewards for Massive GainsCounter-trend trading can be a lucrative strategy if executed correctly, making it a favorite amongst traders. When done right, it can provide the best profit factor, making it a viable option for those seeking to maximize returns. As for the EURUSD, the weekly chart displays a retest on resistance with an RSI Divergence, signalling a potential shorting opportunity. However, it is important to note that this setup is not foolproof, and it is necessary to exercise caution. In fact, a candlestick confirmation is yet to be observed on the weekly chart. For the daring traders out there, keep a close eye on the 1-hourly chart (on the left) for a 3-bar reversal, which may serve as a green light for a prime shorting opportunity. Take a calculated risk and pounce on this opportunity before it's too late!
Short
by RaynLim
Why choose when you can have both?Listen up, traders! Are you limiting your potential profits by only engaging in one trade at a time? Don't fall into the trap of thinking that just because you're long on AUDUSD, you can't also engage in a short trade on GBPAUD. I've been charting and trading for 18 years and let me tell you, sometimes the nicest setup doesn't always give us the best returns. That's why it's important to have the right risk management in place and be willing to follow your trade plan. So don't miss out on potential profits! With the right approach, you can engage in multiple trades at once and maximize your returns. Take control of your trading strategy and reach out to me for guidance on how to do it right.
Short
by RaynLim
2
In response to Headline: Dollar Slide This was the headline from well-known news media. Traders, you have to be careful when you read headlines like this. Don't jump into the conclusion that the news is 100% correct. Look at the chart for yourself. The candlestick circled in yellow is the European market opening candle. It is a 33pips retracement(a big word to describe market pullback from a previous, more significant move). When there is no mention of the Dollar rally on previous days, you can read the news media's bias. The next question the people have is, "Is Fundamental Analysis more important or Technical Analysis more important?" It is like asking if water is more important or air is more important... Both are essential to a Trader who wants to go Pro. One thing I could say, the chart tells you what market participants are looking for and what they have "voted for". Through their action, you will either see the market going higher or lower. Market Participants - Financial Institutions like Bankers, Hedge Funds, Private Hedge Funds, Family Funds, Investors, Traders, Importers and Exporters, etc... Not forgetting Governments who holds the trump card of intervene the FX Market, which has seen "NOT EFFECTIVE" for the past decade. So next time you read a news headline, don't jump to a conclusion. Do some research, do your analysis or ask experts with relevant experience you trust.
by RaynLim
Setting ALERTS in SECONDS!!If you are still in the thoughts of correlation currency, you can see that the NZDUSD and NZDJPY are moving in the exact opposite direction. Trendline Traders(right), you can see that the candlestick stood still and fail to break and close out of the structure. You might not be comfortable engaging directly on the 4-hourly chart(right) setup and this is when you can take reference on the 1-hourly chart(left) trading setup(left). We have a retest of support with RSI Divergence.
Long
by RaynLim