GBP/JPY Long Trade we placed an entry on this pair last night due to continuous strength in the GBP and the weakness of the JPY we placed an entry at the 1h pin bar at the bottom area of consolidation that is also our 38.2% fib level, we have a tight sl giving us a 16/1 RR - sl is below our 50% fib and we are taking it to our monthly zone
Currencytrading
CAD/JPY Trade Yesterdays CAD/JPY trade is making its way to TP2 today, we placed a buy limit order on this pair at previous high and our take profit is just above our daily zone giving us a R/R of 1:2, fundamentals were CAD+2 / JPY-2.8 and today the CAD is a +3.3 and the JPY is a -9, we knew that the JPY has been weak for a while now so this trade makes sense both on a lower timeframe and higher timeframe basis
GBPUSD 2021-02-22 (4HR)I've placed 2 limit orders last week on GBPUSD, both with a trailing stop with a set-and-forget as the trend has been going up.
It does look very overbought hence the very tight trailing stop so that it's "set and forget".
Major resistance will be around 1.40
With support around 1.3940
As always, Plan your trades and Trade Your Plan! ✌
AUD/USD headed to the down side AndrewTheSage reporting to you live. My charts are messy and colorful. I am not a financial advisor I use arrows and different types of fib levels to show what's going on.. I will not put up an essay. I feel if you can read a chart you can understand what's going on with price by showing you a visual effect. The Dollar is going up....notice as the dollar goes up notice the negative correlation it has on AUD/USD it's going down mirroring the opposite.
GBP/AUD ARE WE DONE WITH THE "M" RETRACEMENT ?We have a daily downtrend and we are approaching a strong level of resistance. I believe that the price will bounce from the trendline to complete his way downward. Also from a monthly timeframe we just completed a W formation pattern and the price is almost at the 50% FIB retracement, from that price we expect a strong rejection because it perfectly aligns with a strong resistance by the trendline. This is a 1/4.60 RR setup for the long term.
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Trade safe !!
OANDA:GBPAUD
EURUSD breakout to test 2018 highs Weekly perspective, $EURUSDEURUSD breakout to test 2018 highs Weekly perspective, $EURUSD. Weekly candle for past week held support and rallied into the end of the week with a bullish close. Look for 2018 highs next couple weeks in 2021. Strength in the EUR and Weakness in the dollar is expected with new US administration and the possibility of passing trillions more in stimulus.
XRP About to SlingshotXRP (Ripple) is not a crypto, it is a currency, and as such, it does not follow the rules of crypto.
Once the last exchanges disable trading (29th Jan 2021), supply will decrease, and there will be no resistance all the way to $15. Once that is reached, the next target is $150.
For now, people are panicking due to the SEC, exchanges are hurrying to disable trading (even after given a 5 year timeline to do it) - I find that really funny, because there is no judgement yet, only a mere allegation.
The SEC settles things with fines, which will not be a problem for Ripple to pay. Additionally, the SEC might force Ripple to burn their tokens (60% of the total XRP supply). I'm sure you can guess what such a huge reduction in supply does to the value of an asset.
-Hawk
EURJPY ShortWe find the EURJPY graph as we can see it has broken in a very strong way the 125.37$ resistance and most probably it ends up reaching the 125.11$ resistance. From there we will wait for the next candles to analyze the different patterns, but what happens possibly is a correction, so my recommendation is to sell until 125.11$ and buy around that value always with a nearby SL since this second operation is a trade with some more risk.
short-term bullish dollar play UUPThe dollar has bounced off its bottom trend line. After having such a long period of weakening, it is due to bounce back a bit. It is extremely rare for the dollar to not reverse the trend after an extended period of strength or weakness.
It may not rally back much, but it will give you some gains in the short-term. Sell half when it hits the upper trend line and let the other half ride. There have been some contrarian calls on Wall Street for a surprisingly strong dollar.
UUP is a way to play the bullish dollar. I currently have a vertical call spread expiring 2/19 with the buy-strike being $24 and the sell-strike being $26.
Weekly Watchlist Hey, all in today's watchlist we looking at the following Pairs:
1. AUDCAD
2. AUDJPY
3. CADJPY
4. CHFJPY
5. EURJPY
6. EURUSD
7. NZDCHF
Most of these pairs are close to setting up, however, we are just waiting for a little more development on the intra-days before getting involved. Please share your thoughts, and feel free to ask as many questions. If you would like to make contact with us you can visit our website at www.weatlthtip.co.za or you can send an email to dean@wealthtip.co.za.
Types of Forex currency pairsCurrency pairs - two currencies between which trade transactions are carried out on the market.
The relationship of currencies in a pair depends on the rate. So, the base currency is the one that is bought or sold. In the designation of a currency pair, the base currency is always indicated first. Quote currency - the way in which the price of the base currency is expressed. In the designation of a currency pair, the quoted currency is always indicated as the second one.
Currency pairs are divided into groups according to profitability and volatility. Roughly speaking - by popularity.
Majors .
Currency pairs in which the US dollar participates, and the second currency is the national currency of highly developed countries.
Cross-courses.
Currency pairs in which the ratio of currencies is determined by their rate in relation to a third currency (usually the same - the dollar).
Exotic.
Currency pairs in which the dollar (or euro) and national currencies of developing countries are related.
Exotic pairs are among the most difficult to trade as they have low liquidity. The volume of transactions for these pairs is relatively small. Beginners are not advised to work with them.
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BRITISH POUND BREXIT BREAKOUT!! LONG GBPJPY. 8R Trade!British Pound looking stronger on multiple currency pairs. In particular in the last several days with Brexit Deal. I think the GBP:JPY pair looks the best. Possible also SHORT EURGBP as the charts look pretty much INVERSE of this chart.
Longterm Downtrend line just broken and retested on the daily TF. Bounce off support is breaking above recent high giving a BUY Signal Confirmation. MACD on Weekly, Daily, and 8 hr all 3 are breaking higher and above ZERO line signifying a new uptrend and Bullish Divergence.
Markets closed right now. So, Order for Entry is BUY LIMIT order = $141.002. SL = $139.39. TP = $154.00 This is a longer term swing trade and 8R return. HIgh Reward low risk trade. Will update as I enter trade.
US Dollar Outlook is BEARISHWith the massive money printing done by the federal reserve in 2020 with close to $4 Trillion dollars being printed the US dollar does not look good over the next few years. Dollar index looks to be starting a downtrend that could last for multiple years. With rallies taking place in the US equity markets and Bitcoin, currency and commodity markets are showing bearishness in the Dollar.
Incoming candidate for FED chair Janet Yellen after leaving the FED : “We have a 2 percent symmetric inflation objective. For a number of years now, inflation has been running under 2 percent, and I consider it an important priority to make sure that inflation doesn’t chronically undershoot our 2 percent objective,”