GBP/CHF: RETEST BULLISH FLAG - PRICE IS GROWING ! 🔔🔔🔔Welcome back Traders, Investors, and Community!
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Strategy : RETEST BULLISH FLAG AND PRICE WILL CONTINUE TO GROW
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Expertadvisor
GBP/JPY : PRICE ACTION DAILY TMF - PRICE IS FALLING ! 🔔🔔🔔Welcome back Traders, Investors, and Community!
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Strategy : BUTTERFLY PATTERN + ABCD PATTERN
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EUR/CAD : Price Action on Daily TMF , Price Keeps Falling ! 🔔Welcome back Traders, Investors, and Community!
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GBP/NZD: Price Action on Daily TMF, Bearish correction FALL ! 🔔Welcome back Traders, Investors, and Community!
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EUR/AUD : Price Action on Daily TMF , Price Keeps Falling ! 🔔Welcome back Traders, Investors, and Community!
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EUR/AUD : Price Action on Daily TMF , Price Keeps Falling !Welcome back Traders, Investors, and Community!
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DAX 30 Update: Resell opportunityBearish Cypher and White Swan achieved the targets.
Testing the triangle structure.
The first target level is Bullish Cypher for a minor retracement.
Good Luck!
EURUSD Update: Keep Shorting until SMA200 Trading Summary
- Bearish Black Swan pattern ( 1.13800 ) has achieved its structural target at 1.12000 where Fibonacci 0.618 Fan meets SMA 100.
- A fresh short trade at 1.12170 has achieved its first target 1.11680. ( M30 Chart Head & Shoulders Pattern)
Technical Overview and Levels
- The medium-term trend is still bullish as the EURUSD pair is trading above SMA200 ( 1.10500 ) on the H4 timeframe and EMA50 ( 1.10780 ) on the D1 timeframe.
- Harmonic Overview: H1 Chart Bullish ABCD and H4 Chart Bullish Three Drives can be used as a buying opportunity ( 1.11680 MM -1/8 ) however upside looks capped by SMA 100 and EMA50 AT 1.12300 – 1.12500.
- A potential retracement towards 1.12300 can be use as a selling opportunity.
- Closing below 1.11600 will send the price 1.11100 ( MM -2/8) and 1.10700 EMA50 D1.
- We need to see a firm closing below SMA200 ( 1.10500) to talk about medium-term trend shift – Bullish to Bearish –
- Closing Below SMA200 H4: Bullish White Swan
As mentioned on my DXY chart, a potential closing above 98.00 may help the trend change.
Any intraday opportunity will be posted on the channel.
Good Luck.
US30 Short - Price Action Indicator StrategyOur price action indicator shows us a bearish entry on US30. Set a sell limit to the indicated level.
GBP/JPY 4hr Technical AnalysisGBP/JPY pair 4hr timeframe Technical Chart Analysis
risk reward ratio 6:1 entry at vwap crossover vfi_lb at 4hr confimation
Expected bullish economic calendar release for tomorrow CPI's, PPI's, RPI's etc.
Strong momo scanner EA for GBP/Pound 5 min into 15 min weak 1 hr into daily timeframe
And weak for JPY/Yen 5 min into daily
Do Robots (including Expert Advisors) work?> Robot you code yourself
-> Risk Taking
-> Market making/arbitrage
In both cases the robot will likely not be overly simple. You will need to know a thing or two about programming.
Learning to trade is like getting a degree, learning to code is like getting a second one.
-> Risk Taking
This may very well work. I do not know of anyone that does this and is profitable over more than just a few lucky months, but does not mean it does not exist. I have heard of people that tried it, even people that told me they would let me know how it went they swore they cracked it, have not heard a word since then. Also, myfxbook is full of automated systems that end up blowing up.
If it is possible, you have to monitor the market all the time, be careful about events, look for evolving conditions.
I do not see how a fully autonomous robot - you can go to holidays and come back and find money in your account - could be programmed. Would be so complex...
Are there any profitable traders that are interested in this?
-> MM & Arb
There are plenty of hft and quant firms out there. Among other things they buy order flow from Robinhood and soon other "zero commission" brokers. Old market makers that did not want to move to algos just quit and did something new.
I see them mostly as mm or parasites. They can be so anoying. I used to market make on crypto 2 years ago, the parasite would just jump in front me all the time. Any order I place he'd hop 0.0001 higher/lower. Front running bots. It's not all front running bots of course. Soros & Jim Simons (I think) run statistical arbitrage funds. Computer farms to treat a ton of data help.
It works obviously.
For stat arb you will need: Learn the basics about the market (6 month course), an intermediate programming degree (1 year), a statistics phd (8 years). Good luck.
For market making you will need: Learn a bit more than the basics about the market (1 year, don't need the speculating course), a programming degree (1 year). I am being nice with the numbers I think.
> Fully automated robot you purchase
Pros and Cons
Also,
I don't even know how it is legal, it's pretty dangerous. They sell you some fairy dust and also you get advised to "hold on" "do not be emotional with fear just hold" "be strong during drawdowns they are normal" it's actually risible.
New traders that might be a little gullible, a little greedy too will end up with some fairy dust that is guarenteed to bring their account to zero, they do not understand the markets, AND to top that, they hear that they should not panic about losses and just persevere because drawdowns are normal and they are just experiencing fear, this is what will make them lose, and this is what the robot is here to fix. "Just trust".
What you have here is a recipe for disaster.
> Robot that executes for you/semi automatic
Why not?
I see a few possible uses:
- You want to buy alot of shares of a small company long term, you set a bot to purchase some each time the stock has a strong down momentum with volume (fills you without moving the market)
- You want to sleep / take a few days off, you run an algo that will move your stop loss each time the price goes up, would not be too hard to say "use the smallest of EMA 20 0.236 ATR something else, if consolidates move closer, if price == .... then do this, ifelse the price surges then move my SL closer" etc.
- You could have a feel for the market and be very bullish, just set a bot to buy an inside bar bull break with a couple of conditions, or a pullback of a certain % but still above a certain level/MA followed by a pin bar. Sets and trails the stop loss too until you intervene because conditions have changed and you do not want to stay in or whatever reason.
- Big one: monitors correlations for you. I'd actually recommend that. A robot to warn you of your global portfolio correlation, maximum risk, and makes some recommendation (shows what are you most correlated positions making a problem, and lists stocks/currencies/futures that are uncorrelated or negatively correlated)
> Robot that alerts you
Plenty of people use that. Makes perfect sense. Something just warns you when the price does something particular or whatever. I myself mostly use trading view price alerts. I just set an alert on Bitcoin MA50 & MA200 makign a death cross, should fire up by Halloween.
I would not go overboard on this for "advanced" things, because it could get complicated, and a quick glance is even better anyway, you want to focus on what pops out "obviously", you want to see what other people are seeing on the chart.
You may want to be long on certain currencies, the bot could tell you when the price is starting a pullback...
> Indicator (sold)
There are people that dish out indicators and show people "See? Here, here, and here, my indicator fired a signal right before Bitcoin went up", and people actually get excited by it and want to purchase... And guess what? It works extremely well with crypto enthusiasts that invested in imaginary magic internet beans. Who would have thought they were gullible and dreamt of easy money fall out of the sky? The coders use the right combination of indicators, for example EMAs and candlesticks, to generate great signals IN THE PAST.
I made such an indicator myself just to show it's bollocks. I think some people still used it seriously.
Black box "predict the future" nonsense ==> Obvious scam.
So watch out for those. If you are interested in something, make sure you understand WHAT IT DOES.
Example: If the indicator provides you with order book info and idk things like this that you don't have with your broker and charting service, it obviously has value...
CADCHF potential for buy entry to trend completion.CADCHF experienced some shaky sell-off last week following some fundamental numbers in retail sales. We view that sell-off as trend correction and is potentially over as the continuation of the uptrend which began on the 6th of March 2018 could possibly be underway to completion. A daily close above 0.76594 should further solidify this case.