GBPNZD BULLISH BATHarmonic Pattern Trading Strategy:
1. Combine patterns with 2-3 confirmations (e.g., MA, BB, RSI, Stoch) for increased accuracy.
2. Implement proper risk management.
3. Limit exposure to 3% of capital per trade.
4. Exercise caution: Not every Harmonic Pattern presents a good trading opportunity.
5. Conduct thorough diligence and analysis before trading.
Disciplined approach = Enhanced edge.
Forex
Hellena | GOLD (4H): Long to resistance area of 2717.733(Again).Dear colleagues, I believe that the 2717 level will be reached again, because the five-wave upward movement is not over yet.
I see here the development of wave “3” of higher order and the completion of the correction in wave “2” of medium order. I expect the price to start an upward movement this week.
I do not recommend placing short orders.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Market Analysis: NZD/USD Under Fire, Deeper Losses Ahead?Market Analysis: NZD/USD Under Fire, Deeper Losses Ahead?
NZD/USD is also moving lower and might extend losses below 0.5540.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.5690 resistance zone.
- There is a short-term bearish trend line forming with resistance at 0.5580 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5700 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5635 against the US Dollar.
The pair settled below the 0.5600 level and the 50-hour simple moving average. Finally, it tested the 0.5540 zone and is currently consolidating losses.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.5692 swing high to the 0.5542 low at 0.5580. There is also a short-term bearish trend line forming with resistance at 0.5580.
The next resistance is the 0.5620 level or the 50% Fib retracement level of the downward move from the 0.5692 swing high to the 0.5542 low. If there is a move above 0.5620, the pair could rise toward 0.5635.
Any more gains might open the doors for a move toward the 0.5690 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5540 level.
The next major support is near the 0.5500 zone. If there is a downside break below 0.5500, the pair could extend its decline toward the 0.5465 level. The next key support is near 0.5420.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: AUD/USD Under Fire, Deeper Losses Ahead?Market Analysis: AUD/USD Under Fire, Deeper Losses Ahead?
AUD/USD declined below the 0.6350 and 0.6250 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6300 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6175 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6300 zone. The Aussie Dollar started a fresh decline below the 0.6250 support against the US Dollar.
The pair even settled below 0.6220 and the 50-hour simple moving average. There was a clear move below 0.6200. A low was formed at 0.6139 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6175 level.
There is also a connecting bearish trend line forming with resistance at 0.6175. It is close to the 23.6% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low.
The next major resistance is near the 0.6210 zone or the 50% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low, above which the price could rise toward 0.6290. Any more gains might send the pair toward the 0.6320 resistance.
A close above the 0.6320 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6400.
On the downside, initial support is near the 0.6140 zone. The next support sits at 0.6120. If there is a downside break below 0.6120, the pair could extend its decline. The next support could be 0.6050. Any more losses might send the pair toward the 0.6000 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Hellena | SPX500 (4H): Short to support area 5718 (Wave C).Dear colleagues, I believe that the downward movement will continue within the correction (A B C). I expect wave “C” to start moving very soon.
I think that the nearest target is the area of 5718 level, because there is a strong support area.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Gold--> Retest the resistance level before declining!Hello, dear friends! This is Ben here!
Gold prices continue their upward trend, currently hovering around 2671, with a modest daily increase of 0.05%.
The chart indicates that gold is consolidating and attempting to approach the critical resistance level of 2675. The bullish market structure suggests that prices are gearing up for a potential breakout. However, the key question remains, will the breakout occur? This depends largely on external factors, including the U.S. economy's performance and the inflationary trends, which have been long anticipated by the market.
Based on current market behavior, we might expect gold to test liquidity and recheck key resistance levels before any potential downward correction. Buyers are likely to exercise caution after disappointing inflation data from China and hawkish signals from the Federal Reserve's recent meeting minutes.
Frankly speaking, I’m not overly optimistic about gold’s upward momentum at the moment, given the lack of strong bullish catalysts aside from lingering trade policies, such as Trump's tariffs on major global powers. Fundamentally, the dollar’s strength and the Fed's hawkish stance continue to cap significant gains for the precious metal.
Resistance levels: 2675, 2680
Support levels: EMA 2665, 2655
From a technical standpoint, the market structure remains bullish, and in the short term, we could see an attempt to break through the 2675 resistance. If successful, prices may test the next areas of interest at 2680 or even 2692 (OB Zone),which could later result in a possible decline.
Best regards, Bentradegold!
NZD/JPY (Trade Recap) EUR/USD Long, GBP/AUD Long & USD/CAD ShortEUR/USD Long
Minimum entry requirements:
• Break below area of value.
• 1H impulse up above area of value.
• If tight 5 min continuation follows, reduced risk entry on the break of it.
• If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it.
GBP/AUD Long
Minimum entry requirements:
• 1H impulse up above area of value.
• If tight 5 min continuation follows, reduced risk entry on the break of it.
• If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it.
USD/CAD Short
Minimum entry requirements:
• Tap into area of value.
• 1H impulse down below area of value.
• If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it.
WTI highest in more than 3 weeksTVC:USOIL hit its highest level in more than three months in early trading on Monday (January 13) in Asian markets, continuing last Friday's rise on market expectations that the United States will strengthen its measures. sanctions on Russia's oil industry, which will result in Russian supplies in China and India coming under pressure; In addition, the nonfarm payrolls report also boosted market confidence in the growth of crude oil demand in some parts of the US and Europe also stimulated winter crude oil fuel demand.
The Biden administration on Friday imposed the broadest package of sanctions targeting Russia's oil and gas revenues, a move aimed at giving Kyiv and Trump's new team leverage to reach a peace deal in Ukraine. This move is aimed at cutting Russia's revenue to continue the war. Since the Russia-Ukraine conflict began in Russia in February 2022, the war has caused tens of thousands of casualties and reduced many cities to rubble.
Ukrainian President Zelensky posted on X that the measures announced last Friday would "deal a big blow" to Moscow. He added that "The less money Russia gets from oil... the sooner peace will be restored."
US job growth unexpectedly accelerated in December, the unemployment rate fell to 4.1% and a stable labor market at the end of the year will boost crude oil demand.
Friday's closely watched Labor Department jobs report also showed fewer long-term unemployed people in December and the average length of unemployment shortened. Increases in these indicators have previously raised concerns about a labor market downturn.
December employment rose 256,000, the most since March. Data for October and November were revised to show 8,000 fewer jobs were added than previously reported.
The unemployment rate decreased from 4.2% in November. The average unemployment rate last year was 4.0% and in 2023 it will be 3.6%. In Friday's report, the government also released revisions to the past five years of seasonally adjusted household survey data, from which the unemployment rate is calculated.
With last Friday's jobs data settling in, this week will see a lot of US data and statements from Federal Reserve officials. US President-elect Donald Trump's team is expected to make many comments before the inauguration ceremony on January 20. China's trade data, economic activity and GDP will also be the focus of the market in general and the Crude Oil market in particular.
On the daily chart, TVC:USOIL continues its uptrend after breaking through the rising price channel noticed by readers in the previous issue. And currently the upward momentum is limited by the 0.618% Fibonacci retracement level, once WTI crude oil breaks above this level it can continue to increase further with the target then around 82.75USD in the short term.
However, the Relative Strength Index shows that the RSI is operating in the overbought area, which is a signal that there is not much room for price increases ahead, and also signals a possible downward correction. happen.
However, the technical outlook for WTI crude oil is currently bullish with support from the trend price channel, EMA21 and the nearest support level at the 0.50% Fibonacci retracement.
As long as WTI crude oil remains above the price channel and EMA21, any price declines should only be considered short-term corrections, notable levels will also be listed as follows.
Support: 76.33 – 75.20 – 74.61USD
Resistance: 78.98USD
Bearish drop off pullback resistance?The Swissie (USD/CHF) is rising towards the pivot and could reverse to the 1st support which has been identified as an overlap support.
Pivot: 0.9197
1st Support: 0.9039
1st Resistance: 0.9366
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Potential bullish rise?EUR/GBP has reacted off the pivot which acts as a pullback support and could rise to the 1st resistance which is slightly above the 61.8% Fibonacci retracement.
Pivot: 0.8361
1st Support: 0.8263
1st Resistance: 0.8490
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Bearish drop?EUR/JPY is reacting off the pivot and could potentially drop to the 1st support.
Pivot: 161.39
1st Support: 157.91
1st Resistance: 165.23
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Euro Back to Parity?The possibility of EUR/USD reaching parity remains a realistic scenario under current macroeconomic and geopolitical conditions.
1. Diverging Monetary Policies
In light of Tump 2.0 and the potential impact of increasing inflation due to the introduction of tariffs, the Federal Reserve is seen to be backing down on its path to keep cutting rates.
On the current plans for only 2 rate cuts in 2025, elevated U.S. interest rates could continue to bolster the U.S. dollar, as higher yields attract foreign investment, increasing demand for USD.
On the other hand, the European Central Bank (ECB) faces mounting pressure to ease its policy stance.
The Eurozone economy has shown signs of stagnation, with Germany, the region's economic engine, teetering on the brink of recession.
A dovish ECB weakens the euro relative to the dollar, contributing to downside pressure on EUR/USD.
2. Weakening Eurozone Economy
The U.S. economy has remained relatively resilient, supported by robust labor markets and consumer spending.
Conversely, the Eurozone has struggled with sluggish growth and energy dependence, leaving it more vulnerable to external shocks.
3. Geopolitical Risks
The ongoing effects of the Russia-Ukraine war continue to strain Europe’s energy sector.
While the region has reduced its reliance on Russian natural gas, high energy prices remain a structural challenge, eroding business competitiveness and consumer purchasing power.
Heightened geopolitical tensions globally have fueled risk-off sentiment, benefiting the safe-haven U.S. dollar.
4. Technical Analysis
EUR/USD has been trading in a downward trend since October 2024, after reaching a peak of 1.12.
Should the pair break below the round number level of 1.02 (and 61.8% Fibonacci retracement level from the longer term) the path to parity becomes increasingly plausible, with 1.00 serving as the next major psychological support.
The 50-day moving average remains below the 200-day moving average, forming a " death cross " pattern, which indicates bearish momentum. Additionally, the TSRI MACD crossover indicates continued selling pressure but room for further downside.
Conclusion
The conditions are aligned for EUR/USD to reach parity.
While short-term volatility and market sentiment may delay this move, the structural drivers of dollar strength and euro weakness remain firmly in place.
Could the Fiber reverse from here?The price is falling towards the pivot and could bounce to the 1st resistance which is a pullback resistance.
Pivot: 1.0185
1st Support: 1.0092
1st Resistance: 1.0340
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
NZDJPY: Bearish Outlook Explained 🇳🇿🇯🇵
I spotted one more example of my breakout trading strategy.
NZDJPY broke and closed below a key daily horizontal support.
Retesting the broken structure, the price formed a horizontal range
on an hourly time frame.
A breakout of a support of the range is a strong intraday bearish signal.
We can expect a down movement at least to 87.1 level now.
❤️Please, support my work with like, thank you!❤️
Potential bullish reversal?The Cable (GBP/USD) is falling towards the pivot and could bounce to the 1st resistance.
Pivot: 1.2067
1st Support: 1.1867
1st Resistance: 1.2321
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Levels discussed during livestream 10th Jan 202510th January 2025 (Pre NFP)
DXY: Consolidating below 109.40
strong nfp: break 109.40 trade up to 110
weak nfp; needs to break 108.80, to trade down to bottom of channel at 108.40
NZDUSD: Sell 0.5570 SL 30 TP 60 (DXY strength)
AUDUSD: Look for reaction at 0.62 support area, Sell 0.6255 SL 20 TP 50 (rejection of trendline)
GBPUSD: Sell 1.2250 SL 30 TP 60 (DXY strength)
EURUSD: Sell 1.0270 SL 25 TP 60 (DXY strength)
USDJPY: Sell 157.80 SL 30 TP 120 (DXY weakness MASSIVE Counter Trend)
EURJPY: Do Nothing
GBPJPY: Buy 195.50 SL 60 TP 250
USDCHF: Buy 0.91430 SL 30 TP 60
USDCAD: Buy 1.4390 SL 20 TP 70
XAUUSD: Continuation higher, break above 2678 to trade up to 2690
USD/JPY (UJ) Analysis (Daily Timeframe)The USD/JPY pair has been following a clear market cycle, transitioning from distribution to markdown , followed by accumulation , and now entering a bullish markup phase , showcasing strong bullish momentum.
Key Observations:
Market Phases:
Distribution Phase: The bullish move ended near the 162 level , where sellers gained control, initiating a markdown.
Accumulation Phase: After a significant markdown, UJ found a base around the 140 level, forming an accumulation phase with demand coming back into the market.
Current Phase: The pair has now broken out of accumulation and is in a bullish move, with a well-defined structure of higher highs and higher lows.
EMA Surfing and Momentum:
The price is currently surfing upward along the EMAs , showing strong trend-following behavior with EMAs acting as dynamic support.
The tightening of the EMAs during the accumulation phase has now expanded , supporting the continuation of the bullish move.
Scenarios to Watch:
Continuation to Targets:
USD/JPY could continue its bullish momentum toward the short-term target near 159 and potentially the medium-term target around 162. This aligns with the ongoing strength in the USD and the current bullish structure .
Pullback for Reaccumulation:
A potential retracement could act as a reaccumulation phase, gathering liquidity before resuming the uptrend.
EUR/USD (EU) Analysis (Daily Timeframe)Recently, we’ve observed a distribution phase in EUR/USD, followed by a markdown , confirming the overall bearish trend visible on both the daily and weekly timeframes.
Key Observations:
Bearish Structure:
On the daily timeframe, price is consistently creating supply zones and showing strong reactions to them.
The market structure confirms the downtrend with the formation of lower lows and breaks to the downside.
EMA Interaction:
The price is currently surfing downward along the EMAs , which are acting as dynamic resistance and reinforcing the bearish momentum.
Scenarios to Watch:
Continuation: Price could continue its markdown, heading toward the short-term target and potentially testing the psychological level of 1.0000.
Re-distribution: There’s also a possibility of a move upward, creating a re-distribution phase to accumulate enough liquidity for a stronger push below 1.0000 .
Fundamental Insights:
Strength of the US Economy:
The US dollar remains strong due to:
Higher interest rates maintained by the Federal Reserve to combat inflation, which increases the demand for USD-denominated assets.
Strong labor market data , with low unemployment and rising wages supporting consumer spending.
Positive GDP growth , reflecting resilience in the US economy despite global economic challenges.
Weakness in the Eurozone:
European economies are facing multiple headwinds, including:
Energy concerns driven by geopolitical tensions, leading to higher costs for businesses and consumers.
Slow economic growth as inflation continues to weigh on consumer spending.
Divergence in monetary policy , with the European Central Bank (ECB) appearing more cautious about aggressive rate hikes compared to the Fed.
The combination of these factors makes the USD fundamentally stronger, while the EUR struggles under the weight of economic and geopolitical challenges.
My Perspective:
Given the strong bearish structure, EMA surfing, and fundamental backdrop, I expect further downside momentum. However, the possibility of a re-distribution phase cannot be ruled out, especially if liquidity is needed to push below the 1.0000 level. Staying cautious and reactive to price action around key levels will be crucial.
GOLD Analysis (Daily Timeframe)Gold has been extremely bullish for a while, consistently breaking to the upside and creating higher highs , accompanied by the formation of demand zones that were later mitigated for continuation.
The last significant move was a reaccumulation (Re-acc) phase, which revisited unmitigated demand zones. From there, we saw a bullish reaction. However, due to low year-end volume , Gold hasn't been able to break its previous high. Since then, it has been ranging in the same area.
Key Observations:
Bullish Volume Returning:
Recently, bullish volume seems to be picking up, signaling the potential start of the next leg upward.
EMA Interaction:
Previously, the price was "surfing" along the EMAs, demonstrating a strong trend-following behavior.
Currently, the EMAs have tightened significantly, which often signals an impending price expansion—a strong indication that volatility and directional movement may resume soon.
Two Scenarios in Play:
Gold may continue ranging before breaking to the upside.
The current move may sustain and lead to a new high.
Liquidity Trap:
The reaccumulation created a cloud of liquidity , with many traders now eyeing potential sell opportunities due to:
- The break to the downside.
- The formation of equal highs , often misinterpreted as bearish.
This could very well be a Smart Money Trap , fueling a bullish move as liquidity is taken.
My Perspective:
I remain optimistic about the bullish scenario , as the overall market context suggests a continuation of the upward trend. This is a critical area to watch, and I will monitor closely for confirmation of the next move.
GBP/USD IS BEARISH TECHNICAL OUTLOOK
Cable is 100% bearish. On a monthly,weekly and daily perspective she is bearish. We will be looking for sells however we do see some buying opportunities located around 1.19 and above. For sellers we are seeing them primarily in control with no signs of reversal. The goal here for the account is to focus heavy on the continuation and to utilize our gains wisely. This year will be a year where I will be focusing on account builds (small to big). This compound skill is a skillset that is worth multi millions and if learned correctly will literally separate you from 99% of traders. The key from what it seems in my research is finding the right timing and scaling into the bigger overall move with intra day positions. Another way is to effectively focus on % gain wins w/ a decent weekly hit rate. Both are scenarios in which require the trader to understand the asset of choice like the back of their hand.
Another goal of mine this year will be finally tackling the prop firm space. Now this particular space to me screams red flags due to the lack of reliability and the casino effect tied to all prop firms world wide. In short, the casino effect reflects on how hard these prop firms will be towards profitable traders. They can create rules and eliminate winning trades because of some made up rule they decided to implement. To me, that is one of the biggest issues I have and people playing with hard earned money is a huge no for me and to make matters worse, all these accounts we are paying for are demo accounts. However, I cant just ignore the space so to meet everything half way I will be purchasing the smallest account size available. Doing this, my investment towards their business model is minimal and the profits will be used to scale into the biggest account they have. This will also let my models prove to me they are ready to tackle space and effectively generate weekly % gains in order to even consider investing into any prop firm.
Other than that, GBP/USD is bearish and we are ready to push our models in order to facilitate the upcoming plays. As always, trade safe.
Mr.Oazb