AUDNZDPotential Short entry at the break of the current Low, and sl above the previous major high with 12 Pips, I would be going Breakeven and taking partials at 1-1 (12-Pips), Final target would be 24 Pips
Forextarding
Will the Silver Rally Continue?Silver tends to move in a very specific way. It moves very fast for a few days, only to act very calm in the next several days. Silver already lost its downward momentum as its been calm for a few days now. This characteristic pattern is what we saw also when Silver completed a broad top (just as it did recently) earlier this year.
What does it all come to?
For the 24 hours, Silver rose 1.22% against the USD and closed at USD 16.97 per ounce, tracking gain in gold prices. We prefer Long positions around 17.00 with targets at 17.1500 (and follow to 17.60 if extends) and Stop Loss: below $16.89.
The price have bounced just a bit from the support trend line on 1-hour chart, which of course is a bullish sign. Additional, the white metal is showing convergence with its H1 20-day moving average and is trading above its 50 Hr SMA.
The Silver seasonality also suggests that the short-term decline in the white metal might be over or close to being over as local bottoms tend to form close to the middle of November.
The daily RSI is bullish and calls for further upside. More interestingly, on the daily chart the Stochastic indicator just moved to levels that are low enough to indicate a short-term buying opportunity on their own. This simple technique worked very well in the previous 12 months. But on the H1 chart both indicators are in overbought zone, so we can see a little bit downside pressure to the support trend line around $16.96. We like the idea of buying dips, and it appears that we have just saved the overall uptrend, at least so far.
In conclusion, with all that in mind - Are you agree with our long positioning?
BITCOIN - - The $11000 zone continues to be a area of resistance while $9300 is providing support.
- Last week's breakout was short lived but the trade is still relevant unless price breaks thru and closes above $11000.
GBPCHF Hourly Trade Idea - Possible Breakout
Trend is to the up side on the 4HR chart
FX:GBPCHF
- TRADE IDEA: Enter long on the break and close above 1.218 (hourly) of the flat top triangle.
- SL: 1.2140
- TP: Trailing but aiming for 1.2280
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
XAUUSD approaching resistance, potential drop!XAUUSD is approaching our first resistance at 1233.86 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) where a strong drop might occur pushing price down to our major support at 1219.38 (horizontal swing low support, 38.2% Fibonacci retracement).
Stochastics (89,5,3) is also approaching resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
CADJPY approaching resistance, potential drop! CADJPY is approaching our first resistance at 87.42 (horizontal swing high resistance, 61.8% Fibonacci extension, 50% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 86.47 (horizontal pullback support, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
USDCAD is approaching resistance, potential drop! USDCAD is approaching our first resistance at 1.3074 (horizontal swing high resistance, 76.4% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.2934 (horizontal swing low support, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
GBPUSD approaching support, potential bounce!GBPUSD is approaching our first support at 1.3063 (horizontal overlap support, 50% Fibonacci retracement, 100%, 61.8% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 1.3208 (horizontal swing high resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
