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USDJPY - SIGNALS OF A CONTINUATION OF THE TRENDHello Traders, USDJPY seems to continue its downtrend. At the moment the price is below the psychological level of 104 and, most importantly, below the POC (point of control) which shows where the "battle" between buyers and sellers has been played with respect to the last movement. Battle that was A very important signal is also given by the fact that none of the last candles closed within the retracement area, despite being temporarily in it. The 9th December's candle is also a pretty bearish candle, with a big shadow above its body. The RSI has also plenty of room to fall and it already reached its highs for this particular period in time. Target 1 (identified with the 1.27 Fibonacci extension) - 103.09 Target 2 - 102.41 Stop Loss - above the poc2 and the first level of the retracement area Risk Reward ratio 2.11 The downward scenario is strengthened if we consider the previous downward legs, with its related POC perfectly rejecting the price every single time. In this case, the targets are on the charts, but the Stop Loss should be put above the descending trendline (and the related poc2) Risk Reward ratio 3
Short
by FTMO
1
CRUDE OIL - EXPLOIT THE SITUATIONInterestingly, Oil is ranging in the channel 34$-43$ that corresponds to the downside gap in the price experienced in March. Since when those levels were reached back, the price is moving inside the range. We believe that until no relevant news or until the situation will stay at this uncertainty stage globally about the pandemic, there is no way we are seeing the price to take a direction outside the Channel. If not, as of now, the price is more likely to go down than up, as OIL is a real asset used for transportation mainly. Therefore, let's exploit this range. Shorting from the upper half of the channel will give a hedge-advantage to the position even in the case the price breaks down and outside the channel again. What do you think?
NYMEX:CL1!Short
by FTMO
1
CHFEURHello Traders, CHFEUR is showing a similar pattern. The wedge is much more extended in this case, and the pair has to make a move to break it in one way or another. The violent bearish reaction the pair experienced after touching the dynamic resistance tells us that the priority is downward. However, the trendline has not been broken. An aggressive entry can be as the price breaks down the dynamic trendlne. A more conservative one is to wait for a retest, as 0.924 experienced many false breakouts in the past months. The most straightforward target would be 0.92, for a trade that has approximately a 2x-3.5x Risk Reward ratio according to the chart.
by FTMO
1
EURCZKHello Traders, one of the few currency pairs not ranging within a channel at the moment is EURCZK. We are currently below a dynamic trendline holding since February, in a steep bearish movement for EUR since the upper resistance was hit at the end of October. The retest already took place, and we think the two targets for the following days/weeks are 26.00 (a more conservative one), corresponding to the lower part of the Fibonacci retracement, and the more aggressive one at 25.56 , respectively.
Short
by FTMO
GOLD - WEEKLY UPDATE 1 NOVHello traders, gold is experiencing the same situation as the SPX index in the related idea in the link below. As we can see, the correlation between Gold and US Equities has been high during the last month, showing a coefficient above 60%. This relation is even higher on a weekly timeframe, where the coefficient. Despite the graphical patterns being different, the conclusions are similar. Gold is below the 100MA and seems to be about to break out a bearish triangle pattern. Should this happen, the first target would be 1829, coinciding with the lower part of the Fibonacci retracement, and the second one would be 1788. A positive breakout of the triangle instead would lead to the 1928 to be tested and a continuation of the uptrend after a retest. However, this is a less likely scenario at the moment, and would be anticipated by a close above the 100MA in case. Wating for a daily close outside the triangle, the trading range to exploit is 1860-1900.
COMEX:GC1!
by FTMO
1
SP500 WEEKLY UPDATEDear traders, the SPX recently broke the ascending trendline and, after retesting it, fell below the 100 moving average that acted as a support twice after the March fall, exactly on the top of the Fibonacci retracement area (yellow box). This is not a random level, as the market precisely set itself on a crucial level waiting for the next week results, before taking a direction. However, the period ranging from Nov to Dec is statistically a moment. The upcoming US election and its related uncertainty make us propend for a flat-bearish scenario, at least until the mid of the next week. The possibility is that the price will fluctuate inside the area 3230-3300 (red box) with traders benefiting from the ranging price. The first of the two levels that will be broken, will indicate the direction of the following move.
CME_MINI:ES1!
by FTMO
EURUSD NY SESSIONAs we are observing now, EURO is pushing upwards heavily, and this is in part due to the current situation that they are collectively facing. But all that being said, i havent checked any news but if the central bank issues funds to the European countries, we should expect a rise in price since the economy would be stimulated from that. From a technical standpoint (my prefered method of trading), we saw a HUGE push just now and preceding that was a lot of indecison and small moves; doji's and such. Basically a hold of price to increase liquidity. As we speak now, im currently waiting for price to retest on the orange line since this was the high we needed to break. After i see a retest, i will enter a long position hoping to close out at my target marked above, with possible pullbacks involved. that being said we can take profits after each surge and come back in on each low of a pull back. Trade safe, Trade smart, Trade to WIN. Expect to WIN and you will be great. Thank you guys for checking in to PRECISION FX and ill see you in the next one!!
by fastboiijd
1
EURUSD IDEAS (NEXT SESSION)YOOOOOO Back with another idea snipers, this one's looking at the EURO; so that being said i posted an idea to my GBP idea just now, ill include the link with this idea. Lets hop into it shall we. Since we know GBP and EUR have a positive correlation, we can kind of look to take long approach since GBP is looking strong in terms of the bulls power. As i have marked on my chart, i have price in this distribution box and currently waiting to see which direction price decides to jump out of. If we see a break on the lower side, we are going to have to wait for a retest since the local trend is upwards, meaning we need more confirmation for an entry. If we break on the topside however, we will wait for price to hit the resistance above (orange line) and depending on the strength of the move and whatever happens at the level we will take a long.
by fastboiijd
GBPUSD NEXT SESSION IDEAS (Long)ANNNNNNND WE ARE back with another idea snpiers. Tonight's idea involves longing this pair aas i think we will be seeing som upward action over the next couple of hours, leading us into the london session. As we can see here in my analysis, i have the trend channel which this pair is relatively stuck in and we just bounced from the trendline not too ling ago. Currently waiting for a break of the higher resistance levels so we can ride the wave up and lock in som enice profits. If we use another indicator, we can take a look at the EMA's I have marked on my chart and see the crossovers are developed which makes it more safe to assume that we will be going up. If there is rejection at the first resistance i have marked, then i will wait for a confirmation of a sell and post it on here, but as of now im feeling the long position more than a short. Thank you guys for stopping by and checkin out the idea, stay posted on my channel and dont be afraid to follow my trading view for more ideas, I will be trying ot post in the morning before NY session, its just hard waking up to post sometimes LOL i just want to focus but i got you guys!
Long
by fastboiijd
#FDAX Day Trade Explained Oct 8th '20 Entry SR (Support becomes Resistance) Back to outbreak level Late entry after VWAP test Exit Volatility-based Maximum risk of 1% of the capital Comments The setup was very good and planned days before. However, I entered the trend too late because the markets felt too strong. That's why I waited for the downward movement and when the VWAP was tested again, I went short. I could have closed the position earlier at 12940, but it looked like the FDAX could make another slide towards 12900. This was not the case and so I was stopped out with profit. Improvements Possibly at the TP part sale
EUREX:FDAX1!
by Robert_Rother
#EURUSD - Day Trading Setup 6th Oct 2020Good Day Traders! EURUSD is on its way back into the rotation. The POC of the rotation lies at 1.1833 which is a short term short signal. Secondly, there is a VPOC at 1.1858 which is a short term short signal as well. For me, these two points are interesting turn around opportunities to trade. The EURUSD is moving upwards with lower volumes. This might be according to the Chinese National Day Holidays. A rising market with lower volumes signifies only a rebound in a trend and not a turnaround. Let's see what the day will bring to us! Regards from Germany, Robert
Short
by Robert_Rother
3
Market outlook for GBP/JPY is still Long!! ( buy setup!!)Hello Guys, This is a quick break down of the pair and my perspective on the market, let me know in the comment section below if you have any questions, what you would like to learn from me, or anything of value that you wanna share,All entry will be based on multiple confirmation as stated on the videos, I suggest you keep this pair on your watchlist & use proper risk management. Follow me for more updates here!!
Long
by ShinForex1