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EURGBP - SHORT DAILY Hello Traders, we noticed a very clear Head and Shoulder of inversion on the EURGBP. Trading volumes slightly decreasing also confirm the bullish exhaustion and the bearish scenario becoming more likely. The 0.886 level, which is the neckline of the H&S is now being broken. We would wait a more wide movement to the downside to reduce at minimum the risk of false breakout with the price jumping back above the neckline. As usual, two different targets are provided. One more conservative, corresponding to the previous lows, and the more aggressive one, whose Take Profit corresponds to the target of the H&S formation as per textbooks. What do you think of this idea? What are the tool you use to confirm or reject an Head and Shoulder Pattern? Let us know!
Short
by FTMO
4
GBPCHF - LONG TRADE ON DAILYThis chart shows another shorting opportunity for the Swiss Franc, with respect to the British Pound. It is a longer trade than the previous one as the timeframe is daily. There are also two different targets and strategies that can be applied, depending on how much time you can wait for the realization of the scenario. We see a very nice confluence of indicators and lines at the same level. When this happens, the overall idea gets strenghtened. Indeed, at 1.22 we have the convergence of three signals. Firstly, it is the upper part of the ascending triangle and the point of control of the last downward leg. It is also the last level of the retracement area. It means that a price above it would mean that the bounce up from the minimum of 1.11 is most likely no longer to be considered as a retrace, but rather as a true impulsive up wave. 1.22 coincides with the Point of Control, the level at which most of the trades volumes were concentrated in the last period, and at which the battle between longs and shorts will be fought. Whoever wins, will pave the way and indicate the direction of the following move. This level has been tested many times and every time is gets weaker. In case of a breakout, the movement can be violent, therefore we would prefer to enter immediately and not wait for an eventual retest, that can be used to increase the position subsequently. Targets and Risk Rewards metrics can be found on the chart. What do you think of this idea? Let us know in the comments!
Long
by FTMO
NZDCHF LONG - SHORT TERM IDEAHello Traders, we signal a nice Head & Shoulder of continuation of the trend up for NZDCHF. The target for the pattern is 0.65. An aggressive entry would consist in entering now, at the retest of the horizontal line which correspond to the previous top. A more conservative approach would be to wait for the retest of the neckline of the Head & Shoulder. This would increase the odds for the realization of the pattern but also the risk to be left out of the trade, since retests do not happen every time. The total size destined for the trade can also be split 50/50. Which kind of trader are you? Are you an aggressive trader who enters on breakouts or a more conservative one, waiting for retests and confirmations? Let us know in the comments!
Long
by FTMO
1
GOLD - WEEKLY UPDATEHello Traders and welcome to the first idea of 2021. As usual, the first days and weeks of the year are poor of big movements. However, we noticed this nice signal from XAU. The trend is bearish and the price fell below the 200 Moving Average daily once again (1841). We also are below the lowest retracement level of the last leg up (1838), which seems just as a reaction to the reach of 1764, a key multiyear level. This means that this is not a simple retracement, but Gold is likely to go further down. Also, this time the price had almost no reaction to the touch of the 200MA. The RSI has still room to fall. Our idea consists in a short position with: - Target 1764 and - Stop Loss just above the top of the last candles The Risk Reward ratio is 2. The Dollar experienced a steady decline over the last months but at the moment is bouncing in the short term as can be seen from the Dollar Index. As we know, a strengthening of the USD causes commodity prices to fall, all else being equal. FTMO wishes you a happy 2021, full of success in trading!
FX:XAUUSDShort
by FTMO