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USD/CHF: multi-timeframe bullish outlook. What is the next step?Deriving from the Weekly-timeframe graph on the left-hand side of the screen, the price is headed towards the crucial area of resistance lining up with the 50% FIbonacci retracement level highlighted on the chart. Zooming into the H16 and lower timeframe charts, it can be inferred that a crucial area of resistance has been reached and the price is attempting to break out of the sideways-moving range it has been consolidating within. If the local region of resistance gets penetrated by bulls, then a small re-touch will be awaited before entering long positions and aiming for the zone plotted and targeted on the Weekly graph.
Long
by Investroy
27
GOLD (XAU/USD): MTF analysis | The best region to go short fromAs thoroughly demonstrated in the publication made on Gold last week, deriving from the Weekly-timeframe graph (on the left-hand side of the screen), we are anticipating for the price to pull back into the crucial region of support lining up with the 50% Fibonacci retracement level as highlighted on the chart. Zooming into the H4 TF and adding up to the confluences, we might infer that the price has formed a descending triangle pattern and might touch the zone pictured on the graphic (the upper boundary of the triangle) once again before initiating a full-scale drop as planned.
OANDA:XAUUSDShort
by Investroy
34
GOLD (XAU/USD): get ready for the short-term bearish runConducting a multi-timeframe analysis and taking a look at two major timeframes - the Weekly and the Monthly - we might observe that the price has reached a very important level of resistance (both technically and psychologically) and rejected its borders. Although the long-term sentiment remains bullish, we are expecting a short-term drop and eyeing the area of previous resistance now turned into support that is highlighted on the chart as our initial target.
OANDA:XAUUSDShort
by Investroy
27
EUR/USD: a detailed multi-timeframe examination of the pairHaving conducted a thorough MTF analysis of EUR/USD, the following observations could be made: Weekly: as it can be inferred from the Weekly-timeframe chart, the price has been shooting wick candles and failing to break above the major resistance highlighted on the graph. The ongoing Weekly candle is looking massively bearish, and if we get to have a such impulsive closure, then the price might be experiencing a further decline. The 50% Fibonacci retracement level aligning with the price mark of 1.08 might be the next potential region the bearish rally is leading us towards. Daily: zooming into the Daily-TF chart, we might observe that the price has penetrated through the ascending trendline with success. This add up to the list of confluences backing our bearish bias. 16H / 8H / 4H: finally, levelling down to lower-timeframe graphs, we can plot a probable entry region and have eyes on it for SELL executions. The area of 1.1 combines two confluences: the 50% Fibonacci retracement level derived from the recent impulse and the descending trendline pictured on the chart that connects two previous tops. On the fundamental front, we have to keep eyes on the economic news - US Core Inflation Rate and PPI MoM - due later today and tomorrow.
Short
by Investroy
23
USD/CAD: what is the best region for entering long positions?As it can be inferred from the H8-timeframe graph, the price has made a successful initial bounce off the 1.331 - 1.332 area of support that is highlighted on the graph. Observing the ongoing price development, is can be noticed that the price is failing to push higher, and that it might perform another re-touch of the same zone (1.331 - 1.332) and form another bottom (a Double Bottom formation) before commencing its bullish moves. Hence, we are having close eyes on the region circled on the graphic (1.33 - 1.332) and awaiting the price to reach that specific level before continuing the upside run. Our initial target will be set at the area of 50% Fibonacci retracement level drawn from the top to the bottom of the recent bearish impulse.
Long
by Investroy
16
EUR/GBP: ready to enter another bullish wave? As it can be observed from the Daily-timeframe chart, the price has nicely broken and re-tested the 0.879 - 0.88 area of previous resistance now turned into support. Zooming into the H8-timeframe graph, we can see that a massive wick candle has been printed to re-touch the same key level and grab some liquidity laying below it. From here, we are expecting for the price to keep pushing to the upside and reach the zone of resistance highlighted on the graphic.
Long
by Investroy
18
USD/CAD: multi-timeframe outlook. What is the next move? Looking at the DAILY-timeframe graph on the left-hand side of the screen, we may observe that the previous candle has managed to close impulsively bullish and approach the crucial area of resistance highlighted on the chart. Zooming into the H8 graphic, it can be inferred that the price might be headed towards the 1.364 - 1.365 region before forming a Double Top and commencing its bearish impulses. The major USD fundamentals due later today should be taken into consideration as well before planning on executing positions on this pair. All in all, we will keep monitoring the price action and news reports before opening a transaction.
Short
by Investroy
16
EURUSD: BULLISH BREAKOUT ON THE WAY?As our previous EURUSD idea played out perfectly, we're now looking to break our previous target which currently holds up as a resistance zone. The initial attempt to breakthrough was rejected; however, as the wedge keeps on getting tighter and tighter it is clear that the breakout is inevitable. Buying off the trendline might be a move for some traders; however, we prefer to play it safe, so we will be looking for a nice retest first. The breakout should bring a directionality of a few hundred pips, so the good R:R is ensured! We'll mostly keep an eye on this pair for the next week.
Long
by Investroy
17
Mastering Trading Psychology: Overcoming Emotional BiasesWelcome to another edition of our educational articles that should help the TradingView newbies find an edge over the market and help strengthen the existing mentality for already successful traders. Trading is not just about having a winning strategy and implementing it correctly. Trading psychology plays a crucial role in trading performance. Emotional biases, such as fear, greed, and overconfidence, can lead to impulsive decisions that can hurt trading results. In this article, we will explore the most common emotional biases that traders face and provide strategies to overcome them (of course, we’ll do it step by step, so it is easier to follow). Step 1: Understanding Forex Trading Psychology Trading can be an emotional roller coaster ride, with traders experiencing a wide range of emotions, from elation to despair, in the course of a single trading day. In this section, we will take a closer look at the impact of emotions on trading performance, as well as the most common emotional biases that traders face. Now, I know some of you might be thinking, "Emotions? In trading? Ha! I'm a robot, I don't feel anything." Well, I hate to break it to you, but even the coldest and calculating traders out there have emotions. Unless you're literally a robot, in which case, congratulations on achieving self-awareness! But in all seriousness, emotions can have a significant impact on trading performance. Fear can cause traders to hesitate and miss out on profitable opportunities, while greed can lead to impulsive and reckless trades. And let's not forget about good old-fashioned FOMO (fear of missing out), which can drive traders to chase after trades that have already run their course. So, what are some of the most common emotional biases that traders face? Let's take a look: 1. Confirmation bias - the tendency to seek out information that confirms our preconceived notions, while ignoring evidence that contradicts them. This can lead to overconfidence and blind spots in our trading analysis. 2. Loss aversion - the fear of losing money, which can cause traders to hold onto losing positions for too long or exit profitable trades too early. 3. Anchoring bias - the tendency to rely too heavily on the first piece of information we receive, even if it's not the most accurate or relevant. This can lead to inaccurate price predictions and poor trading decisions. Now, don't worry if you see yourself in some of these biases. We all have them to some extent. The important thing is to recognize them and develop strategies to overcome them. In the next section, we'll explore some techniques for managing emotions and developing a strong trading mindset. But first, let's take a moment to appreciate the fact that even in the world of finance, emotions play a big role. Who knew we traders had feelings too? Step 2: Overcoming Emotional Biases Now that we've explored the impact of emotions on trading performance, it's time to look at some strategies for managing those emotions and overcoming the biases that come with them. Because let's face it, we traders may be good with numbers, but we're not always the most emotionally stable bunch. One effective way to overcome emotional biases is to develop a solid trading plan. Now, I know what you're thinking, "A plan? That's it? Where's the magic bullet? The secret sauce?" Sorry to disappoint, folks, but there's no magic formula for success in trading. It's all about good old-fashioned discipline and consistency. Another technique for managing emotions is mindfulness. Now, before you roll your eyes and start chanting "Om," hear me out. Mindfulness is simply the practice of being present and aware of your thoughts and feelings without judgment. By practicing mindfulness, we can become more self-aware and better able to recognize and manage our emotional biases. Of course, sometimes it's not just a matter of managing our emotions but overcoming them altogether. For example, fear can be a powerful emotion that can cause us to miss out on profitable trades. One strategy for managing fear is to set up a stop loss order. This will automatically exit a trade if it reaches a certain price point, helping to limit our losses and alleviate our fears. Finally, building discipline and consistency in our trading decisions is essential for overcoming emotional biases. As the saying goes, "Plan your trade, and trade your plan." Stick to your trading plan and strategy, even in the face of strong emotions like fear or greed. And remember, discipline is not just about making good trading decisions, it's also about being disciplined in other areas of your life, like getting enough sleep and exercise. Now, I know it's not always easy to overcome emotional biases, especially when there's money on the line. But with a little practice and discipline, we can become more effective traders and achieve better trading results. And hey, if all else fails, there's always therapy, right? Just kidding...kind of. Step 3: Staying Mentally Fit for Trading Success In this section, we'll take a closer look at developing a strong trading mindset, which is essential for long-term success in the forex market. One key aspect of developing a strong trading mindset is to approach trading as a business, rather than a hobby or a game. This means setting clear goals and objectives, developing a trading plan and strategy, and keeping detailed records of your trades and performance. And if you're serious about trading, it also means investing in the right tools and resources, like a reliable trading platform and access to up-to-date market news and analysis. Another important aspect of a strong trading mindset is the ability to stay disciplined and patient in the face of adversity. As traders, we all face losing trades and setbacks from time to time. But it's how we respond to those challenges that makes all the difference. It's important to stay focused on the long-term goals, rather than getting caught up in short-term fluctuations and emotions. Of course, maintaining a strong trading mindset is easier said than done. It's easy to get caught up in the excitement of the market and make impulsive trading decisions. That's why it's important to take breaks, practice self-care, and maintain a healthy work-life balance. As the saying goes, "All work and no play makes Jack a dull boy." And let's be honest, no one wants to be a dull trader. If you have any particular exercise you find useful for yourself, make sure to drop them in the comments below, so we can all try them out! Have an awesome weekend, family!
BITSTAMP:BTCUSDEducation
by Investroy
24
EURUSD: FURTHER US WEAKNESS EN ROUTE?Good time of the day, traders. In today's technical analysis, we're taking a closer look at EURUSD that has been on a beautiful symmetric uptrend for quite a while now. It's look like this decisive directionality is slowly running out of the steam though. These periods are usually followed by consolidation areas (a simple box range) where we would build more momentum before pushing any higher. With this sentiment in mind, there is a mid-term opportunity available for anybody who wants to take advantage at 1.091. This is a potential where we have multiple confluences aligning together; however, as a a part of our trading plan, we'll closely watch the price development in the area before the entry.
Long
by Investroy
36
USDCAD: W for Wendetta, Another Short is ComingAfter our successful USDCAD short trade using the "Flag" pattern as a bearish continuation, we have another opportunity slowly but steadily forming in the kitchen. If we zoom out, we can see that this is all a part of the W (double bottom pattern) that has been formed due to recent USD weakness. The common misconception here is that, people sometimes expect bullish continuation after this pattern as they think it's a ranging box. The reality is usually quite opposite. Don't get caught in this. The box is usually has a few more uniform length touches on both sides. On the other hand.. The W trading pattern, also known as the double bottom pattern, is a popular trading pattern used in TA. It is a bullish reversal pattern that occurs after a downtrend, signaling a potential change in trend direction. The W pattern consists of two low points, or "troughs," separated by a peak in the middle. The price drops to the first trough, then rises to the peak, and then drops again to form the second trough, which is approximately at the same level as the first trough. The two troughs should be spaced relatively equally apart, with the peak forming a "W" shape. Our plan is to let the price retrace a little (potentially to the most recent 0.618 Fib level), gain more momentum, so we can break the lower barrier and continue our downtrend further on.
Short
by Investroy
31
Bitcoin Approaching $20,000 - Here is What You Need to KnowAs Bitcoin prices continue to surge, you may wonder wonder where the next area of interest will be. According to recent price development, HKEX:20 ,000 is the next target on the radar. In February, we predicted that shorters would be wiped out and that a HKEX:20 ,000 pullback was likely. The sequence of events has unfolded as expected, with emotions flooding back into the market. Before Bitcoin prices continue to rise, there may be (and will be) a period of decline and volatility. Despite this, we remain optimistic about the current position of the coin. However, it is important for us to consider the opposing side and to not become complacent during these circumstances. As Bitcoin approaches HKEX:30 ,500, traders should keep this level in mind and stay informed about market changes. Remember: when greed factor is high, it's time to sell :) Hope you all have an amazing day!
BITSTAMP:BTCUSDShort
by Investroy
85
USDCAD: bearish flag is almost completeThe bearish flag pattern is a common technical analysis pattern that is used by traders to identify potential trend reversals or continuation. This pattern forms when there is a sharp downward move (the flagpole), followed by a brief period of consolidation (the flag), before another downward move. In the case of the USDCAD pair, we can see that the pair has been on a downtrend for some time and has recently experienced a sharp downward move. The flagpole is formed by the length of the sharp downward move, which is usually quite significant. After the sharp downward move, the price of USDCAD started consolidating, forming a rectangle or parallel channel, which is known as the flag. This consolidation period is usually characterized by decreasing trading volume and volatility. Once the price breaks below the lower trendline of the flag, it signals a continuation of the previous downward trend. Traders may use this as an opportunity to enter short positions in anticipation of further downside momentum, which is exactly what we're planning to do here. The short target is not fully determined yet, but aiming for the closest major support zone is always a safe bet. Hope this was educational and useful at the same time! Feel free to ask more questions :)
Short
by Investroy
35
GOLD (XAU/USD): $2070 could be reached in NO TIME As it can be inferred from the Weekly Timeframe chart, the price is on the verge of approaching the ALL-TIME HIGH levels highlighted on the graphic. Looking at the recent price development, we might observe that a rising wedge pattern has been formed, the bullish breakout of which we are awaiting for further upside move. A mini-support has been formed at the area of $ lining up with the 0.382 Fibonacci retracement level and the price has been able to bounce off this region. However, we are still waiting for the price to drop down and re-touch the area of the lower boundary of the wedge aligning with the 50% Fibonacci retracement level. Then, upon getting bullish confirmations, we will look into going long and acting in correspondence with the scenario plotted on the graph.
OANDA:XAUUSDLong
by Investroy
11
Trading is a game of numbers and probabilitiesFirst of all, let us clarify, that what we mean by a "bad trade" is simply a transaction that was unsuccessful . There are no "good" or "bad" trades as the whole system of trading is random and unpredictable. In other words, if we knew how to differentiate between bad and good trades, then technically, we would always choose to enter good trades, right? Or should we wait for our trades to close before we label them "good" or "bad"? Anyways, moving to the main part, we would like you all (especially beginners) to embed the following in their minds forever: trading is a game of numbers and probabilities. No, you will not have a 100% win rate. No, you won't be making 200 pips per day. Yes, you will have losses. Yes, things are gonna get emotional. The above-stated may seem bizarre to newbies. "Like, what do you mean I cannot make 200 pips per day? This Free Forex Signals group on Telegram shares 50 signals per day and promises me a 100% return per month and you are telling me I cannot make 200 pips a day? Hahaha, do not make me laugh". Been there, listened to that. At the beginning of our trading careers, we are greedy, emotional, and extremely optimistic about our skills and abilities. We get angry, question ourselves, change our strategy every second day and so forth. All that up until we get more mature and wise in the markets. With time, we gain experience and double up on our skills; and that is exactly when we become acknowledging the market for what it actually is and understand how it functions. Experienced traders think, move, and act in probabilities. They predetermine their risk, calculate all possible outcomes, execute at ease knowing that they are following their strategy. To put it into simple English, they do not get mad over one loss, because they know that their backtested and fully planned strategy is there to lead them towards long-term profitability and consistency.
BITSTAMP:BTCUSDEducation
by Investroy
7
EUR/GBP: detailed illustration and interpretation of the chartAs it can be inferred from the DAILY timeframe graph of EUR/GBP, initially, the price has heavily bounced off the 0.872 area of support and made its way to the upside. Afterwards, we witnessed the ability of the price to break above the 0.877 - 0.878 key region and massively impulse to the upside. Then, we witnessed a correctional phase as the price pulled back and reached the area of support highlighted on the graph (the previously penetrated key region) aligning with the 0.618 Fibonacci retracement level. Now that the price has formed a nice bottom formation on the local area of support, we are positive about the fact that the price will continue rising and potentially reach the target that we have mapped on the graphic.
Long
by Investroy
9
USD/CHF: middle-term bearish price action?Both technically and fundamentally, the sentiment of USD/CHF is leaning towards bears. As it can be inferred from the recent price action, a crucial area of resistance lining up with the 50% Fibonacci retracement level has been rejected, which implies that a new bearish wave might be around the corner. Thus, we are closely monitoring the price action and looking forward to entering short positions and aiming for the target illustrated on the graph.
Short
by Investroy
8
EUR/USD: MTF perspective. On our way to new Higher Highs?Looking at the Daily timeframe graph on the left-hand side of the screen, we may observe how the price has nicely rejected a crucial area of support highlighted on the chart by printing a huge wick candle the tail of which has bounced off the 61.8% Fibonacci retracement level drawn from the beginning of the recent impulse. Zooming in and observing H16, H8, and H4 timeframe graphics, it can be noticed that the price has some imbalance to fill before continuing its upside movements. In other words, a solid bottom pattern should be formed before the price is able to push to the upside. Therefore, we are patiently waiting for the price to POTENTIALLY re-visit the area of support plotted on the graph and form some sort of a Double Bottom before going long and aiming for the target pictured on the graph.
Long
by Investroy
12