GOLD Trade ideaChange of stance on gold. waiting for a breakout on the downside to sell
Share your thoughts in the comment section below
Like and Follow for more content
Previous chart in related links
Good Luck!!!
Safehaven
Hopefully this is the last dip...Looks like the last dip and we start moving higher, but I can also see us touching 0.0018 USDT as well, what's your thoughts?
GOLD video top-down AnalysisHello everyone, here is the top-down analysis for GOLD, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
GBPJPY H4 - Short Trade SetupGBPJPY H4 - Break and retest here on GBPJPY. Possible zone trade on our hands from resistance down to 139.860 support. Awkward timing with it being Friday and NFP just around the corner in a couple of hours. YEN is usually quite a big mover off the back of the 1:30pm event. Additionally, H4 candles still very active
Top Gold Trading StrategiesGold caught a huge bid, finally obeying intermarket correlations with other safe havens. It spiked up to 1965, which is the upper bound of the range we have been discussing for weeks now. Those of you following these reports should have been well prepared. It is currently finding support at the psychological level and congestion zone of 1950. The Kovach OBV has leveled off indicating that momentum has dried up for now. Watch lower levels, for a long trade, since it has been ranging for some time and may test these one more time before breaking out again. We are still bullish of gold but watch out for a good entry. The levels 1936 and 1925 would prove to be good entry points.
CHFJPY - The Safe Haven RaceKey points:
- Trading above 200 EMA
- Accumulation zone coincides with three month trend line
- Key level 115.500 broken in July and holds during August - Future support
- 2018 provided two key highs forming a double top seen in yellow
These levels on occasion provide a magnetic pull into the zone where stops may be present when accompanied by other technical signals like the respected 115.500 level that has now formed support.
The Risk:
Price is hugging the 50 EMA and trading well above the 200 EMA , suggesting we are still in bullish territory. Any violation of the 115.500 level could also cluster with a 200 EMA and trend line violation. In this case the long play should be closed.
Remember as traders it is your job to mitigate the risk and only trade structures that provide high probability, and great reward to risk ratios.
CHFJPY is providing 3.5 reward to risk to the first target with 4x + to break the 2018 highs.
Fundamentals:
With the equity markets brushing off Covid woes and the DXY ( US Dollar Index ) selling off rapidly and possibly finding a short term base, the CHF may strengthen further against it's safe haven rival JPY.
All my views are not advice. Please understand the risks involved when trading such assets and seek professional advice or guidance on how to mitigate your risk.
All the levels provided are zones and not exact figures. Your discretion and interpretation of these levels may differ to other fellow traders/investors.
Short Failed to break yesterday's high so we should expect more downfall.. M formation, final leg down ready..trail with SL until target is reached
USD Roll OverWorked towards this moment for two years. 2018 was timid because of stronger USD bulls. This has caused this year to accumulate strength of other world economies and topped with greater volatility, not because of COVID imho. Although it did add some spice to the soup of spaghetti on this chart and ignited early acceleration of USD devaluation this year, leaving more room for the opposing currencies to regain and overthrow the king. FED must have seen this coming. Good luck USD bulls! Don't forget, the cycling of an economy and its currency is trivial to its core operation..
Stock markets are drawing a whipsaw in the middle of this earlier marked period of time, the mid of August, month of the UJ season .
Oil is ready to hyperinflate products and services worldwide imho. Bitcoin is almost ready to be another safe haven for USD devaluation, see my other idea on its correlation with Gold. Commodities appreciate in general, like all USD quoted assets. Prices will go up people. No reason to stock because there is an unlimited supply of USD, or not? Ask the FED ;)
Correlation between USD strength and stock markets is fading. Funds are already been taken out of the stock market. The Japanese pension fund, one of the largest in the world, will also have started. Wait for the JPY dip as it drops because of strong correlation with USD at the start of the season, then expect JPY appreciation because of international capital flows.
This season should end near December, if nothing unexpected happens such as a COVID wave 2 or Big Short II, because then it may stretch into 2011 and glue that season at the back as well.
Let the market float people otherwise it will bite you in the butt..
AUD/CHF AnalysisDescending Channel has been clearly formed and price is now at the top of the channel.
We have a confluence of other resistances around the 0.6550 - 0.6556 area. Pivot Point Resistance and the 61.8% Fibonacci Resistance level is also in this area. Expecting price to drop to the support area before it bounce back. Its a Bear market. AUD is also in a Bull mood against the USD but Sentiment is also in favour of the CHF as everyone is going back to the safety of safe havens.
As usual, we play it safe by setting a tight stop loss, just in case the market changes direction.
Best Bond Trading Ideas Amid CoronavirusAfter plummeting a full handle, ZN seems like it is poised to retrace a bit. The collapse has created several vacuum zones and it is reasonable that it retraces slightly. It looks like we are seeing an inverse head and shoulders pattern in ZN, which suggest an upside breakout. It is important to let the right shoulder fully form. Then watch the neckline at 139'13. The Kovach OBV is extremely oversold and the Kovach Chande has swung back, so a short trade may be crowded. We have a green triangle on the KRI at the head of the inverse H&S suggesting this may be the bottom.
Best Way to Trade the Gold SelloffGold has cratered along with the other safe havens. It has careened through the 1900 handle back down to 1800's, currently finding support at 1863, which is a strong technical and Fibonacci level. It appears to have completed the 5-3 Elliott Wave. Observe that even with this correction, gold can still be considered in a 'bull phase'. Especially considering the bounce it had off 1863. Current levels may make a good entry point for a long trade. We are right at 1941 at the moment, which is another technical and fibonacci level. A narrow stop would be good risk management. The next level above is 1975, but below we have a vacuum zone to 1906. The Kovach OBV has taken a nosedive, registering the selling momentum. It does appear to be turning, along with the Kovach Chande, suggesting that this bear phase may be ending, or at least coming up for air.
Top Gold Trading StrategiesGold has taken its first sustained dip, and this is the first time in over a week we may be able to pick up some at less than $2000. This still seems to be a retracement into the overall bull trend. It appears we finally have seen the corrective wave of the 5-3 Elliott Wave. The Kovach OBV has dipped, but only slightly, indicating the bull trend is still there. Current levels look like good areas to buy. The next level of support is 1973.
Best Eurodollar Trading StrategiesThe Eurodollar has retreated slightly from highs it achieved earlier this week. Currently, it is knocking about 99.815, the lower bound of this newly established price range. At this point it could bounce and test the upper bound again, or break lower and test 99.800, a level it has very much respected in the past. The Kovach OBV has dropped off, suggesting that the longer the Eurodollar spends at these levels, the more inclined it will be to test lower levels
The Best Way to Trade Gold During CoronavirusWe anticipated some ranging in gold before another breakout. Looks like we were a bit ambitious as to the breakout but we did see a bounce off 1973, as predicted. Gold does seem to be having trouble breaking out to new highs, which is understandable after how much it has rallied. The Kovach OBV has pretty much flatlined, so anticipate more ranging, if not a retracement. The levels 1973, 1955 or even 1936 may make good entry points.
Best Gold Trading IdeasGold continues to rally, having stalled at the psychological and technical level of $2000. The Kovach OBV has flatlined, indicating that it may range for a bit, feeling out new highs. Avoid fomo-ing into a trade here. Although we are still bullish of gold, a retracement is to be expected (and even necessary) for the sustained appreciation of this product. Watch the levels identified. Obviously $2000 will provide significant resistance so keep vigilant
Best Way to Trade Bonds After the FOMCBonds have broken out above relative highs and seem to be stalling about midway to the next level. The next level is 140'18 right before all time highs at 140'25. ZN is currently having some trouble with 140'06, which seems to emerge as a new technical level. Watch for a retracement here before bonds ascend more. The Kovach OBV is very strong, but the Kovach Chande is dipping indicating we may have a buying opportunity soon.
Best Gold Trading IdeasWe have been bullish of gold for a while now and how this paid off! We called the price target perfectly yesterday at the Fibonacci extension level at 1865. Honestly, we expected a nice dip to enter a position, but we didn't have a single pullback. Gold is in completely new territory, and it appears to have just completed the impulse wave of the next Elliott Wave. Watch for a pullback as the corrective phase of the 5-3 Elliott Wave forms. The momentum is very strong at this point, as verified by the Kovach Momentum indicators. The Kovach Chande has pulled back, indicating a lull. The pullback to 1850 may be all that we have at this point, but we could see 1837. We are in completely new price territory so the next price targets are in the 1900's.
Best Gold Trading IdeasGold is continuing the sideways Elliott Wave that we have identified last week. It has tracked our prediction almost perfectly. If we are right, expect another dip to 1795 or 1787. Although we are still bullish of gold, GC is trekking in the vicinity of all time highs, so watch for some more ranging before breaking out further. The Kovach Momentum Indicators are both oscillating, meaning there is some ambivalence here, and a trend has not yet been established (on 30 min charts.).
WEEKLY ANALYSIS EURJPY SHORT SETUP!! BREAK OF A CHANNEL!!Good day trader, I hope you have a great day ahead and start off your day with a good trade!
Start off with EURJPY, as shown on the chart above, you can see a break of an upward channel. Therefore, bear is most likely to take place and before a strong bearish movement, a correction is expected to take place.
We will be looking for sell opportunity at 50% and 61.8% fibonacci retracement zone. A push to -27.2% is most likely to happen if price reject EMA 55.
Sell limit: 121.118
SL: 121.500
TP 1: 120.30
TP 2: 119.826
Always go for a clear analysis and make sure to have a proper risk management for yourself. Happy trading traders!
