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EURUSD SHORT BEFORE ECB RATESEUR/USD pair retreated below 1.0800 during the American session, facing resistance at the 1.0820 level and the 100-day SMA at 1.0805. The short-term bullish bias remains, but technical indicators offer mixed signals. The pair's retreat from recent highs suggests potential downside, with support levels at 1.0760 and 1.0740. However, the overall bias remains bullish, despite volatility expected due to the upcoming FOMC meeting and ECB meeting. In Germany, May's inflation data confirmed a decrease from April, while the ZEW survey showed unexpected improvement. Germany's Wholesale Price Index and Eurozone Industrial Production data will be released, with expectations for a 25 basis point hike by the ECB. The US CPI for May showed a lower-than-expected increase, indicating slowing inflation. This may influence the Federal Reserve's tightening cycle decisions. The Greenback initially tumbled after the report but later recovered. The direction of the EUR/USD pair will depend on the US Dollar's performance ahead of the FOMC statement. Overall, caution is advised in light of market volatility and the impact of central bank meetings. Traders should closely monitor economic data and the guidance provided by central banks to make informed investment decisions. Nicola, CEO of Forex48 Trading Academy
Short
by Forex48_TradingAcademy
1
USDJPY LONG & SHORT SETUP - US NEWSDuring the European session, the US/JPY pair remains stagnant, trading within a limited range just below the significant resistance level of 140.00. The market is characterized by volatile fluctuations as investors adopt a cautious approach in anticipation of the upcoming release of US inflation data. In London, S&P500 futures have gained as investors hope the Fed will delay interest rate hikes and weaken the US Dollar. The US Dollar Index reached a two-week low at 103.21 due to expectations of a neutral interest rate policy and softening US inflation. Analysts predict May's CPI will remain unchanged, but core inflation will stay strong. The Bank of Japan is likely to maintain its interest rate policy, aiming for inflation above 2%. Nicola, CEO of Forex48 Trading Academy
Short
by Forex48_TradingAcademy
GBPUSD - FIRST STEP IS SHORT GBP/USD capitalized on the overall weakness of the US Dollar (USD) on Monday, reaching its highest level in a month above 1.2590. However, the pair is likely to encounter resistance at 1.2600, and there is a possibility of a downward correction before the next upward movement. The optimistic market sentiment at the start of the week has prevented the safe-haven USD from maintaining its strength against its main rivals. This has provided support for GBP/USD to remain in positive territory. In the European session, the UK's FTSE 100 Index rose by 0.3%, while US stock index futures recorded gains ranging from 0.1% to 0.3%. Earlier in the day, the Pound Sterling received a boost from hawkish comments made by Bank of England (BoE) policymaker Jonathan Haskel. In an article published in The Scotsman newspaper, Haskel expressed the importance of addressing the risks of inflation momentum and did not rule out the possibility of further interest rate hikes. On Tuesday, the UK's Office for National Statistics is set to release labor market data. It is expected that annual wage inflation, as measured by Average Earnings Excluding Bonus, will rise to 6.9% in April from 6.7% in March. Currently, the markets have fully priced in a 25 basis points (bps) rate hike by the Bank of England at the upcoming policy meeting on June 22. Therefore, if wage inflation turns out to be lower than anticipated, it may pose challenges for Pound Sterling to continue outperforming its competitors. Conversely, a stronger-than-expected reading could have a short-lived positive impact on the currency. The release of May inflation data from the US and a speech by Bank of England Governor Andrew Bailey before the Lords Economic Affairs Committee hearing on Tuesday could also lead to significant fluctuations in the GBP/USD pair. Nicola CEO of Forex48 Trading Academy
Short
by Forex48_TradingAcademy
XAUUSD SHORT BEFORE FED RATESOn gold, we have a price that, after reaching the 1965 zone within a supply zone, reversed its course due to the significant volume present in the area. Now, the price has started to decline, and a target is expected around the 1946 zone, where there is a high concentration of orders and a demand zone at the 1943 level. Therefore, currently, we have a profitable short trade. Share your perspective. Wishing everyone successful trading, Nicola, CEO of Forex48 Trading Academy.
OANDA:XAUUSD
by Forex48_TradingAcademy
Riding the Market Tides with the Initial Balance Ahoy, fellow traders! So you’re itching to become the Captain Jack Sparrow of trading, eh? Before you swashbuckle through the stock market, you need a treasure map. Enter the Initial Balance trading strategy! This nifty tool can be the compass guiding you through stormy market seas. But hold your horses, we’re not talking about a literal balance here; it's more like the market’s opening mood ring. Hang tight as we steer you through the nuts and bolts of this golden strategy. Setting Sail: What’s the Initial Balance Trading Strategy? The Initial Balance trading strategy is like that morning coffee - it sets the tone for the day. Here's how it works: You observe the high and low of the first hour of trading. This range, my friends, is the Initial Balance. It’s a harbinger of how the market may swing for the rest of the day. The million-dollar question is, how do you use this to fill your coffers? Anchors Aweigh: Establishing the Initial Balance First things first, you need to get a grip on that Initial Balance. Let’s break it down step by step: Watch the market like a hawk from the opening bell. Jot down the highest and lowest points during the first hour. Plot them on your chart and voila! That's your Initial Balance. Sailing Through Uncharted Waters: Price Action When the price takes a leap of faith outside this range, that's when the magic happens. It might indicate a trend in making. Hold on to your hats, because this is where you can swoop in and take a position. The North Star: Using Indicators Now, I wouldn’t bet my last doubloon solely on the Initial Balance. It’s a guide, not gospel. Bring in some allies like volume indicators and moving averages to keep you from sailing off the edge of the world. Why Is the Initial Balance Trading Strategy the X Marks the Spot? Oh, the Initial Balance trading strategy has a special place in traders' hearts for a reason. Here’s what makes it the go-to guide for many: First Mover Advantage: Get a jump on the crowd. Being in the know from the get-go can be your secret weapon. Flexibility: This ain't a one-trick pony. Use it for day trading or merge it with other indicators to build a rock-solid strategy. Early Warning System: When the seas are rough, it’s best to stay ashore. The Initial Balance can help you gauge the market’s mood and steer clear if needed. Weathering the Storms: Potential Pitfalls Hold up! No treasure hunt is complete without booby traps. So, what could possibly go wrong? False Breakouts: Sometimes the market’s just messing with you. The price could break out of the Initial Balance, only to do an about-face. Overnight News: A sneaky villain. News from across the seven seas can throw a monkey wrench in the works, and your Initial Balance may end up as useful as a chocolate teapot. FAQs 1. Can I use the Initial Balance trading strategy for any market? Aye, matey! Whether stocks, forex, or commodities, it’s all fair game. 2. What time frame should I use to establish the Initial Balance? Traditionally, it’s the first hour. But hey, if you like living on the edge, some traders narrow it down to the first 30 minutes. 3. Can the Initial Balance Trading Strategy be my only strategy? Well, putting all your eggs in one basket might leave you with egg on your face. It's good to mix and match with other strategies. Concluding Our Voyage: All Hands on Deck! To wrap this shindig up, the Initial Balance trading strategy can be the wind in your sails. But don’t go sailing blindfolded; be sure to have some extra navigational tools on hand. It’s a pirate’s life for you, but remember, even the savviest pirates have a trusty crew and a sturdy ship. So weigh anchor, and let the Initial Balance be your first mate on this high-seas adventure. Happy trading!
CME_MINI:ES1!Education
by skyline-trader
1
AUDCAD SHORT TRADE BEFORE CAD NEWSOn AUDCAD, we have a bullish setup with the price, after yesterday's rally, stalling around the 0.891 area where we have a strong volume concentration. This is a potential reversal zone where the price could reverse course and reabsorb the liquidity left in the market. In fact, we can observe a significant cluster of trades at the 88.90 level. That level will be the target objective in case of a short trade. Please share your expectations. Happy trading to everyone. Nicola CEO of Forex48 Trading Academy
Short
by Forex48_TradingAcademy
NZDUSD STRONG DOLALR DUE TO SENTIMENT FEDOn NZDUSD, we have a bearish setup around 0.6048, with the price touching a trendline three times. Currently, the price is within an imbalance zone after yesterday's strengthening of the dollar. The expectation is to wait for the price to reach 0.5970 for the potential creation of a long pattern, with the AUD recovering all the lost liquidity in recent days. However, everyone is waiting for the upcoming FED meeting next week, and the markets are currently showing very little movement. What are your expectations? Happy trading to all. Nicola, CEO of Forex48 Trading Academy. ❤️ Support our work with a simple Like ❤️
Short
by Forex48_TradingAcademy
EURUSD SHORT SETUP BEFORE FED NEWSOn EURUSD, a bearish trend can be observed, with the price retracing to the 50% Fibonacci level and then bouncing three times on a downtrend line, indicating clear short signals. Currently, the price is situated between a supply and a demand zone at the 1.0675 level, with volumes favoring sellers. Therefore, the objective is a short trade with a target of 1.055. It is worth noting that the short position will be confirmed by an initial break below the 1.0635 level. What is your perspective? Happy trading to everyone. Nicola, CEO of forex48 trading academy.
Short
by Forex48_TradingAcademy
USDCAD BULLISH TRIANGLEOn USDCAD, we have a bullish setup with the price forming a bullish triangle pattern. The objective is to wait for the price to confirm the pattern with two H1 candles above the daily volumes and for the price to break out and then bounce off the bullish triangle. Therefore, a possible setup involves entering the market around the 1.3445 area, with a target set at 1.3730, as it is currently the most significant supply level, considering that the preceding ones are all fake supplies. Let me know your thoughts. Happy trading to everyone.
Long
by Forex48_TradingAcademy
GBPUSD IT IS READY FOR A LONG SETUPOn GBPUSD, after a trade executed on Friday following the NFP release, which resulted in a 9% gain, we are currently experiencing a completely bearish market, approaching the 1.2350 area where a demand zone is located, along with numerous buying orders. Therefore, I expect a bullish pattern to emerge in that area, leading to a recovery of all the liquidity left in the market on Friday and today. The target is set at 1.2550. Let me know your thoughts. Happy trading to everyone.
Long
by Forex48_TradingAcademy
First Steps: Introduction to Pine Script Welcome back, fellow traders, to another exciting episode of our Pine Script™ journey! In our previous video, we explored how to use existing scripts and indicators on TradingView. Today, we'll take the next step and dive into the fascinating world of reading and writing Pine Script™. In this episode, we'll focus on the fundamental aspects of reading Pine Script™ code and understanding its structure. By studying the code written by talented programmers, we can gain valuable insights and improve our own understanding of the language. Reading code written by proficient programmers is the most effective way to enhance your knowledge of any programming language, and Pine Script™ is no exception. Luckily, there are numerous reliable sources for high-quality code on TradingView. To start, you can explore the built-in indicators provided by TradingView. These indicators serve as excellent examples of well-written code. Simply load an indicator on your chart and hover over its name to access the "Source code" icon. Clicking on this icon will open the Pine Script™ Editor, where you can view the indicator's code. The Pine Script™ Editor allows you to explore and modify the code. If you want to experiment with a specific indicator, you can make a copy of the code by selecting "Make a copy" from the "More" menu. This way, you can freely modify and save your changes without affecting the original indicator. Another fantastic resource for reading code is the vast collection of Community Scripts on TradingView. These scripts, created by talented traders and programmers like yourself, offer a wealth of inspiration and knowledge. When browsing through Community Scripts, look for scripts without a gray or red "lock" icon, indicating that they are open-source. Opening a script's page allows you to view its source code. By examining different scripts, you can gain insights into various trading strategies and techniques. This exposure to different coding styles will broaden your understanding of Pine Script™ and help you improve your own coding skills. Now that we've explored reading code, it's time to unleash our creativity and start writing our own Pine Script™ scripts. Whether you're a beginner or an experienced programmer, Pine Script™ provides a user-friendly yet powerful platform for developing indicators, strategies, and even libraries. Pine Script™ empowers us to write three types of scripts: indicators, strategies, and libraries. Indicators, like RSI and MACD, help us analyze market data. Strategies, on the other hand, include trading logic and can be backtested and forward-tested. Lastly, libraries enable advanced programmers to create reusable functions for other scripts. I invite you all to embark on this exciting journey of writing your first indicator. With Pine Script™, we have a language that is both approachable for beginners and flexible enough for advanced traders. Let's unlock our creativity and develop trading tools tailored to our unique strategies. Thank you for joining me today as we explored the art of reading and writing Pine Script™. Stay tuned for the next episode, where we'll dive deeper into writing indicators and unleash the full potential of this remarkable language. Until then, keep trading with passion and continue honing your coding skills!
AMEX:SPYEducation
by StockJustice