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Weekly Trading Forecasts for Major Pairs (September 2 - 6, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
The market lost about 200 pips last week, went briefly below the support line at 1.1750 and then went above it, to close above the support line at 1.1800. There is already a Bearish Confirmation Pattern in the market, and further downwards movement is possible as price targets the support lines at 1.1800, 1.1750 and 1.1700 this week. This means that the shallow rally that was seen on Thursday and Friday may turn out to be opportunities to go short at slightly higher prices. The outlook on EUR pairs is strongly bearish for October; so EUR would be seen falling against other major currencies.

USDCHF
Dominant bias: Bullish
The bias on USDCHF is bullish in the short-term; and the bullishness is even precarious. This week, it may be possible for this pair to retain its bullishness as EURUSD slides southwards. However, the bullishness of the market would face a challenge from another quarter, which is the expected rally in CHF. CHF may begin to gain strength versus other currencies within the next two weeks, and that may make it difficult for USDCHF to experience a smooth bullish run. However, USD would also gain serious stamina around the end of October – a factor that may help USDCHF to become a clear winner at the end of the month.

GBPUSD
Dominant bias: Bearish
GBPUSD was bullish in September, but the bearish correction that was witnessed throughout last week (at least a movement of 150 pips to the south) has resulted in a “sell” signal in the market. The outlook on GBP pairs is bearish for this week, and thus, long trades are not recommended for now. GBPUSD could reach the accumulation territories at 1.3350, 1.3300 and 1.3250 within the next several trading days.

USDJPY
Dominant bias: Bullish
This trading instrument has gained at least 450 pips since September 11. The movement of the market would largely be determined by whatever happens to USD this month. A strong USD means price would continue going upwards, whether gradually or swiftly. On the other hand, a weak USD may cause a serious reversal on USDJPY as price goes downwards by at least 200 pips within the next few weeks.

EURJPY
Dominant bias: Bullish
This cross dropped southwards on Monday and Tuesday and then consolidated throughout the rest of the week. However, a closer look at the market reveals that bulls have subtly moved price in their favor, leading to an invalidation of recent bearish efforts. A movement above the supply zone at 134.00 would result in corroboration of the recent bullish bias; while a movement below the demand zone at 131.50 would result in a bearish bias.

GBPJPY
Dominant bias: Bullish
GBPJPY rose by 1,100 pips in September and got corrected on September 29, following the consolidation that took place in most part of last week. The correction was almost nothing when compared to the general bullish movement in that month. Price could continue to go upwards – but only in a limited way – owing to the expected weakness in GBP in October. This means that the market would go down by at least, 400 pips in October, thereby invalidating the current bullish bias.

This forecast is concluded with the quote below:

“Successful trading careers start with plans that specify objectives, which in turn lead to success. There are psychological benefits to establishing objectives and developing plans to reach them.” – Joe Ross

Source: www.tallinex.com

yes, serious business owners use corporate accounts, and anyone who uses a corporate account with be trusted quickly.

There's nothing that cannot happen. We're living in an uncertain future and that's what makes everything interesting.

Unrealistic/irrational expectations from traders

“If there were a cornerstone to trading it would be the ability not only to be resilient when in drawdown but also to accept that we get things wrong. Sometimes there is a flaw in our methodology that we have not seen and that we simply have been lucky up until this point. This does raise the question of when do you know you have entered this spiral of self destruction and to my way of thinking the answer is not that hard. If you have been losing money for the better part of a decade then it is fairly obvious that there is something seriously wrong in your methodology.” – Chris Tate

Can you make 1,000% returns per year from trading?

I DONT THINK SO.

Every so I often I am party to an email from someone who should know better. This particular email was around the topic of returns that could be expected from a novice trader. This email asserted that they were looking at the order of 1,000% pa, which in anyone’s language is a tall order.

I can understand how people get these figures in their heads, the internet is awash with people claiming that you can give up your day job and intraday trade FX with $5,000 and live like royalty with no risk. Intriguingly I have once again started receiving spam emails from people claiming that options writing is a no risk cash flow generating strategy.

As such it is easy to see how peoples psyche becomes infected with this sort of nonsense and how with little real world experience they are sucked in.

However I was curious as to what the numbers would look like if you were making 1000% pa so I fired up Excel and let it rip with a starting balance of 1,000.

Please check here to see the figure: http://tradinggame.com.au/i-dont-think-so/?utm_source=Blog+Subscribers&utm_campaign=782ff57c63-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_eb90516269-782ff57c63-43344013

I don’t even know how to say that last number. Suffice to say that somewhere around the first months of year 7 you are the richest person in the world and by the end of year 10 I think you have all the money.

Author: Chris Tate

Article reproduced with kind permission of: Tradinggame.com.au

Another great quote ends this article:

“You should spend a great deal of time and thought on your exit strategies, for one very good reason: you don't make money when you enter the market, you make money when you exit the market. Far too many people focus only on market entry, or what to buy, rather than on when to sell. If you approach trading with an exit strategy, it will benefit you right away.

Your system should reflect your beliefs (i.e., who you are as a trader and as a person). Many people are just looking for “any system that works,” but if your trading system doesn’t match your beliefs about the markets, you will eventually find a way to sabotage your trading.” – Van Tharp Institute


www.tallinex.com wants you to become a successful trader

Yes, Epay is just great!

Weekly Trading Forecasts for Major Pairs (September 25 - 29, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
On September 18 and 19, this pair made a faint bullish attempt, only to come down on September 20 (and then went upwards on September 21 and 22). Since there is no conspicuous victory between bull and bear, the market remains in a neutral region. There is a need for price to go above the resistance line at 1.2050 (staying above it); or go below the support line at 1.1850 (staying below it). That is when there would be a directional bias.

USDCHF
Dominant bias: Bullish
This pair has generated a bullish signal, owing to a visible bullish effort that was made last week. Price first consolidated in the first few days of the week, and then rose upwards. Further rise is possible this week, as the resistance levels at 0.9700, 0.9750 and 0.9800 are targeted. A drop below the support level at 0.9650 would force the market back into a neutral territory, while a drop below the support level at 0.9500 would end in a strong bearish bias.

GBPUSD
Dominant bias: Bullish
GBPUSD consolidated throughout last week – albeit in the context of an uptrend. Price has gained roughly 700 pips this month, and there are chances to gain more. The distribution territory at 1.3650 (which was tested last week) would be breached to the upside, as price goes for other distribution territories for the rest of September. The outlook on GBP pairs remain bullish for this week.

USDJPY
Dominant bias: Bullish
This trading instrument went upwards by 150 pips last week, testing the supply level at 112.50 and then getting corrected a bit lower. There is a clean Bullish Confirmation Pattern in the market, which signals further bullish movement this week. The supply levels at 112.50, 113.00 and 113.50 might be reached before the end of the month. The demand levels at 111.50 and 111.00 would impede bearish attacks along the way.

EURJPY
Dominant bias: Bullish
This cross has become bullish in the long-term and in the short-term. Last week price went upwards by 190 pips, and then followed a shallow correction on Friday. Following the shallow correction would be a rise towards the north, as price slashes the supply zones at 134.00, 134.50 and 135.00 to the upside (possibly exceeding them). The outlook on JPY pairs is strongly bullish for this week.

GBPJPY
Dominant bias: Bullish
The market gained about 1,100 pips this month, before the bearish correction that was witnessed on Friday. Further bearish correction could take place, but it should not be significant enough to result in a bearish bias (JPY pairs are mostly expected to go upwards this week). The bearish correction would end up giving opportunities to join the existing bullish trend, at better prices. A gain of 200 – 300 pips is anticipated before the end of September.

This forecast is concluded with the quote below:

“Trading goes best when it is yoked to rewards… that are independent of the most recent trading results.” - Brett Steenbarger, Ph.D.

Source: www.tallinex.com

The points in the original article are valid.

Your first-class degree doesn't make you the greatest man in your country.

There are scammers everywhere. The only difference is: If you're caught, you won't go scot-free like in Naija. Besides, some criminals use UK phone numbers, addresses, etc, to dupe people.

Weekly Trading Forecasts for Major Pairs (September 18 - 22, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Neutral
The market is bullish in the long-term and neutral in the short-term. There was a slight bearish movement last week, but that was not significant. This week, price would either go above the resistance line at 1.2050, to strengthen the long-term bullish outlook; or price go below the support line at 1.1850 (which was tested last week), staying below it, to bring about a short-term bearish bias.

USDCHF
Dominant bias: Neutral
USDCHF is bearish in the long-term, but neutral in the short-term. From Monday to Wednesday, price went upwards by more than 200 pips, to test the resistance level at 0.9700. However, price began to come downwards on Thursday and Friday, thus rendering the short-term bullishness of the market vulnerable. To bring about a clean bullish bias, there is a need for the market to go upwards this week, staying above the resistance level at 0.9700; otherwise a strong bearish movement would result in a bearish bias. Movements between the resistance levels at 0.9700 and the support level at 0.9500 would enable the neutrality of the market to continue.

GBPUSD
Dominant bias: Bullish
This trading instrument has become seriously bullish. Price has gone upwards by 680 pips this month, and there is much room for it to go upwards this week. The instrument has closed just below the distribution territory at 1.3600 on Friday. The distribution territories at 1.3600, 1.3650 and 1.3700 would be reached this week (even if there would be any reversals later).

USDJPY
Dominant bias: Bullish
USDJPY is bullish in the short-term, but bearish in the long-term. The market went bearish in the first week of this month and went bullish last week, generating a bullish signal. There is a possibility that the supply levels at 111.00 (which was tested last week), and 111.50 would be reached. On the other hand, there is a stronger possibility that price would go bearish this week, so the demand levels at 110.00, 109.50 and 109.00 could be reached this week.

EURJPY
Dominant bias: Bullish
The market rose from the demand zone at 130.00, and went upwards to test the supply zone at 133.00. This has resulted in a bullish bias, and further bullish movement could be seen as price makes more attempt to continue going northwards. However, the outlook on JPY pairs is bearish for this week, and EURJPY may also experience a vivid pullback before the end of the week, and that is something that could bring about a bearish bias on the market.

GBPJPY
Dominant bias: Bullish
Last week, GBPJPY proved to be the strongest moving pair among JPY pairs. Price gained more than 820 pips, causing a huge Bullish Confirmation Pattern in the market. Further bullish movement could be seen this week, taking price towards another supply zones at 151.00 and 151.50. Then, there is a high probability of a large pullback before the end of this week, owing to a bearish expectation on JPY pairs.


This forecast is concluded with the quote below:

“Over the years, I've had the most profitable results by always making an attempt to receive pay for the risk I am taking. I want to be paid to trade.” – Joe Ross

Source: www.tallinex.com

Yes, Tallinex doesn't trade against clients.

Interesting replies!

Weekly Trading Forecasts for Major Pairs (September 11 - 15, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
The pair went upwards last week, gaining about 200 pips. Price moved briefly above the resistance line at 1.2050, and then closed below it on Friday. There is a strong bullish outlook on EUR pairs this week, and therefore, the pair is supposed to continue to go upwards, gaining at least, another 200 pips. There would be pauses and occasional corrections along the way, but the movement this week would generally be bullish.

USDCHF
Dominant bias: Bearish
USDCHF is bearish, both in the long-term and the short-term. Price went downwards by 150 pips, tested and breached the resistance level at 0.9450. The pair is now under the resistance level at 0.9450, targeting the support levels at 0.9400, 0.9350 and 0.9300. USDCHF cannot be expected to rally meaningfully as long as EURUSD is strong. Therefore, the bias is bearish for this week, and long trades are not currently rational.

GBPUSD
Dominant bias: Bullish
GBPUSD has become bullish after rallying by more than 280 pips last week, testing the distribution territory at 1.3200, and closing slightly below it. There is a Bullish Confirmation Pattern in the market and price is thus expected to continue going upwards this week, reaching the distribution territories 1.3250, 1.3300 and 1.3350. These distribution territories may even be exceeded as price moves further upwards.

USDJPY
Dominant bias: Bearish
This currency trading instrument dropped about 210 pips last week, testing the demand level at 107.50 and closing above it. Since the high of July 11, price has dropped 660 pips and there is much room to drop more. Nonetheless, the outlook on JPY pairs is bullish for this week, and while the demand levels at 107.00, 106.50 and 106.00 could be reached, there is also a high possibility of a strong rally before the end of the week.

EURJPY
Dominant bias: Neutral
Unlike USDJPY, this cross rather consolidated last week, refusing to assume a bearish movement. One reason behind this is the fact that EUR is strong in its own right and its strength versus strength of JPY are almost equal (hence the short-term equilibrium phase in the market). Price is going to move out of balance this week, as JPY becomes weaker eventually, allowing this cross to rally massive before the end of the week.

GBPJPY
Dominant bias: Bearish
This trading instrument is bearish in the long-term, but neutral in the short-term. Price has done nothing except to zigzag upwards and downward. The market environment is quite choppy and it would be better to wait until it either goes above the supply zone at 142.60 (staying above it); or it goes the demand zone at 141.10 (staying below it). Until one of these two conditions are met, price would remain directionless in the short-term. The most probable direction this week is towards the north.


This forecast is concluded with the quote below:

“How often you win isn’t important. How much you win is.” – Rayner Teo

Source: www.tallinex.com

Weekly Trading Forecasts for Major Pairs (September 4 - 8, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
EURUSD is bullish in the long-term and bearish in the short-term. Price went upwards on Monday and Tuesday, testing the resistance line at 1.2050. After that, a serious bearish correction took place as price went down by roughly 200 pips after the aforementioned resistance line was touched. This week, any rallies would meet a strong opposition at that resistance line of 1.2050. On the other hand, price may also target the support lines at 1.1850 and 1.1800.

USDCHF
Dominant bias: Neutral
This pair has been consolidating for 5 week – hence the current neutral bias on the market. Price has oscillated between the support level at 0.9450 and the resistance level at 0.9650. For the current neutral bias to end, there is a need for price to either cross the resistance level at 0.9750 to the upside or move below the support level 0.9450, staying below it. Either of this is expected to happen this week, for there would be a rise in momentum.

GBPUSD
Dominant bias: Bearish
GBPUSD is bearish in the long-term, though it consolidated throughout last week. There is an expectation of some bearish movement this week, which may make price test the accumulation territories at 1.2900, 1.2850 and 1.2800. However, given the current price action, some bullish effort may enable price to go upwards by around 100 – 150 pips, but the upwards movement would be limited.

USDJPY
Dominant bias: Bearish
USDJPY us generally bearish, but the recent bullish effort has resulted in a threat to the bearish trend. Last week, price tested the demand level at 108.50 and then bounced upwards, reaching the supply level at 110.50. On Friday, the market closed above the demand level at 110.00, and this has become a threat to the bearish outlook on the market. A movement above the supply level at 111.00 would result in a bullish bias; while a movement below the demand level at 109.00 would lay more emphasis in the overall bearish outlook.

EURJPY
Dominant bias: Bullish
This cross pair went upwards last week to test the supply zone at 131.50. After that, price got corrected lower, closing below the supply zone at 131.00. However, there is still a Bullish Confirmation Pattern in the market, which cannot be rendered invalid unless price drops by 200 pips from its current location. The movement of the market for this week would largely be determined by whatever happens to Yen.

GBPJPY
Dominant bias: Bearish
Over the long-term, GBPJPY is bearish, but a bullish signal has been generated in the 4-hour chart. The bullish signal was brought about by the fact that price gained about 230 pips last week, leading to a bullish outlook of this week. Further weakness in Yen may enable the supply zones at 143.50, 144.00 and 144.50, to be tested this week. Nonetheless, any display of stamina by Yen would impede the expected bullish movement.


This forecast is concluded with the quote below:

“…The real Holy Grail in trading is proper risk management. All of the successful traders I know follow a few specific, even conservative, risk management rules.” – Rick Wright

Source: www.tallinex.com

Technical Reviews for Gold, Silver and Bitcoin (September 2017)

GOLD (XAUUSD)
Dominant Bias: Bullish
Gold trended smoothly upwards last month, reaching a low of 1251.28 and a high of 1325.75. On September 1, price made some bullish attempt, closing at 1324.89. The outlook on Gold is bullish for this month, owing to the Bullish Confirmation Pattern that is present in the market. Price is expected to gain at least 5,000 pips in September, as price journeys further northwards. There would be some corrections along the way, which would often be transitory.

SILVER (XAGUSD)
Dominant Bias: Bullish
Silver went bearish in the first few days of August, reaching the demand level at 16.1000. From that demand level, price went upwards, consolidating briefly and going further upwards. The outlook on Silver is bullish for this September, which has already started on a bullish note. This month, price could reach the supply levels at 18.0000, 18.5000 and ultimately, 19.0000. Normally, there would be some pauses and minor temporary corrections along the way.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin gained over 200,000 pips in August, plus it moved further upwards on September 1, ending the day on a strong bullish note. The market tops at 4971.50 and then pulls back seriously (a minimum of 37,000 pips correction). The correction could continue for a few more trading days, but eventually price would rise again, regaining recent losses as it goes upwards, reaching the distribution territories at 4700.00, 4800.00 and 4900.00 (which were previously, and temporarily exceeded last week). Once the distribution territory at 4900.00 has been overcome again, price would then target other distribution territories at 5000.00, 5100.00 and 5200.00 in September. In spite of this expectation, there would be about two or three instances of strong pullbacks in September, which should not hold out long; for the overall movement would be bullish.


Source: www.tallinex.com

No matter what you do... A company that won't retain you, won't retain you. But you'll get a valuable working experience.

Yes, they do. But that is the cartoonist's imagination.

Weekly Trading Forecasts for Major Pairs (August 28 – September 1, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair is neutral in the short-term, but bullish in the long-term. Price moved sideways from Monday to Thursday, and then broke upwards on Friday. Price gained roughly 150 pips that day, closing above the support line at 1.1900. The bullish movement could take price towards the resistance lines at 1.1950 and 1.2000. The resistance line at 1.2000 would try to impede any bullish movement beyond it, for the outlook on EURUSD is bearish for this week (following some visible bullish effort).

USDCHF
Dominant bias: Neutral
USDCHF is bearish in the long-term, and neutral in the near-term. The market consolidated mostly last week, save for the bearish breakout that was witnessed on August 25. Since the movement of this pair is dictated by whatever happens to EURUSD, it is expected that further downwards movement would be witnessed as long as EURUSD goes upwards. This can enable price to go below the support lines at 0.9550 and 0.9500, thus ending the ongoing near-term neutrality. A sharp drop in EURUSD price would bring about a meaningful rally on USDCHF.

GBPUSD
Dominant bias: Bearish
Since the beginning of this month, GBPUSD has lost about 450 pips, going southwards. There is a Bearish Confirmation Pattern in the market, which could not be threaten by the rally that took place at the end of last week. In fact, the rally would act as a good opportunity to sell short at slightly higher prices, for the outlook on GBPUSD is bearish for this week. In September, GBP pairs would be mostly bearish (though some rallies would be witnessed in certain cases).

USDJPY
Dominant bias: Bearish
This trading instrument was caught in an equilibrium phase last week – though the major outlook on the market is bearish. The weakness in USD has prevented a meaningful rally in the market, and bullish effort would continually be thwarted as price goes further downwards. Further bearish movement is anticipated this week, for the demand levels at 109.00, 108.50 and 108.00 would be aimed. Rallies should either be ignored or approached with caution.

EURJPY
Dominant bias: Bullish
Both in the short-term and the long-term, this cross is bullish. Some conspicuous rally attempt was started at the beginning of last week, and that culminated in a strong rally that was seen on Friday, as price closed at 130.45. A “buy” signal has already been generated, and that may enable price to go upwards by another 200 pips this week. However, the outlook on JPY pairs is bearish for this week and for September, and thus, whatever goes up on EURJPY cross will eventually come down.

GBPJPY
Dominant bias: Bearish
GBPJPY was quite choppy in July. Nonetheless a smooth bearish movement began in August, and price has been going steadily southwards since the beginning of the month, losing 700 pips. On Thursday and Friday, some bullish correction was seen, but that has paled into insignificance when compared to the overall bearish bias on the market. This week, price is supposed to continue its bearish movement. The demand zones at 140.50, 140.00 and 139.50 would be reached. They may even be exceeded.


This forecast is concluded with the quote below:

“Trading is a collaborative endeavour between you and the market. The market offers up opportunities on a regular never ending cycle and you decide what you will do with these opportunities. There is no enemy in this transaction; it is a symbiotic relationship and a failure to accept this is at the root of many of the problems that traders have.” – Chris Tate

Source: www.tallinex.com

Do you see trading as fun and games?

“One thing very good traders have is insight into themselves.” - Chris Tate


FUN AND GAMES
Recently Louise Bedford and I have been doing the Short Term Trading Magic seminars in a few places and it has been sometime since I did any form of presentation on a semi regular basis. As such it has been interesting to observe people as they work through various trading issues.

One of the things I have noted is that people take trading far too seriously and this is reflected in a form of desperation. Desperation is the antithesis of the state of mind you need to be in to trade effectively.

There is no deny that this is a phase everyone enters at some stage in their career but to be successful you need to move beyond this and begin to treat trading as the game that it is. Once I started treating trading as a game then it became so much easier on the soul and my results reflected this. I even have a t-shirt that says that the fewer bleeps I give the more I make.

This is not to say that I am reckless but rather that I am in no way wedded to the outcome of any trade. At its core my life will not change if a trade or even a cluster of trades are winners or losers – they are simply not that important. When compared to real life, trading is nowhere near as important as people think it is.

It is often commented that children are better are learning new things than adults who seem set in their ways. I am not so certain that this is a reflection of any great cognitive superiority or plasticity that the young may have but rather a reflection of their willingness to be both wrong and to play. Young children have no ego therefore the mistakes that their play generate have no impact upon their sense of self-worth. As adults we lose this resilience because we believe that it is somehow catastrophic to our self-image if we do make mistakes.

But in trading your mistakes are your own – no one else can see them so you are insulated from the judgment of others. This isolation gives you the freedom to be wrong but the only thing you have to cope with is your own judgment.

Markets are a wonderful universes for exploration and for play. The presence of micro contracts in various instruments and online trading mean that you experiment very cheaply.

The price of admission to the fun park is much lower than it used to be and the number of rides has gone through the roof. It is a shame that more traders don’t view trading as little more than a theme park where you can play to your heart’s content and during the process of playing you learn much more than you would if you were consumed by seriousness and desperation.


Author: Chris Tate

Article reproduced with kind permission of: http://tradinggame.com.au/


More trading quotes are below:

“To my way of thinking trading is an internal endeavour – there is no external enemy who you can deceive or overpower since markets only exist in the most ephemeral way inside your head. Markets may appear to be physical constructs but they are largely an illusion, trading occurs inside your head where your own perceptions and distortions of reality influence your decision making.” – Chris Tate

“The one thing you shouldn't feel pressured about is trading. If you do feel that way, you probably need to take a step back and reassess. Pressured trade(r)s don't make good trade(r)s.” – Joe Ross


www.tallinex.com wants you to be a successful trader

It may sound as a cliche. but honesty would forever be the best policy.

It's hard to get traffic.

Weekly Trading Forecasts for Major Pairs (August 21 - 25, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair is bullish in the long-term, but neutral in the short-term (for price has been going sideways for about two weeks). Price has been moving to and fro, within the resistance line at 1.1850 and the support line at 1.1650. As long as price moves to and fro within the resistance and support lines, the short-term neutrality would hold out. A movement above the resistance line of 1.1850 would make the long-term bullish bias more conspicuous, while a movement below the support line of 1.1650 would result in a bearish outlook. A movement below the aforementioned support line is more likely, owing to the expected weakness in EUR this week.

USDCHF
Dominant bias: Neutral
USDCHF has become a neutral market, as it has not assumed a protracted directional movement since early August. For a directional movement to start, there is a need for price to go above the resistance level at 0.9750 (thus creating a Bullish Confirmation Pattern), or the price would go below the support level at 0.9600 (thus creating a Bearish Confirmation Pattern). A movement to the upside is more likely this week, owing to an expectation of weakness in CHF and strength in USD.

GBPUSD
Dominant bias: Bearish
This market went downwards last week, testing the accumulation territory at 1.2850 several times, but not able to breach it to the downside. The outlook on GBP pairs is bearish for this week, and for this, the bearish journey on GBPUSD would continue as the accumulation territory at 1.2850 is breached to the downside. The next targets would be accumulation territories at 1.2800, 1.2750 and 1.2700.

USDJPY
Dominant bias: Bearish
From August 14 to 16, there were bullish attempts in this market, as price went upwards by 160 pips, almost reaching the supply level at 111.00. From the high of last week (110.93) price went down by 220 pips, moving briefly below the demand level at 109.00 and then closing above it on Friday. The bearish journey may continue this week, and therefore, the demand level at 109.00, 108.50 and 108.00 could be the next targets.

EURJPY
Dominant bias: Bearish
What happened on EURJPY last week was nearly similar to what happened on USDJPY. In the first few days of last week, price rallied in the context of a downtrend, testing the supply zone at 130.00 and then dropping smoothly by 200 pips, to test the demand zone at 128.00. Price has closed above the demand level at 128.00, but it is likely that it would test it again – probably breaching it to the downside - as it ontinues to go southwards this week.

This forecast is concluded with the quote below:

“20+ years ago I knew I wanted to live life on my terms, I just didn’t know how to create the income that would allow that. That desire drove my focus on trading and still does today.” – Sam Seiden,

Source: www.tallinex.com

With your manager's profile, I'm going to give you a try.


Kind regards....

Another example of backwardness in Nigeria.

Weekly Trading Forecasts for Major Pairs (August 14 - 18, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair is bullish, though it only consolidated last week, moving between the support line at 1.1700 and the resistance line at 1.1850. A movement above the aforementioned resistance line would put more emphasis on the bullish bias, while a movement below the support line could result in a threat to the bullish bias. On the other hand, further consolidation for the next several trading days would bring out a neutral bias on the market. No matter what happens this week, EUR would be seen going upwards versus certain currencies like AUD and NZD.

USDCHF
Dominant bias: Bearish
This is essentially a bear market, although there was a bearish effort between July 25 and August 8, it was not enough to override the overall bearish bias. After testing the resistance line at 0.9750, further bullish effort was rejected as price came down by 250 pips, closing below the resistance line at 0.9650 on Friday. This week, the market would endeavor to target the support levels at 0.9550 and 0.9500 (even possibly exceeding it).

GBPUSD
Dominant bias: Bearish
In the context of a downtrend, GBPUSD moved sideways last week. Price oscillated between the distribution territory at 1.3050 and the accumulation territory at 1.2950. A movement below the accumulation territory at 1.2950 would put more emphasis on the bearish mode of the market, while a movement above the distribution territories at 1.3050, 1.3100 and 1.3150 would result in a new bullish signal. This week, GBP also would be seen moving upwards versus certain currencies like AUD and NZD.

USDJPY
Dominant bias: Bearish
From the August high of 114.47, this trading instrument has dropped by 550 pips, testing the demand level at 109.00, and closing above the demand level on Friday. There is a strong Bearish Confirmation Pattern in the market, and thus, it is logical to conclude that price would continue going downwards this week, aiming at the demand levels of 109.00, 108.50 and 108.00. There could be transitory upward bounces along the way.

EURJPY
Dominant bias: Bearish
The long-expected bearishness on EURJPY is here. Last week, price dropped 250 pips, ending the recent neutrality on the market (which was in place for roughly three weeks), and bringing about a bearish bias. On Friday, price bounced upwards, closing slightly above the demand zone at 129.00; thus creating a wonderful opportunity to sell short at a better price, while the outlook on the market remains bearish. This week, price is expected to go lower, reaching the demand zones at 128.50, 128.00 and 127.50

This forecast is concluded with the quote below:

“All good traders are also good record keepers. If they win a trade, they want to know exactly why and how… Traders who win consistently treat trading as a business.” - Matt Blackman


Source: www.tallinex.com

Too many exotic cars from this broker. I hope I can win one of them.

Technical Forecasts for CFDs (August 2017)

AUS200
Dominant bias: Neutral
In the last two months, this market has not moved in a directional mode. It has been moving only in a zigzag manner since then, in a quite choppy environment. This has led to the current neutrality on the market – which is supposed to continue in the next few weeks. The market is currently not attractive, and thus, no position is recommended until there is a directional movement, which would either push price above the resistance line at 5840.00, or below the support line at 5630.00. As long as price stays between the aforementioned resistance and support lines, the neutral bias on the market would be in place.

SPX500
Dominant bias: Bullish
SPX500 is bullish in the long-term and neutral in the short-term. While the overall bias remains bullish, price has consolidated in the last two weeks, though bull is still intent on pushing price further northwards. A movement above the resistance level at 2485.0 would result in more emphasis on the bullish bias; while a movement below the support level at 2400.0 would result in a threat to the bullish bias (but that would require a very serious and protracted selling pressure). Before a directional movement occurs, the current short-term consolidation would continue for several trading days.

US30
Dominant bias: Bullish
US30 is bullish, both in the long-term and the short-term. The bullishness in the market is strong – as emphasized by the Bullish Confirmation Pattern in it. Price was bullish both in June and July (gaining more than 500 points in July). August also started on a bullish note, and price has gone upwards so far, gaining additional 130 points along the way. This month, US30 is expected to continue its slow and steady journey to the north, raking in at least, another 200 points. There could be occasional pauses or shallow pullbacks along the way, but the market movement would generally be bullish.

GER30
Dominant bias: Bearish
This interesting market, fluctuated wildly in June, and became bearish in July. The wild fluctuation is still in place – only that it is happening in a context of a bearish bias. In July, price reached a high of 12679.0 and a low of 12081.9. Any bullish attempts in this market may be seen as opportunities to sell short at better prices. This August, price would first exceed the low of July (12081.9), and then go towards the demand level at 12000.0 which is the ultimate target for the month. However, that does not rule out the possibility that the ultimate target might be breached to the downside, especially in the face strong bearish pressures.

FRA40
Dominant bias: Bearish
FRA40 became bearish in June, after reaching the high of 5487.7 in May. That high has thus remained the highest price of FRA40 this year, and it could eventually be the high of the year. From the May high, till now, price has moved southward by 3,700 points, doing so in a slow and steady way in July. There is a Bearish Confirmation Pattern in the market, which means that the upwards bounce that has been witnessed in this month is not something to be taken seriously, for price would go further downwards, targeting the demand zones at 5079.0, which could even be breached to the downside. There is a strong demand zone at 5000.0.

Source: www.tallinex.com

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Weekly Trading Forecasts for Major Pairs (August 7 - 11, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
This pair edged higher last week, reaching the resistance line at 1.1900, before the pullback that is currently being experienced. Price has gained more than 1000 pips since early May 2017, and the trend for this year has generally been bullish. The pullback may end up giving a good opportunity to buy long at better prices, in the context of an uptrend (for the outlook on EUR is bullish for this week). Price could thus target the resistance lines at 1.1800, 1.1850 and 1.1900.

USDCHF
Dominant bias: Bullish
A recent weakness in CHF has made USD/CHF go upwards, resulting in the current bullish bias. However, the bullish bias is currently precarious, for price merely consolidated last week, closing above the support line at 0.9700. Further consolidation this week would result in a neutral bias, unless price is able to breach the resistance level at 0.9750 to the upside, closing above it. On the other hand, a movement below the support level at 0.9550 would result in a bearish bias, which may happen in case CHF gathers bullish momentum (a possibility).

GBPUSD
Dominant bias: Bullish
GBPUSD is bullish, but there is a threat to the bullishness. As the market moved in a positive correlation with its EURUSD counterpart, its price was able to go up last week, testing the distribution territory at 1.3250, before there was a considerable pullback on Thursday and Friday. From the high of last week (1.3262), price dropped 210 pips, closing below the distribution territory at 1.3050 (hence the threat to the bullish bias). The threat may increase as price goes further southward, as the outlook on GBP pairs is bearish for this week. The accumulation territories at 1.3000 and 1.2950 could be breached easily.

USDJPY
Dominant bias: Bearish
Here is a bear market, with a clear Bearish Confirmation Pattern in the market. Price has been going southwards in a slow and steady manner, having lost 430 pips since July 11. The market bounced upwards on August 4, but that pales into insignificance when compared to the overall bearish bias. This week, the bearish journey would continue - owing to the ongoing bearish expectation certain JPY pairs. The initial target is the demand level at 110.50, then followed by the demand level at 110.00 which was also tested last week.

EURJPY
Dominant bias: Neutral
The neutrality on this trading instrument continued last week. Price attempted to stay above the supply zone at 131.00, but the attempt proved abortive. Had the attempt succeeded, a bullish signal would have been generated. The weakness that was seen in the last few days of last week has only put more emphasis on the neutrality of the market. One factor preventing a serious bearish movement in this market is the stamina in EUR, and therefore, there may not be a big pullback until EUR undergoes exponential weakness.

This forecast is concluded with the quote below:

“Be proud you're a trader. A trader is a man who earns what he gets and does not give or take the undeserved. A trader does not ask to be paid for his failures, nor does he ask to be loved for his flaws. A trader does not squander his body as fodder, or his soul as alms. Just as he does not give his work except in trade for material values, so he does not give the values of his spirit - his love, his friendship, his esteem - except in payment and in trade for human virtue, in payment for his own selfish pleasure, which he receives from men he can respect…” - Ayn Rand

Source: www.tallinex.com