₦airaland Forum

Sorry for the many messages. Last thing to say.. I could as well be wrong with every of those setup. But someone said.. Reward comes in doing the same things over and over. This is my personal bias. Should not be used solely to make trading decisions. Look at the pairs yourself and decide based on your system. Like the bosses say.. Trust your system. I trust mine. In the end I think the psychology and money management is what distinguishes those who lose money from those who make money..
Also. Always remember...
'Wealth is patiently built over time.' No need to rush and be greedy. Be patient with what you are doing. Give yourself time.

Finally, update on NZDCAD.
We are still waiting for Nzdcad to give us something concrete at this critical support level.
I can't seem to find anything concrete yet. So we wait.

USDCAD.
Nothing to say here.
'The thing itself speaks, A plank in a shipwreck.'

USDCHF.
I am still bearish.

AUDNZD.
Weekly..
Daily.
Weekly: Will broken resistance turn support?
One hour chart: Is that a break out from a corrective structure?
Only time will tell.

Audchf.
One hour chart.
Clear inverted heads and shoulders pattern.
A break and retest of the neckline could present an opportunity to go long.

Pairs I am looking at for this coming week.

Gold.
Daily and 4 hour.
A break of the neckline of the head and shoulders pattern could usher in more downside move.
A reasonable entry could be clear rejection at the retest of the neckline, after a break occurs.

PJAMES1:
Thank you. This post was helpful. Took a big look at the pair, agreed with the bias and got an entry. Hopefully it continues down.

Stopped out at BE by the upward spike in GBP today. Found another entry. Let's see what happens.

BullBearMkt:
GBPJPY Set for a Short Trade on H4
With GBPJPY pair now making a lower-low, that causes the market sentiment to shift to bear. Expecting bullish candle(s) towards the previous swing low in order to create a good entry to short the pair...

Risk: Long term trend is still bullish.

full chart: https://uk.tradingview.com/chart/GBPJPY/ri4mX9YU-GBPJPY-Set-for-a-Short-Trade-on-H4/

Thank you. This post was helpful. Took a big look at the pair, agreed with the bias and got an entry. Hopefully it continues down.

bojbest:
awesome. Bro lets connect. Its like I just found my trading brother. Which social media platform is convenient?

You have a mail.

Benqozenero:
I share in your sentiment, but the thing is that there may not be an opportunity for a retest Entry when that trendline finally breaks because usdchf fall is long overdue.

Hmmn.. I understand. But then. Retest entries look the safest to me. Let's see how it plays out.

bojbest:
Awesome. We have d same charts analysis and idea. I’ll like to know where your target is?

Besides I’m waiting for the trend to break. Sold d last bearish engulfing earlier but got stopped out.

.

If it breaks the trendline, we should see the base of that channel. 0.9700 area.

USDCHF. Daily.
Made an Aggressive entry.
Note that the trendline might as well be respected. Infact buyers defended it aggressively on Friday when price touched it.
So wait for a break of the trendline and retest before considering selling.
Again, nothing is guaranteed, this can be entirely wrong and is not a financial advice. Just my personal trades.

PIPnator10:
Guys? Who is ready to play the patience game with CADJPY?
Happy weekend everyone!

Thank you. Beautiful trade idea. I have the same bias. I even sold already. Let us see how it goes. Won't be rushing to move my stop to BE because of the consolidation you talked about.

Edd1e:
I have always watched you. You are good. Hope you get to start your Live account trading.
Keep it up bro

.

Thank you. I have started live trading. I recently funded my live account. Will let the house know how it goes.

infofirst:
Humm. Brilliant. The pressure on the support looks strong but time will tell maybe it will bounce or give way. Kudos.

Thank you. Yes, very strong selling pressure. The monthly gives me a bias in a way. I know what I prefer to happen. Of note is that, the pair has failed to make a higher high for a while now. And is challenging the last higher low presently. It may bounce now (RSI indicates oversold), but I think in the months to come, it's inevitable that the support will be breached.

NZDCAD
Weekly.
Decision time for Nzdcad.
Now we watch closely for price action at this critical weekly support. Something spectacular may come up. Massive potential either ways.
Bounce or Break.

infofirst:
@PJAMES1 where are you? Miss your long term forecast. Common man.
@Femora007 @awesomeduru @Benqozenero @collitexnaira. @all.
How trading bosses?

@collitexnaira. How far with our deal?

Where are all those beginners in the last three months wanting to start forex. Are you guys learning? I have not been seeing beginners that are committed lately. Another thought of promo brewing in my head for beginners in the thread. I need see some aspiring beginners striving first. Come yall out.

Thank you. I will be back posting charts soon. Now that I am going live this coming week. Tried funding a live account last week. Issues with my card and all. Trying to sort that out. Hopefully tomorrow I will be live. So would be back posting charts soon. ..

Meanwhile.. EURUSD. 1 hour chart. From the higher timeframes, I have a long term bearish bias. There is a gap on the weekly chart many believe might be filled. Some even think we may reach parity. Downtrend from the higher timeframes, I don't think a reversal is happening soon. So I am looking to sell.
I may be wrong though

maryjames9:
@Sircrabo

And many other newbie out there, I SERIOUSLY advise you to at least go through SCHOOL OF PIPSOLOGY on www.babypips.com. I would have answered your questions but those questions are too basic and too foundational to be answered here. They are like about doing PHONICS at University environment. When I started forex, I had to go through babypips
more than countless times. I was very sure I went through the entire School more than 10 times. The basics, the primary, secondary, advanced classes one after the other.

Going through the site will prepare you for life. Forex is not just about making money online. You get to analyse and understand the entire global economy and postulate the direction it is going so as to exploit the opportunities that it brings. There are certain currency pairs that are directly correlated, there are others that are inversely correlated, for example EU and UsdChf have inverse correlation. There are certain news that make certain average pips when released. There are different charts and their interpretation for example Japanese candle stick have names for each chart formation and lots more.

Now For example, the current global economic sphere is not very promising. The current trade war between Trump and Xi which is drastically affecting global indexes and sending many major currencies bearish against traditional safe-haven assets like gold, silvers and many others metals, JPY, CHF, couple by the unpromising reports from european Union including series of unfavourable datas, brexit fears, japan/South Korea concerns, Hong Kong and many Trump's rhetorics against Feds is making global economy break and unpalatable. As a trader, you would not only know how and when to read these economic informations, you will apply it profitably making money from these recession or pre-recesion but you will be able to correctly advise your friends and neighbors appropriately.

Forex is a course that should ordinarily take a 4 year in the University to learn theoretically and a life time to keep learning. You will be deceiving yourself if you think you want to just bumb into forex and start making money. THAT MY FRIEND IS A PRECIPE FOR DISASTER. You will get your fingers burnt and will still come back to square one.

I am not saying you can't make money just instantly like that because actually if you are lucky enough to meet very good and PROFITABLE forex traders as mentors, who just teach you the combination of technical you need, you could make money if you are willing and ready to follow their strategies with discipline. Except that, there are certain experience that comes with those combinations that will elude you.

Please take time to babypips.com and read over and over again.

Thank you
Learnt from this.
So fundamentally, GBPJPY should ordinarily be expected to depreciate due to current happenings.. Hmmm

PJAMES1:
Yes.. It can continue downward.
For a buy trade.. There must be a clear rejection off the present level.
Preferably, one could wait to see if a corrective structure will form. And then buy on breakout from corrective structure.
All in all. Movement both ways is possible and patience is needed.

GBPJPY.
Interesting setup.
Up or down.
There is an opportunity somewhere there.
I can't say which yet.
Perhaps a little more up.. Then downnn

BullBearMkt:
...I think whatever President Trump twits this weekend & outcome of G7 summit in France will determine the next move of this trade. However, a break below 128.77 could mean further downtrend

Yes.. It can continue downward.
For a buy trade.. There must be a clear rejection off the present level.
Preferably, one could wait to see if a corrective structure will form. And then buy on breakout from corrective structure.
All in all. Movement both ways is possible and patience is needed.

PJAMES1:
GBPJPY
Long idea.
We are looking for a retest and rejection off the neckline of the inverted head and shoulders pattern.

Will it hold?
Fingers crossed.
Next candles most important.

GBPJPY
Long idea.
We are looking for a retest and rejection off the neckline of the inverted head and shoulders pattern.

PJAMES1:
Thread is dry.
AUDNZD
Trade Idea.
Long if you can find an entry.
Practice safe trading please (money management)

Demo trade
A setup to learn from.
The first picture was posted here.
Currently, price is approaching our initial target. And I have closed one or two positions in profits already.
Will it continue up? Only time can tell
There were a lot of confluences to take this trade.
1) Breakout from the wedge pattern.
2) Close above the moving average.
3) A large bullish candle at the retest of the wedge resistance and the moving average.

Right entry would be to wait for some retracement after the large bullish candle. Stop would be below the large bullish candle.

Thread is dry.
AUDNZD
Trade Idea.
Long if you can find an entry.
Practice safe trading please (money management)

CADCHF in our demand zone as explained in the previous post.
It's time to watch the price action closely.
Personally, I am interested in shorts.
But anything is possible.

PJAMES1:
CADCHF
As explained in the previous posts. I found an entry.
Will that supply zone deliver again?
Let us wait to see.

Like I explained in the last post.
Ranging market.
The supply zone actually held.
Price currently trading about 190 pips below that zone and heading to the floor, demand zone.
By the way I doubted myself, closed the position, reentered at a lower price and made losses, despite the simple initial analysis and initial entry being perfect.
Trading is much more than the right set-up. You have to be able to manage trades.

Trade Idea.
CADCHF.
Been in a range for a while.
You could see the range roof and floor (the black lines).
Our job now is to look closely at the price action at the range floor.
My preference would be to sell at the retest, if the range floor is broken.

However, note that the floor is a strong demand zone. So before selling, wait for a decisive break.

sats:
please which broker will you be going live with?
i am confused on who to go live with

Hmmm
Delicate issue that I try to avoid as much as possible.
I don't recommend brokers.

As for me, I intend using Pepperstone for now.
Because I already have an account with them and I have used them before, plus I have other people around using them, but I prefer Darwinex and I will definitely shift to Darwinex later on.

You could search about them. If you are impressed by the reviews, fine. If not, keep searching. Any decision to use any is at your own risk. Just like mine is at my own risk. I just answered your question on which I will be using.

PJAMES1:
I know I have talked about EURNZD before. And how I was expecting a significant upside move. It appears we have that coming into play now. Weekly chart shows an incomplete head and shoulder pattern. But I am not thinking short yet. And I don't think the pattern will be completed now.

Weekly chart also shows a clear double bottom pattern.

Daily chart shows more details. There is a clear break of the trendline and it has been retested. The trendline held as support.
Also, I personally don't do much of Elliot Wave analysis but from the little I have learned from the charts of those who do.. I also believe we are seeing an ABC correction of the downward move that started in October 2018 and ended in December. A and B already completed.. C, the last part of the correction has started and would target 50% of the original downward move. This corresponds with the upper resistance I drew. That 1.7110 area.

The four Hour chart shows a clear inverted head and shoulder pattern. A pull back to the green line (neckline) area gives an opportunity to go long. The experts teach to allow he trade come to one. If it doesn't, one should let it go. The pullback gives a reasonable Risk Reward Ratio.

So from a technical point of view, medium to long term, EURNZD is up.. Then downnnn (on completion of the correction). In the next down impulsive move, I speculate the neck line of the weekly head and shoulder pattern will be broken.

But what do I know? I am just a learner putting out my perspectives on pairs. And who is striving to be better. This is not in anyway a financial advice. And trading decisions should not be based on this. Let us see what happens.

This is what has been playing out with EURNZD.
Correction was completed. Then next impulsive move started. NZD still strong long term. I do not recommend selling NZD if you will be holding for long.
Top Down Analysis in this post with pictures.
Will it continue?
I don't know.
Only the markets know.

redsox11:
Are we? or you will prefer to see a down red candle before thinking about going that way?

Ps: Careful with your gbp trades.

I still have a short position from around 1.7100
EURNZD not done going down yet in my opinion.

Long Bias on AUD invalidated on multiple grounds. They can't seem to find support. Aud pairs.
I am leaving them alone till further notice.