GBP pairs. Can be quite difficult to trade. Very volatile pair with a lot of news (brexit) around it. From a technical point of view, however, I think they may be about to sell off for a significant amount of pips...
GBPJPY.

From the first picture.. One could have anticipated some down movement for the completion of the double top. That's exactly what happened. In the process, the lower channel trendline was broken. Now we are at the neckline of the double top. One can wait for a break of the neckline before opening a short position.
2nd picture is where we are now.

3rd picture is GBPAUD.. The daily trendline has already been broken. If one can get a good enough pullback to the 1.8400 area, one might find a good opportunity to go short.

4th picture is GBPUSD.. Currently testing a daily trendline. Patience requires waiting for a break of the trendline, and waiting for the break a corrective structure on a lower timeframe before going short.

Caution here.. It's not advisable to hold multiple positions on different pairs of GBP at the moment. Because of the whole brexit saga. And news can mess up the whole analysis. Probably better to stay out.

Good morning.
Happy Sunday.
Weekends are good times to prepare for the coming week.
Would be posting my watchlist for the week.
Again, note that these charts just represent my view on these pairs. And I may be wrong. If you have a different view, you are probably right. Also willing to learn from you if you think different about the pairs. The important thing for me is to get better.
So will start with the GBP.. Next post....

GladmanGoddey:
Indeed trading is indeed a psychology and mind game, forget about your system if your dont have your mindset right you will struggle
Lesson Learnt

So true!!

bojbest:
Why is it easy to understand the charts when the market is closed? but when its opened, my head torin on its own

I find it easier too during the weekends to look at charts. With time, we probably will get used to analysing at any time.
It's better to prepare for the week ahead when the markets are closed, have watchlist and all.

gloriana:
It's been quite awhile now. Hope we are catching d pips. I've been trying to work on my system and do my own analysis without the much distractions from forums and I think I'm improving. I know people always say it's not wise trying to double ur account every month and that demo is not same as live account but I opened a $500 demo account and doubled it in 3 days now I'm working to double d $1000 balance and so far I've made over $800 in 2weeks and some days. Whether demo or not I know I'm trying. Bellow is my trade details for this week.

Is this a standard account or a micro account? If it's a standard account, this is what I have to say... While your strategy may be very good.. Please don't learn money management the hard way. You could take time out to read about it and check up why people emphasise money management.

PJAMES1:
EURUSD.
Will be looking for opportunities to go short.
Daily
4 hour charts
Bearish bias long term. We could see more upside though as you can see the descending channel. The upper trendline hasn't been touched yet.
I will be waiting for a break of the 1.13029 area. Setup more valid if the break occurs in such a way that there is a (completion) formation of that double top on the four hour chart.
Let's see what happens.

If I got @pinbar right. This is what he taught us. I will be entering after break and closure below purple line. Note, I still only trade demo and I am entering a demo trade. So no pressure whatsoever. And this is not a trade signal.

If you are trading live. Please, like I always say, stick to your entry criteria and your system (or strategy).

infofirst:


Spot on. I did set a sell limit at 1.1345 since last week too. Eyeing 1.115* to 1.112*

Alright boss. I will be watching the pair closely.

EURUSD.
Will be looking for opportunities to go short.
Daily
4 hour charts
Bearish bias long term. We could see more upside though as you can see the descending channel. The upper trendline hasn't been touched yet.
I will be waiting for a break of the 1.13029 area. Setup more valid if the break occurs in such a way that there is a (completion) formation of that double top on the four hour chart.
Let's see what happens.

telescopefx:


Great one, I have similar charting....

USDCAD
Many seem to believe this is going up. Seen a couple of charts here and there. Reciprocated on my charts.
Then found a setup on one hour chart.
I also have a bullish bias
I expect more upside move.
Weekly
Daily
One hour chart

Again no one can say exactly what the market will do. Just an opinion.

PJAMES1:
Update NAS100
Price is moving (slowly though) towards the overall target I had in mind when 1st picture was taken, as shown in the 2nd picture. About 140 pips up from the first picture.
We could see price reach the 7350 area as long as the trendline holds. A daily close below that trendline however may change my bias and may negate the bullish outlook.

NAS100
One of the few ones I got right.
24 days trading days after, more than 400 pips after.
Price at projected target area. (7350 area)

EURNZD
Could be a double bottom being formed. There is RSI divergence too. Setup for long-term buy only valid if that upper trendline is broken.
Some caution here. Much more safer to wait for that to happen. As after looking carefully at the chart, I seem to see reasons to think up or down.

But it's one to watch as a break of the upper trendline opens up a massive trade potential.
Immediate short term. Personally, I am thinking of a long towards the upper trendline.
Break of the lower trendline is also a possibility. But personally won't be looking for trades if it's the lower one that's broken.
1st picture is daily.
2nd weekly.
3rd 4 hours.

NB: This is just my own view on the pair. Not a trade signal. Addition confirmation needed before trades are opened.

AwesomeDuru:
Is anyone else seeing this on Gold? A possible sell to the 1280 zones again before our big move upwards?

Infofirst
Pinbar
PJAMES1

What are your views please?

Saw this on IG. Maybe can help you. Tell me after you see it so I can remove it as it's not my work. The setup looks good. I agree with the setup.. Bearish bias for now.

I will be posting a setup on EURNZD this weekend. Opportunity to go long (EURNZD) if things remain this way till market close.

pinbar:
ok. everything is on the chart with examples, study and identify on your charts.

Thank you very much.
Understood.

@AwesomeDuru
You might want to take a look at USDCAD.
I will check out gold and tell you what I think. Before the end of the day.

pinbar:
i will like to teach you guys a very simple chart pattern, its so simple that you will doubt its effectiveness. Its not new, neither is it common. i learnt it many months ago and it has made money for me... let me know if you guys are interested.

I will also like to acknowledge redsox, its actually a shoot out from a pattern you taught maybe like 2 years ago, cant remember really

cc: awesomeduru

I am interested. Thank you

infofirst:

MM. Patience, discipline, long term view.
FX no b beans and it's even more challenging for a naija trader. Man need to make the money at all cost.

Like me for example, I strongly believe am one of the crazy trader in this market. I do not use stop loss. Even when I state stops for a trade, I only use mental stops. I can let a trade run for a year. I usually trade Islamic account so no swap. I can b fine with minus 1000 pips. Once am in line with the long Tf. Am good. Don't copy my approach because our experience and situation are not the same. But the safest approach is to never compromise MM. Imagine some one trading 0.01 lot on a $1000 account and not taking more than two trades. Such will do very fine without fear of news or what have you.

Hmmm.. Thank you very much. That example is gold. Some say if one can't sleep well while having an open trade. One is risking too much.
If 0.01 goes against one.. 500 pips.. That's still like 50 dollars.
It's why I believe one should calculate with a position size calculator and stick to that position size. And one should not risk more than 3% of one's capital.

Shevychen2:

Or just take positions based on your strategy and allow your stop loss do its job if you are wrong. Volatility is the lifeblood of the forex market. We shouldn't be avoiding it. Between February 18 and now, GJ for example has done 600 pips up, 400 pips down, and now 400 pips up again. GU has done 400, 300, 300. All without any huge spikes. It is an opportunity if anything.

Got a few positions myself that I will lock in partly before US session and allow the market do whatever it wants.

It's just my opinion. Our experiences shape our bias. Have had a bad experience with a major economic event before. Hence, my bias. Still learning.
But I understand your point. Proper money management and the use of stop loss should be good enough to avert any major mishap.
Thank you for the tip.

I have learnt my lessons about news and major economic events. Best thing is just to stay out. Protect your capital.

pinbar:


i will give you guys a hint this day on how market makers do their stuff.....perhaps it will improve your performance in the fx market.

Market makers enjoy red news cos it gives them the opportunity to move price to where they want . What you see happening to GBP is not new when news like this is coming.... it defiles chart analyses and rubbishes known chart patterns .

They actually keep pushing price as far as they can taking out stops only for them to dump in a massive way. So in other words, GBP is going to drop like no mans business later today, if you are long, you are actually on a loooooong thing.

Cheers

I can relate to this. Last brexit meaningful vote. Price kept dropping from morning till evening. They announced the result in the evening like this.. GBP went on an aggressive rally....

Fair week..
Hope we all had it good.
Wishing everyone a beautiful weekend and a pipful week come monday.




Ps..
Will be desabling this account for the time being.
Thanks everyone for the lessons and interactions i received here. Regards.

Thank you for all the charts and help. Definitely belongs to the hall of fame here. Great man, legend.
Wish you all the best bro.

seyiade26:
Pipnator God bless you. You are a real boss in your game. Wish you the best boss.

But where is P James? Hope great man??

Still here bro

coolvibes:

I can't say man, don't use them.

SOME of the reviews I see about them don't look too good, especially from last year upward. Maybe the
bosses here can add a word or two about exness.

In fact I will ask all my fellow newbies to kindly go through this thread by boss @dowjones it's quite useful especially when trying to figure out the best broker to use for live trading. I personally gained something from it.

https://www.nairaland.com/3934197/defending-forex-trading-golden-goose

Nice thread. People should go through this. Thanks for sharing.

PJAMES1:
NZDCAD
At the ceiling of a ranging market. Let's see what happens.

Would be watching this. If things remain this way by end of the trading day.. A sell might happen....

GladmanGoddey:

I read somewhere that a loss remains a loss when one doesn't learn from it. it can only get better for you if have a mindset like these. all the best

Thank you.

EURUSD
Before and after.
A simple setup. One could see the descending channel and rejections from the upper trendline.
The black line area is the target I had in mind with the setup.

GladmanGoddey:
My bad i miss this trade while in class, everything was just according to my game plan . i wonder what is this cause of this huge drop. can someone tell me the causes of this because there was no major news on eur or usd today or?

There were.
Euro Interest rate decision.
Speech by the President of ECB.
Check forex factory for news event.
The red ones are high impact news.
Or download Tradays. It's an app with news events and little explanation of what they mean.

infofirst:


Well stated. It's a journey and it's one that you will keep learning and relearning as you experience some things on your own. Never give up.

Thank you.

JoshMedia:
Hi guys.

What do you think about FXTM investment account?

What are the risks or disadvantages?

They offered to pay 50% profit

Cc: PJAMES1, PIPnator, AwesomeDuru, seyiade26, JAkpayen

I don't know anything about their investment account.

seyiade26:


My brother

AwesomeDuru:
Lol. Really? You have gone live right?

Not trading live at the moment. Not likely I do for the next six or seven months for some reasons. I have traded a live account before though. A short trading career . I grew 70 USD to about 200USD in two weeks. Then blew in a matter of seconds. Wanted to trade a news event. I was very naive. Plus greedy. Opened a lot size of 0.3, I think equity size at the time was about 160,170 USD. A couple of pips.. Margin call. Can't do something like this again.

Learnt immensely from the short time and the margin call.
I am never trading news again.

One can't precisely say what will happen to a currency pair. One must always have it in mind that the market can go against one's bias or position. That would make one have capital protection in mind when opening trades. One must always have it in mind that the opposite of what I expect to happen can happen.

Money management is almost everything. Before opening a trade, one should think if there is a flash crash that goes against me while I am in this trade, would my account still be fine. One must protect one's capital at a cost. If one loses one's capital, then one can't trade. Mine was particularly annoying because the other trades were doing fine even after I got the margin call. Would have been very fine if I had not made that decision to trade the news.

Psychology is very important. You can have nice setups.. Get the direction the market would go and still make losses..

I needed to work on my entry. Already doing this. One doesn't just jump into a trade because a resistance or support was broken or sth. There is a need to know what exactly one is doing.

At the moment.. Not going to invest my money yet. A lot of things still to work on. Getting there slowly. It's a gradual process.

NZDCAD
At the ceiling of a ranging market. Let's see what happens.