PipMarshall:
AUDUSD

Eyes on 0.6670.

A clear downward trend.
And we assume that's still the case until proven otherwise.

So maybe this up move is correction?

The last key level it lost is 0.6670..
Will that turn to resistance?

So if I see sell opportunities at that level. I will sell..

If it breaks that level easily... Then means maybe correction will be deeper. Or Bullish trend is emerging. But I will stay out in this case because I have decided to start going for only trades where everything adds up.

Target will be 0.6285 if I sell.
Will be looking for lower timeframe sell setup.
But like I explained yesterday. Will close major positions after significant move in my direction and then see if the remaining small positions will hit that primary target.

Okay thanks for the insight...as I mentioned earlier, I'm still a newbie...what prompted me to think it's a buy was the bullish engulfing pattern on the weekly, daily and 4hr Tf...I just want to ride to the 38fib (6670) I don't know if it will hold or not, I just want to catch the few pips to the last zone that broke

Is that a better way to trade?

JafunmiFX:


I actually don't know nada about using news to trade, infact I don't even care..maybe because I don't have a strategy yet, I'm still a newbie learning the ropes, so I never give it a thought

I'm still trying hard to learn this charting..it's very hard o

It takes time.
Don't rush it.
This is my 3rd or 4th year after I started entirely new to it.
That's not long at all but I can definitely tell you I have improved over time. And gotten better over time.
It only gets better.
Trick is you will likely lose money when you start out.. Even after success on demo.. But don't lose much before you gain consistency.

So even after success on demo..
Start with small live accounts.

JafunmiFX:


Okay thanks for the insight...as I mentioned earlier, I'm still a newbie...what prompted me to think it's a buy was the bullish engulfing pattern on the weekly, daily and 4hr Tf...I just want to ride to the 38fib (6670) I don't know if it will hold or not, I just want to catch the few pips to the last zone that broke

Is that a better way to trade?

If you find a buy setup.. With a favourable RRR to the zone. You can go for it. It's likely the zone will be tested. But it's barely 30 pips from the area already except you are trading 15 minutes chart or something.

PipMarshall:


It takes time.
Don't rush it.
This is my 3rd or 4th year after I started entirely new to it.
That's not long at all but I can definitely tell you I have improved over time. And gotten better over time.
It only gets better.
Trick is you will likely lose money when you start out.. Even after success on demo.. But don't lose much before you gain consistency.

So even after success on demo..
Start with small live accounts.

Thanks for your input boss..
I don't really like demo trading, I opened a live account and I deposited 5usd as tuition fee, I no time I don blow am (lol)...I'm planning to pay another tuition after my exam, I think it will make me more serious about learning quickly

I want to know this thing before I finish school, no job for this country

PipMarshall:


If you find a buy setup.. With a favourable RRR to the zone. You can go for it. It's likely the zone will be tested. But it's barely 30 pips from the area already except you are trading 15 minutes chart or something.

I don't really have a tf for taking trade...I check on from 4hr to LTF to get better entry

Quote of the week

There are two types of traders:
1. Those who are humble. 2. Those who will be humbled

Happy Sunday guys

Alright..
I will do EURAUD next.
A major clearly defined trading opportunity for the coming week has presented itself.

Here.. I have talked about how EURAUD has significant upside to it.
And I have not changed my opinion.

We can see that breakout on the Monthly after months of consolidation. And I think it's headed for the purple zone which is 61.8 retracement level.

However.. The past week, we had the formation of a hanging man. Which can be taken as a suggestion that the pair is about to retrace. And test the area of consolidation it broke out from.

When we check the daily.. We saw how Friday's candle is a pinbar. That's is a bearish signal. If Monday's candle is black.. You can as well just short at the close of the candle.

When we look at the four hour chart.. It even becomes more interesting.. We see what looks like a double top being formed.. That gives us a measured objective of where we can look to take profits (the purple line). Conservative traders can however take profits at the green area. It also gives us an area of confirmation for an entry.

If the double top forms.. At the break of the neckline.. Conservative traders can go short.

Very Aggressive traders, however, can go short after spread normalise at market open.

Ordinarily aggressive traders will wait for a black candle on Monday.

I must add, though, that it's best to wait for the double top to form and the neckline to be broken..

Aud is not a reliable currency to buy these days.

Gaps everywhere.

That euraud setup probably invalidated by the gap.

PipMarshall:

1.3550 admonishing USDCAD to come.

Will USDCAD pick the call?

I will consider longs on bullish evidence at retest of broken structure around 1.3320.

When I said wuruwuru to the answer..

Anyway.. Anyhow.. All that matters is price reaching the target.
Market open at around 1.3550
See how 1.3320 became support.

Gbpjpy buy@136.380 Tp 137.000 Sl 136.000

Tp hit 3R.

saxy4c:
Closing USDCAD 3390 with 15pips. Let's buy for a small RRR. Buying 3390 SL 3360 TP 3490

PipMarshall:


And now..
There seems to be a tradeable short term setup.

GBPNZD is another one that has gone to the target. And even surpassed it in this case.

There could be retracements here and there but GBPNZD remains poised for significant upside.
It has one way to go in the long term.
And that's UP.

PipMarshall:

EURJPY
CHFJPY
XXXJPY

Time to stalk them for sells... If your system says sell.. That's likely to be correct especially if you are a swing trader.

Not yet time to post charts for these.
We still have a long way to go..
Down is the way for XXXJPY.

When your system says sell.. It's likely to be correct.
I leave you with EURJPY chart.
We should see 116 and even lower.

It's like I said..
For the present market conditions.
Be more inclined to your setups that say you should buy safe havens.

If you would be selling them.. Make sure you are really sure.
The safe havens.. JPY.. GOLD, CHF.

Also.. AUD .. NZD.. CAD... Before buying be very sure..
Especially with the economic slowdown associated with the coronavirus.

Second entry up 280pips 9R close. And wait for buy again.

saxy4c:
I'm buying Gold 1672 SL 1669 TP 1722

Buy Gold 1690 SL 1687 TP 1740

SL hit -1R. Would look for setups at morning.

saxy4c:
Buy Gold 1690 SL 1687 TP 1740

Oil eh!! at 32$..
Is Nigeria gonna survive it?
And from the look of the chart, looks like its gonna drop to $25!!


Anyways..wishing us all a pipful week ahead.

Selling Gold 1692 SL 1694 TP 1640. Great week to us.

SL hit, dont buy Gold, I'm taking a final sell 1695 SL 1699 TP 1675.
It should fall at Asian as long as price closes below 1700.

fucc12:
Your thoughts on USDCHF

Falling like rain

Russia have destroyed the oil market. Many oil traders will definitely file for bankruptcy. Crude oil is less than $35 . This is too bad for many oil dependent nations like Iran, Iraq, Venezuela and Nigeria.

Even Saudi Arabia is in trouble.

Many oil traders who escapes suicide this day will be those with stop losses , because hedge funds are in deep poo now.

Global economy is set to suffer another recession. All thanks to Coronavirus

Sunnycliff:
Russia have destroyed the oil market. Many oil traders will definitely file for bankruptcy. Crude oil is less than $35 . This is too bad for many oil dependent nations like Iran, Iraq, Venezuela and Nigeria.

Even Saudi Arabia is in trouble.

Many oil traders who escapes suicide this day will be those with stop losses , because hedge funds are in deep poo now.

Global economy is set to suffer another recession. All thanks to Coronavirus

It's an insane market situation. One really need to plan how to survive In the midst of it all. Oil will go back up there. I was surprised it can retest the 20's again.

Ok got a 5M close at 1700
Gold is now a buy at 1698 Tp 1730 Sl 1694

saxy4c:
SL hit, dont buy Gold, I'm taking a final sell 1695 SL 1699 TP 1675.
It should fall at Asian as long as price closes below 1700.

Here are setups to look out for this week.
EURUSD
Keep an eye on this line. Under this, eurousd sell for 200 pips. Top 1500.1520 area. Dont buy eurousd. Just wait for sell spot. Euro interest rate decision in this week. And they can cut rates. So euroxxx can fall badly.

GBPUSD
Gbpusd top 1.32. If hold then down again for retest broken trend line. And again upto 1.35+-. 1.32 is top t
for now.

USDCHF
Usdchf on weekly support. Already oversold. More chances it can hold support. And go up. Must see price action.

USDCAD.
Weekly resistance touched. And overbought already.
Me, I'm expecting down next and retest of broken trendline.

GOLD
For gold, I drew this one yesterday. Top 1700. I'm only looking for sells, this up move is fake, I know when this lady wants to play me
When I see other high probability setups, I'd be back.

saxy4c:
Gbpnzd sell@2.0700 Tp 2.0600 Sl 2.0740

saxy4c how is the demo market trading doing?

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