₦airaland Forum

Ok was waiting to see how this candle closed and it looks like a small strong hangman at a strategic area.
Adding another short at 1477 sl brought down to 1482.
Want to wake up gaining a whole lot back or a little loss.
Google the hang man chart pattern and check on your charts on points it occured and the resultant effects.

Like this is not atypical for Gold as it doesn't want us to partake of the coming drop, this lady just always hits me when I try to sell her. Gone for a final shot at sell here 1579 sl 1585 tp gap close.
I do believe around 1550 will hit today. The question is when.
1.She made a top, retested and failed.
2.She needs to come down and break previous sideways cluster of 1568
3.Gold is not this active during Asian markets I have no idea what's she's doing still up by 300pips!
Catch it as best as your risk management allows.
Sweet dreams all.

.

https://www.nairaland.com/5615427/death-soleimani-nigerian-igp-adamu
@currentprice please come and help me translate this news on how it affects our stock market abeg no vex
We are a funny lot in this country focusing on things that have absolutely nothing to do with us and leave the vital emphasis on our local issues. I'm waiting for Oga at the top to totally condemn this act though.

Meanwhile an entire country went for one man's funeral oh. Trump has really bought job!!!

Finally! Let's join kalokalo and wuruwuru forces and take the old lady down!!
That's a level I've been posting since I posted that EW count. Best wishes on this.

PipMarshall:
GBP pairs setting up for a significant decline..
However.. This is corrective in nature.
A fall before the big rise..
Peace before the storm..
The charts are still speaking to me.
However, synchrony will be important.
For now.... My wuruwuru methods still on it.. And we are watching..

However... 1.2500

But for the SL news chasers if your trade hit SL enter again at 1575 SL 1579 Tp 1552

saxy4c:
A safer stop for this would be 1579, let's give the trade some space to breathe as everyone would want to close the gap.

A safer stop for this would be 1579, let's give the trade some space to breathe as everyone would want to close the gap.

saxy4c:
https://www.forexlive.com/news/!/france-germany-uk-say-need-to-de-escalate-situation-in-iraq-and-iran-20200105

Oya, just because I've just seen this, I believe peoples fears would start to calm down as the Super powers of the world no want war. Secured good profits and taking this good risk reward trade to take advantage of the gap.

Selling Gold 1572 sl 1576 Tp 1552. If you snooze you lose.
Mind you, gold is at 50% on the FIBS a very very vital fib point I've discovered!

https://www.forexlive.com/centralbank/!/new-york-fed-chief-williams-says-low-interest-rates-here-to-stay-20200106

I think I'm noticing a pattern in what these guys are doing, they are systematically releasing news to confuse us but if you can look ahead, you'd get a sure game plan. I didn't do Economics though, but like I said if you keep reading the news and see its resulting effects, You'd have it at the back of your palms in no time.
The kalokalo way to understand this, read last statement carefully. He is saying inflation expectations should not slip... That means if this happens, it will hurt American economy and if American economy is hit then what? Usd gets weaker. How is this news coming out on the week of the NFP announcements?

This could be a bit confusing if one follows the news immediately. You'd just be buying and selling until you get frustrated. My plan: let the gap close, enter a buy trade till Friday's NFP then sell the madness out of Gold at NFP!

I don't know how I missed this, it's my busy body I guess, no vex. Its Gold that it will even have a major effect on, read my earlier posts. But don't listen to me please, na only demo I sabi trade oh!

Trustrade:
Guys, with the current clash between America and Iran. Will this have any effect on the XAUUSD pair?

https://www.forexlive.com/centralbank/!/weekend-pboc-news-will-keep-monetary-policy-prudent-flexible-and-appropriate-20200105

I personally would be focusing my trades fundamentally this week like I said earlier, this news calls for a strengthened Gold, why? These statements are about Chinese economy. They are saying we are going to stabilize the economy by this and that. And China is the biggest gold dealer. They keep reserves in Gold bars. So if the Chinese economy is good, thats mean gold will move up. Like if USA economy going good, dollar goes up. The only thing I'd be doing with gold is buy. If you have good cash, go and buy Physical Gold now. Come back and give me my share in some months time!

In case I'm not awake to post a gold trade take this as a trade plan. Gold can go up to 1620 then 1628 then 1640 with the new support at 1550.

Setting a buy limit at 1553 SL at 1543 and TP you already know
@Ummuaisha my apologies with this.

Adding to USDJPY buy [I can't help it, are the rules not add to your trades when you win and cut back on a loss?]
Buy Usdjpy 107.81
SL for both 107.40 [please take note of this SL change]
TP 109.50

saxy4c:
Buying EURJPY at 120.71 and USDJPY at 108.01. SL for both 40pips. Update on targets later. I see quite some retracements coming.

https://www.forexlive.com/news/!/france-germany-uk-say-need-to-de-escalate-situation-in-iraq-and-iran-20200105

Oya, just because I've just seen this, I believe peoples fears would start to calm down as the Super powers of the world no want war. Secured good profits and taking this good risk reward trade to take advantage of the gap.

Selling Gold 1572 sl 1576 Tp 1552. If you snooze you lose.
Mind you, gold is at 50% on the FIBS a very very vital fib point I've discovered!

Ma shaa Allah!!! I don't know whether to cry right now or run out on my street naked!! From my 1548 entry gold given me my expected spike up to 1585, 3500 pippetts !
Gold has moved 1200pips in less than 2 trading days, this is madness, I love insanity!!!
I am not trading this week again! 1600 please come quickly and just finish me biko!!! Above 1560 Gold is a buy, I repeat find a good entry with your strategy! For me if Gold covers the gap, I will slap on another killer trade for you guys, if I'm awake.

Walahi this 2020 would be a good year for us to trade here. Just look back at this post in December and let's pray for one another. So far, no trailer has hit me yet,our enemies would be put to shame and slowly vanish in the grass oh

Have all these news I read over the weekend made me discover a new talent? Goodnight people!!! Love you all.

saxy4c:
So like I predicted, Gold did a quick shoot up from 1548 to 1553 then closed at 1551.

Personally, based on all the news I've tried to put together, I think when the market opens Gold will also spike up with a gap or gap down then then make a massive spike up, whichever way it's only up for Gold to me. These would favour my open trades so far though. The price of Gold is being supported by geopolitical, trade war, and military tensions. I see gold at 1600$ or even more and this would have a very negative impact on global economy.

earthsync:
I feel I can get this off my chest by writing this here?

Look at you oh, you've solved half of your problems already by coming here to seek help, watch the different SUCCESSFUL traders here and understand why they take their trades, once you identify a trading style you're comfy with, follow through with questions when unclear. Don't trust me as a demo tradee but that would sure save you a whole lot on your learning curve.

earthsync:
Rome wasn't built in a day. And things may look really dull right now but remember the grass's always greener on the other side

See you again solving another 25% of your problems .
My dear if I had known this when I got introduced to trading I'd have avoided a lot of mistakes. Got into forex about 10yrs ago,blew big monies left after some time for a break, went back to demo and entered with a small amount 6years ago, but I didn't give up and learnt more and more and more, until in the past 3years I can say I have SUCCESSFULLY traded with back to back profits and understood a lot of what forex is all about [ Well maybe a whole not all ]. Be patient my dear. You would succeed we are here for you.

Follow @piptrian and @faithmight on Twitter [I'd find two other ladies I don't have at the top of my head later].
They would greatly expose you to a great path in trading especially as a lady! One is even amongst the top 3 female traders in the world and na Calabar Lady oh! This is a good place to be!

I can't find where I posted the GBPNZD buy at1.96375, but these fundamentals won't just give me mind to buy anything POUND. Closing here at entry and taking:

Gbpnzd sell@1.96400 Tp@1.95000 Sl@1.97000

Now adding a 3rd short to GBPUSD at 1.3080 SL 3120 TP Open.

saxy4c:
Adding to GBPUSD sell at 1.3130 moving the SL for the first trade to BE at 1.3220.

Cable spiked up oh but then I still see it going down as expected.

going by what you have just said 2pips is 0.2points and not 20points abi?
You are now basically in contradiction with whom you agreed with at first and agreed with me unknowingly, except that points are calculated differently with different trade pairs and commodities or stocks.

It is not a standard 10 which me I also thought at first
Go read about indices and what a move of what 1 basic point is. I won't argue about these basic stuffs. I'm looking for the pips and points and pipettes to grow my account whatever they are.

main24:
Nope
20 points is 2 pips.
20 pips = 200 points.

Karleb:
0.1551 to 0.1552 is a pip not a point.
0.1551 to 0.1561 is a point.
1 point move is equivalent to 10 pips.
1 pip move is equivalent to 10 pipette.

So like I predicted, Gold did a quick shoot up from 1548 to 1553 then closed at 1551. Been trying to weigh a lot of the fundamentals flying around because honestly the markets are acting weird and if I stick to just technicals I would get my fingers burnt seriously in trading through these coming weeks.

The UK are backing the US’s decision to exterminate the Iranian general. If anyone is looking at the strength[or weakness] of the USD as related to other pairs, you just might be making a mistake. Looking at the charts over the weekend I now see that the movement of the USD has had nothing to do with its relating pairs over the past few weeks and if I can help it, I'd even ignore trading any of its pairs soon [I know i won't stick to this if i see a setup ]. GBPUSD would gap down as people would dump the Pound in anticipation of fear for their holdings in this currency and run to safer havens like Chf and Jpy and Gold
Personally, based on all the news I've tried to put together, I think when the market opens Gold will also spike up with a gap or gap down then then make a massive spike up, whichever way it's only up for Gold to me. These would favour my open trades so far though. The price of Gold is being supported by geopolitical, trade war, and military tensions. I see gold at 1600$ or even more and this would have a very negative impact on global economy.
Many countries such as: China, India, Europe and Asian countries are buying Gold physically to protect thier currencies against the USD which would likely drop in a likely war scenario.

The USA is already removing it's personnel out of certain countries and sending troops to its allied countries around Iran and the middle East.

https://www.forexlive.com/news/!/more-on-the-terrorist-attack-on-us-personnel-in-kenya-20200105

Iraq Parliament already voted this morning to boot out all USA military from its country.

https://www.bloomberg.com/news/articles/2020-01-04/u-s-and-iran-trade-threats-over-reprisals-for-general-s-killing?sref=StzN0HjU&utm_medium=social&cmpid=socialflow-facebook-business&utm_source=facebook&utm_content=business&utm_campaign=socialflow-organic

But I think while all these goes on gold, jpy, chf and oil [I would talk about my observations on this guy soon], and USD are the main ones that benefit. USD didnt hold the gains it made on friday, so i suspect it may need to escalate before flows go back into the USD.

Then I'd also be watching the indices this week. That selloff of the indices I've been waiting for for quite a while now should happen this week. People would sell off their USA stocks in the fear of investors preferring to have cash in the banks at this time to buy other safer investments as the USD is quite risky at the moment plus I still strongly feel this upmove has been fake.

My own is that even though we traders stand to gain some major cash with all these talk of wars and rumours of attacks on countries. Let us PRAY to God for peace. No life is worth being lost because of anyone's selfish interest. This just might even be the end times the Holy book talks about sef.

saxy4c:
Gold about to shoot a bit at least to 1550.

Guy this is basic mathematics, decimal places and what the definition of what a pip means na? Why would I even go to Google to confirm this?
Pips means Points In Percentage in other words Percentage of a Point. I mean common sense would tell me that the percentage of something can't be bigger than that thing itself. Pips is the smallest unit in forex! [although there are pipettes which aren't commonly used]
I hate bread [except those small round ones they sold for 5naira in early uni days before I dropped out ] but I'd use it as a simple example.
From the google definition of a PIP.
You have 10 loaves of bread in each Rack and each Loaf has 10slices of bread.
Each Rack [1point] has a total of 100slices of bread. Take 1 Loaf profit [10% in bread Points off the Rack] and you've taken 10slices of bread. But if you take only one slice off one of the loaves on the rack you've taken [1% in bread Points off the Rack].
So is one 1 slice of bread which is 1pip in this case bigger than the 1point that is the entire rack of bread? Mbanu! Rather 1point Rack is 100pips. 2point racks would be 200pips, 4point rack will be made of 400pips. Kagané

Oya I've gone to google to get you definition of pips. This is Stock trading elementary stuff. Abi my ogas in the house am I wrong with this because it's like I'm beginning to confuse myself with too much bread

Karleb:
This is wrong!

main24 is right.

consult google for clarification s.

My brother my heart beats because if truly there is a WW3, markets would be closed oh. What else would I do. Russia and China have openly expressed their condemnation of the killing and today even sent some ministers for the funeral of the General.

What seems worse is that it seems USA is just doing their normal bullying. From research I found that Qasim Sulimani is not just a military general, don’t follow what the media is portraying it’s very diluted. He was regarded as a saint in Iran, he was a hugely respected and loved individual, all this bollocks of him killing people all rubbish [Just like the story of Nukes abi Weapons of mass destruction in Iraq that they haven't found till Date]. He was a huge entity, Iran’s Number 2 guy after ayatollah komenei. The whole country has gone for his funeral, everyone is out on the street, he’s regarded as the son of Iran. Watch CNN or ALjazera

He was a fantastic human being, he spent his whole life helping the vulnerable.
Guys his funeral was done in Imam Hussain’s shrine in Karbala. (Imam Hussain s.a. was the grandson of the Holy Prophet Mohammed peace be upon him, who sacrificed his life and family to keep his grandfathers message alive and save Islam) his body will be taken to Najaf, resting place of Imam Ali a.s [Prophets son in law and right hand of prophet and first Imam to lead after Prophet] for a religious procession marks how massively important Qasim Sulimani is.

If indeed he is the evil the USA is portraying him to be, then what is the use of criminal courts? I'm strongly on the opinion that every country has a right to its sovereignty. Iran has every right to retaliate and I'm just waiting waiting for when that would happen and it's underlying effects on the markets. Ethically we shouldn't be trading at these times because we are making money on people's lived but people here don build house, even marry finish, no be we cause problem abi?

infofirst:
@saxy4c... But then I think it's the grass that will suffer during the war, do you think China and Russia will not back Iran?
Iran vs USA Is obviously a win for USA. But when Russia and China support Iran. It most likely wil be stalemate with lots of losses in both camps.
Not a good time to trade oil and go to bed.

Guys, there is a whole lot that goes on behind the charts that are not just mere coincidence. Market Makers are real, Price manipulation is a reality. Yes I have a lot of big big talk but it's as a result of things I've seen in the markets and done immense research to understand. Atimes I get to figure them out, other times I fail woefully.
Any one ever heard of the plunge protection team? I can bet they are currently behind this DXY and Indices weird behaviour.

PLUNGE PROTECTION TEAM.
The "Plunge Protection Team" (PPT) is a colloquial name given to the Working Group on Financial Markets. Created in 1988 to provide financial and economic recommendations to the U.S. President during turbulent market times, this group is headed by the Secretary of the Treasury; other members include the Chairman of the Board of Governors of the Federal Reserve, the Chairman of the Securities and Exchange Commission and the Chairman of the Commodity Futures Trading Commission (or the aides or officials they designate to represent them).

The name "Plunge Protection Team" was coined by The Washington Post and first applied to the group in 1997.

The Plunge Protection Team, composed of high-ranking government financial officials, reports directly and privately to the president of the United States.
How the Plunge Protection Team (PPT) Works:
In March 1988, in the wake of the stock market crash of 1987, then-President Ronald Reagan created by executive order the President’s Working Group on Financial Markets. The concept was to create an informed, but informal, advisory group on the markets for the president and regulators. Charged with "enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence," its original purpose was to report specifically on the Black Monday events of October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, and what actions, if any, should be taken. However, the group has continued to meet and report to various presidents over the years, usually (but not always) during turbulent times in the financial markets.

In 1999, it issued a recommendation to Congress, requesting changes in the derivatives markets regulations. It convened during the global credit crisis of 2008. The Plunge Protection Team's latest gathering (as of March 2019) was on Christmas Eve, 2018. Treasury Secretary Steven Mnuchin chaired a conference call with other members of the group, in addition to representatives from the Comptroller of the Currency and the Federal Deposit Insurance Corporation.


KEY TAKEAWAYS
The "Plunge Protection Team" (PPT) is a colloquial name given to the Working Group on Financial Markets by The Wall Street Journal.
The Plunge Protection Team's official mission is to advise the U.S. president during times of economic and stock market turbulence.
Critics fear the Plunge Protection Team doesn't just advise, but actively intervenes to prop up stock prices—colluding with banks to rig the market, in effect.
Concerns About the Plunge Protection Team (PPT)
Though not exactly a secret, the Plunge Protection Team isn't widely covered and doesn't release the minutes of its meetings or its recommendations, reporting only to the president. This behavior leads some observers to wonder if the government's most important financial officials are doing more than analyzing and advising—in fact, that are actively intervening in the markets.

Conspiracy theorists have speculated that the group execute trades on several exchanges when prices are heading downward, collaborating with big banks such as Goldman Sachs and Morgan Stanley in unrecorded transactions. They often point to a 1989 speech published in The Wall Street Journal by former Federal Reserve Board of Governors member Robert Heller, which suggested the Fed could directly support the stock market by purchasing index futures contracts.

How the Plunge Protection Team (PPT) Might Work
On Monday February 5, 2018, the Dow Jones Industrial Average (DJIA) experienced a drop that was twice as large as its biggest point decline in history. However, arbitrary and aggressive buying cut the decline in half in one day. On Tuesday and Wednesday of that week, stocks opened lower, and each time aggressive buying buoyed the markets. That aggressive buying, some say, was being orchestrated by the Plunge Protection Team.

Or, to take a more recent example: The Plunge Protection Team's aforementioned tele-conference on Dec. 24, 2018. That whole month, the S&P 500 had been heading towards a record decline—the motive for the team's meeting—and the DJIA dropped 650 on the 24th alone. But when trading resumed after Christmas, the DJIA rallied over 1,000 points. On the 27th, it lost half those gains, until a late-day reversal stopped the slide, and caused the market to close 600 points up. That's no coincidence, conspiracy theorists argue.

If true, this sort of manipulation is not unlike the actions of consortia of private bankers and financiers in the late 19th and early 20th century who, during financial panics, would step in to shore up the stock market with massive purchases. The difference, of course, is that Working Group on Financial Markets is composed of U.S. government officials, and the U.S. is supposed to operate on a free-market system. And also an open one, not one influenced by mysterious forces.

My apologies boss, by all means do your thing and please endeavour to share your trades here so we are all benefit from your wealth of experience. Have a great 2020 sir.

Sunnycliff:
Thanks for your advice but I am not a newbie in commodity trading. This should be my 11th year in Forex trading. I have enough lessons, experiences and I have a fairly good money management risk level.

.

A word of advice?
Those are the exact 2 pairs you should not be looking at except your strategy is quite efficient in trade management and tight SL. With the best risk control possible, it would only take -2000pips to blow your account and good can easily do 300pips in both directions daily [it moved 600pips in just up direction last week!].
Besides you need much higher leverage to trade both pairs.
Just my 2cents though. I wish your account immense growth.

Sunnycliff:
Resuming Trading Tomorrow.
My eyes are fixed on Gold and Crude Oil.
Am starting a new with $200

If GBPNZD could speak he'd tell you that investors since January 2018 kept pushing him to this level but didn't have enough money to break it concisely until around September 2019.
My trade is basically trying to take advantage of the initial profit taking off the break and join the new money. Structure isn't too hard to find, especially on higher time frames. Psychology is key in seeing trades like this but like for every trade I take, I have a 50/50 odds and my bias is just what it is, the market could kick me in places I can't mention here!
I'm not @pipmarshal who always makes the markets wrong

solitytv123:
also if a line was to be drawn on RsI trend line has been broken which has not occurred on the chart GBP/NZD

Nothing is certain in forex but without looking at charts I can be 100% sure that either your GBPAUD buy or GBPNZD sell would fail. How do I know? CORRELATION my friend.
Simply put if you trade GBPAUD and GBPNZD at the same time and direction you're just trading exactly AUDNZD.
Same thing as when you trade EURAUD and EURNZD at same time and direction, you're still trading AUDNZD
Also, trading:
GBPJPY AND GBPUSD in same direction at same time, you're trading USDJPY.
EURJPY AND EURUSD in same direction at same time, you're trading USDJPY

That's the same way I look to EURGBP to understand why GBPUSD can be selling while EURUSD is buying when ideally they are meant to be highly positively correlated pairs.
Have I confused you? I keep saying I'm not the best at teaching, Don't want to crowd here with charts but look at GBPNZD, GBPAUD and AUDNZD on 10.10.19 and 13.12.19 on the daily chart. See something?

solitytv123:
GBP/AUD seems like a good buy?

That is incorrect my dear. A simple way to always remember this is that a point signifies the smallest possible change in price on the left side of the decimal point [indicated in green], while a PIP same as a tick is equal to the smallest possible price move on the right side of the decimal point [depicted in red].

When price moves from 1551 to 1552 that's 1point which is 10pips, if price moves from 1551 to 1571 [which I believe it would this week by God's grace] that's 20points, won't that equate to 200pips?
Although the way forex pairs are structured, "points" isn't meant to be used with forex pairs [except one wants to show off ]. It's mostly a stock market terminology because, if GBPNZD moves from 1.0000 to 2.0000,my brother that one is 2points move oh but it's a 10,000. But the point value varies for different pairs and is calculated by the number of decimal places after the decimal points.
For USDJPY: 1 Point move is 100pips
For GBPNZD: 1 point move is 10,000pips
For XAUUSD: 1 point move is 10pips etc

main24:
Nope
20 points is 2 pips.
20 pips = 200 points.

Please can you quote what you're talking about?

MrUnder:
Okay
you posted the image of the pattern that makes you add to your position.
Can describe or explain the patterns in words?

I am totally lost on this...

MrUnder:
The previous one had three waves of increasing size, with a bearish engulfing pattern. the bearish candles also increasing in size.

But this one, I can't get my head around it

Gold about to shoot a bit at least to 1550.

Gold would be good for a sell around 1455 - 58. This scenario I would personally favour to look for a trade and it would help my USDJPY buy as well. Let's see what the markets decides to give us.
Secure your trades, FOMC could be a market mover in a few minutes.