Nothing is clear in Forex. I doubt if there is anyone else who wants this trend to go up more than I do, but I've got a bad feeling it will continue down to 1.61 or 1.60. Yes on the 1h chart it might go up a little, but overall the bears are in control and I really hope this will end asap.
RealistFX
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@HrystiK I have to disagree with that statement my friend. Forex is as complicated or as simple as you make it. We don’t pretend to predict the future we listen to the past and the technicals we can control. This area hasn’t been breached this year and won’t be until we return to pre Covid activity. Australia won’t return to pre Covid levels for another year in my view due to their ongoing trade disputes with China and pretty much exporting nothing at the moment. Gold is propping the Aussie up at the moment but as we come into the end of the year and we see more and more vaccines crop up, gold will begin to slowly drop. And then from a technical point of view, there is absolutely nothing to confirm we’re going below. We’ve tried, multiple times, and failed. As explained in this post, all technicals point to upwards momentum
Dwivedi_VIbhav
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@RealistFX absolutely agree with you on this. it is a great reversal reversal happening over here. risk to reward will be great here. safe traders can enter above the break of double bottom neckline. i have already made long position close to day low yesterday. expecting a reversal till 1.655 in coming week.
Helena_FX
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@Dwivedi_VIbhav, if you are one of those traders who are using a SL, I hope you have the stop lost all the way down to 1.60
RealistFX
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Hope this helps!
RealistFX
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@HrystiK we have ours at 1.61600. Not need for 1.60 would hardly give us a 1:2. Read what the chart is telling you it’s failing to breach 1.61500. No technical reason to have your stop loss 150 pips lower. Let’s see what next week brings.
Helena_FX
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@RealistFX, "Read what the chart is telling you" Ha ha ha ...how can you say such a silly thing it is so funny. Would you say that to all others who are predicting Short, and published their charts for a short trade? They also say that based on their chart the trend is going down. Do you know how many others before you in the last two weeks have failed to predict this trend saying yeah it is time to go up. Hope you're not the next one to fail. I really hope you're right, but there are others who I follow and their record is very good and they are predicting Short.
RealistFX
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@HrystiK, I don't think it's a silly thing to say at all. Previous candles are what we use to do our technical analysis, thus we are reading the chart? And what this particular chart is telling us is that this year, the Daily candle has tried and failed to breach this area on 12 occasions. So, what the chart is telling us, is that price doesn't want to be below that area.
I don't know how many others have tried to predict this and we don't focus on what others do here. We try to provide our analysis to help, not to show off or try predict the future and make our were amazing. But our record is very good.
Before the 16th, we had no valid technical reason to go long. Now we do - so as said, let's see what this week brings and if we're right.
Helena_FX
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@RealistFX, When I said "silly" I meant compared to what others are thinking. So there are so many other traders on here who are predicting that this trend is going down to as low as 1.59. So to say to them such thing as: "Look what the chart is telling you." is like telling them "You look, but you don't see." Anyway, the scary thing is if as you say "failed to breach this area on 12 occasions" so trying so many times to breach it perhaps now is the time. So you shouldn't look at the big number (12) as a positive thing, but perhaps a worrying one. As for your record....well just like many others on here you've got some things right and some wrong, but we all know nobody can get it 100% right, so I hope so much you are right on this one.
RealistFX
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FYI every trade should use a stop loss the only thing we can control is risk!