See how price reacts at 1000 pips increments (1, 1.10, 1.20, 1.30) and their quarters (1.25, 1.05, 1.075 and so on).
The reaction at those levels is nearly guaranteed. Once price hit 1.10 recently, we saw a pullback of 350 pips to the downside.
Those psychological levels will be highly useful to any trader. They work well on majors (USD baed pairs), less so on...
The issue for many new traders is understanding the correlation between timeframes. We often get caught up in indicators, news hype, chat room posts, and various other things.
One of the biggest challenges I see when talking to new traders is simply the lack of "experience" in reading multiple timeframes. This causes confusion and even self-doubt. The issue with...
What is retail sentiment?
Have you ever noticed on your broker site that it has a statement along the lines of "70%+ of retail traders lose money"???
This is directly related to retail sentiment - in short, institutional money make their money on others losing money in the online marketplace.
Every forex trader will always have an opinion about the market.
...
Here is a list of what impacts the strength of a currency, as well as the impacts this strength has on the currency country(ies).
Things are of course more subtle than a simple excel list binary check. For example, some inflation is not automatically bad, it can be the sign of a country economic growth, and as it gets bad the relationship is not linear, inflation...
EURUSD is approaching a key daily structure resistance.
1.15 is year's high, short rally from that level was just crazy in march.
we don't know how the market will react this time, so we must be prepared for both scenarios:
in case of a bullish violation of the underlined resistance (daily higher high higher close)
the pair will most likely keep growing.
next...
EURUSD started a strong bullish movement.
Multiple strong resistances are ahead.
Key levels based on 3 days chart analysis:
Resistance 1 - 1.11 level based on a resistance line of a major channel + horizontal 3 days/daily structure
Resistance 2 - 1.12 level based on a horizontal weekly/3 days/daily structure
Resistance 3 - 1.15 levels based on a horizontal...
Hi traders.
Whenever you are looking at a technical level, always ask yourself the following:
- Am I buying at a potential bargain/wholesale/discount price? (supply or demand zones)
- Why is there more likely to be more supply/demand orders at that area? (new traders entering/traders taking profit)
- What are the underlying fundamental/sentiment drivers that...
Hello traders!
Hope everyone is having a profitable week.
I have published my idea few months ago about how the bulls were returning to euraud. After the simple 3 signs that this pair has gave me, I started trading with the trend and went long!
Total Profit: $4878.83
Trading Diary: goo.gl/WOi6yU
Please like and comment for more of my educational...
STAGE 1:
THE BULLISH IMPULSE LEG
A bullish impulse leg is a strong move in price action to the upside.
The impulse leg can be a mixture of bullish and bearish candles, but must have a bullish overall direction.
The start of the impulse leg should be marked as X and the top of the impulse leg should be marked as A.
STAGE 2:
B LEG RETRACEMENT
Now that...
