About meI am a swing trader for instruments such as Forex and Indices. I use a simple support and resistance system but with huge emphasis on risk management. As I am working fulltime, I trade on 4H and daily timeframe.
There are 2 important price level for USDCAD to take note of.
1) 1.33880. This is the Price of Disinterest (POD) or your standard "resistance" level.
2) 1.3247. This is the breaking point of the price previously. Support was broken and retested as resistance (two times!).
Currently price is at between 1) and 2). There is no doubt the price is still on the...
I love this drama counter and drama CEO. Price are driven so much by emotions and speculation. Resistance is at 360 but due to its emotion fueled volatility, SL should be above the last swing high (391). Due to the wide SL, trade with lesser lot size. The volatility should bring you enough profits despite smaller than usual lot sizing.
Do remember to visit my...
Price is revisiting previous swing high levels. Although resistance is around 26400, price can definitely continue to increase further before coming down. Thus it is only logical to place your Stop Loss above the previous Swing Highs. The Stop Loss level of 26800 is part of my strategy. If you are following this trade, do not adjust the stop loss. Rather, adjust...
Yen is showing it's strength in majority of the pairs (except USDJPY). Short trade set up for EURJPY is possible but it might be better to wait for a retrace towards 129.5-130.0.
If you are following this Trade, do not adjust the SL. SL is part of the strategy.
Happy Monday and have a good trading week everyone. Please remember to visit my patreon =)
I am still on the long side for XAUUSD.
Price is now consolidating within the teal color zone (1222.5 - 1231.5) . This consolidation should take a while. It will always be better to take the trade on the lower end of the of the consolidation (around 1225).
Your stoploss should be below the extreme end of the lower side denote by the dotted line so as not to get...
There are 2 trade set up you can take here base on 2 support level
Trade set up 1 ( Blue line)
Assume support level is at 0.717-0.720. Take the Long trade.
Pros: You can enter now
Cons: Price might go back down to the 2nd support level (0.707-0.710). Wider Stop Loss
Trade set up 2 (Purple Line)
Assume support level is at 0.707-0.710. Wait for price to retrace to...
Despite better than expectation NFP results, USDCAD have downside potential in terms of technicals. Current resistance is at 1.3145. It will be better for price to go to 1.3145 and look for any form of bearish candle (engulfing/pinbar) to place the trade.
Have a good weekend all. Remember to visit my patreon =)
Double bottom is seen. Once the resistance at 21550 is broken, a recovery towards 22050 and 22400 is high possible. However, this is still a counter trend trade, thus take profits once the target are hit. Have a good week everyone.
Dow30 immediate trend is down. However, support is found at 24745. There are 3 resistance level which you can place your shorts.
R1 : 25320
Take your trades with short term perspective in mind. Wait for bearish candle to show up at these resistance levels before taking the shorts.
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AUDUSD is reaching the extreme side of POD, soon it will be retracing towards back to the POI. However, wait for the downtrend to break and a higher low to form first before making the trade.
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Trend is definitely up. You can clearly see the POI is in an upward trend. This is an indication that demand is present and price will continues to trend up. As a long trade set up, you can wait for price to retrace back towards the POI and set your stop loss at the POD.
If you wish to know indepth explanation on POI and POD, visit my patreon. Have a nice week!