Hi everyone, we have a setup on GBPUSD. I call this the low close doji setup. As you can see there are several dojis in the rectangle. The signal to sell is when price closes below the dotted line. The key is price must close below this line.
Here in this video I will discuss about why it is important to have a trading system. When to use the trading system, and knowing when to trade and not to trade and key factors to become a consistent and profitable trader.
US stocks closed sharply higher on Friday, lifting indices enough to book strong weekly gains after a bath of economic data drove investors to ease expectations of aggressive monetary tightening by the Federal Reserve.
Markets ended on a high note today. The Dow Jones added 700 points and the S&P 500 gained 2.3%, both notching gains of 1.4% on the first week...
Nice trade this morning. Didn't want to wait this one out, since we are near end of a trend on daily. So today we went for a quick base hit type of trade. Our trades typically last 30-45 minutes so it was ideal to take profit near the 30 minute mark.
Market review for Nas100, Gold, and Crude oil.
Markets are down at the moment as investors digest a slew of economic data and the latest Federal Reserve meeting minutes.
Initial jobless claims, the most timely snapshot of the labor market, came in below expectations.
Amazon lost about 1% after the e-commerce giant said it plans to shed more than 18000 jobs....
Today we shorted Crude Oil at 74.825 level. Overall the trend is down on the 100 EMA. Price is below the Pivot Point and price is retracing back near the S2 level. Stochastics is near the 80 level and red candlesticks with price is crossing over. Great trader following the trend. These don't come often, but when they show their hands, you must take these trades!
Crude Oil price has come retraced back into resistance. Overall daily trend is down. 12h chart shows a long red candlestick bar with little wicks and tails show bears are in control. Looking for price to drop from here.
Price has rejected the 0.8040 level and there is a big shooting star on the 8hr candlestick. This clearly shows bears are back in control now. The daily trend is still down, however price is ranging a bit. Look for a 1:1 profit target here.
We took 3 trades today on the Nasdaq CFD. First trade went into profit fairly quickly while the second trade got stopped out because of ignorance. My job is a trader is to wait for the close of the candlestick and it cost me. My third trade was profitable and the setup was the classic double top pattern with a nice 10min. bar close below key support.
Range bound market with resistance at the 106 level and support at the 104 level. Strong sell off bar on the 4hr chart with little wicks and tails. Expecting price to drop significantly from here down to the 104 level.
Overall market has been consolidating for a few weeks now. Price movement is stagnant and no signs of major activity are seen. I foresee the market like this a while due to summer season as investors and traders are on vacation. There are still trades available but you will have to go to another session to spot these trades out.
Price has been ranging throughout the last 2 weeks between 0.8040 and 0.8009. Price has finally broke and closed below the 0.8009 level. Therefore we have decided to go short. This will be a swing trade going through the weekend. Lets see what happens.
Markets overall have been in a range market with a high degree of volatility. Pay attention to your risk reward targets and tighten up the target profits. You are may not see those target getting hit in this slow market activity. Take the bunt hits and walk away. Be patient and look for the hanging fruit trades. Good luck and remember to stay patient.
Price is dumping beginning to go lower near the euro session. Start of euro session is ending off on strong selling pressure. We have a long red body candle. I am expecting price to continue to drop during the euro session going into the US session. Look for price to move down from here.