Daily Technical Analysis FXOpen

[radex78]

LTC AND EOS – CONSOLIDATION BEFORE A BREAKOUT

• LTC/USD
  From yesterday’s open when the price of Litecoin was being traded at $47.59 around its lowest point, we have seen an increase of around 4.4% as it came up to $49.58. At the moment the price is being traded slightly lower and is hovering at around $48.4 level.
  If the corrective move from the higher degree ended on the 4th of September the breakout would be expected to develop to the upside, setting up the price of Litecoin for a more significant recovery.
  
• EOS/USD
  The price of EOS has been increasing from yesterday’s low at $2.599 and made a recovery of over 6.8% as it came up to $2.778 at its highest point today. Currently, it is being traded at $2.7119 and is in a downward trajectory.
  If we have seen the completion of the WXY correction on yesterday’s low followed by a breakout from the unclear descending triangle then the current descending move is to end on a higher low compared to yesterday’s one. But it should have ended on a higher high compared to the yesterday one but instead found resistance at the same level. This could indicate that the price is now headed for a lower low instead and would in that case mean that the prior correction hast ended.

Read more on FXOpen blog: https://bit.ly/3c5ZcEk

#Cryptocurrencies#LTCUSD #EOSUSD #litecoin #blockchain #crypto #forex

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[radex78]

WHAT IS POSITION TRADING?

Position trading refers to a trader holding a position open for a long period of time. In a way, position trading is similar to investing and has a larger time horizon than swing trading.

Position Trading Forex Example on the EURUSD Pair

Here is a positioning strategy example on the EURUSD pair. It aims at showing how to calculate a position size on a big timeframe, without overtrading and negatively affecting the trading account. Basically, it shows how to position trade effectively.

The EURUSD pair bounced lately from around the same area. Because this is the monthly timeframe, “lately” means in the last years the pair found a bottom. On its way up, it formed a reversal pattern – a double bottom.

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[radex78]

TRADING ROBOTS AND EAS. DOES AUTOMATED TRADING WORK?

Automatic trading became a component of everyday market movements and responsible for a big chunk of the FX turnover. Big investment houses, also called high-frequency traders, execute thousands of trades per second in the race to take advantage of the smallest market moves. The quant industry spelled over to the retail accounts as well. MetaTrader, the most popular trading platform for the retail trader, but also other trading platforms, incorporated automated trading capabilities.

What is automated trading?

An automated trading system allows traders to program a set of rules for both trade entries and exits that can be later performed without manual assistance. Entry and exit rules can be based on very simple conditions — for example, a moving average crossover.

Automated trading can also feature complex strategies that require basic or advanced knowledge of the trading platform programming languages. Automated Forex trading is widely represented via scalping robots which are designed to work with price momentum and make profits from short term rushes in price movement.

Needless to say, automated crypto trading has also become widespread. Different trading platforms offer trading scripts for e-currencies such as Bitcoin.

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[radex78]

OIL IS COMING BACK

The oil industry suffered one of its greatest shocks recently. Ever since the coronavirus pandemic reached the Western world, developed world economies started to shut down.

Even now, more than six months into the pandemic, developed economies perform way below their pre-pandemic levels. As such, demand for oil products declined significantly, triggering sharper economic contractions in oil-producing countries.
But oil is coming back. Signs of a stabilizing market appear on the horizon, mostly due to the OPEC efforts and the way the cartel led the fight against lower prices.

Undersupplied Oil Market

The OPEC moved fast when the oil prices collapsed last March. As oil futures settled below the zero level, creating a dangerous precedent, OPEC gathered another nine countries, plus Russia, and orchestrated production cuts.
A sharp decline in demand, caused by traditional oil-consuming industries shutting down, triggered the OPEC’s decision.

Tourism, air transport, passenger cruises – were literally responsible for the sharp decline in oil demand.

Lockdowns weighed on all economies.

In the last four months alone, demand bounced to 13.4 million barrels per day, far more than the current supply. Thus, there is an undersupplied market that should translate in higher – if not constant – oil prices.

Read more on FXOpen blog: https://bit.ly/2RLJo0c

#financialmarketnews#oil #forex #traiding #opec

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[radex78]

BTC AND XRP – DECLINE SEEN COULD CONTINUE

• BTC/USD
  
  From Saturday when the price of Bitcoin came up to $11177 at its highest point we have seen a decrease of 7% as it fell to $10388 at its lowest point yesterday. A minor recovery has been seen with the price coming to $10540 but it fell again to yesterday’s low level and made a lower high and is currently being traded at $10466.
  If the price has ended its higher degree correction on the 9th of September the ascending strcutre seen afterwards is the starting impulse to the upside which is set to bring the price of Bitcoin above $12k on the next run-up.
  
• XRP/USD
  
  The price of Ripple has decreased even further then the price of Bitcoin as it fell by around 9.97% from its Saturday’s high at $0.25526 to $0.23 level on yesterday’s low. At the moment the price is being traded slightly higher but is still consolidating in its lower support range.
  If this is true then the downfall we have seen from Saturday could be the continuation of the impulsive move from the higher degree count and would in that case continue pushing the prices lower below its early September lows.

Read more on FXOpen blog: https://bit.ly/32Xfehb

#cryptocurrencies#BTCUSD #XRPUSD #Ripple #bitcoin #cryptocurrency

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[radex78]

FXOpen are celebrating their 15th anniversary — come join the party!

In these 15 years, we have grown from a small community of Forex enthusiasts to a company that unites Forex traders around the world. Today we are one of the world's leading and fastest-growing Forex brokers with more than 1,000,000 active clients from 96 countries, a wide range of trading accounts with more than 100+ trading instruments, and years of work dedicated to the Forex industry. We hold a certificate for high-quality order execution from VerifyMyTrade and the Financial Commission, as well as the Financial Conduct Authority (FCA) license and Australian Securities and Investments Commission (ASIC).

For us, this kind of trust is a great honor and the most important asset. That's why we do our best to match the credibility that has been placed on us, both technologically and ethically. Every product we create has the traders' interests at its core.

To share our excitement about passing this milestone, we have prepared a special promotion for you!

Reduced trading commission on Anniversary ECN Account

• - 20% for accounts with any deposit volume
• - 50% - from $1,000 to $5,000
• no commission for accounts with a deposit from $5,000
• no commission for all TickTrader ECN accounts

The offer is available from September 23 until October 31, 2020, for clients who open a special Anniversary ECN account in USD and make deposits within this period.

Please note that standard ECN accounts are still subject to standard commission.

Open Anniversary ECN​

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FXOpen - one of the most successful and fastest-growing Forex brokers.
UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.
10$ No Deposit Bonus for TickTrader ECN Accounts//Join FXOpen

 

[radex78]

Participate in the “Money Managers” contest and win up to $5000

FXOpen and ForexCup invite traders to participate in "Money Managers", a contest with real PAMM accounts. Don't miss your chance to win big money prizes totaling 10,000 USD! The contest starts on October 5, 2020, and registration will be open for another month until October 31 2020

Participate​

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#CONTEST

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[radex78]

GOLD PRICE STRUGGLING WHILE OIL PRICE RISING STEADILY

Gold price declined below the $1,880 and $1,860 support levels. Crude oil price is currently rising and it is seems like the bulls are aiming more upsides above $42.00.

Important Takeaways for Gold and Oil

• Gold price started a strong decline below the $1,900 and $1,880 levels against the US Dollar.
  
• There is a key bearish trend line forming with resistance near $1,870 on the hourly chart of gold.
  
• Crude oil price stayed above the $39.00 support zone and it is currently trading above $40.00.
  
• There was a break above a major bearish trend line with resistance near $40.30 on the hourly chart of XTI/USD.

Read more on FXOpen blog: https://bit.ly/330TRLK

#forexanalysis#oil #gold #forex #traiding

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FXOpen - one of the most successful and fastest-growing Forex brokers.
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[radex78]

Changes to Trading Hours on Hong Kong Public Holiday

Dear Traders,

Please, note that on 1 and 2 October 2020 trading hours will be changed as follows:

Indices:

• Hong Kong 50 (#HSI): trading closed.

Other indices will be traded without changes.

Please, consider this information when planning your trading for the upcoming week.

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[radex78]

THE COMEBACK OF THE WORLD’S RESERVE CURRENCY

The U.S. dollar, the world’s reserve currency, is having a remarkable comeback. It gained ground against all other major currencies (e.g. EUR, GBP, CHF, AUD, CAD) and it looks poised to strengthen even more.

With only a few weeks ahead of the U.S. elections, the market participants will likely take some risk off the table. This can translate either in booking profits on the trades that dominated the markets after the pandemic reached the Western world (e.g., short USD) or being forced to close some positions because of an increase in margin levels due to the upcoming elections.

Straight Line Towards the U.S. Elections

The week ahead is marked by Christine Lagarde testifying in front of the European Parliament and the NFP on Friday. But just like last week’s Powell’s testimony was ignored by the market, the chances are that the same will happen this week with Lagarde. Not even the NFP matters anymore, as the markets focus on the biggest event ahead – the U.S. elections. In times of uncertainty, investors look for safety in markets.

The traditional safe-haven currency remains the USD, and the recent comeback should be interpreted as such. The EURUSD eased from 1.20 to 1.16, the GBPUSD fell from 1.35 to 1.28 and the AUDUSD corrected from 0.73 to 0.7 – they all show a stronger USD. Moving forward, higher margin requirements for both currency and stock trading will cause further USD strength. To book profits on the USD short trade, one needs to buy it – the same is true in the case of stocks.

But it could also be that a higher USD is caused by the second wave of COVID-19 infections. Spain, France, Germany, but also the U.K. and the United States, see a spectacular rise in the number of new cases.

Read more on FXOpen blog: https://bit.ly/2GfAoho

#financialmarketnews#dollar #usd #eurusd #forex #traiding

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FXOpen - one of the most successful and fastest-growing Forex brokers.
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10$ No Deposit Bonus for TickTrader ECN Accounts//Join FXOpen