Daily Technical Analysis FXOpen

radex78 · Dec 7, 2020

“Classics without Borders” is a Free Contest with Real Money Prizes

FXOpen broker invites beginners to participate in the “Classics without borders” Forex contest. Take a great opportunity to show your skills in Forex trading using classical trading tools and get real money prizes! The prize fund of the contest is 1500 USD. Both new users and existing clients who have registered with FXOpen not earlier than January 2020 can take part in the contest. The registration is already open.

Gabung Kontes

Terms of the “Classics without borders” contest:

Contest dates: 30 November through 24 December;
Registration period: from now till December 13, 2020;
Start deposit: 5000 USD;
Leverage: 1:100;
Trading instruments: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD, NZD/USD, EUR/GBP and stocks;
Maximum number of simultaneously opened orders (including pending orders): 100;
Single order minimum volume: 0.01;
Single order maximum volume: 100;
Margin call: 100%;
Stop out: 50%;
Account type: contest demo ECN;
Advisors and locking: allowed;
Prize fund: 1500 USD

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radex78 · Dec 8, 2020

SEMUA MATA DI EURO DAN ECB MINGGU INI

Menyusul laporan NFP yang lemah di Amerika Serikat Jumat lalu, pasar bergerak ke acara utama minggu depan - keputusan Bank Sentral Eropa (ECB). Bank sentral sudah berkomitmen sebelumnya untuk bertindak pada bulan Desember, dan sebagian besar dampaknya mungkin sudah dihargai di pasar. Namun, ini masih dapat mengejutkan pasar, terutama jika kita mempertimbangkan kuatnya Euro secara keseluruhan.

Euro yang Kuat Tetap Menyakitkan bagi ECB

Nilai tukar EURUSD mencapai 1.2175 menjelang laporan NFP Jumat lalu. Pada saat pertama kali mencapai 1,20 di musim panas, ECB secara lisan melakukan intervensi, menunjukkan bahwa tingkat nilai tukar terlalu tinggi. Sejak saat itu, EURUSD terkonsolidasi di bawah 1,20, tetapi level tersebut akhirnya melemah.

Baca lebih lanjut di blog FXOpen: https://bit.ly/3qzY7LZ

#FinancialMarketNews

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radex78 · Dec 9, 2020

BTC AND XRP – CONSOLIDATION SEEN BUT A BREAKOUT LIKELY STARTED

BTC/USD
The price of Bitcoin has been moving sideways since the 1st of December when it reached a new all-time high, spiking above the $19,677 level. Since then we have seen the formation of a descending triangle with the price now going back to its support level and has been testing it for support once again. Currently, it is being traded at around $18,819.
XRP/USD
From the 1st of December, the price of Ripple has decreased by around 20%, measured to its lowest point on the 5th, when it came down to $0.543 but started increasing from there again and came up to $0.625 on yesterday’s open. Now it is being traded slightly lower as another decrease was made but the price has made a higher low and a breakout from the higher degree symmetrical triangle on its upper side.

Read more on FXOpen blog: https://bit.ly/2K75oC3

#Cryptocurrencies#BTCUSD #XRPUSD

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radex78 · Dec 10, 2020

EUR/USD IS SHOWING BULLISH SIGNS, USD/JPY COULD RESUME DECLINE

EUR/USD gained bullish momentum above the 1.2000 and 1.2080 resistance levels. USD/JPY is currently recovering, but it might decline again if it fails to clear 104.30.

Important Takeaways for EUR/USD and USD/JPY

The Euro started a strong upward move above the 1.2000 and 1.2100 levels.
There is a major contracting triangle forming with resistance near 1.2120 on the hourly chart of EUR/USD.
USD/JPY is correcting higher and trading above the 104.00 support level.
There is a major bullish trend line forming with support near 104.10 on the hourly chart.

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radex78 · Dec 11, 2020

LTC AND EOS – DESCENDING CHANNEL ENDING SOON

LTC/USD
The price of Litecoin has been decreasing since the start of the month when it came up to $93. Measured to its lowest point of the month made yesterday at $74.45 we have seen a decrease of 20%. The price is currently being traded around the levels of yesterday’s low, but it appears that it found support there and is now looking to start increasing again.
EOS/USD
Since the start of the month, the price of EOS has decreased by 18.8%, coming from its high at $3.334 on December 1st to $2.70 on its yesterday’s low. Currently, the price is being traded at $2.7567 and is moving slowly to the downside. We can see a similar pattern like in the case of Litecoin as a descending channel was formed.

Read more on FXOpen blog: https://bit.ly/3n4BSf6

#LTCUSD #EOSUSD

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radex78 · Dec 12, 2020

NOVEMBER 2020 TOP 10 PAMM ACCOUNTS OVERVIEW

Summing up the results of November, we choose to monitor the most attractive PAMM providers for investment. Investors are mostly interested in good returns and low drawdowns. In today’s PAMM review on the eve of the Christmas holidays we will look at profitable PAMM accounts for a moderate portfolio.

By November 2020, there were 172 investment accounts opened in FXOpen and $2’106’389.00 worth of capital invested.

DevidGuetta

This PAMM provider has been demonstrating successful trading for almost the whole of 2020. At the beginning of the fall, the provider behaved conservatively, but in November the monthly profit was +7.31%. It is worth noting that they traded very successfully without significant drawdowns. In November, they traded mainly in cryptocurrencies: LTC/USD, BTC/USD, XRP/USD. The maximum drawdown in November did not exceed 2.51%. It is possible to join the provider with 100 USD or more.

MinRisk

This provider has been trading fairly confidently on FXOpen since July 2016. Since April 2020 they have been trading in profit with minor losses. In November, the profit was 4.56%, in December, the positive trend persists. Deposit load in November did not exceed 7%. The manager chart shows some spikes, indicating the use of averaging on the exit from the drawdown. MinRisk account style can be considered as quite aggressive, but profitable at the same time.

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radex78 · Dec 14, 2020

13 mistakes (almost) every trader makes

Human beings make mistakes, but not every mistake costs money. In the world of Forex, every mistake has a price tag on it. To help you learn more from others' failures rather than your own, we've picked out 13 of the most common mistakes of traders according to forums. Make a good use of this list!

1. The lack of a systematic approach. No matter how godlike your trading style is, you won't always do well without a cheat sheet. There should always be a plan, the other thing is that your plan can and should be adjusted under changing conditions.
2. Lack of algorithm. Without the algorithm, the risk of losing the deposit increases manifold. A clear algorithm implies a step-by-step sequence of your actions depending on the trading situation.
3. Not placing stop-loss orders. With this approach, the trader is sure to be knocked out of the market sooner or later. The more profit you make in the beginning, the harder the blow will be when you lose it all. A good trader never takes a risk and puts a stop loss where it's needed.
4. Lack of money management. Some traders don't even know what it is. Money management is a large component of successful trading Not a single professional trader works without basic money management principles, which are:
choosing the size of positions;
knowing when to increase volume;
knowing when to decrease volume.
5. Closing a trade before reaching a possible profit. Many people traders close a profitable trade earlier than necessary, losing good money on it.
6 Lack of habit of keeping statistics. Statistics is the basis for your trading system. It's the only way to visually track where you're making mistakes and where you're earning. Trader's statistics is your karma, which shows what you do and what you will do in the future. You can't eliminate mistakes without statistics, because you simply won't see them otherwise.
7. Changing your strategy during trading. It doesn't matter how you may justify this flawed practice. You should improve your strategy only based on the statistics and outside of working hours.
8. Unreasonable risks. As a rule, they lead only to money losses and huge drawdowns.
9. Trading while being emotionally unstable. It is recommended to trade only with a clear head and in a good mood, when there are no obligations or moral turmoils weighing over the trader.
10. The urge to do everything at once. The market will (hopefully) always be there, there is no need to rush. If you go overboard today, tomorrow you may have nothing to trade with.
11. Trading against the trend. Although many professionals brag about their ability to predict market behavior, trading against the trend is strictly inadvisable for beginners.
12. Excessive trust in gurus. No trading guru has ever proven more useful than self-education through statistics and reading the correct literature.
13. Ignoring important information. Before you start trading, you need to understand what the trading terminal is, how the margin and leverage are calculated, what is the spread, what factors influence the price change, what is supply and demand, what markets are like, how to analyze, what is liquidity and volatility and many other things. By answering these questions, you gradually come to understand the markets and begin to make the first steps towards a stable profit.

#PointOfView

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radex78 · Dec 15, 2020

ECB DISAPPOINTED MARKETS – WHY?

Contents

What Was Priced In?
How About the EURUSD?

Last week’s main event, the European Central Bank (ECB) meeting, disappointed the market. The central bank pre-committed to ease the financial conditions already from October, but the markets remained with the feeling that the ECB did not do enough.

Yes, the central bank further eased the policy – it extended the Quantitative Easing (QE) program and offered better terms on its TLTROs.

However, it was less than the market expected. Moreover, the market pushed the EURUSD exchange rate above the 1.20 level a week before the ECB, and the central bank did not give any clue that it is bothered by the move.

What Was Priced In?

The market expected the PEPP program, which basically is the QE program during the pandemic, to be extended by June 2022. Instead, the ECB extended it only by March 2022. The three months between the two dates when the ECB will not buy bonds represent a tightening rather than easing. As such, the market took the message as hawkish rather than dovish.

Moreover, the new TLTRO conditions for commercial banks to get access to the funds are tougher. In other words, few commercial banks will be able to meet the ECB’s terms so that they will get the funds needed. As a result, the ECB managed to deliver another hawkish message during a dovish statement.

Finally, the central bank suggested that it expects inflation to reach 1.2% in 2023, using the “core” approach, the one that does not consider energy prices. But that is well below the 2% threshold established by its mandate and may suggest that the ECB has a problem bringing inflation below but close to the target.

How About the EURUSD?

The EURUSD and a strong Euro represent such a problem. It is economics 101 that a stronger currency weighs on inflation. Thus, the ECB would have an easier task of reaching its inflation-targeting mandate if the Euro will not be that strong. In particular, the EURUSD is an ongoing concern for the ECB.

However, by only delivering more easing measures wrapped in hawkish statements, the ECB does nothing but fueling a stronger EUR. As such, we should not be surprised by the fact that the EURUSD rate at the 2020 highs two days after the ECB press conference ended.

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radex78 · Dec 16, 2020

BTC ENCOUNTERS RESISTANCE WHILE XRP FINDS SUPPORT

BTC/USD
The price of Bitcoin has been increasing from last Friday when it was sitting at $17,570 at its lowest point and came up by around 11.4% measured to its highest point today at $19,570. Now the price is being traded at $19,316 as it fell from today’s high and is now making a recovery.
Since the start of the month, we have seen the price in a decline, forming a descending channel from the 1st of December. Last Friday the price found support on the 0.618 Fib level and started increasing again, breaking out from this descending formation and coming above the significant lower horizontal level.
XRP/USD
The price of Ripple has been on a decline since the start of the month, coming down from $0.68 at its highest to $0.47656 at its lowest point today, which is a decrease of around 30%. Currently the price is being traded at $0.4839 but is still in a downward trajectory.
First, we have seen a three-wave descending move with strong momentum, followed by a three-wave upward ABC a bit less steep, and after that a five-wave move to the downside which was developed slowly and wasn’t impulsively developed.

Read more about Bitcoin and Ripple on FXOpen blog: http://bit.ly/3miJQ2R

#Cryptocurrencies

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radex78 · Dec 17, 2020

EUR/USD APPROACHING KEY RESISTANCE, USD/CHF REMAINS AT RISK

EUR/USD is trading in a positive zone above 1.2100, but it is facing hurdles near 1.2170. USD/CHF is struggling to hold the 0.8850 support and it could decline heavily.

Important Takeaways for EUR/USD and USD/CHF

The Euro started a fresh increase above the 1.2050 and 1.2100 resistance levels against the US Dollar.
There is a connecting bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD.
USD/CHF remains in a bearish zone below the 0.8950 and 0.8920 resistance levels.
There are two major bearish trend lines forming with resistance near 0.0.8870 on the hourly chart.

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Daily Technical Analysis FXOpen

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