Forex Trading Ideas

[Chartreaderpro]

EURUSD Forecast of the day: Corrective rally loses momentum

The bullish “corrective” rally of EURUSD seems to be ended at the EMA 50 resistance of the Daily Charts. 1.17880 resistance worked well.

Harmonic Patterns sometimes really do their job very well. The Bearish Gartley worked well as predicted with the help of EMA resistance.

Markets will focus on U.S PPI figures and ECB President Draghi’s speech today. Another concern is the trade war tensions.

Technically:

EURUSD is pricing at 1.17230 as of writing.

On the daily chart, we can clearly see the bearish pressure as the pair holds below EMA 50.

1.17880 remains as the major resistance in the H4 Chart timeframe. The pair tested Fibonacci 38.20% of CD impulse after breaking the 1.17340 minor resistance, reversed upwards and retested the broken trendline.

1.17140 is the key level of today as EMA 200 in H4 Chart and Murrey Math Lines 0/8.

A break below 1.17100, may lead the price 1.17030 and 1.16800.

The real war will start at 1.16800.

Conclusion:

We can not talk about a trend reversal as long as the price holds below 1.18500.
EURUSD needs to make a few H4 closings above 1.17800- 1.1800 to continue its short-term bullish move.
Break and close below 1.17100 will make the Bears much eager to sell. In this case, 1.16800 is likely to be tested soon.
A better than expected U.S PPI may lead the price 1.15960 – 1.15300 region.
Key Levels for Today:

Upside: 1.17500 1.17800 1.18100

Downside: 1.17100 1.16800 1.16570

Midterm traders: You can sell EURUSD after breaking below 1.17100 with a stop loss above 1.18100 targeting 1.16800 and 1.15700. Pullbacks are selling opportunities as long as the price holds below 1.18500.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

[Chartreaderpro]

XAUUSD Potential Bullish Crab and Bat Formation

XAUUSD Potential Bullish Crab and Bat Formation

We are still bearish, and selling pressure will remain as long as the Gold prices holds below 1265 USD. Currently; there is no fundamental that support Gold prices.
Our latest setup reached the second target as well.
1218 is one of the historical supports and plays the key role in the smaller chart timeframes. Breakout of 1218 will lead the price 1212 , 1207 and 1198 USD.
A Bullish Crab formation on the H4 chart which would be completed at D 1197 USD as seen on the below chart. This pattern signals a minor retracement. We will publish the details for the members if the pattern becomes validated.

Charts and Details: http://chartreaderpro.com/xauusd-potential-bullish-crab-bat-formation/

 

[Chartreaderpro]

DAX30 Index Descending Triangle Pattern And Long Opportunity

Description: Chartreaderpro finds a potential descending triangle pattern formation. Long opportunity at the breakout of the triangle.

Time Frame: H4

Pattern: Triangle

Facts :
* Finds support and makes a double bottom at 11400
* Price closed above EMA 50

Trade Opportunity: Buy the potential breakout of the triangle as shown in the chart.

Estimated breakout level: 11563 – Confirmed by MM 2/8

Targets: 11710 and 11820

Invalidation Level: Below the double bottom 11400

Aggressive Traders: May long at the current level with the same stop loss

Details: http://chartreaderpro.com

 

[apkmaniapure]

Whats the best currency pair for trading?

 

[LuisEzell]

Long-term Uptrend in USD/CAD

USD/CAD Daily Forex ChartUSD/CAD Daily Forex Chart
In mid-April, I put up long orders to buy USD/CAD if it broke above the consolidation pattern to play weakening fundies in Canada, while the U.S. saw mixed but arguably net positive economic updates at the time.

Since then, we did get a spike higher at the end of April after the dovish Bank of Canada monetary policy meeting, confirming my original thesis on the Loonie and pushing USD/CAD up to hit my buy orders at 1.3500 to put me in a full long position. But the momentum stopped there as 1.3500 as both the U.S. and the Loonie kind of moved back into choppy price action over the last couple of weeks.

Then last Friday, we got a positive surprise from the latest Canadian employment update as Canada adds a record 106,500 jobs in April, prompting a short-term spike lower in USD/CAD after the news. With economic conditions improving in Canada, including that monster jobs report, I decided during the morning U.S. session on Friday to not be short Canadian dollars for now since this will likely prompt less dovish rhetoric from the BOC going further. And again, with the 1.3500 holding the bulls at bay, it made sense to just cut this trade off for now until a true break-and-hold above that level occurs. So, I decided after the Canadian jobs data to close the trade manually (1.3484) for a very tiny loss:

Total: -16 pips / -0.08% loss on 1.00% risk

What do you think? Did I close too soon or was it a good idea to just cut it and move on? Let me know in the comments section below!

And so this leaves me with my open trades in CHF/JPY and NZD/USD, which are still both in profit but took a bit of a hit in recent sessions. Perfect time to add or no? I’ll do a bit more work and if I do feel like it’s time to adjust, I’ll post up an update soon. Stay tuned for that and new potential ideas coming soon…and as always, good luck and good trading!

 

[cadasngampar]

We will try to share detailed forex trading ideas.

The first one is EURUSD

We are going to have a quiet trading day as Europe remains closed.

The pair is still under Bearish pressure. It is below EMA 50, EMA 100 and EMA 200 of H4 Chart Timeframe.

1.23100 and 1.22980 are the next downside levels of today.

The real problem for Euro Bulls will start if it breaks below 1.22980. 1.22680 and 1.22300 will be the next targets of the pair and it will not take too much time to achieve those levels.

1.23600 remains as the main resistance and bearish pressure will continue as long as the price stays below 1.23600.

Bulls may come back to the playground after an H4 closing above 1.23600.

Since we are going to see low volumes today, the best strategy can be “wait and see. ” Or short with a stop loss above 1.23600. – We suggest you try shorts with small lots- 1.22980 1.22830 and 1.22680 are take profit levels.

euro.usd is the best pair to trade for every trader inthe world, the lowest pair spread and stable volatility