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Pair has managed to hold the gains after huge rally downwards to start of the week, but has show strength and focus is now shifted towards the high of 1.4750-60 area, I would wait for pullbacks towards 1.4450-60 for any retracement entry. Check the post and check the trading levels.
long entry was recommended around 79.55 levels and target was set around 80.67, Pair has manage to reach 80.40 and waiting for 80.67 first target to be achieved soon and from there new update would be posted.
Trade was recommended earlier after rejection of 1.2892, and idea was immediate rejection from strong supply in to demand and rejection offers very low risk reward opportunity and that is the reason I buy it around 1.2920 and took profit at 1.3050 when market rejects once again from the same area on Monday.
Trade Update usd/cad
Forex Trading Strategies- Chart Reading step by Step
Pound has manage to fake the previous price Action around 1.4356 and manage to breach the high of post NFP payroll data. Focus is now shift towards base of the current pause in rally around 1.4440 and trade alert section will be updated If we find any buy stops triggered at pullbacks.
Forex Trading Strategies- Chart Reading step by Step
Austalian dollar trading waiting for Bank official to meet and decide the future of Australian Economy, its GDP forecast, bank repo rate, lending rate and deposit rate and it is this is one of the major release that Australian dollar react to. After Friday bull rally, price action in all the Aussie pairs is waiting for banks to hold the cash and lending rate to the record low and maintain a dovish outlook overall as there is some signs of global recovery has been seen in China and other global trading partners.
Technical Analysis of all the Aussie Crosses
As I mention in my previous article, you must be aware of all the recent moves and collect those pieces to be able to know the future reaction of price and it will help you decide when to enter with lower risk and get the maximum reward and remain in trade for longer periods to make full use of risk reward and make profit upto the maximum or close to maximum potential.
Aud/jpy found support just below the previous low
Price Found support around 78.00 just below the previous low and faking out the previous swing low and faking out the strong demand or confluence level of the previous rally which makes a new high, I would like to remain in trade and watch for the next mention target and it is breached i would look for the new high just above the previous swing high.
Australian dollar outlook bullish ahead of RBA rate decision
Outlook is positive for more gains and outlook is still quite bullish But adjusting of large orders can be seen and rally towards the low of 0.7298 cannot be ruled out and from there we can see rally continue towards 0.7450-80 area, which is good area to take profits and put stops under 0.7250 would offer good risk reward potential
Pair Australian Dollar Aud/usd
Entry buy stop at 0.7300
Stops @0.7240
First TG is today high around 0.7380
Second Target is 0.7460
Risk Reward 1/3.
Risk--High
Two things that favors our entry and one of them is we are not entering at market levels and so in bullish market we have to play the waiting game and look for potential large orders for the rally to catch enough sell orders and our stops are placed such as to give trade some room to breathe after the market settles down and second risk is not on as we have not seen big rallies up or down in world indices, so play safe is always recommended and entry and exit level rules are very strict.
Forex Trading Strategies- Chart Reading step by Step
Forex Technical Analysis is complete art in itself and You don't need to be Rocket scientist to read a Currency chart and Your technical knowledge will remain incomplete if you don't know Who hold the strong side on the chart and who is more likely to gain control in future. That market is most sentiment oriented which can turn its hands any time and it would take a session or two for a strong bull or bear trend will completely reverse, so it means you have to be cautious and can take all the time you need to access and implement what you learn in all those months or even years you spend
Forex Technical trading is all about who holds the edge, and if you want to compete with the best in the business, you need to be well versed with all the tools and need to stay ahead of the market
Chart reading or knowledge of complete Price Action is must and your decision making should be based only on levels and time spend near those levels which makes those levels even stronger when they are visit. Market always use to behave near those strong levels even for some spikes, which can be the result of consumed orders or strong pinbars which tell us the strength of the level again.
Step to step Technical Analysis
Chart above Canadian dollar/japanese yen without any explanation will put you in complete disarray what is happening but If I put some text on the same chart the you will have some idea why it is important to read every chart and understands what it is trying to tell and then plan your trading activity. Technical analysis should be easy to read and should only be based on price and its complete supply and demand structure, and time put behind such knowledge always give you an edge above others who use indicators, trendlines, fibo and Chart patterns like Head & shoulders, cup and handle etc.
Forex Technical Analysis--Step by Step Chart Reading
Above Chart tells the different story altogether,because every move is cleared in this chart and if you find such decisions been made on the chart the Forex Technical Analysis is logical otherwise they are just support and resistance areas which would surely be one or other way of failure.
If you see the above chart we have supply from where price fell a fair way away and then it found demand and compressed(cp) to supply faking it out and then this CP broke into demand and again faking it out and then rally to new highs which was another fakeout and price fall again.
While price fall of that new high it ignore the demand on its way down,creating new supply and price again found new demand and that first visit to supply (ignore demand become supply)was rejected and price then compressed to newly formed demand faking it out and went quickly for the second visit to supply and when it again went to the demand level which was consumed it just give false pinbar which tells that there was spike due to unfilled order and that unfilled orders now got consumed and price is ready to fall to the next demand level or decision making.
U.S Dollar Index broader outlook, which would cover major currencies like Pound, Euro,Usd/Cad and Usd/jpy
Gbp/usd
Intraday Bias of Gbp/usd remains neutral to bearish as today's price seems strong enough for the bias to turn short term bearish and I am watching for a breach of 1.4450 support for a move towards 1.4331.
Speaking of direction in Gbp/usd, which is in strong downtrend on weekly and monthly time-frames but seems to recover well on daily and shorter time frames, but It could turnout to be a small correction of higher time frames.
As I have mention in the chart that price has Fakeout previous two highs and went straight in to supply and that high prove to be vital to cap the bull rally (which seems to be strong enough) as there was a serious buyers trap just above the previous high and today's price action has covered all the buy stops and that minor rally to 1.4650 turned out to be the biggest of buyer's trap pound has offer just recently. I have witness such Price Action in Pound in recent months and those trap rallies really pick momentum going into big impact release like ECB policy decision, as Further stimulus package announce by Mr. Draghi can really put panic in usd bears, so strong rallies can be seen by U.S dollar bulls .
I will cover the outlook of the Major currencies covered under U.S Dollar Index for the Month of June 2016. Direction outlook for the pound has turned bearish again but I need further Confirmation of the trend as I am still waiting for the lows of 1.4450 to be breached for a move towards possible 1.4045.
You can expect choppy or sideways Price Action for couple of sessions, but still my sell order would remain intact till the weekend and we have still three more days till the market close on Friday and have enough room for the order to click and If things goes right we can surely sees one or couple of the Target get achieved, bearing in mind the volatility to pick up due to high impact release to be scheduled during weekend.
Gbp/usd pending sell stop @1.4450 stops 1.4510
Tg First 1.4310
Tg second 1.4215
Tg Third 1.4090
Eur/USD outlook for the short to medium term is neutral to bearish as We have seen the pair has rejected once again from the highs and has not stopped yet and I would wait and watch If price tests the 1.1060 area in the coming days .
Speaking of direction of Eur/usd, Pair has compressed to the top and recent rejection from the overall supply look strong but recent support around 1.1050-90 area, seems to be holding the pair for too long, but it is understood when High impact release like ECB policy decision is scheduled to be released on Thursday, and Market wanted the view of Mr. Draghi if he is dovish about more stimulus and Gdp forecast for the remaining of the year, would certainly move the pair and there won't be any choppiness for sure.
How to use Open Interest beyond swings on Chart
I prepare this video specially for the newbies and this video is must to watch and part of our Forex Trading Course For beginners, and covers how to use open interest beyond the ultimate swings specially when strong trend reverses immediately.
Recent Rise in U.S Dollar Index and fall in Silver Prices are quite similar to the video mentioned below which has cover most part of my trading techniques, which I used over the years and have edge over other fellow traders.
If I got enough requests then I would post my recent trade of Silver Futures, which I use in the following recommended manner and short Silver Future around 17.75 and my target is 15.60 area.
Trade Watch Pair Gbp/usd
Trade Update Stop out at break even Price went in favor for around 70 pips, but rally strongly after NFP released.
