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EURUSD-Weekly Market Analysis-Aug21,Wk4On the daily chart, EURUSD has broken and closed below the immediate support, however, it is still not a good enough confirmation for me because there's another level of support, looking left. On the 1 hourly chart, 1.1704 is the critical level that many traders will be looking at. For counter-trend traders, a break and close below 1.1704 will encourage them to engage for an aggressive buy as a support & resistance trade or double bottom trade. The trend-following or the trend traders will be hoping for the opposite and a bearish flag pattern.
Short
by RaynLim
NZDUSD - Supply Zone and Resistance LevelThere's no need for thousands of lines to make a trading work, it can just be a simple line and a small box if you know how to read the price chart, naked. Naked trading is what I've been doing for years but never really use that term. It simply means trading without indicator, just base on candlesticks. The black rectangle box is the aggressive trading zone for traders to jump on the bandwagon. Conservative traders can wait for the retest on the red line for a shorting opportunity.
Short
by RaynLim
AUDUSD - Bearish Gartley PatternAs mentioned in the training video, this week the chart on the AUDUSD is having the same trading opportunity as NZDUSD. I also shared my views on correlation currency pairs. There are 2 different Gartley Patterns that forms on both the 4-hourly chart and the 1-hourly chart. I will be waiting for the shorting opportunity on the 1-hourly chart at 0.7400 as a trend trading opportunity. It seems like lots of Harmonic Patterns has form up, which means the market is going through a consolidation. Of which, Gartley Patterns shows a sign that traders are aggressive in engaging the trading opportunity.
Short
by RaynLim
EURJPY - Bullish Gartley PatternThe Deep Bullish Gartley Pattern on the 4-hourly chart happens to complete at the same level as the Deep Gartley Pattern on the daily chart. If you had missed the 1st trading opportunity, this might be a second chance to engage in the trade on this counter-trend setup. For trend traders, there is a red slanted line, and that is known as the trendline. It was the same trendline you can see from the link within the tradingview post below, resulting after the market has broken and closed below the sideways consolidation.
Long
by RaynLim
SGDMYR XEOn 29Jul21, Malaysia Ringgit has retested the previous low at 3.1348, which means 1SGD exchange for 3.1348MYR. If you are earning SGD and spending MYR, it is a good time to consider changing most of your expenses for the next few months to MYR because it is at its recent historical low. There is a high possibility that SGD may weaken against MYR or MYR may strengthen against SGD, in any way it is 60% unlikely that SGDMYR to go beyond(higher) than 3.1348MYR provided there isn't more shock to the market on Malaysia Political scene. If you are looking to short SGDMYR, just check if the spread is too much, if the spread is more than 5pips, it's too much.
Short
by RaynLim