EURCHF - SAFE HAVEN TO HEAVENSEURCHF Sees a potential drop towards 1.041000 as new support.
If this support of 1.041000 BREAKS, 1.027200 is the last support before heading south in a free fall seen on the weekly timeframe.
Weekly Setup
Howtotradeforex
USD/JPY Bullish short-term gainsUSD/JPY has hit four-month highs amid optimism on trade and Brexit. Mid-October's daily chart is painting a bullish picture.
China has reported the slowest growth level since the 1990s – an annual increase of only 6% in Gross Domestic Product in the third quarter. The world's second-largest economy continues experiencing a slowdown .
Ultimately the bigger picture is of a slowing global economy, and that points to falls in USD/JPY.
Upside momentum on the daily chart and has crossed the 108.50 level – which was a considerable resistance line, now serving as support.
Resistance awaits at the 109-109.10 region Looking down below 108.50, the next cushion awaits at 108.15, which limited USD/JPY's gains in late September. Next, 107.50
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GBPUSD - Long = Compound Trade entries - Awesome 24% growthHello all - DuncanForex here with a continuation compound trade
With my first entry hitting TP this morning, I am looking to get more entries now on the next cycle higher
Trades 1, 2 and 3 entered this morning at 1.2070 along with GBPJPY
Trade 1 TP Hit
Trades 2 & 3 Stop loss is now at entry point of 1.2072 - to take into account swaps.
Entries, 4, 5 and 6 are on a buy stop at 1.2095 area
Take Profit targets I have added to this chart to show what I am aiming for overall
Trade number and reward vs risk ratio
1 = 2 to 1
2 = 3 to 1
3 = 4 to 1
4 = 3 to 1
5 = 5 to 1
6 = 7 to 1
Risk profile of 1% per trade
Overall Risk at any one time = 3% as first trade is already TP. trades 2 & 3 are at break even before second 3 trades opened.
Total capital growth if this plays out is
24%
Risking 6% overall of capital with only 3% of it at risk at any single time (3 trades opened with 1% each)
I hope you find it interesting
Head over to my website to join and learn how to do this yourself
Cheers
Duncan
The Start of A Trade-Along : How to trade the Dollar Index In this video I show you how to profit in the forex market with the dollar index and the pairs that make it up
Education post 9/100 – How to trade double top pattern?The double top pattern is one of the most common technical patterns used by Forex traders. It’s certainly one of my go-to methods of identifying a potential top.
Just as the name implies, this price action pattern involves the formation of two highs at a critical resistance level. The idea that the market was rejected from this level not once, but twice, is an indication that the level is likely to hold.
However, as simple as that may sound, there are a few critical things that must be present for this topping pattern to be useful (and profitable).
By the time you finish with this lesson, you will know exactly how to identify a double top as well as how to enter and exit the pattern to maximize profits.
Seeking a breakout EURJPYBeen trading and tracking this one for some time. Very choppy waters with 100 pip+ swings as per usual with anything JPY related.....
Anyway, I am still waiting a good breakout and price to take on for a big monster move further down.
Key eco reports due the rest of this week should be the spark we need for it.
All I really need to see is that angled support bar broken thoroughly, then Ill be in for big short long-term profits.
Good luck all.
