USDCNH respecting the patternUSDCNH found resistance at 1.272 level as expected. Our view is still on the upside targeting the 1.618 extension to close the ABCD pattern.
Learning
USDJPY Learning Volume ProfileI am learning how to use volume profile, in addition to learning how to run my analysis. For this particular pair USDJPY, I noticed where price did bounced off of. It acted as a support, and the low volume node bridge is an indicator that price was going to turn around and head back towards a point of control, as well as head towards a value area with higher value.
Gold Learning Volume ProfileThis is more about understanding volume profile more than anything else. I actually set this trade up based off of the candles to the left wicking low, and my entry was the break of those particular wicks. One thing that I found really interesting about where I put my entry at, was the fact that most of the other candles above had a magnitude of a particular range, but when the sell stop was activated, the candle that painted was actually of a higher magnitude, meaning that it move more pips on average than the other candles.
OKAY BITCOIN, RELAX Bitcoin has finally broken through a $9k support level, due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:
1. It's just a retracement, market will resume bullish from $7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.
The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
USDCHF SHORTTemporary retrace for the B correction followed by a short position to go down the C corrective wave.
Ambuja Cement Chart Levels223-223 is seen to be a stiff resistance. Price rejected multiple times from the zones.
If breaks with conviction, then only on the buy side for further target of 245-250 zones.
Both time rejection candles seen near price zones.
EURGBP to continue lowerAs price breaks through TL support 3 times, I assume there is still an overall bearish outlook for this exchange rate.
TRADING IS NOT AS IT’S PORTRAYED ON SOCIAL MEDIA .. READ BELOWThe reason so many people are attracted to trading is because of how it is portrayed on social media. I’m not here to Bullsh#t you, I am only here to deliver pure facts and that is how YOU WILL LEARN.
Firstly, the most us were attracted to trading because of how simple it seemed to actually make money, until we started trading and realised that it wasn’t that simple.. And this may be the stage you are currently at so let me clarify a few things that will hopefully help you in your trading journey.
Your trading account is YOUR business, treat it like one it is not quick money! A business goes through stages of a life cycle, and these are the stages you must go through too before you figure it out:
1. Development / Seed stage
2. Start up
3. Growth / Survival stage – Your most crucial stage
4. Expansion / Rapid growth stage
5. Maturity stage
6. Decline – The moment you stop learning and think you have it figured it out, is the moment you will decline.
Trading is process that may take you 1 year to master If you have the right mentor or even up to 5 years to master if you don’t. But it is a process, you will take losses through the process but that is necessary for success. You have to trust the process and FALL IN LOVE with it.
If you are trading for the sole purpose of making money then you approach is wrong. I trade because it is my passion, it gives me the opportunity to figure out the ‘uncertainty’ and to empower others. The profits are the end result of obeying your trading rules/plan and obeying the unspoken rules of the market.
KEY TAKEWAYS:
1. Trading is a PROCESS, stick with it, be consistent and it will pay off.
2. Find a mentor who has YOUR best interests before theirs.
3. Your trading account is your business, approach is as one. Businesses take years to reach the maturity level so make the same mental shift
4. Focus on the bigger picture, money is an end result. It happens after the fact, after you’ve taken and closed a trade.
I will be doing analysis on GBPUSD, some potential big moves to come.. Follow us to get notified.
Feel free to ask any questions below.
USDCHF SHORT (DOUBLE TOP)-Bearish divergence
-3 bearish candles show bullish momentum decrease.
Looking for price to replicate a pullback like this so that I'm able to re-join trend continuation:
GBPUSD SHORTAfter seeing 3 rising peaks previously, price moved down significantly. I assume a similar pattern will occur now also.
ARE YOU LOSING IN THE MARKET? THEN READ BELOW Losing is inevitable. To be a successful trader you must truly truly understand this. Look back at my analysis. I have both winners and losers and I absolutely love them both.
Why do i love my losses? Because I don’t see them as losses, I see them as lessons. Every set up that doesn’t go as I anticipated is crucial information that I must study and this is truly what has made me good technically speaking. I learn from my mistakes and I don’t repeat them.
Second most important fact is Risk Management which ALLOWS me to learn from my losses. If my trade goes bad and I lose 1% or 2% on a trade, I don’t feel bad , I simply move on to the next trade and take the information the market has given me and STUDY it. The moment I risk more than 2% and the trades goes bad is the moment my mental being shifts, the emotions start rolling in. I want to close but the trade is valid, I get scared, question why I didn’t risk less etc and I’m sure you can all relate to this. Once this happens, it’s very hard to study the losing trade because you now associate it with pain and you avoid looking back at it at all costs.
KEY TAKEAWAYS:
1. To succeed you must fail, to succeed after failure, you must gain experience from your failures.
2. In order to gain experience form your failures, you must manage your risk, by managing your risk, you are controlling your emotions, by controlling your emotions you are allowing yourself to think analytically.
3. Trading is game of probabilities not guarantees. Every trade only has a 50% chance of winning.
USDCAD SHORT -Price has reached a TL resistance.
1H shows that:
Looking to keep a sell open until 1.30180.
GBPUSD OVERALL LONGI believe the 1.1900 region looks promising before turning around. However, as brexit decision nears to October and the current sell pressure on the weekly chart, we would be looking to make a new low.
1D:
KEEP IT SIMPLE !!!!! THE ANSWERS ARE RIGHT THERE !!!!!!Its easy to get carried away and over analyse our charts, but a lot of the time all we need to do is keep it simple; our biggest barrier is our emotions. ALWAYS KEEP THEM IN CHECK x
GBPUSD LONG COUNTER IDEABased off my previous idea, this idea seems more logical. Inverted head & shoulders followed by a re-test of the neckline. The exchange rate also shows a 50% retracement and candles getting smaller and wicks getting longer suggesting a decrease in momentum.
GBPUSD SHORT-Long wick formation on support suggests going long until 1.22040 and rejection of TL back down.. or market re-opens and pushes through support to continue short.
This coincides with my EURGBP analysis, as GBP loses its value, we'll see the opposite for EURGBP.
GOLD - Elliot experts thoughts?!I need your advice on this particular prediction.
Currently in a stage of learning/practicing Elliot Waves.
Therefore, do not copy me!
It's just an idea of mine.
However, everyone can share their own thoughts in the comment section below.
Also, don't forget to support me! :)
