Signals For 22/05/2020Signals 22.05
Hello my friends, today we will be looking at signals for the nearest trading session. I am once again going to be sharing my top seven trading ideas with you.
First let’s see how yesterday’s ideas worked out.
We started with EURUSD, I recommended that is the price holds above 1.096, you should buy, my first target was around 1.10, and if it held below 1.095, that’s a sell. The second scenario occurred and the price hit my first goal at 1.090.
Next was GBPUSD, unfortunately, the idea didn’t work out, I recommended you long after a false breakout and pullback. The price did break out, but then didn’t continue upwards by much. It did hit my first target, but then just meandered downwards and hit my stop loss. Luckily, we’re smart and use the safe rule, so we broke even.
USDCAD – I recommended you look at it long distance, since the price is flirting with an important support level around 1.39 and as you can see the price formed a false breakout and broke through the dynamic resistance, which is an entry for a long position. My first target was around 1.40, which the price hit. The breakout had a large volume spike, which is a very bullish signal.
Next, we have aussie-usd. Here I said that if the price holds above 0.6550, that’s a long entry point, with the first target being around 0.6640. Unfortunately, the price missed my target by a few pips and then impulsed down, away from a reversal level, so I’d say the idea was solid, we just got a little unlucky. After the bounce the price actually went below the previous level and held below it, which was my second scenario and my first target will be around 6470
Gold – I recommended you long yesterday, and right now, this is still sound advice, so relax, and wait it out. You should be fine
Oil – I recommended you short this instrument. For the opening the position I recommended you look to the level around 34.50 – as you can see, the price got a bounce from there yesterday and fell down to 31.50. My first target will be around 28/contract, so if you’re in a short position right now, just stay there for now.
And lastly we’ll look at S&P 500. Here I advised you short if the price held below 2950, first target being around 2910 and the second around 2870, and the price hit our first target.
Right! That’s if for yesterday’s signal, let’s look what we have here today.
Seemingly, as tradition, let’s start with EURUSD. We tried to get a bounce from an important support level around 1.088. If a bounce does happen, and an entry pattern forms, we can place our first goal at 1.092 and the second around 1.095. I the price breaks through the level and forms a pattern we can enter with a sell with our first goal being 1.084
Next is GBPUSD. It’s looking pretty bearish once again, everything depends on how the price will react to the important level around 1.2180. If it holds below, the price will go further down, and your first target should be around 1.2080, there’s also a 20% chance that the price will go back up, if that does happen look for a pullback and enter a long, with your first target at 1.2240
USDCAD, as I’ve said, looks pretty bullish. The price tried to get a bounce from an important level at 1.40 and if it holds below, go in for a sell with a goal at 1.3960. If it breaks it and holds above, that’s a good opportunity for a long position with the first goal being 1.4060
Next is AUDUSD, you can see, we’ve stayed in a big range for a long time, the price formed a false breakout, so I think it’s looking pretty bearish. If the price pulls back and fractals into the level at 0.6550, that’s an entry for a short, with goals at 0.6480 and 0.64
Gold – I’m still feeling bullish, but it’s interesting how it’ll react to the level at 1730, if it holds above, that’s a bullish scenario, and my targets will be 1750 and 1765.
Oil – right now we’re in a support level at 31.50, if we get a bounce, I’d put the target at 33.50, and then I think a reversal pattern might form and we’ll enter a short with the first goal at 28.50. If we do break the support, we can short straight away and our goal will also be 28.50.
Last but not least, we have S&P 500. We can see that the price is in a big consolidation, we got a bounce from the support at 2910 and this is pretty bullish, if the price forms a pattern, I’m thinking long with the first target being around 2970. There’s like a 30 % chance that the price breaks the support and stays below for a bit, in that case we can short with our goal at 2870.
Well, that’s about it, thank you very much for reading, and best of luck in the market.
