Mihai_Iacob

Mihai_Iacob

I first read "Trading in the Zone" 15 years ago in English. Recently, a publishing house in Romania translated it, and I purchased it on Friday, finishing it entirely by Sunday evening and it was just as impactful as the first time I read it. Mark Douglas' insights into trading psychology are timeless, and this book remains a cornerstone for anyone serious...

Mihai_Iacob

In a recent post, I mentioned that Bitcoin could rise and potentially reach a new all-time high (ATH). However, for this to happen, the key support at 63,500 must hold. At the beginning of the month, the NFP report led to a break below this support, causing the price to tumble below 50,000 in the days that followed. After a typical correction, the price climbed...

Mihai_Iacob

After breaking above the bullish flag following Friday's NFP report, EUR/USD reached a high at the important 1.10 level before beginning a correction. The recent decline is contained within a falling wedge pattern, which could signal a continuation of the uptrend. I remain bullish as long as the 1.0850 level holds, with a target of 1.11.

Mihai_Iacob

In my analysis yesterday, I mentioned that gold could reverse above 2400 and rise to the key resistance zone between 2420 and 2430. However, swing traders should look for selling opportunities in this zone rather than buying in anticipation of hitting resistance. Indeed, the price has moved into this zone, and my strategy remains the same: sell rallies in the...

Mihai_Iacob

Last week, Gold seemed poised to reach a new all-time high. However, after a spike following Friday's Non-Farm Payroll (NFP) report, the price fell dramatically. Although the daily close resulted in a Doji candle on our chart, the daily volatility, measured from top to bottom, was 600 pips. Monday was another extremely volatile day, with a daily range of nearly...

Mihai_Iacob Updated 

Yesterday was a highly volatile day for gold. Initially, XAU/USD experienced a drop in support. However, it quickly reversed its trend and moved upward. After reaching 2460, the price fell sharply back to support levels. Overnight, another drop to support was met with strong buying power, resulting in a long-tailed pin bar on the hourly chart. At the time of...

Mihai_Iacob Updated 

USD/CAD is currently trading around the 1.3850 resistance zone, a level that has been tested repeatedly since September 2022, each time resulting in a decline. However, this year, after testing this resistance, the bears haven't managed to push the price down to its previous support levels. Instead, a higher support has formed at 1.36. The recent rise from 1.36...

Mihai_Iacob Updated 

Understanding Pips and Price Context In the world of forex trading, a pip (percentage in point) represents the smallest price movement in the market. For commodities like gold (XAU/USD), a pip is typically 0.01. Therefore, a fluctuation of 30 to 50 pips in gold translates to a movement of 3 to 5 USD in price. Currently, the price of gold (XAU/USD) hovers...

Mihai_Iacob Updated 

In my weekend analysis, I mentioned that BTC looked bullish across all time frames. The beginning of this week was promising for BTC, but enthusiasm faded at 70k, and the price started to decline. Currently, the price is at 64k, just above the 63,500 support level. This support is crucial for the medium-term price evolution. If the bulls cannot maintain the...

Mihai_Iacob Updated 

Gold finished the month on a very optimistic note, reversing 1000 pips from the recent low. More importantly, the month-end brought three significant breaks for bulls: 1. A break above the 2390 confluence resistance. 2. A break above the 2400 psychological level. 3. A break above last week’s high of 2430. With this positive momentum, further gains and a test of...

Mihai_Iacob Updated 

A few months ago, I wrote an XAG/USD analysis, predicting that Silver could rise by 10,000 pips to reach 35. Achieving such a significant target requires patience, and the price won't climb in a straight line. However, my long-term conviction remains unchanged: Silver will likely rise to 35 USD/oz. But as Keynes said, "In the long run, we are all dead," so let's...

Mihai_Iacob Updated 

In my previous GBP/USD analysis, I highlighted the important 1.2850 support zone. Yesterday, the pair fell below this support; however, sellers couldn't push the price down significantly, and a strong floor was found at 1.28. The recent drop from above 1.3 appears corrective in nature, overlapping and resembling a falling wedge with a false break below support....

Mihai_Iacob

Yesterday, XAU/USD broke back above the 2390 technical resistance and the significant 2400 level, closing the day on a strong bullish note at 2410. This price action suggests that the correction is over and bulls are ready to conquer new highs. At the time of writing, the price is at 2421, with technical resistance at 2430. Given the recent rise, a correction...

Mihai_Iacob Updated 

In my yesterday's comment, I said that OANDA:XAUUSD could resume its bullish trajectory and buying dips could be a good strategy. Indeed, during the day XauUsd fell to 2370, however, bulls took control and closed the day at 2383. At this moment Gold is facing 2390 resistance again, a resistance that now is confluent with the falling trend line and a break above...

Mihai_Iacob Updated 

Similar to Bitcoin, altcoins also began a correction in March. Although this correction has been steeper, it remains a correction. After breaking below the 600B support, the total altcoin market found support around 500B and is now trading back above 600B, suggesting a false break. The confluence of falling line resistance and horizontal resistance around 650B...

Mihai_Iacob

Last week, the Nasdaq broke below the neckline of a head and shoulders (H&S) pattern, which took over a month to form. The price quickly accelerated to the downside, dropping almost 800 points. However, once the price approached the rising trend line of the channel (a channel that has kept the price elevated for the past nine months), buyers entered the market,...

Mihai_Iacob

After an impressive 1000-pip drop in two weeks, USD/JPY reversed precisely from an old resistance level, now support at 152. At this point, we also see a higher low in place, and bulls seem determined to recover lost ground. In the overall trend, the 1000-pip drop is merely a correction and even if there will be a new leg down toward the important 150 level, a...

Mihai_Iacob Updated 

Last week, I was bearish on Gold and ended up with a total gain of around 400 pips. While my last sell trade closed with a modest profit of 30 pips, it prompted me to reconsider my outlook. At this moment, I'm bullish on Gold and expect the price to rise to around 2420 in the coming days. The posted 2-hour chart shows that after the second touch of the...