- GBP/USD traded last week to its highest level since 2011 before reversing - Our near-term trend bias remains higher in Cable while over the 1.6210 2nd square root relationship of the year’s high - The 1.6460 area is interim resistance ahead of a key Fibonacci/Gann convergence at 1.6500 - A minor cycle turn window is seen around the middle of the week - A daily close under 1.6210 would turn us negative on the Pound
Brent Crude Advances and Futures Rise (source - forexminute.com)
Brent crude climbed slightly and futures rose as much as 1 percent; however, the North Sea grade slid 2.5 percent last week. Whereas the reason behind the fall of the North Sea grade is attributed to speculation that the ports, shut since July, would be reopened, Brent crude received a better outlook after news came that Libyan rebels refused to hand over control of three oil ports to the government.
There was a better performance for Brent which gained for January settlement. According to reports, Brent crude jumped as much as $1.11 to $109.94 a barrel on the London-based ICE Futures Europe exchange. It is evident that Brent which used to price more than half the world’s crude, has gained after the Libya obstacle.
A major reason behind the weak WTI crude is that the U.S. has started pumping loads of oil and it is expected to account for about 21 percent of global oil demand this year. The second place is occupied by China which consumes 11 percent.
Trade ideas thread – Monday 16 December 2013 It is the thread on forexlive blog opened today. This link (weekly thread) is on top with google today because of the idea: everybody can post their ideas...
Why Use Automated Futures Trading Systems? (based on thetechnicaltraders.com article)
If you are a trader and are looking for a regular method that could be used to boost your P/L, then automated futures trading systems could be the answer to your problem.
So, just what is a futures trading system? A trading system is effectively a set of rules that you will use to place all of your trades in the market. These rules tend to be automated trading signals and are executed through a computer, to save you time and from human error.
What are futures contracts? If you want to look at it in the most basic of terms, a futures trading contract is like stock that has a specific expiry date.
So, why should you trade something like that? It’s quite simple. As a trader, you want to have as diverse a profile as you possibly can. Diversity is very important to traders and those with large trading accounts. The majority of these futures contracts are based on commodities like gold and oil, coffee and grains. Because these materials are used pretty much constantly worldwide, it makes them almost immune from the spikes and dips that you get from other markets.
Using automated futures trading systems to devise your strategies for the markets is very important as it helps you do two things. One, it will help you understand the markets better as you can track and trade many different futures trading contracts at the same time with ease. Secondly, you will be able to avoid human error and trading from your gut (emotions) which tend to have a negative impact on futures trading systems.
Automated futures trading systems are very important for the active trader. A futures trading system can help to balance your portfolio volatility, and they can stop you making bad decisions based on your gut or your “feel”.
Risk Management Tips For Forex Scalping (source - dailyfx.com)
Camarilla pivot points can be a versatile tool, for the Forex Scalper. However, they can also be applied to produce profit targets, as well as levels for stop placements. read more here https://www.mql5.com/en/forum/4855
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XAUUSD price is ranging between 1211.74 and 1267.79 support/resistance levels on D1 timeframe with primary bearish market condition. The same situation we see on W1 and MN timeframes : secondary ranging market condition within primary bearish.H4...
Forex Weekly Outlook 16 December – 20 December 2013 (based on forexminute article)
Significant changes were seen this past week on the major pairs including the British pound and the Australian dollar, but the euro remained in a wider range the whole week. The EUR/USD was already in the bullish zone for the past 2 weeks where it gained more in the first half of this past week where it made a new high of 1.3812 after which it started to drop as a result of giving some bearish correction where it has completed 23% of its bearish correction for its huge bullish rally on its Fibonacci retracement scale. The pair closed below the support level of 1.3748 on Friday where it is expected that it may plunge more in the upcoming days down to 1.3684 and 1.3667 where buyers would start entering the market again since it is the critical support level that separates the bullish from bearish channel.
On the other hand, the British pound fell all this week after testing a new high of 1.6471 and closed at 1.6303 after losing 171 points against the greenback. The GBP/USD has technically entered the short term bearish channel where it would remain a bounty for the sellers as long as it sustains below the critical resistance level of 1.6374. The upcoming fundamentals to be released this coming week include the inflationary numbers of the U.K. economy, industrial orders expectations, unemployment rate, interest rate, and final GDP of the third quarter.
Good outcomes of these economic indicators can lead to lift the pair up once again, while the mixed data or disappointing outcomes would keep the bears pressurizing on the pair and take the price further down.
As we always suggest to our traders that trade what you see, and focus more on the technical levels rather than the fundamentals, hence it always results in profitable outcomes. The Australian dollar entered the bearish channel once again where it closed below 0.9080 after which it started falling more against the U.S. dollar, plus the Reserve Bank of Australia announced that it wants to see the Aussie at 85 U.S. cents, so it lost more and tested 0.8903 support after losing 270 points this past week.
The AUDUSD price is on primary bearish with secondary ranging on D1 timeframe floating between 0.8913 support and 0.9166 resistance levels. W1 price is on bearish as well trying to break 0.8990 support on close W1 bar. Monthly AUDUSD price is inside...
Elliott Wave (based on thetechnicaltraders article) Every investor has seen the odd phenomena of stocks going down when there is good news about the stock or conversely stocks going up when there is...
Technical Analysis for GBPJPY for the coming week (based on dailyfx article)
- GBPJPY may be setting up for a short. - Price has broken through the trendline that extends off of the 11/19 and 12/5 lows. The line crosses through the 12/11 and 12/12 bars as well. From here, a ‘drift’ into the underside of the line early next week may present an opportunity to go short. 168.80 is estimated resistance.
Trading Strategy: Possible top so monitor for failure near 169 for a possible short. If this trade is taken, then plan on exiting a portion at 166.40.
Combining Two Powerful Technical Tools There are a wide range of technical indicators that traders and investors can use to determine the market’s trend and to pick stocks. I have found that the most...
Guppy Multiple Moving Averages Indicator : How to trade using Guppy Multiple Moving Averages indicator : buy/sell/exit and more - ready for any EA to code! Go here https://www.mql5.com/en/forum/5858 to download indicator and to know about how to use it in practical trading way.
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