GOLD Intraday Elliott Wave Analysis (based on forexminute.com article)
Yesterday, we were also tracking gold as we were looking for some bullish waves after Janet Yellen testimony. On the hourly chart we know have five waves up, which we think it represents only first leg of a minimum three wave rally up in ii). Keep in mind that second waves are corrective, so they must be made by three subwaves before contra-trend move can be finished. With that in mind we believe that gold will reach 1305-1326 region early next week, before market turns down again.
OIL Intraday Elliott Wave Analysis (based on forexminute.com article)
Crude oil reversed sharply from around 92.50 yesterday where could be the low of an ending diagonal if we consider a strong reversal from the lower side of a wedge pattern. Based on current development we suspect that market will reversing former swing high around 95.40.
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EUR/USD at the Right Price for a Short; Friday is Good for Timing (source - dailyfx.com)
-EURUSD has broken the trend channel that defines action from the July low. My interpretation of this development is that the major trend has turned at least sideways, and maybe down. -Significant levels (the channel in the current situation) are sometimes re-tested from the opposite side of the market. The underside of the channel crosses about 1.3500 to 1.3510 the rest of this week. -The previously uncovered 9/13 close was filled on Thursday and the EURUSD made an inside day on Friday. This combination is short term bullish.
Trading Strategy: A Friday high would present a short opportunity. Keep 1.3500/10 in mind although an overshoot is always a possibility.
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European Stocks Jump Today After the Indication that the Fed May Not Taper Stimulus (source - forexminute.com)
After Janet Yellen, nominated to be the next chairman of the Federal Reserve, indicated that the U.S. economy must improve before monetary stimulus is pared, European stock-index futures advanced to a great extent. Thus, cutting short the losses in the two days earlier, European stocks fared better yesterday.
European Stocks Fared Better
Whereas futures on the Euro Stoxx 50 Index expiring in December went up by one percent and closed at 3,044 at 8:12 a.m. in London, the trend was followed by the Stoxx Europe 600 Index that too rose for five straight weeks even though the European Central Bank earlier unexpectedly lowered its key interest rate.
Even contracts on the U.K.’s FTSE 100 Index (UKX) performed higher and added 0.7 percent on the day. There was a better trading day for the Standard & Poor’s 500 Index futures that rose 0.3 percent, while the MSCI Asia Pacific Index gained 1 percent.
EUR/USD Focus Remains Towards Breakdown Level for a Short (source - dailyfx.com)
-EURUSD has broken the trend channel that defines action from the July low. My interpretation of this development is that the major trend has turned at least sideways, and maybe down (see the recent writing on false EURUSD bullish breaks in recent years). -Significant levels (the channel in the current situation) are sometimes re-tested from the opposite side of the market. The underside of the channel crosses about 1.3500 to 1.3510 the rest of this week. -The previously uncovered 9/13 close was filled on Thursday and the EURUSD made an inside day on Friday. This combination is short term bullish. Trading Strategy: I do not have a position at the moment. Watch for resistance around 1.3500. I do remain long EURAUD.
Believing in Your Method (based on dailyforex.com article)
There are several trading methods used in Forex:
Day trading has become very popular of late. Day trading involves sitting in front of your computer all day and sometime nights as well. You make money by buying and selling on small price movements. Day trading is typically trading that is based on technical indicators with the occasional news thrown in. Day trading requires skill that is honed through experience. Novice Forex traders should not choose to day trade Forex.
Scalping is another popular method of Forex trading. The main goal of scalping is to buy or sell a number of shares at the bid or ask price and then quickly sell them a few cents higher or lower for a profit. Many small profits can easily compound into large gains if a strict exit strategy is used to prevent large losses. You can be successful at scalping for a while, but it is really more like gambling than trading and you can end up losing far more often than wining.
The most successful method of trading is to look at the big picture. A trader can study the charts, interpret the financial indicators and look for the trends that the Forex currency pairs move in over a few days or weeks. This is the most basic method of Forex trading and one that is the least stressful. Setting targets and trading in small quantities can bring small profits but over time, these can accumulate into larger amounts.
Today’s most popular Forex trading method of late is the automated trading. There are several automated versions such as using signal providers. But the newest introduction to automated trading is the robot or EA. This allows the trader to set up a system which will run on auto pilot during the night or any time the trader is not physically available to trade. These robot programs are made available by most brokers but can also be obtained by ordering them through Amazon or other suppliers and installing them in one’s computer. Still, it does take a Forex account with a Forex broker in order to place a trade.
Depending on automation to trade removes much of the excitement of trading and leaves the control in the ‘hands’ of a machine. Still that seems to be the way of the world today and Forex is always one step ahead of the trend.
Always choose the method that works the best for you. But no matter how you plan to trade, always keep your emotions in check, mange your risk/reward ratio, and seek assistance when you need it. Believe in what you are doing and enjoy the ride.
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GBP/USD Penetrates Multi-Month Range and Closes Sep Gap (source - dailyfx.com article)
- GBPUSD broke the trendline that originates at the July low on 10/29. The line connects the 7/9 and 8/2 lows and crosses through several days in mid-October. This development is an early sign that the entire advance is complete. - Price traded to its lowest since 9/13, filling the previously uncovered close from that date in the process. Today’s close is the lowest since 9/17.
Trading Strategy: The break of the range warrants a short position. The stop is above Monday’s high of 1.6020. The measured objective is 1.5530 (width of range extended from the range low).